Are members invested in Bitcoin/crypto?

I have this habit of watching financial news in the AM as I drink coffee getting ready for work. I find it you watch the regular news it can ruin your day but then again seeing the futures red so often lately does not exactly cheer one up. Anyway they were talking about shows on later in the day and at 2pm Charles Payne on FBN was going to be talking about some proposed crypto regulations that could be coming down the pike. It didn’t sound like it was going to be positive. I still see regulation as one of bitcoins biggest threats. Yellen has made pretty clear she doesn’t like bitcoin and when she was head of the Fed she said they would take action if bitcoin got to the point where it could “effect the economy at whole.” A trillion dollar market cap probably isn’t big enough yet. But did anyone here any news about any pending crypto specific regulation?

Well I thought no different. Who wrote the affordable care act? The insurance industry, then they took the government to court to get more money. But still my question remains, did anywhere here of the pending regulation? Like what’s cooking.

I think everyone is missing the point. Bitcoin is not an investment, its a whole new system.

I have heard people say its like calling an automobile a new kind of horse. Actually it is more like calling a Jumbo Jet a new kind of horse.

There is a fundamental need to replace our current wealth transmission and storage system. Why? because we are not free to use (what we think is) our wealth as we choose.

If you think you own the USD in your account, think again. You are not free to spend it as you choose. (try giving a million dollars to a friend - you cant without serious compliance and taxes). You cannot withdraw the Cash. You cannot pay in the cash without explanation. It can be seized at any time with the touch of a button. (Dont believe me? This is just the tip of the iceberg in terms of what governments can do)

So you see that no one is safe - right now, most people think “it cannot happen to me, I do not do anything wrong.”

Well wait, soon your little opinion might be considered illegal, and they could simply empty your account as a consequence. We will see.

As long as you don’t do anything wrong, then you are ok. I mean you still can’t do what you like with your money, but for the moment most of us feel we do not do anything that might warrant the government reaching into our account and removing part of it - or restricting our access to it. The point is - they can. And they are starting to do it all around the world.

Already we are seeing unheard of infringement of rights, based only on what has been said. Imagine that instead of de platforming undesirables, the powers that be also turn off your access to your money. If you think that would not happen, I bet if I told you 5 years ago the most powerful man on the planet (supposedly) would be silenced on social media and have some of his bankers refuse to work with him because they disagreed with him, how many would have believed me?

Bitcoin should never be considered as an investment, although many have benefited by treating so. It is an experiment or proposal of an alternative way of wealth/value management, one that has no leaders or centralized trust requirements. It requires participants to be responsible and have a degree of understanding, rather than be ignorant participants in an economic system that allows unprecedented control over each and everyone of us.

Will Bitcoin replace Fiat? Maybe. Or maybe it will be something else. But it will be something.The system has to be recognized as broken, and yet it lurches on with 25- 40% of the entire USA money supply introduced in the last 12 months.(It depends who you listen to - whatever the real figure, its terrifying to me).

Notice there are no young people telling us its all a con, that Bitcoin will go to zero.

Notice how the uber rich are even more uber rich

Notice that for the first time in history the president of USA requires a large armed protection force - a huge show of strength. (I lived in Thailand, though many Coups - large numbers of troops in government buildings and the rest of life goes on as normal).

The US dollar is backed by a massive military that ensures commodities are priced in USD. If you don’t believe me look at Hussein and Gadafi both of whom had started selling oil for euros, and gold before they died. Now China has risen, the US cannot stop the trade in non-USD denominated commodities and so they are in big trouble.

All fiat currencies fail in the end.

Yes it is a new system. We ‘ll see how well it (and blockchain) can scale.

“try giving a million dollars to a friend”

Well, compliance and taxes would be the least of my concerns with such a thought. It is interesting to hear the trials and tribulations of very rich people though, so I guess that’s something...

And what a surprise that if you owe the government money, they will actually take it!

I’d be happy with just one friend like that. 😀

Ok.

Try giving a 250,000 dollar house to you children.

try giving $30,000 to your girlfriend.

try taking $20,000 out of the bank in cash.

You think it’s your money but it’s not.

and yes you might owe the government money. But was it a fair judgement?

you can allow yourself to be side tracked by the size of the numbers, but remember the numbers will come down. And look at the principle behind, rather than think it’s a rich persons problem.

It’s going to be everyone’s problem

as to the electrical costs of crypto, compare it to the costs of running the Visa network.