Bitcoin and Cryptos are "printing money at home". it's illegal

[First77]

Cryptocurrencies is like printing money at home because Bitcoin and cryptos are decentralization of currency making.

Centralization of currency making means only central banks of each country can print money/currency (US Dollar, Euro etc..)

Printing money at home or in factory is illegal in all the countries. 

This is the reason Economist "Marc Faber" said "there is will 10,000 cryptocurrencies and the bubble will burst" 

[emuLOAD]

cryptocurrencies are, well, NOT money. Therefore there is nothing wrong with creating them. you are Printing nothing. If you really want to equate it to something "real", you could say you're "Printing tokens", and you can do that to your heart's content.

[Glorious04]

I think it sounds better to say printing money at home. Wherein we have control over the money we print unlike the Federral Reserve Bank printing money at their control and who has control over the money they print? Only the federral and us, we suffer economically because we are chained on the money they make.

[First77]

cryptocurrencies are, well, NOT money. Therefore there is nothing wrong with creating them. you are Printing nothing. If you really want to equate it to something "real", you could say you're "Printing tokens", and you can do that to your heart's content.

Barter system is also good  

I give you 1000 kilos wheat, you give me a laptop/computer. Producers get all the control.  

[TheySeeMeHodlingTheyHatin]

thanks for reminding me there are so many ignorants in this space

[First77]

thanks for reminding me there are so many ignorants in this space

With Bitcoin getting only $10,000,000,000, One Bitcoin will be $100 only.

10,000 cryptocurrencies x $10 billion = $100,000,000,000,000. Who has the money ??

[franky1]

bitcoin is not creating money at home. money is FIAT (government legal tender)
bitcoin and crypto's are currency, which can be anything. yes even cigarettes/food in prisons are a currency. and yes so is wheat

wheat is a commodity currency (raw material used to create other products(bread))
bitcoin is an asset currency(property that holds value based on market supply demand)
money is a fiat/forex currency(legal tender controlled/regulated by governments/banks of the country laws are linked to that fiat)

bitcoin is like farmers growing wheat or making computers with a quota of only producing 12.6btc every ~10 minutes to a ultimate max production of 21million of them ever.

governments for decades, even before bitcoin have laws inplace with banks that banks should only offer services for fiat. and as such banks will not create a bitcoin ATM themselves or directly offer bitcoin purchases. but for moral/honest customers/partners banks dont care if those customers/partners offer bitcoin trades/services.

the issues many banks have is not the currency itself. but scammers.
facebook even stopped its 'suggested advert' of bitcoin/crypto schemes because of the amount of fake sites that dont actually offer customers real bitcoin holdings.

banks also have found scammers buying bitcoin and then FAKING that the scammer itself had been scammed to get a chargeback, so many honest exchanges and well known honest OTC traders have had red flags put on their accounts because of chargeback scammers. which is the real reason banks do not tolerate bitcoin trades, because they see the high risk of a chargeback/fund reversal due to scammers abusing the chargeback facility.

banks do not lose out on any economic impact of bitcoin. because bitcoin does not economically impact fiat.
when a bitcoin is bought. fiat is NOT burned/destroyed. instead fiat moves from the buyers account to the sellers account. which is the same as someone selling wheat or a computer. fiat just changes hands and makes no impact to the economy

moral/honest bitcoin trading does not affect peoples lives. but scammers/false investment schemes where banking customers lose out or where banks apply red flags to users because they dont realise/cant prove the scammer is not the victim but the perpetrator

[StochasticOrder]

The IRS has classified crypto currencies as property and not a currency, so there is no need to worry about this for U.S. investors. This means that individuals who pay taxes on their trading only have to do capital gains instead of income tax. While I don’t doubt that the central bankers want to control crypto and they obviously have some hostile attitudes towards it, I don’t believe there’s any major concern about the legality of trading it or any major imminent threats.

