We all know the US gov rules, dictate to rest of the world.
So if they cornered the btc market, afterwards the btc price could only go up, factor with this a few btc friendly directives, and a massive coup would have been achieved.
What is the downside?
Once the rest of the world starts to figure out what's happening (and there's guaranteed to be a leak somewhere), everyone else will dump, and the US Government will be 1 trillion short. Sure the gains could be pretty massive, but is still disproportionate with the risks. Remember, it's the people's money they're spending. |
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I don't think it is proper to compare Bitcoin with Gold. The FED chairman just appeared uninformed or even totally ignorant about Bitcoin when he did that. Bitcoin could be compared to US dollar. That would be a better comparison because both are currencies, the other fiat, the other digital or cryptocurrency. But gold? Bitcoin, in the first place, is not something that is just hidden for no other sake but value appreciation. Bitcoin is meant to be spent as a money.
He actually did acknowledge that Bitcoin could be used as currency, except it's not very widespread. That's probably why they're not that against Bitcoin in the first place -- it's less of a threat to the USD when its main use is as an investment vehicle. I could see them singing a different tune once Bitcoin's use as a currency gains traction. |
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-snip-
I think it's the first time they will introduce crypto to the general public. This is the first time i heard from the USA government that many of the crypto project are good for investment. "Introduce" is a bad word to use in this context, but if you mean mention, this isn't the first time the US Government mentioned it. Trump mentioned it a few days ago, the IRS even has a guide on how to pay taxes on Bitcoin, and there are many more examples. They have never described crypto to be a good investment AFAIK. In this case specifically, they encouraged investors to practice due diligence. |
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This actually doesn't change anything. The US Government hasn't really shown any inclination towards banning Bitcoin thus far, but have been actively trying to curb illegal activity within it (regulating exchanges, enlisting blockchain analytics, etc.) All he really did was put these actions into words. I guess it's nice of him to go out and re-clarify their position after Trump's tweet though.
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I personally don't think it's a big deal. He basically said that Bitcoin is a speculative store of value, and majority of its holders use it as such. He didn't paint it in a positive light at all, just that Bitcoin can perform gold's role (with no mention of its efficacy) in that respect.
I guess it's nice to have an age-old comparison being validated by someone in a position of power though.
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This is why you read beyond the headlines.
But yeah, no such war is being waged. Some people seem to believe that governments have this personal vendetta against Bitcoin, but it's usually far from reality. Most governments around the world have shown willingness to compromise, and a lot of bans are even rooted in old laws (lots of countries have laws that state their local fiat as their only legal tender).
In an ideal world, we get to do whatever we want with little to no state interference, but the world is not ideal. That doesn't necessarily equate to being hostile either.
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Japan’s Financial Services Agency had issued an operational improvement order to Bitpoint last year. The agency believed that the cryptocurrency exchange had poor internal controls, and wanted Bitpoint and a few other exchanges to ensure the enforcement of proper measures to protect users.
The order was lifted at the end of June. So it didn’t take long for bad actors to get into the scene and cripple Bitpoint once again. Lol even Japan's Financial Services Agency knew they were vulnerable. I wonder how much improvement was done following the directive? They must have done something to lift the order after all. But yeah, it's crazy how often this happens, and even amidst tight regulation at that. They're at least they're promising to return customer funds I guess. |
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What's curious about it is that it didn't have any immediate effects unlike other events which did in fact affect the prices significantly (like China shutting down exchanges, for example). The market reacts fairly quickly, so based on the timing, I'd say that his tweet has very little, if anything, to do with this.
Then again, his tweets have been observed to affect stock prices, and Bitcoin might not be immune to the phenomenon. If that's the case, the bright side is that it hasn't caused any lingering effects to those involved.
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President Donald Trump has a 350 000 000 people country to rule. He is a very, very wise men, and a very, very wise ruler. America economy is a very powerful economy because of him, because his decisions were very good until now. The intelligence coefficient of Donald Trump is approx 140 , there are 10 people in this world that can compete with him.
Today America rules the world economy and this happens because of Donald Trump, because of his very wise decisions.
I respect Donald Trump in what he says. There was no USA president as good as Donald Trump is, until today.
Lol what, presidents don't rule their countries. The POTUS heads the government and serves the people, not the other way around. But yeah, this is absolutely nothing more than a PR move. I'm pretty sure he's not even expecting Trump to respond lmao. |
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The moment someone manages to take control of Bitcoin, it loses all its value. That takes away the financial motivation of any would-be attackers, and also makes the attack infeasibly expensive. The Chinese government probably does hold a certain amount of influence considering the hashrate behind their firewall, but miners are wising up by setting up farms elsewhere. Also: The paper has yet go through proper peer reviews – so take the conclusions with a grain of salt. |
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Btw I’m wondering why the world continued to give a huge damn about every tweet he would make, it is never mean to be serious?
