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Why shouldn't the US ban crypto?

America 1st

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Anything that resembles a global currency, that's not the US dollar, should be destroyed at every opportunity.

Change my mind.
 

Dtcliffo

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I’m conflicted here, Op.

I am all about wielding every weapon/leverage we have where diplomacy is concerned. A US currency being the worldwide standard is definitely a plus.

however, the last election (and all of the machinations of the last 4 years) have shown me that the Country i once believed in is gone. We used to be a Nation that acted in the interest of its’ people.

The ridiculous decisions being made now can only lead to inflation, weakening us and limiting the power of the dollar. I’m not an expert on Crypto, but if i i understand it correctly, it is a limited resource that can only be “mined” using incredibly complex algorithms.

The mining of the resource and the introduction of a “new coin” is independent of any government manipulation/influence. The idealists out there believe that this represents the power of the people and reintroduces “common sense” back into economic decision making.

still a lot of uncertainty, and your point about governments not “allowing” these coins to exist is a good one. The folks who want to keep the old system will die on that hill, or more accurately - they’ll gladly send our sons and daughters to die on the hill for them.
 

Hoppo

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Because the US' masters now have their wealth stored in crypto. The genie is out of the bottle.
 

Zgdaf

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Yes btc will be a network that anyone can plug into and get the network effect. Right now the dollar has some processes around it like bond issuance, auctions with in the banks, etc. that btc doesn’t offer.

Also I am not sure btc will ever stable out between supply and demand.

This is where the fedcoin will come in that the guberment will create and won’t be competing with USD.
 

Hoppo

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Explain it to me like I’m 5.
The tokens used in blockchain projects are used to incentivize individuals to run nodes on their networks. These networks typically run cryptography operations that anyone can use. This is rather a reductive explanation, but essentially you put a task out to a network, pay a fee (in whatever crypto token that the network uses), and get back your result.
 

America 1st

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Because most crypto projects are not currencies. Blockchain solves real world problems.
Why should we want to solve that "real world problem" for the rest of the world if it puts US citizens at a disadvantage?

Honest question.
 

Dtcliffo

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The tokens used in blockchain projects are used to incentivize individuals to run nodes on their networks. These networks typically run cryptography operations that anyone can use. This is rather a reductive explanation, but essentially you put a task out to a network, pay a fee (in whatever crypto token that the network uses), and get back your result.
What purpose does the task serve? I know that i “get” a coin in return for my computing power, but what does the task giver get in return?
 

Gators300

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Why should we want to solve that "real world problem" for the rest of the world if it puts US citizens at a disadvantage?

Honest question.
I'm investing in it simply because I feel that our own government is putting its citizens at a disadvantage by printing trillions of dollars. We are going to see severe inflation the coming 18 months, IMO. Because (most) crypto currencies have a finite number of coins, and they become more scarce as the years progress, it means that once they are adopted widely, (getting close) they are a good investment to keep your money from severely devaluing.

Not an expert by any means, though.
 

America 1st

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I'm investing in it simply because I feel that our own government is putting its citizens at a disadvantage by printing trillions of dollars. We are going to see severe inflation the coming 18 months, IMO. Because (most) crypto currencies have a finite number of coins, and they become more scarce as the years progress, it means that once they are adopted widely, (getting close) they are a good investment to keep your money from severely devaluing.

Not an expert by any means, though.
I think you're spot on but that doesn't answer my question about why the US should allow such a practice especially with the devaluation of their own currency as you noted.
 

ChicagoFats

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I think you're spot on but that doesn't answer my question about why the US should allow such a practice especially with the devaluation of their own currency as you noted.

I’m not sure they could stop it even if the wanted to. It’s decentralized. If they were to try to stop it, that may just give it more legitimacy? If not here, then where? And what do we give up by it not being here.

Got on the crypto wagon this year after being a long time non-believer. I did some reading on the de-fi movement and changed my mind. Crypto bull now.
 

