Disagree, governmental oversight is exactly the opposite of what bitcoin wants to achieve. If well regulated assets in full governmental control are what you want, there are plenty alternatives for the casual investor.

Please elaborate on why MORE government oversight is better.
They want to KYC your wallet which is useless. Once you withdraw you can send the coins to any other address as you please which isn't KYC'ed.

So if this oversight is useful for the casual invester:

Should you KYC each time you make a withdrawal from an ATM to prove that this CASH goes to your own wallet? OK, good lets do that, now you have a bunch of cash in your wallet and you pay for your friends beers. What was the benefit of this KYC at the ATM?

What if you want to buy somebody a present on amazon. Do you first go through a KYC procedure to show that the shipping address is yours, receive the package, send it out as a present, OR do you order the package and use the lucky one's address as shipping address?

How do any of the current proposals benefit anybody? It is going to be a mess and confusing for any casual investor

I work with a lot of traders who do this. Banks aren't going to give high risk loans to trading firms. It's risky if their market making strategies don't work or the market moves against them.

Where can you borrow USD for near zero without collateral? Simply does not happen.

Well maybe bitcoin was made for anti government monetary purpose but that doesn’t mean it will end like that.

Bitcoin makes me think about how Napster came to be, how it changed the Internet and how it « reinvented » certain economics sector .

It got eventually ban but the usefulness of peer to peer data sharing/transfer did prevail .
I guess bitcoin is perfect for peer to peer possible transactions mean but as long government don’t adopt it ( and certainly not ban it !) and if bank don’t agree to deal with it , the value
Might not be as great as it suppose to be .
And that is without taking into the possible futur competition from central bank and the private sector ....

Napster was dominating at some point being the real first and best application but some other players came to be and ... well you know the story .

Imho , if bitcoin can’t keep a monopoly on it , I doubt it will get huge as some wish to be .
And think about this just 1 seconde , if bitcoin can make without danger huge traffic from criminals activities , you really believe governments won’t do something if the market would reach like 20-30 trillions ??

They did do things to like Napster for much much less .
Im thinking about blood diamond as well .

Napster’s initial use was literally to illegally distribute mp3s. I can vividly remember back in college in 1999-2000, everyone was ripping CDs and sharing mp3s, it was an amazing time. The software was never illegal, it was the act of distribution of songs.

The comparison to bitcoin is flawed. If someone uses bitcoin to do something illegal, that doesn’t mean we should ban bitcoin. Napster went on to offer a legal service, which was well before its time because nobody had fast enough internet connections back then to stream music, except us poor college students who took advantage of the schools T3 connections.

Bears spend a lot of time on bitcoin forums.

TheNonPareil,

You don't frequent magic the gathering forums and talk about how its literally paper and worthless?

Nuclearwinter,

Don't take that personally. I think magic cards are cool and stuff. Do you still collect or just HODL them.

Go back to bitcoin inception before all the fuss was there and read about the tech, its purpose and how to achieve that. Read some of satoshi's texts in the bitcoin announcement thread.

Little napster quote right there from satoshi

"
You will not find a solution to political problems in cryptography.

Yes, but we can win a major battle in the arms race and gain a new territory of
freedom for several years.

Governments are good at cutting off the heads of a centrally controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem to be
holding their own.

Satoshi
"

If you are worried about governments tackling bitcoin.

-learn how to run a node
-withdraw your coins from any exchange
-don't buy fiat using bitcoin

and contribute to keep the network decentralised

How you build confidence exactly ?
By following blindly or by actually put it to the test ?
It’s a forum not a popularity contest .

Thx.
He did specified couple years tho .
But yeah I know , I was just saying there was ressemblance .
But as you can see , it wasn’t the originator that made it last and it got copied .
That is all I’m saying .
The idea of bitcoin is great , but I just don’t have the same perception as some have it here about it’s « invincibility ».

Jesus... You're a complete mess when it comes to comprehension.

Where can you borrow bitcoin without collateral? Simply does not exist.

I'm still trying to figure out why these BlockFi borrowers are putting up collateral to borrow at High rates, when they can put up collateral and borrow USD at low rates. It makes no ****ing sense.

Yea nothing more convenient than dealing with the USD internationally if transacting for more than a few thousand dollars.

No barriers at all to receiving and sending large amounts USD between borders, totally friction less. Almost as good as transacting with my gold bricks.

I didn’t know you were a bear? I thought you have bitcoins? You said you took profit
at 19k but still have some, so that means I wasn’t talking to you, unless you actually don’t own any bitcoin at all.

Very sensitive it appears.

Nobody claims bitcoin is invincible. What people claim is that as long as bitcoin exist, there won't be a coin, with the same intentions as bitcoin, that will outperform or overtake it.

Absolutely!!!

Would you mind explaining why governmental oversight is better for the casual investor? I don't understand that point.

What is the benefit of proving that the private wallet address that you withdraw or send bitcoin to is yours? Does this really help the government or casual investor? If so, how?

Yes but Napster had a centralized regulation.

Can you give me some examples of strong decentralized p2p networks that where overtaken by another decentralized network?

It would be great to understand how they grew big and suddenly lost their entire community to a better network.

All my sincere apologies.
But I just got flame a bit lately so I figured the waves kept coming lol

It's a cult Montreal. Cult/Ponzi.

Don't apologize, who cares if it wasn't directed at you, it was directed at someone else that questions bitcoin.
Imagine claiming you value censorship resistance but than whine like a ***** when someone says something on a TOPIC you disagree in a thread about said TOPIC.

Irrational Muppets

I prefer religion over cult.

Trying to get a USD$ loan from a bank isn't that easy, as you can see

Excluding the time of existence between the 2 , Is there really a difference ?

« A cult is a group or movement held together by a shared commitment to a charismatic leader or ideology. It has a belief system that has the answers to all of life's questions and offers a special solution to be gained only by following the leader's rules. »

« in modern English, a cult is a social group that is defined by its unusual religious, spiritual, or philosophical beliefs, or by its common interest in a particular personality, object, or goal. »

A religion has more tax advantages?

Lol
K , got me !

I think it's easy to conflate the zealotry and confirmation bias that defines the most vocal bitcoin proponents with the entire community of crypto investors. For BTC to be a massively +EV bet, it needs to realize its potential as gold 2.0 only to a small extent. The shills on Twitter and the people, even on here, who categorically reject any evidence that bitcoin *might* not work don't really represent the investors whose bet on bitcoin actually makes a difference to its long-term value. All recent evidence supports that the current increase is largely attributable to a rise in institutional investment, most of whom won't be yelling "BTC = GOD" on Twitter every other minute. Much of the belief that it's a bubble/a cult is due to this misattribution, but if you look past it, you'll see that there are a lot of very intelligent people and investors hopping on the BTC wagon.