New York to Regulate Bitcoin.

[Nostop it]

[Elegiac]

Good. Unregulated currencies are never a good thing.

[Conspicuous Cultist]

This reaks of people just simply wanting their cut in the action while it's still relevant. US money still buys illegal goods.

[Captain N]

Just wait...this is a ploy to start taxing a currency which isn't even tangible.

[Nostop it]

Lol, the Winklevii.

[Deleted]

Well you have to first criminalize annonym exchange of Bitcoin against money preferably with a mandatory low prison sentence.

Thats necessary and what I would do if I would try to get the whole issue under control.
You can't tax the blackmarket because its black.

You can't prevent the exchange and you can't trace every small fish hence you have to get people to not chose annonym channels to
exchange money against kryptocurrency.

Honestly you should just make the ownership illegal and stop the whole thing.
It's very harmfull and you will do it anyway in the long run.
The main assets of the coins is anonymity every real $ that gets into it can get circulated in crime, terrorism and of cource in the pockets of the ponzi starters.

Its a ponzi sheme because the state can not tolerate a threat to its monopoly of issuing legal tender or to be more precise it's an economic bubble.

[Nostop it]

Ya I'm gonna let the market handle this one. I know Bitcoin appeals to people on an ideological level. Anti government people that kind of thing. But the majority of people using bitcoin aren't gonna really use it for the anonymous part. The businesses that do well are gonna be the ones that provide a great product and customer service. I don't think the anonymous part of it is that important in the long run. I would be for some regulation on that level. Again whatever is gonna make the consumer and producer happy. It's just gonna be another form of payment to provide to your customers. It's good competition for the other forms of payment. I think the businesses men are gonna legitimize this better than anyone else can.

[Deleted]

It's good competition for the other forms of payment.

Like legally issued tender?

The positive aspect are...
-Nobody can just print an unlimited ammount of it.
-Its annoynm
-Unrefundable
-Instant globally exchangeable

Nationstates cannot tolerate it just imagine saudi arabia only accepting bitcoins for oil lol

[Skroe]

Ya I'm gonna let the market handle this one. I know Bitcoin appeals to people on an ideological level. Anti government people that kind of thing. But the majority of people using bitcoin aren't gonna really use it for the anonymous part.

Keep telling yourself that. You have little idea the enormous wealth, reach and technical capability of the criminals groups in Asia and Eastern that have dominated bitcoin. The entire bitcoin community is built around the idea of anonymity.

I think the businesses men are gonna legitimize this better than anyone else can.

Businesses rarely sit on giant wads of cash. They typically sit on enough immediate cash to make the next payroll (read about the commercial paper market). Bitcoin is entirely unsuitable for them to store their wealth in, as opposed to US Treasures, bonds and debt, all of which are incredibly safe. This contrasts with Bitcoin, whose' value has and will continue to wildly fluctuate. They can't use it to pay workers, make investments, or store their money. They can't use it for anything.

Some may accept bitcoin, but this pretty much puts it on the level of a Paypal competitor.

By the way, your avatar and quote of the man whose stupid stunt came within hours of seriously hurting the financial security of hundreds of millions of people, is utterly obnoxious. "We the People" know a self loving, grand standing career opportunist when we see one.

[zealo]

Is not the whole point of cryptocurrencies to be a currency without any kind of regulations controling its exchange values or who sends money and where it goes?

If they start to regulate and tax bitcoin, what do it offer over real dollars?

[Elegiac]

Is not the whole point of cryptocurrencies to be a currency without any kind of regulations controling its exchange values or who sends money and where it goes?

If they start to regulate and tax bitcoin, what do it offer over real dollars?

That is the point, however silly it may be.

And that is also the point; government needs to have a monopoly on the currency for economic reasons.

[Laize]

Good. Unregulated currencies are never a good thing.

I find it interesting that the entire premise of Bitcoin was the fact that it was beyond regulation... and they're trying to regulate that which was designed to explicitly be beyond the government's control.

[zealo]

That is the point, however silly it may be.

And that is also the point; government needs to have a monopoly on the currency for economic reasons.

I am aware of why government needs to control the currency for economical reasons, point was more that if they succeed in regulating bitcoin there is no point to it as a currency anymore.

Cryptocurrencies have gone of the rails real properly lately anyhow, with how many alternatives there are - most of them being utterly uselss and worth nothing.