Zgdaf

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Lol.. Bill gates and his I’ll gotten gains from his monopoly can’t control and extend bitcoin so he’s not happy.

Bg slams bitcoin

Bill Gates Slams Bitcoin After Warren Buffett Praises Elon Musk and Tesla​

Microsoft founder Bill Gates just slammed cryptocurrencies, including Bitcoin. He said, “It’d be good to get rid of that” while highlighting how cryptocurrency “allows for certain criminal activities” in an interview with the Wall Street Journal.

With this, Gates joined the legendary investors and Berkshire Hathaway CEO Warren Buffett — who has publicly expressed his hatred for bitcoin and other cryptocurrencies in the past. Before I discuss why the cryptocurrency market is extremely risky for small investors with a low-risk appetite, let’s explore what Gates and Buffett have to say about it.

Bill Gates slams Bitcoin​

Gates is currently the world’s third wealthiest person. Bloomberg billionaires index estimates his net wealth to be around US$137 billion. In another interview with CNBC on Thursday, Gates revealed neither he doesn’t have any Bitcoin position — long or short. Last year, Buffett also criticized cryptocurrency calling it worthless. Back then, he clarified that he would never invest in cryptocurrency.

In his latest interview, Gates showered prases on Tesla(NASDAQ:TSLA) CEO Elon Musk. He believes “What Elon’s done with Tesla is fantastic,” calling it “…the biggest single contribution to showing us that electric cars are part of how we solve climate change,” adding, “We need a lot of Elon Musks” and “he should be very proud of what he’s done.”

Tesla’s big Bitcoin bets​

Tesla and its latest annual filing last week revealed that it invested US$1.5 billion in Bitcoin. The company also plans to start accepting Bitcoin as payment for its products soon. Tesla — which is now a part of the S&P 500 Index — made its surprising Bitcoin purchase in January. As a result, investors who now own Tesla stock or S&P 500 funds indirectly have stakes in the cryptocurrency market — whether they like it or not.

After Tesla’s big bets on Bitcoin, the cryptocurrency market has recently seen a massive jump in its trade volume. Not many small investors know that the extremely volatile cryptocurrency market can ruin their years of saving in no time. The fact is you don’t need to buy Bitcoin to multiply your savings in the long term. You can do it the way Warren Buffett does it without taking unnecessary risks.

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Buffett has made money consistently for decades from the stock market. He simply believes in buying good cheap stocks for the long-term to grow money. Buffett also prefers to invest his money in industries that have good future growth potential.

The demand for electric cars has surged in the last few years. Industry experts predict the 2020s to be the decade of electric and autonomous cars. That’s the reason even big tech companies like Apple (NASDAQ:AAPL) are ready to jump into the automotive industry.

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One great EV stock to buy today​

That’s why I expect businesses focused on electric and autonomous car technology to witness a massive growth in the coming years. For example, BlackBerry (TSX:BB)(NYSE:BB) has been my favorite Canadian tech company with its increasing interest in electric vehicles (EVs) and autonomous vehicle-related technology.

The company recently partnered with Amazon Web services to develop its integrated vehicle data platform. The platform would allow automakers to access and utilize vehicle sensor data in real-time. BlackBerry is also expanding its market share in China — the world’s largest car market. The company’s QNX Neutrino operating system — in partnership with Baidu — will soon be used in mass-produced EVs in the country.

Final thought​

The cryptocurrency market — at first — may look like an easy way to get rich. However, most retail investors with a small risk appetite tend to lose their money in cryptocurrency trading. That’s why it’s better to follow Buffett and stick to cheap high-growth stocks to multiply your hard-earned money.
 

CDDP

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The US taking on Bitcoin would have a massive negative outcome. Businesses and institutional investors would lose a lot of money.
 

America 1st

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The US taking on Bitcoin would have a massive negative outcome. Businesses and institutional investors would lose a lot of money.

