Yet Another Big Economy Bans BitCoin

[MilitantCro]

1 minute ago, Brooksie359 said:

Yep quite the sophisticated argument you got their. Saying I don't know what I am talking about trying to discredit me rather than address what I said. If you don't want to have a discussion then why are you even on this forum?

Cause i am having 3 at a time, as you can see, didnt want to add another one.

[Brooksie359]

2 hours ago, MilitantCro said:

You guys in this thread are so out of the loop and only know what bitcoin is, i cant really explain to you how the new generation of cryptos work and whats their goal, if you are interested google, if not dont comment on things you dont understand.

Also there is a reason why two fairly large countries are banning it and why steam no longer accepts crypto currency. No matter how much you think you know there is still a legitemit reason why they are doing that.

[MilitantCro]

Just now, Brooksie359 said:

Also there is a reason why two fairly large countries are banning it and why steam no longer accepts crypto currency. No matter how much you think you know there is still a legitemit reason why they are doing that.

Which 2 countries? Dont say china.

[MilitantCro]

1 minute ago, Brooksie359 said:

Also there is a reason why two fairly large countries are banning it and why steam no longer accepts crypto currency. No matter how much you think you know there is still a legitemit reason why they are doing that.

Also bitcoin was removed cause of the fee, they will add new ones in the future you will see.

[Brooksie359]

Just now, MilitantCro said:

Which 2 countries? Dont say china.

South Korea and Brazil.

[Brooksie359]

Just now, MilitantCro said:

Also bitcoin was removed cause of the fee, they will add new ones in the future you will see.

No they said in a statement that it was do to volatility.

[FirstArmada]

2 minutes ago, Brooksie359 said:

Also there is a reason why two fairly large countries are banning it and why steam no longer accepts crypto currency. No matter how much you think you know there is still a legitemit reason why they are doing that.

South Korea's banning it due to alleged tax evasion and that it facilitates illegal gambling,

 

Tax evasion can be done with any currency just with a few extra steps and illegal gambling is just as easy to come by with any currency 

 

And Brazil didn't ban cryptocurrencies Brazil’s securities regulator prohibited local investment funds from buying cryptocurrencies,

[MilitantCro]

1 minute ago, Brooksie359 said:

South Korea and Brazil.

Dont spread fake news please.

 

SOUTH KOREA NOT BANNING CRYPTO

https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says

https://www.rt.com/business/415686-south-korea-cryptocurrency-ban/

http://www.ytn.co.kr/_ln/0101_201801111615246051

 

[MilitantCro]

Just now, FirstArmada said:

South Korea's banning it due to alleged tax evasion and that it facilitates illegal gambling,

 

Tax evasion can be done with any currency just with a few extra steps and illegal gambling is just as easy to come by with any currency 

 

And Brazil didn't ban cryptocurrencies Brazil’s securities regulator prohibited local investment funds from buying cryptocurrencies,

Its not true, they arent banning crypto trading, they are banning exchanges not doing it properly and anon trading.

[FirstArmada]

1 minute ago, MilitantCro said:

Its not true, they arent banning crypto trading, they are banning exchanges not doing it properly and anon trading.

 

Was not aware thanks

[Brooksie359]

2 hours ago, MilitantCro said:

Dont spread fake news please.

 

SOUTH KOREA NOT BANNING CRYPTO

https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says

https://www.rt.com/business/415686-south-korea-cryptocurrency-ban/

http://www.ytn.co.kr/_ln/0101_201801111615246051

 

Outdated new isn't fake news. They had originally planned to 

[Phentos]

I personally think this is a kneejerk reaction to alternative currencies that have been demonized as "terrorism currency" by mainstream media. 

 

That and the older generations who don't understand anything about it and instead of learning about it, they just banhammer it.

 

That being said, I am biased as I have invested a fair sum into XRP recently, and have mined ether on my old PC for a while back when ether was still relatively cheap. 

[BuckGup]

On 1/13/2018 at 9:22 AM, Mooshi said:

To be fair they kind of are. Overanalyzed with big hype causing graphics card shortages followed by a predictable crash where users dump cards on eBay at a loss.

 

Cryptocurreny in general are those "you did a good job" tokens taking to the next level. 

Uhh negative there soldier

[mr moose]

5 hours ago, MilitantCro said:

You do understand i never said its an alternative, you didnt quote me saying its an alternative you quoted the other guy, only time i used the world alternative when i copied your text.

 

You do understand that?

 

You just made your self look stupid.

Then you mustn't want crypto currency?  If you don't want it as an "alternative" or as a "replacement" then what do you want it for? And you think I am making myself look stupid.

 

36 minutes ago, Phentos said:

I personally think this is a kneejerk reaction to alternative currencies that have been demonized as "terrorism currency" by mainstream media. 

 

That and the older generations who don't understand anything about it and instead of learning about it, they just banhammer it.

 

That being said, I am biased as I have invested a fair sum into XRP recently, and have mined ether on my old PC for a while back when ether was still relatively cheap. 

 

Please, this "older generations don't understand" argument is a BS generalization.  Just because your nan doesn't know how to email doesn't mean the vast majority of older generations don't understand technology.     Most of the tech industry is only what it is today because of engineers who are all over 50 now (which includes block chain technology).  

 

Crypto currencies are still in their infancy,  They have yet to provide any tangible benefits over other currencies while at the same time bring their own share of problems.

