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LoyceV
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October 19, 2016, 12:23:11 PM Last edit: October 19, 2016, 12:49:20 PM by LoyceV |
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This comment under it sums it up nicely: thesonandheir Oct 19, 2016 7:57 AM
A deflationary currency really scares them eh? Central Banks need inflation, governments need inflation, and the rich and powerful need inflation. As a civilian, I am much better off if 1 euro/dollar will still be worth the same in 20 years. I don't need inflation, especially not if it's combined with barely 0.5% savings interest and taxes. I think inflation is used as a mechanism to hide the fact that "the middle class" now earns much less than the middle class did 40 years ago. Your salary goes up, so it's hard to compare wages now to wages in another time. To get back on topic: I don't think ECB/EU will be able to regulate Bitcoin, and even if they do, I don't expect it to lose value over it. If anything, it's value will only go up! the minute it shows any signs of mainstream adoption they powers above will stomp on it
I don't think banning Bitcoin will stop mainstream adoption. Compare this with downloading music: although illegal, most people have done it.
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markj113 (OP)
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October 19, 2016, 12:29:17 PM |
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To get back on topic: I don't think ECB/EU will be able to regulate Bitcoin, and even if they do, I don't expect it to lose value over it. If anything, it's value will only go up!
Bankers control the politicians. If they decide its a threat they politicians will make it illegal, slap a huge fine or jail time on the punishment list and you can kiss mainstream adoption goodbye. The EU is a large marketplace and if banned will have a negative effect on price.
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yayayo
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October 19, 2016, 12:30:34 PM |
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It's really funny seeing these muppets wetting themselves over Bitcoin. They are deeply afraid that people will no longer use their fiat trash and might choose a free non-inflationary alternative. What makes it even more hilarious is that the ECB's push to eliminate physical cash in order to tighten monetary control and give rise to a negative interest tax is indirectly promoting Bitcoin. Once people have become aware about Bitcoin, the ECB will have a hard time convincing to use their virtual fiat debt money that is subject to constant expropriation.
I think within the next 5 years, things will grow out of hands of the ECB. People in the EU must expect more draconian measures against Bitcoin in the future. Of course none of these efforts will be successful, because you can't compete with a sports car by riding on a horse buggy.
ya.ya.yo!
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European Central Bank
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October 19, 2016, 12:31:45 PM |
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it would certainly be a test of anti fragility.
they already have everything they need in place in terms of controlling exchanges.
their attitude kinda says it all. they deserve to lose control of their money supply.
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~Bitcoin~
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October 19, 2016, 12:32:17 PM |
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The increase in the use of virtual money might lead to a decrease in the use of “real” money, thereby also reducing the cash needed to conduct the transactions generated by nominal income. Who need cash and who in the current world want to hold cash and go for shopping. Whatever they say, at end they will realize that they can only tighten the law/regulation regarding bitcoin and couldn't stop bitcoin transactions. So over time that rule/regulation against bitcoin will be not functional and not practical for sure.
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Omegasun
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October 19, 2016, 12:39:11 PM |
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Bitcoin is huge threat on fiat. All the best feature that fiat didn't have is on bitcoin. If bitcoin is continue to boom. I think many country will have a economical crisis. I hope that bitcoin will not get ban
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franky1
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October 19, 2016, 12:45:06 PM |
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pre-emptive strike before then releasing the banks "hyperledger"
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Velkro
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October 19, 2016, 12:53:36 PM |
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And this is Bitcoin's Achilles heel, the minute it shows any signs of mainstream adoption they powers above will stomp on it. There is not a chance in hell they will give up power and control easily.
Don't worry ,often is too late to stop it after they will try. Its already here, its working, its real innovation. U can't stop this, major adoption also.
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European Central Bank
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October 19, 2016, 01:05:14 PM |
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Good times Reminds me when the Central Bank of China was supposed to ban bitcoins several times a few years ago. that was to stop it being used as a currency for day to day life. and it worked. bitcoin is now useless in china for anything other than trading and speculation.
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truimpheriues
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October 19, 2016, 01:09:33 PM |
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To get back on topic: I don't think ECB/EU will be able to regulate Bitcoin, and even if they do, I don't expect it to lose value over it. If anything, it's value will only go up!
Bankers control the politicians. If they decide its a threat they politicians will make it illegal, slap a huge fine or jail time on the punishment list and you can kiss mainstream adoption goodbye. The EU is a large marketplace and if banned will have a negative effect on price. I think is EU can regulated bitcoin and can regulated digital curency to bitcoin is good effect but is baned is bad effect but number one volume transaction bitcoin not in EU but in china
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mindrust
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October 19, 2016, 01:17:17 PM |
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FIAT needs inflation. Deflatory currencies like Gold and Bitcoin are the enemies of FIAT currencies. They don't want bitcoin to get too big or out of control unless they control it.