[oxymoronic]

Ya I'm gonna let the market handle this one. I know Bitcoin appeals to people on an ideological level. Anti government people that kind of thing. But the majority of people using bitcoin aren't gonna really use it for the anonymous part. The businesses that do well are gonna be the ones that provide a great product and customer service. I don't think the anonymous part of it is that important in the long run. I would be for some regulation on that level. Again whatever is gonna make the consumer and producer happy. It's just gonna be another form of payment to provide to your customers. It's good competition for the other forms of payment. I think the businesses men are gonna legitimize this better than anyone else can.

what is the point? the only point is criminal activities... lol at ideological, more like ignorance.

[Noomz]

But Bitcoin is shit. I really don't see the point of it. It's ridiculous.
No matter how many miners you set up, you will NEVER make more money from the actually mining, than you spend on running the miners.

Bitcoin is a hillariously mislead concept and literally a waste of energy. Not just a metaphorical sense, but a physical energy waste.

[zealo]

But Bitcoin is shit. I really don't see the point of it. It's ridiculous.
No matter how many miners you set up, you will NEVER make more money from the actually mining, than you spend on running the miners.

Bitcoin is a hillariously mislead concept and literally a waste of energy. Not just a metaphorical sense, but a physical energy waste.

That depends entirely on the scale of your operation. There is people running rigs which earn enough coins in currencies like litecoin or dogecoin to trade in for 1-1.5 BTC per day, these coins are worth around 800-900 USD at this time. The hardware needed for that hashrate is extremely expensive though.

[Noomz]

I find it interesting that the entire premise of Bitcoin was the fact that it was beyond regulation... and they're trying to regulate that which was designed to explicitly be beyond the government's control.

Does it surprise you in any way that something unregulated and unseen is being used for a lot of bad things? It's unregulated, so it's safe to abuse. Transparency is good, you can get transparency through regulation.
Bitcoin is begging to be abused and missused. That's also what's happening.

Regulation doesn't equals something bad. It means safety, reliability and transparency.

[Tzalix]

But Bitcoin is shit. I really don't see the point of it. It's ridiculous.
No matter how many miners you set up, you will NEVER make more money from the actually mining, than you spend on running the miners.

Bitcoin is a hillariously mislead concept and literally a waste of energy. Not just a metaphorical sense, but a physical energy waste.

Well, that's not quite true. You can still make a lot of money mining Bitcoin, but the hardware needed now is expensive. There are people who set up cheap miners years ago and they're millionaires now. Of course, it's easy to say such a thing in hindsight.

Bitcoin is an incredible idea. A digital currency that can be traded freely without government interference? Yes, please. It was never going to work in practice, obviously. But it's an inspiring attempt none the less.

Finally... A physical energy waste? Really? It is no less a waste of energy than any other currency.

[Noomz]

That depends entirely on the scale of your operation. There is people running rigs which earn enough coins in currencies like litecoin or dogecoin to trade in for 1.5-2 BTC per day, these coins are worth around 800-900 USD at this time. The hardware needed for that hashrate is extremely expensive though.

Does it really? I doubt it. Smaller mining, less coins being mined, less money being earned. Same cost for running it.
More mining, more coins being mined, still gonna cost you more to run because it's a bigger operation and the money you will earn will still not be profitable compared to the energy spent in getting them.

The process of bitcoin is thought out to be something very ideological, if that's the right word. But it's actually another bad execution that's not gonna serve us well. Ever.
Well, until we invent massive amounts of clean, unending energy. Then bitcoin will be great.

In other words, no matter what you do, your mining ain't gonna be profitable.

It just feels like a complete scam to me. And a very naive way of thinking about economics.

[Tzalix]

Does it really? I doubt it. Smaller mining, less coins being mined, less money being earned. Same cost for running it.
More mining, more coins being mined, still gonna cost you more to run because it's a bigger operation and the money you will earn will still not be profitable compared to the energy spent in getting them.

The process of bitcoin is thought out to be something very ideological, if that's the right word. But it's actually another bad execution that's not gonna serve us well. Ever.
Well, until we invent massive amounts of clean, unending energy. Then bitcoin will be great.

In other words, no matter what you do, your mining ain't gonna be profitable.

It just feels like a complete scam to me. And a very naive way of thinking about economics.

You can doubt it all you want, it's factually true. I've seen the rigs myself.