[franky1]

thanks for reminding me there are so many ignorants in this space

With Bitcoin getting only $10,000,000,000, One Bitcoin will be $100 only.

10,000 cryptocurrencies x $10 billion = $100,000,000,000,000. Who has the money ??

dont take any notice of the "market cap" valuation.. its not a 'holding' but an estimate. in short its just maths.

EG
if i make a altcoin of 10trillion coins.. and then sell just ONE coin on an exchange for $1. that altcoins market cap is purely mathematically valued at $10trillion. but the reality is only $1 has been traded. so just take no notice of the market cap valuations. they are meaningless

[Xavofat]

Clearly you don't understand what counterfeiting laws are.  If you printed something which looked like fiat currency and then walked into a shop and claimed that it was fiat currency, that would be illegal.

By mining, you're just participating in a decentralised system which is completely unrelated to fiat currency, and you're not even counterfeiting the unofficial currency that you're taking part in.

10,000 cryptocurrencies x $10 billion = $100,000,000,000,000.

Why would you do this sum?  It's completely meaningless and irrelevant.

[Xenrise]

Yes I believe that printing money in crypto is the deal in here especially in ICOs. The creation of tokens were so big. That can make millions to billions of tokens. And what if,if the tokens were just made for the admin or the founder to get profit on. That would be a great problem. And yes I believe that it is illegal but this is the system in here.

[cellard]

bitcoin is not creating money at home. money is FIAT (government legal tender)
bitcoin and crypto's are currency, which can be anything. yes even cigarettes/food in prisons are a currency. and yes so is wheat

wheat is a commodity currency (raw material used to create other products(bread))
bitcoin is an asset currency(property that holds value based on market supply demand)
money is a fiat/forex currency(legal tender controlled/regulated by governments/banks of the country laws are linked to that fiat)

bitcoin is like farmers growing wheat or making computers with a quota of only producing 12.6btc every ~10 minutes to a ultimate max production of 21million of them ever.

governments for decades, even before bitcoin have laws inplace with banks that banks should only offer services for fiat. and as such banks will not create a bitcoin ATM themselves or directly offer bitcoin purchases. but for moral/honest customers/partners banks dont care if those customers/partners offer bitcoin trades/services.

the issues many banks have is not the currency itself. but scammers.
facebook even stopped its 'suggested advert' of bitcoin/crypto schemes because of the amount of fake sites that dont actually offer customers real bitcoin holdings.

banks also have found scammers buying bitcoin and then FAKING that the scammer itself had been scammed to get a chargeback, so many honest exchanges and well known honest OTC traders have had red flags put on their accounts because of chargeback scammers. which is the real reason banks do not tolerate bitcoin trades, because they see the high risk of a chargeback/fund reversal due to scammers abusing the chargeback facility.

banks do not lose out on any economic impact of bitcoin. because bitcoin does not economically impact fiat.
when a bitcoin is bought. fiat is NOT burned/destroyed. instead fiat moves from the buyers account to the sellers account. which is the same as someone selling wheat or a computer. fiat just changes hands and makes no impact to the economy

moral/honest bitcoin trading does not affect peoples lives. but scammers/false investment schemes where banking customers lose out or where banks apply red flags to users because they dont realise/cant prove the scammer is not the victim but the perpetrator

I believe bitcoin has an impact on fiat.

The more fiat that is allocated in bitcoin, the less fiat that's out there. Sure, governments can print more fiat, but this comes with a price: devaluation of the currency: angry people, riots etc. At some point it would be chaotic. I don't think you can't just claim fiat moving into bitcoin is irrelevant. It may be irrelevant at current valuations because it's tiny, but if trillions moved into BTC, it would have an impact on fiat, since fiat is tightly connected to government decisions and governments would take decisions therefore as a result BTC has impacted fiat's development.

[franky1]

I believe bitcoin has an impact on fiat.