 

[mr moose]

5 hours ago, FirstArmada said:

 

Fair enough but I don't think you understand much about cryptos outside the big few that focus on being used as currency to buy things, ex-bitcoin

When you say currency are you referring to a unit of value (I.E the dollar) or the system that assigns that value (gold or silver standard)? Because the whole point of currency as a unit of values is that it is by it's nature designed to be traded in exchange for goods/services.  If you can't do that then it has not purpose.  If you are referring to it as a system of currency then it's intrinsic value is set by the economy and not by the number of people mining it. It becomes the same thing if you use it the same way.       Bitcoin may well be here to stay, but it will never remain the same if it is used as a currency.

 

5 hours ago, FirstArmada said:

What I'm personally excited about are ICO's and tokens which is basically an alternative to the stock market and the nearly limitless applications of the blockchain technology 

 Blockchain tech is definitely here to stay, it will underpin all corporate contracts, laws and any other process of data handling that requires a high degree of security/transparency.  It may replace the current systems of financial book keeping, but the current crypto currencies and tokens that use it will not.  The thing with crypto is this idea that decentralized being better is just people trying to reinvent the wheel.  Go right back to the start and try to design a new way to deal with wealth and inevitably we end up with the same system we currently have. The reason for that is that other systems ( decentralized, De-regulated, independent etc) have failed because they don't self regulate and as soon as you try to regulate them they no longer remain decentralized or DE-regulated.  

[asus killer]

11 hours ago, MilitantCro said:

If there is less money in the economy there would be exact same value in crypto, just because the number is smaller its still worth the same cause there is less of it (lets says usd), it all about the % not numbers. All crypto have a hard cap of their maximum amount, ones that still havent reached the cap have a set inflation that is public, organized and planned (like release 1% every year spread over to all uses and similar)

you don't get it, people would not have money to spare to go into crypto, and use it to buy food. People would be converting crypto into fiat. So the value would go down.

One thing is the value of the currency, that can be manipulated by a government. Another is the economy and the rules it follows with or without any intervention by anyone, as long as cryptos live in the real world they will be subject to the economy as any other currency, and it will be worst when the link increases when you can more and more buy everyday items in the real economy. There is no escaping that.

[mr moose]

1 hour ago, asus killer said:

you don't get it, people would not have money to spare to go into crypto, and use it to buy food. People would be converting crypto into fiat. So the value would go down.

One thing is the value of the currency, that can be manipulated by a government. Another is the economy and the rules it follows with or without any intervention by anyone, as long as cryptos live in the real world they will be subject to the economy as any other currency, and it will be worst when the link increases when you can more and more buy everyday items in the real economy. There is no escaping that.

 

I was beginning to get scared no one understood that one component of the economy.  

[TVwazhere]

On 1/13/2018 at 10:25 AM, AshleyAshes said:

So I got confused due to the absence of even something as simple as 'Today The Brazilian Government Did (Blank)' 

"In this essay I will tell you about..."

 

Glad I got my witty sarcastic comment in before this thread gets derailed into lockdown, holy crap you guys sure can argue!

[jagdtigger]

1 hour ago, TVwazhere said:

"In this essay I will tell you about..."

 

Glad I got my witty sarcastic comment in before this thread gets derailed into lockdown, holy crap you guys sure can argue!

No arguing here, just a uncomprehending fool who dont even know a thing about how business and our economy really works...

[Energycore]

On 1/13/2018 at 9:39 AM, MilitantCro said:

Nobody in the Crypto world even cares about bitcoin these days when you have stuff like Ripple, Stellar or Raiblocks amazing technologies  where if you invested 100$ last month in raiblocks you would have 30, 000$ today.

I agree, bitcoin is like the mother of crypto but it's clunky, consumes way too much power and has insane transaction fees. Any coin that uses something other than Proof-of-Work is great in my book.

 

BTW Ripple is on the way down unfortunately for us who invested a bit (only invested $10 though)

[Mira Yurizaki]

On 1/13/2018 at 11:12 AM, Misanthrope said:

I am conflicted about cryptocurrencies.

 

On one side, I think that there's obvious problems with central banks and their manipulation of currency. It seems to be very hard to have proper checks and balances without opening up things for a lot of abuse.

 

On the other hand, the "forget everything and go completely unregulated" approach doesn't works either: Central banks believe it or not have positive effects like making it more difficult than normal to fund operations like drug cartels and other criminal organizations. Saying that you don't need any regulations at all on currency doesn't sits well with knowing somali pirates and child pornographers can trade in the same economy in an untraceable manner.

Central banks have safety nets in case they get hacked or otherwise something breaks your account. And even if the bank or whatnot goes under, if it's insured by the federal banking institution, you at least can recoup some or all of your losses.

 

I would hate to put my assets in an exchange, only for some hacker to go "lolnope" and wipe it all clean.

[TVwazhere]

51 minutes ago, jagdtigger said:

No arguing here, just a uncomprehending fool who dont even know a thing about how business and our economy really works...

I did buzz through it, so I wasn't sure if it was all one sided or a big divide between groups.

 

I always think about getting into crypto currencies but never do.

[jagdtigger]

11 minutes ago, TVwazhere said:

I did buzz through it, so I wasn't sure if it was all one sided or a big divide between groups.

 

I always think about getting into crypto currencies but never do.

I stopped reading/replying at the second page... You better off not getting any of these dodgy "tokens", as soon as the hype wears off it will take a nose dive and crash into the ground.

 

/EDIT

Or it gets banned worldwide. No matter which one will happen the sooner is the better.

Edited January 15, 2018 by jagdtigger

[TVwazhere]

Just now, jagdtigger said:

 You better off not getting any of these doge "tokens",

FTFY

[jagdtigger]

Just now, TVwazhere said:

FTFY

 

Spoiler

 

Nothing to fix there, when i wrote dodgy i meant it. I could wrote a more appropriate word but that wouldnt go through the profanity filter.