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Thread: IS IT GAME OVER FOR BITCOIN?

  1. #61
    Quote Originally Posted by Paul799 View Post
    No. I would want to pick a serious gold-backed stablecoin project
    why would I want that? I would have to trust the bank holding the gold to be honest.

    History showed us that this is not possible. Human nature prevents it. Crypto uses math nature to prevent fraud.

    Bitcoin is the most elegant way to link math and the real world(energy/electricity) through the process of mining.



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  3. #62
    Quote Originally Posted by Paul799 View Post
    No. I would want to pick a serious gold-backed stablecoin project

    Among institutionals (enterprises, fonds, banks, multinationals, governments, sovereign fonds etc.) there is as much as zero interest in Bitcoin, both as a investment and as a means of payment or value transfering.
    They are interested in Stablecoins.

    Folks living in countries with currencies subject to depreciation.
    No interest in Bitcoin.
    They want Stablecoins.

    Bitcoin right now is the one only in the crypto-sphere, among crypto-enthusiasts.
    Probably it will stay that way. A niche role
    What happens when a government comes in and confiscates the gold that the crypto is backed by? Or what if the people who run the thing steal the gold or misrepresent the holdings?

    Major weakness.

    I would love to see gold backed crypto, I just don't think it is a good idea to put all the eggs in that basket.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #63
    @Mordan, @dannno,
    I agree with you about Bitcoin needing less trust that a gold-backed stablecoin.
    I'd only correct you, just to safe face, when you talk about banks holding the metals.
    It doesn't need to be a bank.


    The second point is, what if confiscation.
    This danger exists for bitcoin too.
    What if Govs declare trading of bitcoin illegal. Buying with bitcoin is illegal, just the act of offering bitcoin in exchange of good or services is illegal.
    Accepting bitcoins as a means of payment is illegal. Just showing the readiness of accepting bitcoins to that purpose is illegal.
    That would make bitcoins as a currency, useless.


    "What happens when a government comes in and confiscates the gold that the crypto is backed by?"
    If the metal is managed by an organisation with multiple vaults around the world, in this case they would move the metals out of the country and into a vault in another country.
    For example, in case of the gold-backed stablecoin Kinesis, the organisation managing the metals is the Allocated Bullion Exchange, with vaults in 7 locations around the world.
    I like their inventory management, particularly the Inspection and Audit Section
    https://abx.com/technology-services/storage-logistics/

    But I don't trust Kinesis because of that. Basically I trust them because among their Advisers there is Andrew Maguire, who was a whistleblower at the CFTC during the investigation about the manipulation of the gold and silver market.

  5. #64
    Quote Originally Posted by Paul799 View Post
    @Mordan, @dannno,
    I agree with you about Bitcoin needing less trust that a gold-backed stablecoin.
    I'd only correct you, just to safe face, when you talk about banks holding the metals.
    It doesn't need to be a bank.


    The second point is, what if confiscation.
    This danger exists for bitcoin too.
    What if Govs declare trading of bitcoin illegal. Buying with bitcoin is illegal, just the act of offering bitcoin in exchange of good or services is illegal.
    Accepting bitcoins as a means of payment is illegal. Just showing the readiness of accepting bitcoins to that purpose is illegal.
    That would make bitcoins as a currency, useless.


    "What happens when a government comes in and confiscates the gold that the crypto is backed by?"
    If the metal is managed by an organisation with multiple vaults around the world, in this case they would move the metals out of the country and into a vault in another country.
    For example, in case of the gold-backed stablecoin Kinesis, the organisation managing the metals is the Allocated Bullion Exchange, with vaults in 7 locations around the world.
    I like their inventory management, particularly the Inspection and Audit Section
    https://abx.com/technology-services/storage-logistics/

    But I don't trust Kinesis because of that. Basically I trust them because among their Advisers there is Andrew Maguire, who was a whistleblower at the CFTC during the investigation about the manipulation of the gold and silver market.

    The difference is that gold must be held at a physical location and the enforcement arm of the government can easily come take it. Having multiple, secure locations is a good protection, and I still support people who want to try that. It's simply risky.

    Bitcoin cannot just be taken like gold, in a physical sense. They need the keys and stuff.

    The government can ban bitcoin, but how would they enforce it? There are also a lot of governments around the world. They would all have to ban it and enforce it.. and when that happens, you inevitably get bubbles that pop up where it isn't being enforced and those people will say to themselves, "hey, I wonder why all these governments are being oppressive and banning bitcoin?" They will try it, it will work well, they will prosper and other places will see the example and how great it is working and they will elect people to government who will allow bitcoin. Then as it becomes more apparent at how good it is, countries that have a tougher ban in place will have to fight harder, but they will have a good reason to.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  7. #65

    I traded in my bitcoins

    Quote Originally Posted by Smaulgld View Post
    Does an 80% price drop spell the end of Bitcoin?


    https://smaulgld.com/is-it-game-over-for-bitcoin/


    I used my bitcoins to buy gold from Bullion Exchanges. If you think about it, gold is always the better investment. https://bullionexchanges.com/

  8. #66
    @dannno,
    I agree with everything you say.

  9. #67
    Quote Originally Posted by Paul799 View Post
    @Mordan, @dannno,

    The second point is, what if confiscation.
    This danger exists for bitcoin too.
    What if Govs declare trading of bitcoin illegal. Buying with bitcoin is illegal, just the act of offering bitcoin in exchange of good or services is illegal.
    Accepting bitcoins as a means of payment is illegal. Just showing the readiness of accepting bitcoins to that purpose is illegal.
    That would make bitcoins as a currency, useless.
    Bitcoin is information on a publicly shared ledger. Good luck making that illegal at the Supreme Court Level. Bitcoin is akin to language, protected by the 1st amendement.

    its just that we decided those strings of characters on that ledger are valuable. Books are valuable too :0

  10. #68
    Quote Originally Posted by Mordan View Post
    Bitcoin is information on a publicly shared ledger. Good luck making that illegal at the Supreme Court Level. Bitcoin is akin to language, protected by the 1st amendement.
    @Mordan,
    I wasn't talking about making Bitcoin illegal.
    I was talking about making its use as a currency illegal.
    (Like they are doing currently in China, for example: trading is allowed, buying goods and services with it no.)

    I wasn't talking about the USA, I was talking about Governments, plural.

    USA: authorities have 1000 ways to prevent Bitcoin to become a viable widespread currency without having to make it illegal, for example through tax laws, so the 1st amendment doesn't matter

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