The world actually does give a damn. His tweets actually affect the stock market, albeit only on a limited scale: https://www.businessinsider.sg/trump-marvel-china-tweet-stock-market-2019-5/?r=US&IR=TIt didn't seem to affect Bitcoin whatsoever though, which could be interpreted as something meaningful lol. |
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He seems to have been quite fixated in currency manipulation lately. Even this series of tweets had him praising USD at the end, so it really might be more about that than Bitcoin and Libra. He also only glossed over Bitcoin over its parroted criticisms, whereas he straight up rejected Libra. Either way, not a good sign. Crazy to think that the president of the United States is tweeting about Bitcoin though lol. |
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According to this news the price increased a lot because of Libra? Can this be considered true? because if this is true then the crypto world is lost, how the hell are people still being influenced by things like these "LIbra"? What the hell people have in the heads? Libra is a project that is not even in the market and in execution and people are having high expectations for something that is not working in practice? this is looking like the altcoin with its pump and dump scheme.
A lot of people envision it as a trojan horse of sorts. It's speculated to draw the mainstream's appeal, giving them a taste of "crypto", from which they can easily move to a true and superior crypto, Bitcoin. I don't think they're necessarily correct, but it does seem to make at least some sense. As far as I remember though, the bull run started even before the Libra announcement. It could easily still have had an effect, but who knows. |
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There will always be demand for custodian services, so no. The most anti-bank thing I see happening is for banks to completely pivot their businesses towards crypto. That means insured crypto safety accounts, loans, etc.
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Kind of a no brainer statement considering the fact that Bitcoin went from being worth a fraction of a cent each to tens of thousands of dollars within a decade. I expect this to still be true going forward.
If you're asking if statements like this can help increase Bitcoin prices, then no. Not even Warren Buffett and Bill Gates flip flopping on their Bitcoin views can do that. They definitely help "news" sites get clicks though.
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-snip-
To be fair, he didn't say Bitcoin will die, just that it could be bad because of its ticker lmao. But yeah, you know what, I think I've heard of poor countries denying foreign aid because it's one letter short of AIDS. Crazy world we live in. /s |
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I think OP is trying to point out the fact that we are considering the price of bitcoin against USD and we should not be doing that! What OP says is that, we should not be doing that, instaed we should derive the price of a commodity in bitcoin unit only!
Bitcoin has not yet reached that stage. I am an early adopter of bitcoin and way more devoted to it than a lot of people! But bitcoin is not accepted enough when we can actually do that. It has not yet become a global standard! It's just 10 years old only! Give it another 20 years of time, probably we will reach that stage where we will derive the price of any commodity in bitcoin unit only!
No matter how great we understand Satoshi's whitepaper, we don't really have a choice!
Even then, why shouldn't you compare it to other currencies? I don't think Bitcoin was meant to be isolated from the global economy. If an easy and convenient way to determine value exists, there's really no reason for people not to use it. If that goes against your ideology for some reason, well, why should the rest of the world have to conform with your wishes? I get that it sucks that prices are all people ever talk about, but it's ever-changing, it's exciting (seeing your net worth grow), and literally everyone in the community can relate to it . That doesn't mean they don't care about the underlying technology and/or principles behind it. They're not, and don't have to be mutually exclusive. |
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Mathematically speaking, pyramids can't last forever. Each new layer requires an exponential amount of money, and it doesn't take a lot before it starts requiring money the entire world doesn't even have. The only reason why Madoff's lasted as long as it did is because people didn't cash out; people trusted him completely, but he very easily could have been exposed sooner.
If it runs forever, then it's not purely a pyramid/ponzi scheme. One example is Herbalife, which is heavily based on a pyramid structure, but does enough legitimate selling that it is able to sustain itself.
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-snip-
I don't expect the FATF will be a walk in the park for the countries involve. They'll probably talk about bans and restrictions but I know not all vountries part of it will follow what the group wants. The FATF (Financial Action Task Force) is actually the name of their task force. That most likely means that all the member countries have already signed off on the new rules. It's sad, but this is happening. |
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Here are his exact words: “…I think we’re in the next parabolic move,” he continued. “That will probably take us into the $30,000 level before we get another little correction[.]”
By correction, he probably means a significant pullback. Who knows though. Predictions like these always seem to be anchored on possibility, not probability. I didn't watch the full interview, but he didn't seem to cite any numbers to support his position. |
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