2024 Field
- Thread starter Jaw
- Start date
chop2chip
Well-known member
Is what it is
sturg33
I
We don't make transactions and gold is worth $16T.
The government can't shut down the blockchain because they do not have control over it
sturg33
I
They can tax it if they want to but they still have no idea how many coins I have in my wallet. Now if you buy off an exchange like coinbase or robinhood it's essentially like buying a stock and they will report your transactions to the IRS. but how does the IRS track my buying and selling via the blockchain?
"Governments of the world allow it to exist"
Uhh... China, Russia. Others have "banned" bitcoin. I have news for you, that didn't stop Russians or Chinese citizens from owning it. Because the government has no control here
sturg33
I
Also how will they destroy the blockchain?
You tend to handle getting the pro-Trump news out quite well without requiring his contributions.
Gold is physical. Bitcoin is not.
The government can control anything they want to. They can ban platforms that allow you to buy and sell blockchain.
sturg33
I
How will the ban the blockchain?
I'm confused what yall are arguing here. Is bitcoin not worthwhile because you believe daddy government will stop it? Isn't that a compelling reason to want to own it?
Why after 15 years they haven't done all this banning yall promise they can do?
That isn't what I am saying at all. I am arguing the that the US and other world governments do indeed possess the power to regulate and control the flow of BTC and other crypto currencies should they choose to do so, which would effectively control the prices. Now I don't find the likelihood of them of doing that to be especially high, but if threatens the buying power of the US dollar of other world currencies, you will definitely see controlled by the government.
Also, they have already started regulating crypto by the way, and have done so much more heavily under the Dem's watch. So I am not sure why you think this isn't a possibility.
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sturg33
I
I'm fully aware of the regulations being imported on the crypto industry. Essentially ensuring it gets taxed (self reported though), and that people aren't using it for crime related purposes (anti money laundering). They are essentially just putting laws on the books with hope that people comply, or means for them to add charges to people of they commit financial fraud within the current legal framework.
They haven't, and cannot "stop" bitcoin transactions. They can't take away my bitcoin from me. I'm not speaking morally or legally, I'm saying it is impossible for them to
That's not true. It would cost the US Government about 20-30 billion to use a 51% attack on Bitcoin which would end it by destroying the blockchains. A small price to pay if the government thought the dollar was in danger.
Do I want to see this happen? Of course not. However, the dems are not above doing this.
sturg33
I
OK yeah so you don't understand what it is.
The blockchain is decentralized from bitcoin.
The only way for the US government to "end" bitcoin would be to buy all 21M coins (some of which don't yet exist and others have been lost forever). And that would require sturg33 to sell his coins, which sturg33 won't be doing
51% attacks are specifically designed for cryptocurrencies. Please read up on it before telling me it wouldn't work when it's designed for that very job.
sturg33
I
Let me understand your position.
The US government could buy 51% of all bitcoin (which would skyrocket the price), and then that would give the US government to destroy the blockchain?
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I don’t think Harris can actually go wrong here. Shapiro is a skilled politician who helps with PA, and Tim Walz is just so ****ing likable. You can just put this picture and the one where all the kids are hugging him on billboards from Minnesota to Pennsylvania and it’d be better than any ad campaign they could come up with.
I don’t think Harris can actually go wrong here. Shapiro is a skilled politician who helps with PA, and Tim Walz is just so ****ing likable. You can just put this picture and the one where all the kids are hugging him on billboards from Minnesota to Pennsylvania and it’d be better than any ad campaign they could come up with.
