My two pennies Worth: Compare with Gold, Oil, Other Assets classes...not as a currency...it will replace all the currencies... and stop these Mints and Money printing Fiascos. It will work alongside normal money for purchases and payments.
The US, mainly with a view to harness it for taxation, has classified it, not as currency, but a “Money Services Business” (MSB). It already operates legitimately in the US “Derivatives” market. The American Internal Revenue Service (IRS) or taxation arm, classifies Bitcoin as “property”. And where the US goes, most of the free world must follow.
Canada calls Bitcoin a “Commodity”. Australia classifies it as an “Asset”. The EU also allow its use, and has exempted it from Value Added Tax (VAT). Britain has put Bitcoin under some tax regulations. Germany is regarded as the crypto capital of Europe. Many of its stores have been accepting Bitcoin for several years now. Recently, Germany has passed a law to allow special funds to allocate 20% of their capital in crypto assets. India is about to try regulating them, with a view to taxing them as assets, put in protective provisions to safeguard the unwary, and perhaps try to popularize the sarkari offering by banning private cryptocurrencies. Cryptocurrency is here to stay. It has already knocked a few spots off the concept of sovereignty, and will only advance its game in the future. Blockchain works. So does mining. We may be headed towards a World Currency. All one can do is join the fray and try to duck it out in the free market in the interim. They banned Porn, alas, the rapes didn't stop... Banning should be banned ! TAKE CARE (I enjoy your stuff....very well researched...needs deep reads :)
in my humble and slightly informed opinion: many bitcoin cheerleaders have been effectively pyramid scheming a ponzi-like investment vehicle. no conversation with these bitcoiners is ever complete without the same spiel of someone who knows someone who invested nearly nothing and is now stinking rich. most such bitcoin pumpers have very little to say about the asymptotic limits of blockchain and/or distributed ledger performance.
the underlying point is simply that the blockchain spiel so far has been "buy and hold; one day you will be rich, so dont be a fool and sell". so a lot of bitcoin speculators are sitting on the fences wondering when its time to sell.
if these speculators panic and start saying "thats peak bitcoin", the scars will last a long time.
if on the other hand, the plug gets pulled (which is theoretically possible), it will leave the hoi polloi high and dry and unable to cash out.
realistically, the sensible majority will probably switch to other digital currencies that may use better tech than crypto. this will probably leave bitcoin as an international money laundering mechanism used by the nefarious.
Wonderful. Really very lucid analysis , full.of facts so logically brought out and correlated. And the fall.pf BT USD is a proof of the underlying truth
Keep it up please though I see so much of criticism on Twitter.
My two pennies Worth: Compare with Gold, Oil, Other Assets classes...not as a currency...it will replace all the currencies... and stop these Mints and Money printing Fiascos. It will work alongside normal money for purchases and payments.
The US, mainly with a view to harness it for taxation, has classified it, not as currency, but a “Money Services Business” (MSB). It already operates legitimately in the US “Derivatives” market. The American Internal Revenue Service (IRS) or taxation arm, classifies Bitcoin as “property”. And where the US goes, most of the free world must follow.
Canada calls Bitcoin a “Commodity”. Australia classifies it as an “Asset”. The EU also allow its use, and has exempted it from Value Added Tax (VAT). Britain has put Bitcoin under some tax regulations. Germany is regarded as the crypto capital of Europe. Many of its stores have been accepting Bitcoin for several years now. Recently, Germany has passed a law to allow special funds to allocate 20% of their capital in crypto assets. India is about to try regulating them, with a view to taxing them as assets, put in protective provisions to safeguard the unwary, and perhaps try to popularize the sarkari offering by banning private cryptocurrencies. Cryptocurrency is here to stay. It has already knocked a few spots off the concept of sovereignty, and will only advance its game in the future. Blockchain works. So does mining. We may be headed towards a World Currency. All one can do is join the fray and try to duck it out in the free market in the interim. They banned Porn, alas, the rapes didn't stop... Banning should be banned ! TAKE CARE (I enjoy your stuff....very well researched...needs deep reads :)
in my humble and slightly informed opinion: many bitcoin cheerleaders have been effectively pyramid scheming a ponzi-like investment vehicle. no conversation with these bitcoiners is ever complete without the same spiel of someone who knows someone who invested nearly nothing and is now stinking rich. most such bitcoin pumpers have very little to say about the asymptotic limits of blockchain and/or distributed ledger performance.
the underlying point is simply that the blockchain spiel so far has been "buy and hold; one day you will be rich, so dont be a fool and sell". so a lot of bitcoin speculators are sitting on the fences wondering when its time to sell.
if these speculators panic and start saying "thats peak bitcoin", the scars will last a long time.
if on the other hand, the plug gets pulled (which is theoretically possible), it will leave the hoi polloi high and dry and unable to cash out.
realistically, the sensible majority will probably switch to other digital currencies that may use better tech than crypto. this will probably leave bitcoin as an international money laundering mechanism used by the nefarious.
Wonderful. Really very lucid analysis , full.of facts so logically brought out and correlated. And the fall.pf BT USD is a proof of the underlying truth
Keep it up please though I see so much of criticism on Twitter.
Convincing and prescient