BitCoins - the Ponzi scheme of the modern era

[Empedocles]

Looks like the G20 might take a stand on cryptocurrencies next year. 

“There is evidently a risk of speculation. We need to consider and examine this and see how (...) with all the other G20 members we can regulate bitcoin.”
- French Finance Minister Bruno Le Maire https://t.co/V30zJAagRI

— Aaron van Wirdum (@AaronvanW) December 18, 2017

Crypto to Take Center Stage at G20 � �Need to See How We Can Regulate Bitcoin�

French Finance Minister Bruno Le Maire announced on Sunday December 17th that the next Group of 20 (G20) meeting would include discussion about how to regulate the world�s most popular cryptocurrency, bitcoin. The digital asset hasn�t ceased in making news all year, and European politicians appear more concerned in direct proportion to its price increase, as shown by the EU legislative body urging strict compliance laws upon coin exchanges this week. The G20 establishing regulatory frameworks, however, would spread across the world and have enormous impact.

Speaking to La Cha�ne Info (LCI), French Finance Minister Bruno Le Maire declared: �I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin.�

The G20 includes central bankers and leaders from 19 countries and the European Union, spanning the entire globe: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, and the United States.

�There is evidently a risk of speculation,� Mr. Le Maire continued. �We need to consider and examine this and see how�with all the other G20 members we can regulate bitcoin.�

That bitcoin would make it into the agenda is nothing short of jaw-dropping. G20 nations soak up more than eighty cents on every economic dollar around the world in terms of trade and productivity.

Mr. Le Maire was wrapping his session at the One Planet Summit in Boulogne-Billancourt this week. The week prior, the Finance Minister seemed to welcome bitcoin and its undergirding technology, blockchain. �The use of this new technology will allow fintech firms and other financial actors to develop new ways of trading securities that are faster, cheaper, more transparent and safer,� he said, referencing new rules to allow for trading unlisted securities. These would add �another asset for Paris� attractiveness as a financial center� he was quoted as saying.

A Delicate Tango

Indeed the Macron government has largely been viewed as neoliberal, reordering France�s clunky and notorious bureaucracies toward less regulation.

The first scheduled calendar meetings at the Argentina G20 in April are of its Development Working Group in Buenos Aires, April 10th, 2018. Priorities announced for the gathering include, �the future of work and what this means for education, infrastructure for development, and a sustainable food future,� its website reads.

In anticipation of the meetings, Argentine President Mauricio Macri explained, �Technology is quickening productivity at an unprecedented rate, which presents both opportunities and challenges. We want to ensure that adopting technological advances does not lead to economic exclusion or other negative side effects.�

Bitcoin investor Tim Draper held a meeting with President Macri and an advisor in late November of this year. By all accounts, Mr. Macri seemed at least receptive to the idea of cryptocurrencies. That same month, the country�s Rofex exchange announced it would be offering bitcoin futures.

[Georgesoros]

Asking your friends if they made anonymous purchases or transactions is an oxymoron.

Cypto is currency with a niche - designed to actually solve a problem - not just another channel or sovereign symbol. Crypto is not here to supplant the fiat, just an option for those in need of it. I see no reason for its demise anymore than the constantly devalued shilling.

It's funny to read about the crypto dollar. Imagine that - freedom from the state by the state. The only development now is more solutions to safeguard and tighten the anonymity.

Doom prophecy is a necessary stage in most great inventions.

Only time will tell.
As for me buying now is like buying in 2006 all over again.

[MOON Ki]

Asking your friends if they made anonymous purchases or transactions is an oxymoron.

As usual, you missed the point.   Please give it a bit more thought.    If, after that, you still don't get it, I shall be happy to explain.   Just ask.

Cypto is currency with a niche - designed to actually solve a problem - not just another channel or sovereign symbol. Crypto is not here to supplant the fiat, just an option for those in need of it. I see no reason for its demise anymore than the constantly devalued shilling.

And what problem is that?   Earlier you wrote that

freedom from the state and the central bank is a big deal and is the real intent of crypto after the 07-09 financial crisis

and I asked:

And how exactly bitcoin etc. has actually-helped/would-help with that?   If a similar financial crisis were to occur today, how would bitcoin be different from any other speculative asset that one might have?

Well?

You then started touting bitcoin on the basis that

There are many and counting legal merchants & retailers who accept bitcoin and other cryptos in their trade.

I gave you the worldwide numbers on the "many and counting".    Maybe the "many and counting" are in Nairobi and someone has missed them?

"Decentralized" and "anonymous"?  As I have pointed out, most people don't give bugger-all about that when it comes to money; what they care about is how they can get enough of it and then use it in the  acquisition of goods and services that will make life more comfortable or enjoyable or whatever.  Get enough and then upgrade.   

