Bitcoin Forum

Here's the thing: the U.S. is getting killed in economics, politics, demographics, agriculture, AI, IOT and smart cities, robotics, the list goes on and on. Everywhere we turn, China is dominating. The industries that made the US huge are going away.

So, we're wondering your thoughts: with China and Korea and other countries fearing ICOs and cryptocurrencies, can the US pick up the slack? If so, this could be a chance for the US to gain dominance in one of the last #4IR innovations left for them to dominate...

1. CAN the US gain crypto dominance?
2. WILL the US gain crypto dominance?

Looking forward to getting the ball rolling here... could be interesting for our next blog post.

Best,

duber Partners

Unless you have a crystal ball no one will know... However if this would happen, Jamie Dimon is going to look like such a fool (he already does but oh well)
 :P

I see about 300 ATM of Bitcoin in USA. It is way ahead already it think

China isn't scared of crypto; they are scared of losing control over their people's finances. South Korea on the other hand, fears fraudulent activities and money laundering that ICOs can do, but they are very much open in regulating bitcoin and accepting it.

If the US wants to excel in the cryptocurrency industry, they need to better define their laws in regards to that area. Also, I doubt that the US will be a crypto-ftiendly country like Japan and Aussies since most lawmakers only see the money laundering side of the coin.

By proxy that makes China scared of cryptos though. I don't really see any way through which cryptos can be effectively controlled by anyone. The only thing they can do is block conversion to fiat.
But people can circumvent that by making payments in crypto or alternatively by leaving the country. Both of which are very viable options if you consider the tremendous opportunities for profits in the crypto world.
Unless Chinese had a very hard time immigrating to other countries I don't see why serious crypto investors would stay there if they couldn't realize profits. And since Europe is basically getting flooded by Chinese students, it seems like it's quite easy for them to get a visa.

Is it difficult to convert crypto into fiat in the US by the way? Or do you just pay the usual capital gains tax and don't have to care about anything else (if you choose to convert into fiat)?

It would be a smart move for them to focus on crypto's . The things china beats them on is because of their cheap labour cost. In crypto it doesn't matter that much i think.

All good comments! The primary question people give me on crypto is, "How do I use it?" So the thought of many more crypto ATMs is encouraging. Still, something like 75% of Americans don't even know what Bitcoin is...

I agree with you Seriy!

It should be the best option to go. China has been unstoppable and even the giant companies are now owned by Chinese and yet china has bann crypto, US should turn all these into his side. The future is crypto and going there no matter what specially because blockchain has proved itself worthy of using.

No Hope to China, they are always the reason make Bitcoin down.

* Nowadays China is not so economically strong which it used to be. They are also facing many challenges about keeping growth in upward direction. There are many ghost cities created to keep GDP in double digit.
* About USA take advantages of what China and South Korea are avoiding, there were many ICO scams is past. The ICO became easy way for promoters to raise money and vanish in thin air.
* This gave bad reputation to the ICO. There is risk and potent cause to commit a economical fraud.
* Right now Japan is growing as strong-hold, powerhouse for bitcoin market. There are laws which recognizes bitcoin and allows fearless environment to people.
* If USA want to capture crypto market then there should be actions enhancing bitcoin and crypto market in positive way.

Bitcoin has been going up though. Nobody seems to really care about China any longer.

Yeah, China seems much less important now in retrospect, but they still have all that tech! Maybe Russia is going to welcome China's BTC miners?

China is on board with bitcoin or will be fully again. The ones who have most to lose to crypto is USD and JP Morgan,

I honestly wouldn't be surprised if that JP Morgan CEO wasn't just blatantly manipulating the market for his own gains.. I find it hard to imagine that he would be so ignorant for a person in his position.

Dimon manipulated bitcoin BTC, for sure... isn't Switzerland suing JP Morgan?

https://news.bitcoin.com/after-the-boss-calls-bitcoin-a-fraud-jp-morgan-buys-the-dip/

There's the proof, in any event.  8)

Well read about what is happening at the other end of the world. I am interested in such posts and are very interested, because I know what you can expect. Thanks again for the topic. Regards!

or what about this one --> do you think Prince Alwaleed is secretly stashing BTC? -->

"Prince Alwaleed says bitcoin will implode: 'Enron in the making'"
https://www.c[Suspicious link removed]m/2017/10/23/prince-alwaleed-says-bitcoin-will-implode-enron-in-the-making.html

Saudi billionaire investor Prince Alwaleed bin Talal said Monday that bitcoin will "implode" one day.

