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RE: STEEM Price Analysis – May 17, 2017
I have concerns that BTC is merely
a beta-test for THE global digital currency,
to be run by governments, with their end-goal
of eliminating/replacing cash.
Do you think that once the population
of the world embraces and utilizes
various cryptocurrencies, ThePowersThatBe
will bring the hammer down on BTC and
other entities like it?
If not, why not? And why do you think
so many governments are letting Bitcoin stand
unchallenged?
Thanks!!
I don't know about that other stuff, but I'll address this:
Up to this point, most of them don't challenge/acknowledge Bitcoin and other cryptocurrencies because recognizing them means legitimizing them. And that's the last thing they want...to legitimize competing currencies. That's why, in the United States and a few other countries, Bitcoin is treated as taxable property instead of money. They can punish you with a much higher tax rate on any reported gains while also not legitimizing it as currency/money.
That's what I would do if I was trying to protect my monopolies/rackets.
I have the same exact thoughts/concerns. Any response to this would be greatly appreciated.
I have been doing a bit of research into this topic.
What I am finding is that Bitcoin and other cryptocurrencies
are taking the place of, or at least pushing aside, purchases of
gold and silver, especially since precious metals are obviously
being manipulated. Apparently, gold, silver, and now bitcoin
become preferable as an investment/safety vehicle when
confidence in government fades. There are many voices
who are ringing the bell that there is going to be a
sovereign debt crisis (think government bonds) very soon --
many claim by the fall of this year.
I still cannot uncover a wholly believable and verifiable
reason, as things now stand, as to why governments are
allowing bitcoin.
I might buy into the "legitimizing" theory, as it is very
plausible, if it weren't for the fact that people who
create their own currency tend to end up in
federal prison.