The more fiat that is allocated in bitcoin, the less fiat that's out there. Sure, governments can print more fiat, but this comes with a price: devaluation of the currency: angry people, riots etc. At some point it would be chaotic. I don't think you can't just claim fiat moving into bitcoin is irrelevant. It may be irrelevant at current valuations because it's tiny, but if trillions moved into BTC, it would have an impact on fiat, since fiat is tightly connected to government decisions and governments would take decisions therefore as a result BTC has impacted fiat's development.

"allocated to bitcoin" (facepalm)
"moved into bitcoin" (facepalm)
LOL you make me laugh

when someone buys bitcoin.. that fiat is not locked in some safe and lost forever..
the seller has given his bitcoin away to the buyer, gets fiat from the buyer and then the seller spends that fiat in his real life.

just the same as selling an ipad on craigslist. the seller then goes and pays his rent and buys a few beers. the fiat is never lost/forgotten or destroyed

[imapessimist]

People who bought at a very high price have lost there money.  That is a shame.  Who has all this money.  I think they should pay it back.  But they won't. 

[baradfo]

Yes I believe that printing money in crypto is the deal in here especially in ICOs. The creation of tokens were so big. That can make millions to billions of tokens. And what if,if the tokens were just made for the admin or the founder to get profit on. That would be a great problem. And yes I believe that it is illegal but this is the system in here.

Not all of the altcoins that are running their ICOs here are scams, as you believe. Yes ICOs can create however many tokens they want for their economy to make their business plan work. And since there has been a huge increase of investors that want to get in on the ground floor, since they've missed Bitcoin, they'll throw money at almost anything. This has brought about the conditions for the scams that have cropped up. It comes down to due diligence of the investor for that particular coin they want to put their money into. And yes, running a scam is illegal in most if not all countries.

[mindrust]

Governments will be completely obsolete in the near future.

It started with mp3, got advanced with torrent and bitcoin will be the final nail in the coffin. Everybody can have the fun only the Central Banks were having till now. Printing money. There is nothing they can do to prevent what's happening now.

If they had the power, they would have eradicated anything related to torrent already. Their power is very limited. There is always a solution against the govs as long as you have access to the internet.

[Zicadis]

The fact that there is printing in your sentence i dont believe what you saying....you cant compare cryptos to fiat and for the record i believe cryptos are pegged to the dollar in some way as more dollars means more value for bitcoin/altcoins and when more fiat goes out of cryptos then we get to see a dip

[Rath_]

Cryptocurrencies are different than paper money. We are not forging any money. We create something new and sell it for the price that is adjusted to the demand of the investors. It is funny to compare people who mine to people who forge money. Don't you think that it sounds weird? I'm also waiting for the "burst of cryptocurrencies bubble". So far I have been living quite good thanks to them and I doubt it will change anytime soon. Watch carefully when we are making money.

[Rozita]

I suggest you to print such money if you can and become rich.

Bitcoin is same as gold which should be mined and it is not that easy and the supply is also limited.

[figmentofmyass]

Governments will be completely obsolete in the near future.

It started with mp3, got advanced with torrent and bitcoin will be the final nail in the coffin. Everybody can have the fun only the Central Banks were having till now. Printing money. There is nothing they can do to prevent what's happening now.

If they had the power, they would have eradicated anything related to torrent already. Their power is very limited. There is always a solution against the govs as long as you have access to the internet.

torrents didn't fundamentally threaten governments; they only affected intellectual property holders. i don't think there's much of a comparison. still today, we see MPAA-backed DMCA actions and takedowns of services like KAT. if the US government were particularly interested in disrupting torrent infrastructure, i'm sure they could do much more.

i'm still not sure i believe that BTC is the "nail in the coffin" for governments. decentralized money is attractive for various reasons, but that doesn't mean that citizens will completely abandon sovereign-backed money. in fact, they can't.... not without overthrowing national tax regimes entirely. some bitcoin supporters say, "just stop paying taxes! taxation is theft!" famous last words before prison....