Unaddressed Bitcoin FUD

[brainactive]

governments can only regulate their fiat
the work around is simple

trade fiat for a accepted medium of exchange. whether it is las vegas poker chips or currency of another country thats not heavy handed.

and then trade that for bitcoin

there are 200+ countries and more then that in currencies
just find the bitcoin friendly fiat and make that bitcoins main peg

in short
bitcoin exchanges will stop measuring bitcoin vs USD and instead measure it against JPY
(japan sees bitcoin as legal tender and #1 most friendly towards bitcoin)

I understand your point that there are alternative trading methods which can bypass traditional exchanges. But wouldn't this restrict adoption and impede the growth of bitcoin? I just don't see the mainstream trading fiat for poker chips and then buying bitcoin with poker chips. I remember back in 2016/2017, even setting up an account on a crypto exchange was a big task for some and people needed youtube tutorials. So if exchanges were banned in the US for example, what would be the road forward for bitcoin and can it still be a multi-trillion dollar asset?

[franky1]

im from the UK. my FIAT is GBP
yet exchanges use USD

for the last 9 years i have been using bitcoin and trading. i seen no problem in doing GBP->USD->BTC

so if say america bans bitcoin exchanges..
 well thats easy. everything gets priced in JPY instead of USD

and i just do GBP->JPY->BTC

what would be the road forward for bitcoin and can it still be a multi-trillion dollar asset?

if bitcoin circulation(marketcap) was at $722b USD today.. then its already at 78trill JPY
if US banned bitcoin it would still be at 78trill JPY asset.. people would just stop talking about 'dollar'

just like a japanese person converts $722b to jpy today
americans would convert 78trill JPY to dollar

all that changed is what the asset is pegged to.. the 'value' / exchange calculation would be the same number

[cabron]

governments can only regulate their fiat
the work around is simple

trade fiat for a accepted medium of exchange. whether it is las vegas poker chips or currency of another country thats not heavy handed.

and then trade that for bitcoin

there are 200+ countries and more then that in currencies
just find the bitcoin friendly fiat and make that bitcoins main peg

in short
bitcoin exchanges will stop measuring bitcoin vs USD and instead measure it against JPY
(japan sees bitcoin as legal tender and #1 most friendly towards bitcoin)

I understand your point that there are alternative trading methods which can bypass traditional exchanges. But wouldn't this restrict adoption and impede the growth of bitcoin? I just don't see the mainstream trading fiat for poker chips and then buying bitcoin with poker chips. I remember back in 2016/2017, even setting up an account on a crypto exchange was a big task for some and people needed youtube tutorials. So if exchanges were banned in the US for example, what would be the road forward for bitcoin and can it still be a multi-trillion dollar asset?

Do not worry the fud since 2017 are still the fud today. It keeps being said to the media but Bitcoin survives still. The value may take a sharp dip every time there is big news like China ban but it will keep going up over time. The market will still be multi-trillion soon. I'm not sure if there is a traditional casino that allows gamblers to pay BTC for poker chips but BTC today can be used to play online casinos.

Easy to set up an exchange account even today, its like registering to social media sites, this time however you just need to fill the KYC.

[Nhazwrath]

I've been trying to educate myself on Bitcoin and there are a few issues I'd like to understand more about. Not looking for hopium or to create additional FUD, would appreciate just a level headed discussion.

1. What would be the implications of governments banning trading on crypto exchanges?
2. If all governments coordinated to ban crypto trading on exchanges, would Bitcoin survive? What is stopping governments from doing this?
3. If Bitcoin does not succeed as a global payment solution, how likely is it to still be a store of value?

1. simple goes back underground.   i doubt this will happen  govs are greedy they would much rather find a way to tax you.

2.  govs cant even guarantee clean water. and its way easier to control then bitcoin.  any half decent vpn will keep them out.   demanding packet sniffing from all isp's would be an invasion of most privacy laws in the first world countries.  they cant shut down the pirate bay bitcoiin is about 50x harder.

3.  The vast majority of people right now are attempting to utilize bitcoin as a stock to be manipulated for high profits.  its a misuse but..  since its based on proven work with limited supply, it should hold continued value, the idea of bitcoin isnt wrong.   if we come up with free or close to free electricity then we might have a problem or a working quantum computer then doesnt spit out wrong answers at the speed of light then we might have a problem.   Neither of which looks to be available in the next decade. 

[brainactive]

2.  govs cant even guarantee clean water. and its way easier to control then bitcoin.  any half decent vpn will keep them out.   demanding packet sniffing from all isp's would be an invasion of most privacy laws in the first world countries.  they cant shut down the pirate bay bitcoiin is about 50x harder.

Can you please explain "packet sniffing"?

[NeuroticFish]

Can you please explain "packet sniffing"?

Packet sniffing means "taking a look" in each and every internet packet going to your computer and out of your computer and usually filtering for certain information (your ISP can do that, but it's illegal to be used arbitrarily)
https://www.lifewire.com/what-is-a-packet-sniffer-2487312#how-packet-sniffers-work

By looking for certain key information in the traffic, the ISP can disallow certain packers go through.

And while this works well in totalitarian countries, as already said, this has zero chance to work in a proper democratic country.

[brainactive]

If you've used Bitcoin, you should know the advantage such as,
1. It's easier to move Bitcoin compared with Gold, especially between country.
2. It's easier and cheaper to store Bitcoin.
3. Bitcoin is practical as payment option on big transaction.

Besides 2, the other points don't matter for a store of value. Store of value is meant to be held, not spent.