Bitcoin price suddenly surges to 3-year high

Vya Domus · May 23, 2021

Andy Shiekh said:
Where is value being made in crypto-currency?

I've explained it above, people believe crypto will become the future of how transactions are made. The better the potential of a coin to be part of that future, the higher it will be valuated. That's just the theory though and is often far from reality.

lexluthermiester said:
it's about to be heavily regulated in the worlds richest economy and the rest of the worlds governments are following suit. Profitability is going to tank as a result. It is unavoidable.

I fail to see how crypto can be regulated, you'd be basically attempting to control a distributed piece of software who's creators may even be completely anonymous. China is dancing around the idea of banning crypto by putting up various regulations with regards to mining and what not but they very obviously avoid to provide an outright ban on crypto because even they realize that's not really feasible and counter productive.

Exchanges yes, they can be regulated and that's likely what they'll do. But again, I fail to see how it will be any different from other services that allow you to trade stocks.

Jetster · May 23, 2021

R-T-B said:
An international payment network is value.

People fail to grasp this.

The United States economy backs the value of the dollar.

It's really completely different.

More stable yes, different no. Its just a note of value, OK maybe its insured sometimes.

Final_Fighter · May 23, 2021

trog100 said:
it was said that the big players were buying bitcoin as a long term store of value.. buying to hold and not to trade..

if this is so and i believed it to be so.. what the f-ck is going on.. none of the fundamentals have changed..

i can imagine the newbs being panicked into selling but not the whales.. do they know something the rest of us dont.. maybe they do..

trog

The big scare right now with the big money is not so much bitcoin but the stable coins. tether for example is linked 1:1 with the US dollar except it has a market cap of 57billion. this is one example. what is not understood at the moment and being questioned is what will happen to these "stable coins" if people panic sale. can tether actually give you 1:1 value all the way down to 0 market cap? in other words, is the price of stables manipulated, is there actually gold in fort knox? tether has been grey area for most and the way it works internally is not exactly clear. if the price of stables has been somehow manipulated to be worth more than they are than it would show the entire market is actually just inflated in value much higher than it should be. most the growth recently came from the defi space witch falls heavily on stable coins. if stable coins are not really stable than it was just a painted glass house waiting for someone to throw a stone threw it. thats what i have been able to dig up and it would seem there are others looking at this possibility too.

lexluthermiester · May 23, 2021

Vya Domus said:
I fail to see how crypto can be regulated, you'd be basically attempting to control a distributed piece of software who's creators may even be completely anonymous.

That's been said before. Yet governments find a way. It's not like it'll be that difficult.

R-T-B · May 23, 2021

Jetster said:
More stable yes, different no. Its just a note of value, OK maybe its insured sometimes.

The valuation methods are completely different.

ZenZimZaliben · May 23, 2021

lexluthermiester said:
That's been said before. Yet governments find a way. It's not like it'll be that difficult.

Just like they stopped piracy... Because decentralized is always easy to stop. Only thing they can control is the exchanges in their country. I don't have to trade using an American exchange

trog100 · May 23, 2021

well its stopped going down and has gone up a tad.. will will see what tomorrow brings..

trog

lexluthermiester · May 24, 2021

ZenZimZaliben said:
I don't have to trade using an American exchange

No, but if you are a US citizen and you fail to report and pay the appropriate taxes, you go to jail, pay court fines and THEN pay the taxes anyway, with IRS imposed penalties. Have fun with that!

mtcn77 · May 24, 2021

lexluthermiester said:
No, but if you are a US citizen and you fail to report and pay the appropriate taxes, you go to jail, pay court fines and THEN pay the taxes anyway, with IRS imposed penalties. Have fun with that!