"It just doesn't make sense. This thing is not regulated, it's not under control, it's not under the supervision" of any central bank, Alwaleed said in an interview on CNBC's "Squawk Box."

"I just don't believe in this bitcoin thing. I think it's just going to implode one day. I think this is Enron in the making," Alwaleed said.

The billionaire investor was referring to the massive accounting fraud that took Enron, a U.S. energy-trading and utilities giant, into bankruptcy in late 2001.

Alwaleed runs Kingdom Holding, a massive conglomerate whose investments include Citigroup, Apple and Twitter. The company is based in Riyadh, Saudi Arabia.

Alwaleed said Monday he agrees with JPMorgan Chase CEO Jamie Dimon, who last month called bitcoin a "fraud" that will eventually blow up.

BlackRock CEO Larry Fink has also called the digital currency an "index of money laundering" for its ability to facilitate illegal commerce on the internet.

And then, of course, --> this guy, which no one cares about, lol -->

Jordan Belfort, the infamous "Wolf of Wall Street" penny stock broker, told The Financial Times in an interview published Sunday that initial coin offerings are the "biggest scam ever."

What a big surprise. Nobody would've ever guessed that a prominent figure in finance would try to manipulate the markets...  ::)

Any chance JP Morgan and Saudi Arabia are colluding on BTC to manipulate prices / markets?

Are the Saudis already officially in the crypto game? Haven't really heard anything about them yet.

Not that I've heard, but how could they NOT be? With all the tech going into Dubai and UAE, from autonomous flying taxis to IoT smart cities...

Blockchain & Dubai -->
Dubai Goes Blockchain to Become Fintech Hub for The East
https://cointelegraph.com/news/dubai-goes-blockchain-to-become-fintech-hub-for-the-east

Having discovered and bought Bitcoin in the early 2010s, I initially had a hard time convincing my peers in the Middle East about the benefits of the underlying technology. Even harder was finding a way to buy Bitcoin if you lived in a region where people at the time were predominantly underbanked and dealt almost strictly with cash transactions.

Any discussion with those who worked in the financial industry ended up with hyperbolic accusations of Bitcoin being a currency for sex-trafficking on the deep web, and Blockchain being nothing more than a vaporware hype.

Today, I ironically see that the Middle Eastern Blockchain ecosystem is a completely different story. The same people working in the financial sector that joked about Blockchain being a fad are now propping it as the future of finance.

For example, Dubai’s endeavor to become the world’s first Blockchain city has picked up serious momentum halfway through 2017, and as with everything else “Dubai,” the UAE city-state is doing it in the flashiest way possible.

Fintech ambitions
Just hours ago, the Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong cemented an agreement on fintech cooperation between the two authorities, with the intention to pave the path for startups in the MENA and East Asian markets. In a press release, Mr. Ian Johnston, the Chief executive of the DFSA, said that providing a regime that “fosters innovation in the Dubai International Financial Centre (DIFC) is a strategic priority.”

This agreement with Hong Kong’s SFC is the newest step in setting the foundations for fintech in Dubai, subsequent to the recent inauguration of the FinTech Hive in Dubai’s financial hub.

This fintech accelerator was created with the intention of connecting technology innovators and startups with a network of regional and international financial leaders such as the Abu Dhabi Islamic Bank, HSBC, VISA, as well as governmental Islamic Financial development organizations.

New euphoria
Over the years, Cointelegraph reported on several crypto-related Middle Eastern startups, ICOs and exchanges, but only recently has the interest in Blockchain in Dubai’s governmental and private sector exploded to the euphoria we are currently witnessing. In fact, not a day goes by where I do not read about Blockchain being in the news in Dubai’s newspapers, with a special focus on the developments of Smart Dubai’s Blockchain strategy. There are also several conferences lined up in Dubai before the end of 2017, some of which are about to sell out.

Major projects
This wave of digital innovation comes as part of the government’s plan to become the first Blockchain government by 2020. Some of Dubai’s recent Blockchain ambitions by 2020 include:

Reducing the cost of document processing by billions of dollars through eliminating manual processing of residencies, passport documentation and visas through a partnership with ConsenSys.
Improving governmental operations and Islamic banking by moving inter-governmental paperwork onto the Blockchain through a new local startup called ArabianChain.
Several other Blockchain prototypes are currently being deployed by the Dubai government and the tech giant IBM, using Hyperledger’s Fabric tech.

It is, therefore, safe to say that Dubai no longer views Blockchain as a fad, and will likely be the world’s first in deploying fully functional governmental Blockchain services.