Even if it caused them a loss it would be the type of message that needed to be sent to people for investing into something that harmed the US dollar.

Think of how much money and resources have already been wasted on cryptos here in the US and it's a process with no benefits (destroys the environment and takes money out of US infrastructure and traditional products).

Not saying this is my personal position on the matter but I think these questions deserve an answer at the very least.
 

America 1st

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I’m not sure they could stop it even if the wanted to. It’s decentralized. If they were to try to stop it, that may just give it more legitimacy? If not here, then where? And what do we give up by it not being here.

Got on the crypto wagon this year after being a long time non-believer. I did some reading on the de-fi movement and changed my mind. Crypto bull now.
See my above.

Seems like it's only brings negatives to the US.

The only justification people seem to have for it is that others do it. Seems like one of those situations your mother asked you about growing up; "if joey jumped off a cliff or smoked cigarettes would you do it too?"...
 

CDDP

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Even if it caused them a loss it would be the type of message that needed to be sent to people for investing into something that harmed the US dollar.

Think of how much money and resources have already been wasted on cryptos here in the US and it's a process with no benefits (destroys the environment and takes money out of US infrastructure and traditional products).

Not saying this is my personal position on the matter but I think these questions deserve an answer at the very least.
I just think as more big money gets involved with Bitcoin the chances of the US banning it goes down. Black Rock manages over 7 trillion and is getting into Bitcoin now. I do think a challenge to the fiat dollar is catastrophic to government but it needs to happen.
 

BigBucnNole

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I just think as more big money gets involved with Bitcoin the chances of the US banning it goes down. Black Rock manages over 7 trillion and is getting into Bitcoin now. I do think a challenge to the fiat dollar is catastrophic to government but it needs to happen.

The US dollar is for all practical purposes the reason we control the bulk of the planet. It is the reserve currency and any country going through shit times is always going to invest in dollars and make the US wealthier. And when times get good to force a disinvestment, raw US economic power tied to a cheaper currency out competes any economy on the planet.

US Government doesn't give a flying fuck if "big money" gets behind the currency. We are what we are post world war 2 because of the bomb and the US dollar. That's not going anywhere.

What could happen, and most likely will happen, is a digital version of the USD.
 

CDDP

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The US dollar is for all practical purposes the reason we control the bulk of the planet. It is the reserve currency and any country going through shit times is always going to invest in dollars and make the US wealthier. And when times get good to force a disinvestment, raw US economic power tied to a cheaper currency out competes any economy on the planet.

US Government doesn't give a flying fuck if "big money" gets behind the currency. We are what we are post world war 2 because of the bomb and the US dollar. That's not going anywhere.

What could happen, and most likely will happen, is a digital version of the USD.
I’m 100% biased because I want the US to lose the reserve currency status due to how it lets big government grow.
 

BigBucnNole

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I’m 100% biased because I want the US to lose the reserve currency status due to how it lets big government grow.

I’m one of those big believers in geography dictating virtually everything in your life. The US has the best combination of geography on the face of the planet with access to abundant raw material and cheap ways to move goods. We’ll always be the reserve currency because we will always have the worlds most powerful economy.
 
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America 1st

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How about it's none of their business where I choose to put my money?
That's silly.

We can agree that taxation is theft but people don't have free reign to fund whatever they want.
 

Sikness23245

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See my above.

Seems like it's only brings negatives to the US.

The only justification people seem to have for it is that others do it. Seems like one of those situations your mother asked you about growing up; "if joey jumped off a cliff or smoked cigarettes would you do it too?"...

The US government can't eliminate crypto from the world, so restricting American's access to it can only disadvantage Americans. I think it's a little funny that America has always led the way in innovation and technology and now that crypto comes along, we're so scared of it. What we should be doing is finding ways to use it to our advantage like we always have with new technology.

