Yeah, I think that requires a lot deeper explanation than just "once they regulate it". There's a lot of different ways the US Govt relationship with crypto can play out. It's a spectrum... from outright banning it all... all the way to chucking USD in the ocean and going full on adoption. There's a million different scenarios between those two poles, including doing nothing.
Regulation could be good/great for bitcoin. The other cryptos maybe not so much. US govt almost needs it right now with all the inflation.
Which is nice, but likewise crypto is also useful for pro Russian forces to evade sanctions. Crypto is just a tool.
Correct. But then you have to get the goods and services to the customer, which could be problematic with the harsh sanctions and embargoes.
just off the top of my head. effectively, thru some form of reporting/filing, Gov will know who sold/bought/own cryptos, in a manner similar how Gov keeps track of who had taxable income
That's a two dimensional 'solution' to a three dimensional subject. Right now, reporting crypto on your taxes is voluntary and tied to US-Based crypto exchanges and purchasing venues that also report to the IRS. If I use a VPN to connect from country A to a foreign exchange in country B, use my anonymous paper wallet to transact, then disconnect from the VPN, how does government A or C-ZZZ know what I did? And that's just exchanges. I can send from a wallet to another wallet. Country A doesn't know I own the wallet, then they have no clue what that transaction is doing. There's no way to put a cap on this unless the entire world is a fascist, big brother police state. It's like saying you want to hide the sky from an entire country. It's impossible given the current structure of the world.
After almost a decade, I was hoping crypto would be further along than this. lol. A response like that sounds more like a bunch of kids trying to evade curfew rules. But then, that's probably why I'm just sitting here waiting to make money off of more people instead of actually using it for anything. lol.
You're right. VPN (to mask traffic from said Country A) and a DEX like PanCakeSwap. But honestly, we're really only in about five years since crypto became 'mainstream'.
What more do you expect? Did you really think Tron and Cardano were going to change the world? I dont think anyone expected a sovereign nation to adopt BTC as legal tender and roll out a full platform backed by the government by now. The dollar isnt going anywhere in our lifetime.
Though I agree its popularity has increased, I'm not sure I'd say crypto is really all that mainstream yet. I never gave up on the dollar or any crypto like BTC taking it over anytime soon. I'm the one that's been saying that any major country would be out of their mind to let a decentralized currency they have no control over be their primary currency. I'd rather have something like a digital dollar rather than BTC/ETH/whatever becoming a global currency. I'm looking for any widespread use out of these things in the next couple of years whether it be TRON, ADA, SOL, ETH, BTC, etc. I mean, I guess ETH has found some use whether anybody wants to give it credit or not for NFT's. I guess they all have their niche uses for their fans. The only reason I'm in crypto nowadays is for any major run-ups, so I can make some money, but I'm still holding out hope for some widespread use of this outside of speculation, NFT's, etc.
There is a vast misunderstanding how the monetary systems runs. Case in point; If you were in the 3 comma club, how would you hold and maintain your wealth, much less grow it? Its extremely difficult to hold wealth if you're not actively creating it. USD and BTC have more in common than many realize. Both are completely digital and backed by nothing tangible in itself. One is secured by a central ledger and the other secured by a decentralized ledger. Why not have both? The digital dollar is a fallacy. Digital dollar is a fancy name for programable money. Nothing more than coupons. You will never have hard money with a centralized system. With soft money, you are endlessly trying to hold on to your wealth. You call it investing. I call it gambling. The reality is debasement. As alt coins are centralized, you're doing nothing more than gambling. Sure, the Ethereum token might perform well for a decade or two, but it will eventually burn itself out. There is no value in credit swaps on a crypto platform.
Despite all this, it's incredible how thousands/millions of people retire without being in the 3-comma club and live out their years in pretty good shape on the evil fiat. I live in a different sphere from people who are in the 3-comma club, but a lot of my concerns are similar to theirs -- just not on as large a scale. Even if you're a retiree in the 2-comma club or 1-comma club, you will face similar-but-not-same decisions. As for something like the digital dollar being nothing more than "programmable money", all you've stated is what you believe it is. You haven't said anything about the positives, negatives, etc. of it. I mean, gold is just metal. Diamond is just rock. Crypto is just code. How would the digital dollar affect settlement, fees, economic "equality"/opportunity? It's not just a matter of convenience. As for "you'll never have hard money with a centralized system". Awesome. I'll just pay bills with my fairy money that everybody expects. Seems to be working. You seem to be speaking in terms of some kind of utopian existence or theory or something. I live in reality. I expect stock market declines, I expect inflation, I expect commodity collapses. I adjust my life and investing accordingly. It's no big deal. I don't expect anything to be "forever" -- especially the assets I invest in. They all have their life-cycles; whether they be money, its derivatives, commodities, whatever. As for the gambling aspect --almost everything we do is nothing more than gambling. Some of us call it investing. Whether it's stocks, bonds, crypto, commodities, comic books, paintings, housing, crossing the street, jumpstarting a car, etc. It doesn't matter. It's all gambling. Some people have faith in each of these while others may not. But I'm not going to pretend like any of it isn't gambling to some extent. If it isn't guaranteeing you a return, it's gambling. Again, nothing new because 99.9% of the decisions you make in life is probably based upon a gamble of some sort. Most of this all ideals and pie-in-the-sky dreaming, anyway. I'm just hoping for something other than YouTubeBob trying to sell you on why his charts are right and PoopCoin is going up tomorrow. But until then, wth -- I'll see if I can make some funny money off of it. I'm not worried about completely transforming the world - just making it realistically a bit more efficient and better.
+1 And institutions are buying and selling crypto just like they get into penny stocks...for the pump and dump. They are treating them like hookers. They ain't marrying crypto. All the technology and way of life that's changed is still how we spend the almighty dollar and we will see a digital dollar before we see the US govt swap it for whatever shitcoin is out there in 2100..
The dollar is already digital. I am not anti digital dollar provided there is a BTC settlement layer. The digital dollar will only work if its a CBDC. If the CB starts issuing dollars directly, that completely changes the dynamics of the current monetary system. I just dont see it working as anything more than a coupon. That in itself has value. This is all great for those of us who have the capacity to invest/speculate. There are billions of people who do not have this capability for various reasons. The current system that you're fond of caters to the haves and completely takes advantage of the have nots. Im just not down with that. I find it disturbing many millennials and gen z can not afford to buy a house. The system will break.
It's just musical chairs. Most people just aren't good with money. Crypto is just another carnival ride that the haves are running. Maybe it will evolve, maybe it's a fad. Anti establishment is a brand now.
