Jan 21, 2018

Is this a bad thing in the long run though? Surely the reason we are investing for the long-term is the hope that Bitcoin enters the mainstream and becomes the normal payment method in a decades time.

IMO the fact that it ISN'T anonymous is a good thing to me. More likely for legitimate companies to use it.

 

Jan 21, 2018

I think it's as valuable as it is due to being sold a lie, once everyone knows its not safe to use it will drop. The reason its so valuable is so that it cannot be tracked even though it really can. As you know a lot of drugs and criminal activity is used by them.

 

Jan 21, 2018

Absolutely. This is where the benefit of bitcoin really came to play.

But I am a firm believer that it HAS to be controlled in order to be a realistic payment method of tomorrow. And unless Bitcoin is adopted as a genuine payment method then I believe the purpose and value of it will disappear. Given all the media about it not being as anonymous as originally thought means it cannot survive without the law and government backing.

 

Jan 21, 2018

Bitcoin was originally made to be annonymous. Now that people are finding out it isn’t I don’t see how that helps btc. Btc will never replace credit/debit cards with its outrageous fees and somewhat confusing to use for most people. I think what Ltc is doing with lite pay gives us something that I could see legit complanies looking into and making people more comfortable with using it (mainstream wise).

Monero is already the main go to for deep web purchases (from research I did) and I see this attracting a huge crowd including government agencies who want to hide their transactions. Also people wanting to hide their assets. Different countries that want to hide their transactions between eachother.

People are getting tired of governments controlling everything and the corruption. Telling people what you can and can’t do with your own hard earned cash. Btc never would have taken off if everyone felt they needed government backing and restricted laws for it. Just think as the older generation dies off and as the future grows if young adults would rather throw their extra cash in a bank savings that’s being tracked earning you pennies or a actual anonymous cryptocurrency that’s raising in value by the billions. If everyone were happy with our current governments regulations with the USD then I don’t see why the cryptocurrency market would grow billions of dollars every year to begin with. Not to sound like a conspiracy guy or hippy, but people are losing trust with governments and all their money being controlled by banks and the manipulation of banks. I feel this is a opportunity for financial freedom.

 

Jan 21, 2018

You make some very interesting points. And nothing I can disagree with.

My challenge back is that I just don't see Bitcoin (or any other Crypto) making it as a day to day payment method unless there are some legislations behind it. And every day usage is the only way any kind of crypto can survive long-term imo.

Take PayPal as an example. Started off niche with a few early adopters. Became big because banks started pairing up with it and offering it as a payment method to compliment their own. PayPal still has high fees but people are more than willing to pay for ease of use and laziness.
I see crypto eventually being PayPal 2.0.

There will always be a use for "dark" money and I hope that is Monero. I still have a bit tied up in that looking for a gain!

 

Jan 21, 2018

tryna get some VEN

 

Jan 22, 2018

I'm not loving s--- until REQ bounces back up to $1

 

Jan 22, 2018

Off the top of my head it's something to do with cookies.

 

Jan 22, 2018

This isn't just a American thing, not 1 government can make it legal/illegal hence why its not banned now. Rumour has it the Chinese are controlling bitcoin, they will decide what happens I reckon.
This also is a world currency, the banks will never accept it, they cannot control it and use your money to make money, because the rise of the bitcoin price is where you make the money, thats why governments and banks hate it. Whenever you put money in the bank they use it to make money. Whereas with crypto, your your own bank and make and lose with the ups and downs of the market.

The only thing you can hope is that in years to come you can use your ledger hardware wallet (or some other) and use it like a credit card. That would be a dream, but again that probably wouldn't happen, because you wouldn't be able to tax it that way. Only way they can tax it currently is when you cashout.

 

Jan 22, 2018

“Since August 2015, the FBI has spent over $330,000 on Chainalysis products, according to procurement records. The most recent payment of around $150,000 took place this February. In a 2015 video, Levin claimed Chainalysis cracked several cybercrime cases, including high profile ones concerning the Silk Road.

"This subscription via Chainalysis allows users to navigate the public Bitcoin transaction hedger, tracing transactions across addresses, the Bitcoin equivalent of account numbers," a note included with one of the FBI's procurement records reads. Judging by another record, the technology is used by the FBI's Criminal Investigative Division, and a third says the FBI has "successfully utilized" Chainalysis' tool.”
https://www.google.com/amp/s/mother...ndreds-of-thousands-on-bitcoin-tracking-tools

And for the record I half don’t fully comprehend everything about cryptocurrency and need to do a lot more studying and research myself. I’m just going off what the fbi claims to have the tools to be tracking bitcoin. The feds are definitely finding holes in bitcoin there’s no denying that. f--- them.

and yeah these privacy coins that came out claim to be completely anonymous and they show what bitcoin didn’t do that they covered on google if you want to research it.

 

Jan 22, 2018

Did you file your taxes yet this year? I’m half nervous with taxing what you purchase. I hope they’re not going to claim I owe thousands of dollars. I downloaded coinbases tax info but I still don’t fully get it and don’t want to screw my self. I’m probably just going to pay someone private to take care of this for me. My dad has a private tax accountant for his business I told him to ask the guy if he deals with cryptocurrency. I hope all those small s--- coin purchases I did then sold don’t come back to screw me.

 

Jan 22, 2018

my biggest gripe with this s--- is, why/when would it ever be easier to use bitcoin instead of your credit/key/master card with bank/savings on it?

Like someone point out the benefits to transitioning to Bitcoin, that aren't "you can buy illegal stuff online with it, you can launder money etc"

 

Jan 23, 2018

Big fat f---ing "nah" at the moment from me.

I'm operating at a net loss of 35.7% at the moment. Which is a pretty big chunk of money in a very short period of time.
Worried I've got into this too late and I'm going to carry on suffering.

Think I'm gonna leave what I've got there, hide under a rock and check it again in a couple of months!

 

Jan 23, 2018

Well it is true mate, because I said currently, if you mean my previous point, how would they tax miners?
If that does happen you will see unfair advantages of living in non US countries. The world won't tax it at the same time, and as you will know exchanges are in all different countries.

 

Jan 23, 2018