Crypto only ever becomes a challenge to the USD if people actually begin to view it as a currency. Right now, they're viewed more as investments. Crypto might even be helping keep markets in balance. General sentiment is that markets are already inflated from covid relief packages, etc. Imagine if all the money in crypto came flowing into the markets? The volatility would be insane. While the initial response might be "volatile in a good way because prices would go up", the reality is most people would lose their asses when the big boys decide to start taking profits. Instead, continue to push crypto as an alternative investment strategy to the stock market, because inevitably, profits from crypto will work their way into the markets in a more sustainable manner than if you simply eliminate crypto. As crypto gets cemented in the average person's mind as an investment option, it loses its potential to challenge the USD as a currency over time.
 

America 1st

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The US government can't eliminate crypto from the world, so restricting American's access to it can only disadvantage Americans. I think it's a little funny that America has always led the way in innovation and technology and now that crypto comes along, we're so scared of it. What we should be doing is finding ways to use it to our advantage like we always have with new technology.

Crypto only ever becomes a challenge to the USD if people actually begin to view it as a currency. Right now, they're viewed more as investments. Crypto might even be helping keep markets in balance. General sentiment is that markets are already inflated from covid relief packages, etc. Imagine if all the money in crypto came flowing into the markets? The volatility would be insane. While the initial response might be "volatile in a good way because prices would go up", the reality is most people would lose their asses when the big boys decide to start taking profits. Instead, continue to push crypto as an alternative investment strategy to the stock market, because inevitably, profits from crypto will work their way into the markets in a more sustainable manner than if you simply eliminate crypto. As crypto gets cemented in the average person's mind as an investment option, it loses its potential to challenge the USD as a currency over time.
I think you're mostly right.

It should be viewed as a resource or technology as opposed to currency or an asset.

It really doesn't act like a currency much but like you pointed out. It's much more like a developing resource or technology.

Blockchain will bring many positives but acting as a 'currency' isn't one IMO.

Americans wouldn't be disadvantaged to eliminate blockchain as an asset option since it's still being used and developed across many fields.

The better argument would be why shouldn't it be regulated like other parts of the economy? The answer is there isn't one and it's never good to leave things completely unregulated because the bigs will always take advantage of the littles.
 
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talimite

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That's silly.

We can agree that taxation is theft but people don't have free reign to fund whatever they want.
Why not? I believe you should have the freedom to invest how you see fit. Your money is the fruits of your labor.
 
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America 1st

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Strawman, not at all equivalent to crypto. Your examples are supporting things that harm others (though I feel that anyone should be able to buy drugs).

Banning crypto would be akin to banning gold ownership.
Not strawman. Crypto will and does fund those things.

China, Iran, cartels, ect.
 

America 1st

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Unless you think all assets should be regulated which is socialist as hell
Not all but ones with qualities like crypto should just like gold, silver, mortgages, bonds, ect (which is why they are).
 

talimite

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Not all but ones with qualities like crypto should just like gold, silver, mortgages, bonds, ect (which is why they are).
First off you opened by saying BANNED, not regulated. Secondly I can buy as much Gold, Silver, bonds, etc as I want. I have bought and sold much of each and have never ran into any regulation. You still sound like a flaming socialist.
 

America 1st

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First off you opened by saying BANNED, not regulated. Secondly I can buy as much Gold, Silver, bonds, etc as I want. I have bought and sold much of each and have never ran into any regulation. You still sound like a flaming socialist.
I did say ban crypto currency. I didn't fuck up.

Just because I would ban crypto currency doesn't mean I believe we should ban gold.

Just because you buy and sell them doesn't mean they aren't regulated.

Keep up sport.
 

talimite

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I did say ban crypto currency. I didn't fuck up.

Just because I would ban crypto currency doesn't mean I believe we should ban gold.

Just because you buy and sell them doesn't mean they aren't regulated.

Keep up sport.
You're inconsistent sport. You started with banned, then morphed into regulated for several posts. Your initial question has been answered - I don't agree to relinquish my right to invest the fruits of MY labor as I see fit.
 

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