Yes, call it all speculation. Call it forex. And sure, say 80% is fake wash trading on exchange. That's still 5 bill a day, not to mention OTC. How much drugs and terrorisms is it funding? 3 billion a day?

What are the legitimate economic activities that make up a big part of that number? It should be easy to name a few if it is actually being used for anything.

Read the memo and then let's talk about how you feel. If you come away from that feeling secure in your position that it cannot be regulated into the ground, please share that perspective.

https://99bitcoins.com/bitcoin-obituaries/

Perspective shared.

Read this on FATF: https://coincenter.org/entry/the-upc...s-not-doomsday

LOL fear mongerers in thread. Probably the same NSA plants that knew about openssl heartbleed for 2 years and instead of telling people, just used it to siphon passwords and data.

Bitcoin will be harder to ban than the Federal Reserve. Bitcoin is at least constitutional.

Munchkin referred to those very real restrictions, and countries have a year to implement them, our else . Shouldn't you or anyone else who hodls want to know about this?

Recommendations to prevent the misuse of virtual assets for money laundering and terrorist financing and the financing of proliferation - https://www.fatf-gafi.org/media/fatf...A-VA-VASPs.pdf

http://www.fatf-gafi.org/publication...al-assets.html

Oh, okay. I get it now. Have fun in your bunker.

Munchkin [sic] doesn't care about ppl speculating. Most reputable exchanges already have kyc/aml and other measures in place. I support that. Those that don't enact such policies will suffer repercussions. Bitcoin won't.

Bitcoin can't moon on speculation alone.

Munchkin works for the (alleged grand)wizard . Go read that man. If you think it describes the current framework you're in for a surprise ending. For horror film fans, make some popcorn and dive in to that masterpiece.

guys its okay, the federal reserve will do its best to ban crypto but it will not work. It will reduce the prices but w/e. instead or 40k end of 2020 it will be 22ish-25kish maybe

Really, I mean, really? ECB, BoJ, PBoC, all happy and willing to give up control of their money supply?

pboc maybe boj mabye ecb hell no

China was the first of the aforementioned countries to crackdown on domestic exchanges as part of its broader effort to curb capital outflows. Their position is already known.

at least china in the future will back their currency with gold

Correct. Thats why its helpful to think of an argument for bitcoin that is based on what Eric Voskuil calls "black market" transactions. These are transactions that the government won't allow legally and they are the legitimate fuel for the movement.

But there is also another important (and related) use case which is high value settlement. We can speculate now that on chain bitcoin transactions are going to get costly if bitcoin is popular but as the market cap grows and larger value settlement no longer splashes the price we can see that sending billions across world would be a cheaper way of settling than something like gold.

This will be a trippy thought experiment for those that think that you can settle on a bank ledger which is not the same kind of finality as gold or bitcoin (even though bitcoin is described as a ledger).

This is a deceptive comment/subject also. If a central bank says "we are going to target inflation @ 2%" is this control or giving it up? If they say "we are going to target gold or bitcoin @ 2% or 0%" Is this giving up control?

The purpose of inflation targeting is to balance the economy in regard to domestic conditions and the effects of international relations so it all really depends on the circumstances of the world whether or not a nation or all nations (and the euro etc) are willing and able to get onto the same monetary standard.

In other words from another perspective its not at all a loss of control to have a currency that is stabilize versus an asset and you certainly still have to actively manage the supply which is something I think many don't understand.

Ohhh ****

Lol no one is saying the government is going to try and make the actual bitcoin blockchain illegal. It's about regulating financial institutions' ability to add money to the ecosystem. This has been covered multiple times in the last two pages alone.

Less than a day, but don't fret... MerlinMagoo is still hard at work dreaming about how to fingerbang hodlers

There is no such action as "adding money to the ecosystem" and you are implying that the market cap of bitcoin represents traditional/fiat money held at the exchanges which give the prices. This isn't correct.

No, I'm not.

What I'm saying is that if we take away all the fraud and nonsense, what you need for BTC to grow is for people to be able to take money from their financial institutions (banks, investment accounts, credit cards, etc. etc.) and buy BTC. If the government shuts that down, which they easily can, then it's going to apply a heavy downward pressure to crypto in general.

There will always be things like localbitcoins and forex, but your average person isn't going to want to go that route, just like your average fish didn't want to jump through extra hoops after the UIGEA.

But they aren't going to shut that down. They just want procedures in place for the on ramps and off ramps. No issues with that.

And that's fine. I don't think they're even going to do that. But the person I was responding to was misrepresenting what I was saying so I was clearing it up.

You just restated your error. Bitcoin's price is not (esp. purely or primarily) a function of the money that people lock away in exchanges/institutions etc they use to trade for it.

Imagine a world where everyone is just fed up with fiat/government money and they stop using it and just move to bitcoin. All the fiat just ends up on the streets as paper garbage.

Would the price of bitcoin be low or high in exchange for this paper?

I understand now how/why people think that tether can and is propping up the price. Your language helped me.

There's your problem.