A few banks like HSBC have already banned transfers to and from Bitcoin exchanges.
Can governments not step in and put an end to the cryptocurrency madness?
- Thread starter 4k4uNuNu
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I recall that even the US government were utterly against the concept of Facebook's Libra currency due to them viewing it as a direct threat to the value and sovereignty of the dollar.
History has shown the US government will take pretty much any steps it deems necessary to protect the value and global dominance of the Dollar!
The EU also said they were set against the concept of any Libra for the same reason that they saw it as a threat to the Euro.
Hence why I'm puzzled that most governments seem ok with the concept of Bitcoin/etc so far?
Article here discussing it.
https://news.bitcoin.com/jim-rogers-bitcoin/
History has shown the US government will take pretty much any steps it deems necessary to protect the value and global dominance of the Dollar!
The EU also said they were set against the concept of any Libra for the same reason that they saw it as a threat to the Euro.
Hence why I'm puzzled that most governments seem ok with the concept of Bitcoin/etc so far?
Article here discussing it.
https://news.bitcoin.com/jim-rogers-bitcoin/
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You seem to forget that younger politicians and lawmakers are generally in favour of cryptocurrencies and those are your future lawmakers.
I think the key difference is whether or not there's an organisation with enough power behind the currency. If there is, then that organisation controlling its own currency makes it a direct competitor and threat to national currencies and national governments if the organisation's currency becomes widely enough accepted as currency. Facebook would have a particularly serious threat because of the extreme power and reach that it already has. Outlawing it after the currency was already in use would have been a big vote-loser, so stopping it before it started was the best option for national governments.
A currency not backed by an organisation is, I think, a significantly different scenario in this context. Such a currency might become an alternative to national currencies, but it wouldn't make an organisation into a direct competitor to national governments. It would also be possible to villify the currency to reduce its use if that became politically useful, by painting it as the currency used by bad criminals. Like the best lies, that would have a bit of truth in it as some of the people using the currency would be drug dealers, child abusers, etc. Along with everyone else who thinks its a good idea for people to be able to control their own money, of course, but that can be easily glossed over.
To be fair I think I'd have more faith in the long term prospects for a crypocurrency backed by one of the largest most powerful countries in the world and the global manufacturing hub rather than one backed by nothing but pure faith like bitcoin!
https://www.bbc.com/news/business-54261382
When you see countries like China and global companies like Facebook creating Cryptocurrencies backed by them it's hard to see a future for Bitcoin at that point IMO.
Soldato
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What big companies and governments want is irrelevant at the end of the day. If the majority of the population decide that they want their transactions to be gated by bitcoin, then that's what will happen. Governments and companies can give a "push" and create some more certainty around a certain currency, giving it a higher chance of adoption, but at the end of the day it's down to what the majority is willing to accept.
I don't think the majority will be on board with using bitcoin, at least it's it's current form, but certainly a large enough portion of the population have decided it's an adequate store of wealth. And, as long as they maintain that view, then it will continue to be the case.
I don't think the majority will be on board with using bitcoin, at least it's it's current form, but certainly a large enough portion of the population have decided it's an adequate store of wealth. And, as long as they maintain that view, then it will continue to be the case.
Associate
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Which are the other 2 banks that have banned transfers?
Stopped how? Switch off the Internet?
Like we are changing other parts of our society to reduce environmental impact you stop it by law. Prohibit it and only allow environmentally friendly ones to exists.
No like you regulate industries. When car makers are faced with the reality of not being able to sell cars with combustion engines in 2030 they innovate or die. Crypto currencies must do this or become a target. If forced to by law then they will have to produce an environmentally friendly solution.
I guess the thing is whilst governments can't stop people owning bitcoin they can prevent it being converted directly into their national currencies at exchanges and banks.
If a few governments do this and it suddenly becomes difficult to use and exchange Bitcoin that will have a serious impact on its value.
If a few governments do this and it suddenly becomes difficult to use and exchange Bitcoin that will have a serious impact on its value.
Equally, retail investment funds are making money on it...
https://citywire.co.uk/new-model-ad...445602?ref=new_model_adviser_latest_news_list
Problem is it's not for the faint hearted. Just look at today. It's still well up in the past month though.
It's been a bit overheated recently but I'd expect it to keep going up in the long term.
If inflation spikes you'd expect interest rates to go up, which would be good for savers, but bad for those with debt. The BoE wouldn't raise them too much I suspect to avoid a load of mortgage defaults.
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Problem is it's not for the faint hearted. Just look at today. It's still well up in the past month though.
It's been a bit overheated recently but I'd expect it to keep going up in the long term.
If inflation spikes you'd expect interest rates to go up, which would be good for savers, but bad for those with debt. The BoE wouldn't raise them too much I suspect to avoid a load of mortgage defaults.
I was thinking more america.
gotta pump the market with that quantitative easing goodness (QE is when you go to the bank balance, add a few billion/trillion that doesn't exist and use it to boost the economy with free money)
What do you think happens when the taps are turned off?
What do you think happens if they are left on because they can't turn them off?
BTC looking so much safer
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Soldato
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Problem is it's not for the faint hearted. Just look at today. It's still well up in the past month though.
It's been a bit overheated recently but I'd expect it to keep going up in the long term.
If inflation spikes you'd expect interest rates to go up, which would be good for savers, but bad for those with debt. The BoE wouldn't raise them too much I suspect to avoid a load of mortgage defaults.
The problem is bitcoin is a decentralized Ponzi scheme, when future peaks do not exceed previous peaks, then you have a problem.
As for central banks, their problem is with normal banks, normal banks must worry about a profit. central banks dont give a ****.
Central banks try to increase inflation and boost the economy by monetary policy, they put interest rates to negative so that normal banks will lose money by keeping it at the central bank.
Normal bank looks at all the situation and decide better to lose 0.5% than lose 10%, and so they dont lend.
Now if they did lend, and went yolo, you'd get a bubble, they would go bankrupt, etc etc, again lending shuts down.
SO the solution is, a crypto £ issued by the BOE, and therefore removing normal banks from the equation entirely.
And that is the future.
US dollar became basically the same thing... but it's value goes opposite way because it keeps mining trillions of coins.
read my post 1 above yours before you comment.
I was thinking more america.
gotta pump the market with that quantitative easing goodness (QE is when you go to the bank balance, add a few billion/trillion that doesn't exist and use it to boost the economy with free money)
What do you think happens when the taps are turned off?
What do you think happens if they are left on because they can't turn them off?
BTC looking so much safer
Loose monetary policy is probably a large part of the reason why cryptos (as well as stocks and property) have continued to power through what should really be a tough time for markets.