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Merged Bitcoin - Part 3

jeremyp said:
The two main reasons I can think of off the top of my head for regulating the movement of money around the world are to make it harder to launder the proceeds of crimes and to prevent the evasion of taxes.

Neither money laundering nor tax evasion are good for me as a potential crime victim and a user of government services like education, healthcare, roads, law enforcement etc.
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This argument assumes government action and regulation is always morally justified.

Whether I agree with the specifics or not, the civil disobedience aspect of crypto presents use cases, and it's global nature a possible check on government overreach both here and abroad.

I'm of the opinion that fiat currency is among the most important human inventions of all time and that crypto is at present non-functional garbage, but that doesn't mean the former can't be abused and the latter not improved.
 
psionl0 said:
This is SO 2011!

Bitcoin haters constantly try to ignore the fact that you can transfer bitcoins in any amount around the world within minutes, at low cost (in bitcoins) and without needing anybody's approval.

You might not have a personal use for this facility but that doesn't mean that you get to say that bitcoin has no utility.
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The only utility for this so far has been for ransom ware. Or drug deals. Which one am I supposed to be happy about?
 
Dr. Keith said:
The only utility for this so far has been for ransom ware. Or drug deals. Which one am I supposed to be happy about?
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It also has the benefit of being able to perform hostile takeovers of NFT based corporations and strip them of their assets into your accounts. The other investors then for some reason are upset and suddenly think that there government should retroactively regulate the industry.
 
Suddenly said:
This argument assumes government action and regulation is always morally justified.
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I live in a Western democracy. While my government does some pretty crappy things, in general it uses taxes for the good of the populace. when it doesn't it tends to get voted out.

Whether I agree with the specifics or not, the civil disobedience aspect of crypto presents use cases, and it's global nature a possible check on government overreach both here and abroad.

I'm of the opinion that fiat currency is among the most important human inventions of all time and that crypto is at present non-functional garbage, but that doesn't mean the former can't be abused and the latter not improved.
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The problem is that the crypto-bros think this is an all or nothing thing and not a spectrum.
 
Tesla has sold it's bitcoin.

"Tesla will not be selling any Bitcoin"

Musk says he needed the cash and crypto is a "side show to the side show"
 
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Liz Truss just told Radio 4 that she wants to follow the advice of economist Patrick Minford.
He's the one who said that for Brexit to succeed economically we should not bother striking new trade deals but instead unilaterally abolish all import tariffs and pay the tariffs imposed by other countries.
This would mean the ‘elimination’ of UK farming, manufacturing and a large increase in wage inequality.
 
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Captain_Swoop said:
Tesla has sold it's bitcoin.

"Tesla will not be selling any Bitcoin"

Musk says he needed the cash and crypto is a "side show to the side show"
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Whoa whoa whoa! They only dumped 75% of their bitcoin less than a year after Musk said there's no way that would happen and they're only estimated to have lost hundreds of millions of dollars in the process.
 
Babbylonian said:
Whoa whoa whoa! They only dumped 75% of their bitcoin less than a year after Musk said there's no way that would happen and they're only estimated to have lost hundreds of millions of dollars in the process.
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Have you source for that ? What I've seen they sold around ATH, so clearly they couldn't lose ..
 
jeremyp said:
That's not a counter argument. It's an attempt to insult the people who disagree with you.
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"you can transfer bitcoins in any amount around the world within minutes, at low cost (in bitcoins) and without needing anybody's approval" is a counter argument.
 
psionl0 said:
"you can transfer bitcoins in any amount around the world within minutes, at low cost (in bitcoins) and without needing anybody's approval" is a counter argument.
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I can do that with USD for any transaction that is not illegal. Does your bank not have a mobile app?
 
Dr. Keith said:
I can do that with USD for any transaction that is not illegal. Does your bank not have a mobile app?
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The problem with this point is there is no right to have any bank take you on as a customer and there are people for whom this is an issue. Some based on credit issue, and some because banks are paranoid in application of KYC laws.
 
Suddenly said:
The problem with this point is there is no right to have any bank take you on as a customer and there are people for whom this is an issue. Some based on credit issue, and some because banks are paranoid in application of KYC laws.
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There are plenty of low cost micropayment apps. Anyone making higher payments would have no trouble getting a bank account due to credit issues.

You are right about Know Your Client laws, but I’ve done business with people who were pretty shady that were able to wire me a retainer. I’m sure you’ve received wires from people even shadier. I’ve found big banks to be overly cautious, but USD are kept in banks of all sizes. The fact is if you have tens of thousands of dollars that no bank will let you deposit then I think you are making my point about illegal transactions.

Eta: I know I am coming at this from a place of privilege, but the vast majority of Bitcoin isn’t owned by the homeless.
 
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