And then there IS this -->
EmCash Is Dubai’s First Official Cryptocurrency

https://futurism.com/emcash-is-dubais-first-official-cryptocurrency/

The government of the city of Dubai launched their own blockchain-based cryptocurrency last week. The city’s economy department partnered with one of its subsidiaries called Emcredit Limited and U.K.-based Object Tech Group, Ltd. to create emCash. This new “encrypted digital currency” is a product of partnerships Dubai has cultivated through their Accelerators Initiative and brought under the umbrella of the Dubai Economy Accelerators.

“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few,” Dubai Economy deputy director general Ali Ibrahim said in a press statement. “It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life.”


Officials claim that emCash uses the latest blockchain technology and works as part of payment system called emWallet. As the city’s credit bureau, Emcredit has made sure that the emWallet handles various types of transactions—from “their daily coffee and children’s school fee to utility charges and money transfers”—with a near-field communication (NFC) support through a smartphone.

The city will also have a shared platform, called Blockchain as a Service, to help Dubai government agencies use blockchain in various projects.

INVESTING IN THE FUTURE

Blockchain’s potential as a decentralized and secure platform for transactions, financial or otherwise, isn’t lost to those with eyes to the future. Dubbed as the “city of the future,” Dubai is certainly one of those, but it isn’t the first to have an “official” cryptocurrency. The launch of the emCash, however, is only a first step.

Dubai has been working on becoming the world’s first economy that’s built on the blockchain, and with it its own cryptocurrency. This is where the city’s efforts differ, and could potentially influence economies through the entire United Arab Emirates (UAE). “Obtaining approvals from other UAE authorities will be taken into consideration if required,” Ibrahim said.

The Wall Street Journal reports that Smart Dubai, the government office responsible for encouraging innovation in the country, will be conducting government and private organization workshops over the next few months to identify those services best enhanced by blockchain. After that, the office expects that pilot projects in both the public and private sectors will begin rolling out this year.

“The fast paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business,” said Muna Al Qassab, CEO of Emcredit Limited, in the city’s press release. “This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem.”

Disclaimer: The Dubai Future Foundation works in collaboration with Futurism and is one of our sponsors.

but what if China and Korea change their policy on cryptocurrency market?

We shouldnt think of Cryptocurrency as a medium to gain superiority or domination... The very spirit of Cryptocurrency is that it has no boundaries or ownership or centralized control. Cryptocurrency is about the whole world wining.

Having said that, the countries that support and facilitate the evolution of Cryptocurrency will become leaders in this sphere and invariably earn the respect of the rest of the world.

Block-chain technology enables true democracy and openness, unlike anything present governments are used to. In the same way, it can eliminate the corruption and abuse of power present in governments throughout the world. Therefore, naturally, the powerful will resist this.

But in time, any country that does not come on board will be relegated to the stone ages.

Lots of intelligent programmers and computer experts in the US. Bitcoin was also invented in the US. Yeah, I guess the US should launch their national cryptocurrency.
Heck, every country should launch their own national cryptocurrency. But a country leading the cryptocurrency world, I don't think people care about which country it is from.

China is huge... and will dominate cryptocurrency market if they somehow retract the ban...

When it comes to ICO's and related stuff. The U.S. Incorporated is not really inclined to participate in those ventures. Most of the technology that thrives in the US are Closed Source. In case you didn't know most ICO's are being spearheaded by Chinese based businessmen(not necessarily Chinese born/citizen).

And why only the United States, now any country can take leadership and no one will give this pedestal. The main thing in this question is who is first to decide, or who will expose themselves to risks. After all, this can lead to both a better and a worse side.

It is not necessary to say that the US will be the dominating country. The more enthusiasts of bitcoin and interesting projects a country has, the more influence it will have.

where i can check bounty spreadsheet ?

China has been unstoppable and even the giant companies are now owned by Chinese and yet china has bann crypto, US should turn all these into his side.

Crypto has its purpose but so do banks. You will always have escrow services (banks). You will always need save places to store your paper wallets and jewels (banks). Physical property will exist and transfer cannot be solely via crypto.

Example:
Person owns a building.
Person dies.
No key is found proving ownership.
What happens to the building?

Is it abandoned forever as if it was a lost Bitcoin? Ha! No way would that happen. Banks and transactions with centralized authorities will remain.

Re the US as a nation - cryptocurrencies doesn't hurt the US in slightest.  Not the economy and certainly not the government and absolutely will not hurt those who want a constitutionally limited government.