The US has multiple laws on the books to limit or force reporting of cash transactions above certain $ limits to control black market activities, tax evasion, etc. The fact there seems to be little effort in DC by any Party or political persuasion to ban non government controlled digital currencies leads me that a) few in DC really are serious about controlling those illegal activities and/or b) many in Congress are benefitting from crypto (from lobbying or owning) and/or c) they are clueless
Jon Hawksley
2 years ago
Fiat money is a promise by a credit worthy party that they will pay you a certain sum in the future. You can sue for that sum of money. You can examine the credit worthiness of the party making the promise. A bitcoin is a tedious to calculate number that has a limited supply. Some people own bitcoins because they made the calculation and some have bought them in the hope that the limited supply will mean the price will go up. It is self fulfilling as the price going up attracts greedy buyers, however, if they go out of fashion and no one wants to buy one, they are worth nothing. You cannot sue anyone to get your money back. All a bitcoin acomplishes is a transfer of wealth from greedy and gullible investors to those who invented them. As long as there are greedy and gullible investors the price will hold or go up attracting more greedy investors. When everyone wakes up to the fact that it needs greedy investors to pay them out and that greedy investors will one day follow another fad, the price will plumet – the price will go to zero. Google tulip mania 1637.
The US has multiple laws on the books to limit or force reporting of cash transactions above certain $ limits to control black market activities, tax evasion, etc. The fact there seems to be little effort in DC by any Party or political persuasion to ban non government controlled digital currencies leads me that a) few in DC really are serious about controlling those illegal activities and/or b) many in Congress are benefitting from crypto (from lobbying or owning) and/or c) they are clueless
Fiat money is a promise by a credit worthy party that they will pay you a certain sum in the future. You can sue for that sum of money. You can examine the credit worthiness of the party making the promise. A bitcoin is a tedious to calculate number that has a limited supply. Some people own bitcoins because they made the calculation and some have bought them in the hope that the limited supply will mean the price will go up. It is self fulfilling as the price going up attracts greedy buyers, however, if they go out of fashion and no one wants to buy one, they are worth nothing. You cannot sue anyone to get your money back. All a bitcoin acomplishes is a transfer of wealth from greedy and gullible investors to those who invented them. As long as there are greedy and gullible investors the price will hold or go up attracting more greedy investors. When everyone wakes up to the fact that it needs greedy investors to pay them out and that greedy investors will one day follow another fad, the price will plumet – the price will go to zero. Google tulip mania 1637.