You once called for "blessings" on Satoshi for making you "rich".  Not quite.   What has made you "rich" is the large number of sucker-lemmings  who have rushed in and forward, with the sole intention (or hope) of making a quick and easy buck ... which means that you might get more real money (the government stuff) for the funny money.    (Maybe later we can also have Satoshi blessed for helping us fight the power?)

It's funny to read about the crypto dollar. Imagine that - freedom from the state by the state. The only development now is more solutions to safeguard and tighten the anonymity.

That's the sort of stuff  I have read/hear from peripheral "hustler", "experts" who cannot even make a distinction between "blockchain" and bitcoin.   And can't even be bothered to, as long as they are making a good buck at the "game".

Here's  basic definition of "cryptocurrency" that most people can understand:

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.[1][2][3]

https://en.wikipedia.org/wiki/Cryptocurrency

See anything there about "freedom from the state" or any mention at all of the "state"?

[bryan275]

Privacy from the money grabbing governments.  I must say it feels quite good engaging in trade beyond the hands of her majesty's revenue and customs.   

Most crime probably feels good at the time, but it is astonishing to see such a "cheerful" public admission.  I urge veritas to look into your IP address and then follow the directions here: https://www.gov.uk/report-an-unregistered-trader-or-business

Still, to your credit, you are not among those who believe in "we'll use the funny moneies to pay for goods and services".    Hardly anyone uses them for that, for two good reasons: (a) hardly anybody takes them for that, and (b) "regular monies" are still way ahead and will remain way ahead government-back "virtual currencies" replace them in the "way ahead".  Bitcoin is the most prominent of the funny monies.   Has been around for nearly a decade.    And people can do what with it in practice? (Other than supporting criminal activities.)

Even the most die-hard supporters of, say, bitcoin, have just been sitting on their "coins", and the basic thing driving most cryptocurencies is the belief that at some point one will be able to sell, at much higher prices, to some suckers.

Oh, this just in on another "anonymous" user of bitcoin: https://www.justice.gov/usao-edny/pr/long-island-woman-indicted-bank-fraud-and-money-laundering-support-terrorists

Tax is a creation of the money grabbing governments.  I firmly believe that my money is mine to do whatever I like with it.  I will pay my fair share of tax, but I am tired of the higher rate tax payer malarky and I am getting off.  In any case I am the one swimming with the sharks in the crypto markets and will not get any compensation for losses.  HM Revenue can step right off.

It's only funny money in the eyes of the criminalising governement.  I intend to make two major purchases from my "proceeds of crime" in 2018.  I am pretty sure I can find an equally "criminal" seller to complete the transaction.   

[bryan275]

Asking your friends if they made anonymous purchases or transactions is an oxymoron.

Cypto is currency with a niche - designed to actually solve a problem - not just another channel or sovereign symbol. Crypto is not here to supplant the fiat, just an option for those in need of it. I see no reason for its demise anymore than the constantly devalued shilling.

It's funny to read about the crypto dollar. Imagine that - freedom from the state by the state. The only development now is more solutions to safeguard and tighten the anonymity.

Doom prophecy is a necessary stage in most great inventions.

Only time will tell.
As for me buying now is like buying in 2006 all over again.

You and me both.  Either that or invest in an electoral fraudster ridden environment called Kenya 

[Empedocles]

Coinbase unleashed a couple of interesting days in the crypto market.

[Georgesoros]

Coinbase unleashed a couple of interesting days in the crypto market.

I predict a stabilized price of around $7K. Those who bought at $20K are big losers.

[Nefertiti]

Goldman Sachs is starting Bitcoin and crypto trading in 2018.

[bryan275]

Coinbase unleashed a couple of interesting days in the crypto market.

I predict a stabilized price of around $7K. Those who bought at $20K are big losers.

Well, it looks like money is flowing in still.  I predict more into other coins in 2018.  I'm off to the moon. 

[vooke]

https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100

[Empedocles]

https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100

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Then the response from the Ethereum creator:

*All* crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society. https://t.co/aNpEnBNGsA

— vitalik.eth (@VitalikButerin) December 27, 2017

He then adds a dire warning.

If all that we accomplish is lambo memes and immature puns about "sharting", then I WILL leave.

Though I still have a lot of hope that the community can steer in the right direction.

— vitalik.eth (@VitalikButerin) December 27, 2017

[vooke]

I think I know where Robina went. She refused to buy me an iPhone X at the peak of the mania and now she's holding less than 20% of the peak value

These HODLERS