I created a topic about my concerns before but it seems govs yet to have control over bitcoin. (not ECB at least)
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Barbut
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October 19, 2016, 01:37:49 PM |
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ECB is afraid and they showing that. They will not give up from fiat easily, on fiat they make more fiat, with stupid banks and interests, with inflations, and their other tricks. I think most of us here expected something like this to happen one day , will it be smackdown, or bitcoin have enough power to win this battle will be seen, it`s stupid to make any assumptions. Banks have the money and resources to inflict on things as they like, we need to wait and see their move before any action. But I agree that they are late, they can not stop this running train?
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pedrog
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October 19, 2016, 02:33:40 PM |
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Here's the document: https://www.ecb.europa.eu/ecb/legal/pdf/en_con_2016_49_f_sign.pdfAnd an interesting paragraph: Second, given that virtual currencies are not in fact currencies, it would be more accurate to regard them as a means of exchange, rather than as a means of payment. Additionally, the proposed directive’s definition of ‘virtual currencies’ as a means of payment does not take into account that in some circumstances virtual currencies can be used for purposes other than that of a means of payment12. As noted by the Bank for International Settlements (BIS), the distributed ledger technology underlying many digital currency schemes could have a much broader application beyond payments13. In this respect, the FATF has noted that non-payment uses of virtual currencies may include store-of-value products for savings or investment purposes, such as derivatives, commodities, and securities products14. More recent digital currencies, which are based on more sophisticated distributed ledger and block chain technology, have a large array of uses that go beyond payment purposes15, including for example, online casinos In the light of the above, the ECB suggests that the proposed directive also refers to other possible uses of virtual currencies in the proposed definition of that term.
The ECB suggests adapting the definition of virtual currencies under the proposed directive to take the above points into account.
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raphma
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October 19, 2016, 03:31:47 PM |
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I don't think banning Bitcoin will stop mainstream adoption. Compare this with downloading music: although illegal, most people have done it.
exactly, i dont think bitcoin will ever be illegal(in a few contries maybe, and it wont last) because they cant control. it's like drugs but way hard to prohibit. unlike drugs, bitcoins doest have a good reason to be prohibited so i dont see it happening.
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HI-TEC99
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October 19, 2016, 03:47:35 PM |
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Zerohedge suggests the ECB is more concerned about people using bank notes than Bitcoin. It suggests the ECB wants everyone to use only debit and credit cards with traceable transactions. That's not a realistic proposition considering the debit and credit card networks are sometimes faulty and unavailable. http://www.zerohedge.com/news/2016-10-19/ecb-wants-curb-bitcoin-use-over-fears-it-may-lose-control-over-money-supplyIn short, while the ECB would love to ban cash which is a major stumbling block to the bank's NIRP strategy, its proposed alternative is not virtual currencies, despite various such suggestions most notably by the BOE, but merely retaining currency if entirely in electronic form, think only debit and credit card transactions, which in turn allow every single operation and transaction to be tracked (and taxed) by both the central bank and local governments with pinpoint accuracy.
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Kprawn
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October 19, 2016, 04:24:15 PM |
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We should prepare ourselves for more resistance from governments and banks. We know these two are in bed together, so they will work together to squash the competition. The banks had to catch up with Bitcoin, and as soon as they are ready to strike, they will intensify the pressure on the governments. Is there a Plan B without the government's support? Yes, use your vote to vote for the government that supports Bitcoin.
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thejaytiesto
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October 19, 2016, 05:44:19 PM |
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Bitcoin already won. Look at russia, they have been scaring bitcoin users with jail for years now, yet, look at the volume of localbitcoin rubble to btc trading, it is only going up.
Bitcoin cannot be stopped, governments better deal with this fact or keep struggling. Unless they want to shut down the entire internet, bitcoin will stay alive, and shutting the internet down is suicide since the economy needs the internet nowadays.
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Senor.Bla
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October 19, 2016, 06:26:44 PM |
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this would be a good way to clean bitcoin up and lose all those non believers that just want to make a quick buck. and it would be a opportunity to buy some cheap bitcoin. because there is no way this will stop bitcoin. slow it down at best.
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bitbunnny
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October 19, 2016, 06:33:16 PM |
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I don't beleive that EU will bann Bitcoin or that it will become illegal. Despite the financial system attitude towards Bitcoin EU is just too much liberal to do something like this. They will regulate it some way, that is for sure, and this regulation will be valid for all EU countries, but Bitcoin will not be outside the law.
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