This is so very true. People think they can make their own paper currency.

trog100 · May 24, 2021

lexluthermiester said:
No, but if you are a US citizen and you fail to report and pay the appropriate taxes, you go to jail, pay court fines and THEN pay the taxes anyway, with IRS imposed penalties. Have fun with t

there is a world full of people that are not US citizens lex.. tis a shame most Americans dont seem aware of this.. he he he

trog

mtcn77 · May 24, 2021

trog100 said:
there is a world full of people that are not US citizens lex.. tis a shame most Americans dont seem aware of this.. he he he

trog

Paying tax is just one form of validation in the currency, it is traded in. American or not, you cannot file taxes with bartering. Bitter reality is, currency has to be backed up by something. Something like a hard asset.

RandallFlagg · May 24, 2021

trog100 said:
there is a world full of people that are not US citizens lex.. tis a shame most Americans dont seem aware of this.. he he he

trog

I am pretty sure that is why he said "if you are a US citizen".

I'm not really aware of any country that has no income taxes whatsoever. Please feel free to inform though I would very much be interested in that.

mtcn77 · May 24, 2021

RandallFlagg said:
I am pretty sure that is why he said "if you are a US citizen".

I'm not really aware of any country that has no income taxes whatsoever. Please feel free to inform though I would very much be interested in that.

I'm sure with the SARS-2, we can be astute they don't need virtual currencies any more to cool the economy.

R-T-B · May 24, 2021

mtcn77 said:
People think they can make their own paper currency.

I mean, historically, yes, you can. The USA didn't even have a univeral bank note for a long time in it's existence. People forget that.

mtcn77 said:
I'm sure with the SARS-2, we can be astute they don't need virtual currencies any more to cool the economy.

That's not what he asked at all.

mtcn77 · May 24, 2021

R-T-B said:
I mean, historically, yes, you can. The USA didn't even have a univeral bank note for a long time in it's existence. People forget that.

No, no, I said money 'not earned through means of productive industry' in the other thread.
Such money is no different than a virtual currency since it would default on its purchasing power if it were used. Like bitcoin.
We Turks actually like USA with your self-governance in historical terms.

R-T-B · May 24, 2021

mtcn77 said:
No, no, I said money 'not earned through means of productive industry' in the other thread.
Such money is no different than a virtual currency since it would default on its purchasing power if it were used. Like bitcoin.
We Turks actually like USA with your self-governance in historical terms.

Oh, I agree there. Just did not see your other comment.

sepheronx · May 24, 2021

mtcn77 said:
No, no, I said money 'not earned through means of productive industry' in the other thread.
Such money is no different than a virtual currency since it would default on its purchasing power if it were used. Like bitcoin.
We Turks actually like USA with your self-governance in historical terms.

What is going on regarding the crypto market in Turkey anyway?

mtcn77 · May 24, 2021

sepheronx said:
What is going on regarding the crypto market in Turkey anyway?

I'm sorry if I gave the wrong impression. I cannot give an answer.

sepheronx · May 24, 2021

mtcn77 said:
I'm sorry if I gave the wrong impression. I cannot give an answer.

Fair enough. Wish everyone best of luck.

mtcn77 · May 24, 2021

sepheronx said:
Fair enough. Wish everyone best of luck.

-"Who is 'John Galt'?..."

sepheronx · May 24, 2021

mtcn77 said:
-"Who is 'John Galt'?..."

I see you liked Atlas Shrugged.

mtcn77 · May 24, 2021

sepheronx said:
I see you liked Atlas Shrugged.

I like skyscrapers and arch-truss bridges.

Vya Domus · May 24, 2021

lexluthermiester said:
That's been said before. Yet governments find a way. It's not like it'll be that difficult.

Not this time they wont, like someone pointed out above, it's like trying to stop piracy. You can do various things to drive away people from it, sure, but to control it, it's not feasible.

mtcn77 · May 24, 2021

Vya Domus said:
Not this time they wont, like someone pointed out above, it's like trying to stop piracy. You can do various things to drive away people from it, sure, but to control it, it's not feasible.

Why control it when it doesn't go anywhere?

Vya Domus · May 24, 2021

mtcn77 said:
Why control it when it doesn't go anywhere?

Because supposedly that's what they'll want to do, control supply, transaction fees, interest rates etc. Which they can't.

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