No. I'm going to educate them and inform them of all the benefits and traceability of btc. How a permanent, immutable record of ownership and time-stamped transactions is a huge benefit not only for users but also for regulators. Both for currencies and securities.

And yes, I've said earlier in thread, that should they truly feel its a threat to their monetary supply, they could try to shut it down. They won't be successful, but I'll leave that to people's subjectivity.

I may also share my thoughts that their controlled monetary supply is a joke. Used to be backed by gold. That stopped. Now quantitative easing is the new thing. QE5 coming up. What's next?

You're good man! you had me going me there for a sec... 3 congressman and housenuts walk into a bar for a lunch meeting paid for by MerlinMagoo... lunar landing time baby!

A guy named Joe decides he hates bitcoin so he renames himself btc and spends his time in a bitcoin bar to talk negatively about it instead of just being a normal dude and doing fun things in his life as a guy named Joe.

You weren't kidding?

So wait, you'd rather get circle jerked by the other hodlers without any objective criticism thrown into the mix? I never once downplayed blockchain, and if you can quote me doing so I'll donate $250 to a charity of your choice. That said, what is there to optimistic about with this specific ****coin taking into account the materials you refuse to read because you're already an insider and expert? Listen man, enjoy it while it lasts because the ride always ends. Then what?

Might send pics

watch whole thing or start around 2:55



or start this one at 1:18

Drop this on the congressmen while you are there and report back plz

Do you objectively think that is in any way supportive of moon hodling?

Here's my opinion, hidden not to taint your own view

Love the May 2018 throwback. In hindsight wish I said Facebook instead of Apple.

Will ask them their thoughts on ponzi waves.

here's another one for you: https://www.youtube.com/watch?v=y0HU0OiXfqE

i'll just put the link instead of tagging them so they don't clog thread.

Yeah, this is nonsense.

If you ask 1000 people that know what bitcoin is "What is a bitcoin worth", the answer on at least 990 of them is going to be "About $9,800 right now".

Very, very few people use BTC as currency, so this libertopia, 1 BTC=1BTC idea is just a meme. A bitcoin is worth what a person is willing to exchange for it, and in the overwhelming amount of cases, that thing is dollars. (There are obvious caveats here regarding fraud and the like, but whatever, we aren't talking about that)

If the US government cuts off the flow of bagholder money buying crypto, it's going to depress the price, this isn't a controversial line of thinking. It's the same thing that will happen to some degree if any major country comes out with heavy regulation.

(The results of the Bitfinex/Tether NYAG issue will probably have a larger effect anyway because of the mess that is tether printing, but scale isn't really what we're talking about.)

To put it a simplier way, imagine an order book with a handful of buy and sell orders around $100. If you suddenly remove all the bids to buy from one side of the book, what do you suppose happens to the price?

I'm not sure that many would know. But regardless I didn't mean to say something that disagrees with your point here.

AGREED! (stupidity meme)

Francis Coppola said this too and my mouth is still dropped. Every nation has a crypto exchange rate that was built on their domestic currency. I have no idea how one could think that bitcoin is only reedemable for USD and thus USD drives the price. Maybe I'm missing something here.
This isn't inline with accepted economic theory. If there is a demand for something and its harder to get then the price goes up. This is why there is no hard line government regulation against holding bitcoin and we are just now getting data that shows this to be true. Government cannot control the price without manipulating the purchasing power of their own currency. This is more and more true as it matures.

The Tether FUD is an organized campaign against bitfinex. It also goes against common accepted economic theory and the academic paper was put forth to support the allegations was a call for the regulation of what is otherwise a free market.

Ah there we go thats what we needed. So then coinbase or usd local trading market starts to tank. What happens to the rest of the exchanges/prices around the world? Lets work out the game theory here...

So bitcoin is super cheap in america but worth 10k each around the world...

We disagree heavily on the "demand" for bitcoin, that's where this stems from.

There's this theory that Bitcoin is like alcohol in the time of Prohibition, but I don't see the demand as being anything alike. Alcohol was ubiquitous and nearly everyone wanted some (beer, wine, or spirits). Bitcoin is a niche product that even in the most generous interpretations isn't overly popular. Banning it isn't going to cause the price to go up, it's just going to cause people to move on.

Yeah, safe to say we're just going to have to agree to disagree on this one.

Well I would imagine there will be a super arbitrage opportunity that will actually be good for bitcoin (tm).

Yup! And we all agree its definitely cheaper and faster than sending gold around the world?

So wait, since we agree BTC is easy to send around the world (assuming you trust the person you're sending to), why would those poor sellers who lost all their buyers on US exchanges opt to sell for a depressed price rather than just withdraw their coins and move them to a foreign exchange?

It seems like you envision a bunch of non-US buyers gobbling up cheap coins when in reality what would happen is the forign exchanges would be flooded with additional sellers and now fewer buyers.

The price is 10kusd in every non us country (or non banned)...what did those that want to sell their bag buy it for? (edit: we're still in thought excrement)

I think TheMVP bought his for like $300 and is now the world's 7th richest man, so that's one data point.

In our example though, I'm not sure, I would assume that on the day the Unlawful Crypto Banking Act gets passed, the sellers will have already bought their crypto (otherwise how could they be selling, ignoring shorts for ease here). I don't see how what price they bought it at matters. If they bought it a few years ago and are looking to book a win or if they bought at the peak and are looking to cut their losses, the point is the market price is going down.

So you bought a bitcoin for 5k. The coinbase price is 1k. but the rest of the world is 11k. And doug poker needs 100k worth of bitcoin to play a bitcoin register tournament and hes not leaving the US. What (price) do you sell him your single bitcoin for?

How many Doug Pokers are there? It seems kind of silly to base your entire theory around black market transactions since we know for a fact they make up a very small percentage of the overall Bitcoin market.

Makes a lot more sense to me just to move my BTC to a foreign exchange and sell it for $11k in a (relatively) safe transaction anyway.

That's not really the point though, the point is what's going to happen to all the new guys who may have wanted to come and buy BTC. They aren't going to jump through any additional hoops or go find their local Doug Poker in a public place to swap coins for cash. They're just going to say "**** it" and go buy a lotto ticket, a few shares of $IAU or something. Whatever they're into.

Again, you're really overstating demand here. The huge majority of people are buying Bitcoins so they can sell them later for a profit (in dollars). Nothing inherently wrong with speculating, but if the government were to make the "Sell them later in dollars" part impossible, it's going to depress the price.

so which government controls bitcoins price in this regard then?

Not a chance. Recently college kids were asked if they'd rather $1 or 1 BTC and the majority preferred to take $1

note: video was edited so no idea what real results were

You can't really believe this kind of stuff ^

I just don't get your posts, 0 awareness of anything in the world + crypto religion, yet not at all bitter moon boi. A new species.

Is Bitfinex a government?

None that I'm aware of. The order book determines the price, just like every other commodity in the world. If you remove buy orders, the sell orders will have to reduce price to sell. The opposite is true too, if Bitcoin was actually adopted and and there was a surge in demand and people wanting to buy, sellers could charge more.

I feel like this is some trick from my MicroEcon professor checking to see if I recall basic economics from a decade ago.

Why not crypto-centric banks for the on and off ramps? Litecoin Foundation has a 10% stake in a German bank. Not sure where that ends up but seems to be a trend to watch.