RE: Do you want financial exposure to crypto mining without doing the work or having the knowledge?
Interesting idea. The portability will allow this group to go where the energy costs are lowest and also to the jurisdictions that are most friendly to its business. I believe governments will increasingly see cryptocurrencies as a threat and will try to crack down on them. I'm already reading reports that Chinese miners are moving to Canada. (I don't think that governments will be successful in banning cryptocurrencies, but they will try nonetheless.)
My view is that the crypto space will trigger an enormous amount of creativity in the coming years and we're just scratching the surface of what we'll see. Significant talent is already moving into crypto and we're in the early innings of the money flowing in as well. I'm looking for at least 20x gains on my crypto portfolio in 2018.
Your mention of government is interesting to me. As a new Steemian and late jumper into the crypto ocean, I have spent a lot of time lately trying to catch up on trends, coins and wrap my brain around how I feel the future will present itself, including government response. In your opinion, how do you see governments responding to cryptocurrencies in the future, and how do you feel we should prepare?
I think many governments will regard crypocurrencies as a threat to their monopoly on money printing and will try to outlaw them. I'm a U.S. citizen and am going to obey the law regardless, but I think that crypocurrencies that have strong privacy features will be very much in demand. They will have a natural appeal to people throughout the world who want to safeguard their assets. Monero has done very well in recent months for that very reason. ZCoin and ZenCash are two other privacy coins. As always, please do your own due diligence before investing your hard-earned money.
Forgive me if this is a stupid question, but what exactly defines a “strong privacy feature?”
Coins that allow the owners to hold and spend them without it being easy for others to know it. People with some sophistication can figure out who has engaged in bitcoin transactions if they really want to, so bitcoin is not nearly as private as many people believe. Privacy coins have features that provide some degree of anonymity.
Thanks for the quick reply and useful information!
From my understanding is that the Canadian government is going to treat goods bought with crypto as bartering. And thus will tax it as such.
Welcome to the world of cryptography and Steemit !I am also a noob (especially new here at Steemit). We should exchange notes on things. I follow a few Youtubers that I think has strong knowledge of these things. But being financially crippled (long story, more on this next time), I cant really spare money on crypto.... sad... But hopefully Steemit is the foundation that I can build up some Cryptocurrencies, at the same time improve my writing skills.