I Predict The Financial Establishment Will Crash Bitcoin

Governments are figuring it out.

China, for example.

http://fortune.com/2017/09/15/china-shutting-down-beijing-bitcoin-cryptocurrency-exchanges/

 

Sure, just like any illegal funds.

 

I disagree. Wall St. is getting into bitcoin and politicians are creatures of Wall St.

 

The record exists and is public. The problem is associating the bitcoin with a public identity. Just like other money laundering schemes.

 

Until they learn it can be used to avoid taxation, then you'll be able to hear the wailing in orbit.

 

That's why they have computers.

 

So, there is no way to find out who a particular account belongs to?

Now, that would seem to be a substantial hole the drug lords and terrorists would surely appreciate!

 

exactly

 

No easy way. That is why drug sellers on the dark web used bitcoin. It is just like cash that you can move electronically in that respect. Less anonymous than cash, but not much.

 

An exchange is not the blockchain. It's a physical business, so it can be shut down like any other business.

The blockchain is different. They would have to look thru all the accounts in the blockchain to find the transaction. Sounds like a needle in a haystack.

 

People will just switch to Monero. The jini is out of the bottle.

 

When it comes to terrorism, drugs, etc., there are LOTS of ginis.

The criminals are creating them all the time.

Those who oppose terrorism and illegal drugs will just have to hone their tools for going after this style of attack.

 

You realize that people other than terrorists and drug lords use cryptocurrency for perfectly peaceful purposes, right?

 

Yes - it's used for tax evasion and for currency speculation, too.

I'll have to tell you, I really don't care about them at all.

I DO care about terrorism, drug lords, tax evasion and other such crime.

And, I don't really see bitcoin as an investment opportunity to protect. It's no more than a bubble creation technology. And, bubbles don't help mainline citizens - they do overall damage.

I can't really find one good thing about bitcoin.

So, I would be more than happy if it just got erased from existence at 8:00 am tomorrow morning throughout the entire world with zero warning.

The Israelis (and US) pulled off stuxnet whereby a worm penetrated Iran's network protection and killed their centrifuges. Maybe we could hire those guys to help us penetrate and eliminate bitcoin from the face of the earth.

 

As long as that government is up and running and paying its bills on time, and not inflating the supply of that paper money, it's fine. If the government fails (the Confederacy), stops paying its bills (WPPSS, aka Whoops), or starts inflating the money supply (the Weimar Republic, Venezuela, etc.), that paper won't be worth very much. A country that starts refusing to accept its own fiat currency for the payment of taxes is one that is already far down the road to ruin.

 

Sounds like you shouldn't buy any bitcoin then. On the other hand, there are those who do want to use it, and they will continue to do so.

 

True.

If the government were to fail to honor dollars, I really doubt having your loot stashed in some secret bitcoin account would save you from the global collapse that would be in progress.

 

I stated that, too. Terrorists, drug lords, currency speculators, tax evaders, money launderers, ...

Lots will continue to use bitcoin, until they don't.

 

And people who aren't any of those.

 

I don't know who that would be.

If they are innocents and aren't currency speculators, then they aren't likely to be too hurt by a sudden total evaporation of bitcoin that would prevent them from further mistakes.

I'm serious. I don't see a value in having this kind of thing existing in the world. And, there are a number of clear problems with it as mentioned above.

 

I wish I had your skin and the sufferance you exercise with raging statist control freaks.

 

Your concern for their well-being is noted.

The jini is out of the bottle, and the government can't stand it. Poor government.

 

They're something else, huh? What don't they want to control?

 

Let see bitcoin is an international mean of moving funds so you can and I had as a matter of fact used bitcoins to buy goods across the planet.

Lot easier and cheaper then using the banking systems or any other means I am aware of.

Next if you add tor and it hidden services and good luck in even the most powerful nations enforcing their wishes on individuals.

 

So which are you? A drug lord or a terrorist?