Quote from: iamnotback on January 13, 2017, 09:12:01 AM

Quote from: iamnotback on January 13, 2017, 02:47:24 AM

Quote from: John Titor on January 12, 2017, 03:24:18 AM

Quote from: iamnotback on January 11, 2017, 11:40:00 PM

Quote from: tabnloz on January 11, 2017, 12:15:01 PM

Armstrong on bitcoin again

https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/bitcoin-is-it-sustainable/

Doesn't really get into it in any depth. Seems convinced govt will ban it if it grows.

Armstrong doesn't understand that it is technically implausible to ban Bitcoin.

He doesn't understand that is why Bitcoin is the new escape valve, i.e. the new gold per my discussion with CoinCube. Bitcoin is transportable and gold no longer is.

We will need a world government and complete totalitarian control over every server that connects to the Internet via every host in the world in order to regulate crypto-currency and blockchains. We need absolute global totalitarianism in order to relegate crypto-currency to the new uselessness of gold, and that won't happen during this global collapse (that is for a future time as the Bible predicts). It isn't only Bitcoin, there are many altcoins.

Please send this rebuttal to Armstrong.

It may indeed be impossible to ban bitcoin in the long term, but in the short to medium term? It would IMHO be very messy should a major economic player attempt such a thing.

Imagine the US gov. shutting down coinbase/bitstamp/etc, even declaring jail time for those that are caught using bitcoin after the ban. Bitcoin investors would panic and most bitcoin holders would make a mad dash for the exit, cratering the price. It would almost certainly end up recovering eventually (as you said it would require a NWO to ban completely), but who knows how long that might take; in the meantime btc wouldn't look so good as store of value even to those not directly affected. I feel a ban from a major nation such as the US or China would not be a negligible event, and I would imagine Armstrong is thinking along those lines.

It would be a great opportunity to back up the truck and fill it up with BTC at lower prices, because this would be the US government shooting themselves in the foot.

The worst thing a government can do is ban something only to have the population give them the middle finger and it be proven that the government is impotent. From there, Bitcoin would skyrocket in price as it being shown how powerless the government is to ban it.

You are too fearful because you are a short-term speculator. Long-term crypto-currency investors understand that this is a paradigm shift for the world and they understand they are going to be very wealthy over the coming decade.

Weak hands will be thrown off and end up not being wealthy.

Apparently some of you have messaged Armstrong, but he is hard-headed and still doesn't understand that technically it is implausible ban all crypto-currencies regardless if the government wants to:

Quote from: https://www.armstrongeconomics.com/international-news/rule-of-law/do-not-trust-governments-or-their-employees/

I understand that people say I am wrong about bitcoin or cryptocurrencies. You cannot possibly fight against government. They can say whatever they want and their judges rule in governments favor. Forget it! You cannot find any possible legal argument that will ever survive.

Can someone please message him and explain to him how dull minded he is on this issue. Explain what I wrote as quoted above about needing to ban every server on the planet. How the hell are governments going to coordinate and then enforce that?

Oh course governments can probably regulate the mining farms in China (and they could attack and hardfork with their superior hashrate), but that is why we will have altcoins, in particular the one I am developing which doesn't depend on either proof-of-work nor proof-of-stake.

Remind Martin, it is Shelby Moore who is refuting him. He should remember me from email. I am tired of emailing him. He should hear from more of you, instead always myself emailing him.

Unfortunately Martin Armstrong continues this false reporting on Bitcoin:

Quote from: https://www.armstrongeconomics.com/international-news/china/china-steps-in-against-bitcoin/

Bitcoin has been the escape method for capital fleeing China. Chinas major bitcoin exchanges halted or otherwise updated their bitcoin trading services. The changes to bitcoin are being made in response to interactions with the Peoples Bank of China. The Peoples Bank of China delivered informal guidance that is beginning to take notice of the capital flight through bitcoin exchanges. The central bank called in the big exchanges for a discussion.

Bitcoin is not being shut down, but there is concern that the capital flight must be stopped. BTCC is the only exchange to explain the changes in a message posted to its website: BTCC will [suspend loans and borrowing services] from 12th January, 2017.

Effectively, loan-based trading services were no longer available using bitcoin.

The truth is that China's regulators are simply trying to reduce excessive volatility by doing some oversight on margin trading.

Quote from: http://www.coindesk.com/chinas-central-bank-restrict-bitcoin-marketing-blockchain/

A regional exchange employee wishing to remain anonymous dismissed the news as "no big deal" and unlikely to be motivated by any fears that bitcoin may compete with the yuan.

Another exchange employee, who wished to remain unidentified, expressed dissatisfaction with the reporting, alleging that some of the directives were not in fact new, though he did not provide clarity on which might have been previously given.

Quote from: http://www.coindesk.com/bitcoin-price-fluctuations-calmed-chinese-regulatory-suspense/

The creation of regulations will more likely benefit the industry than hamper it, he told CoinDesk. We are already seeing this happening. BTCC has just announced that they had stopped providing leverage and other exchanges will likely follow suit.

He elaborated on the situation's foreseeable costs and benefits, stating: We will likely experience a price decline, but bitcoin's volatility will be reduced. Reduced volatility, combined with a stamp of approval from PBoC with regulation, will likely positively contribute to bitcoin's adoption in China and elsewhere.

Zivkovski took a similar view, saying:

Quote

In a nutshell, regulating margin trading is a very smart consumer protection policy.

The reduced use of margin should lower the incidence of long and short squeezes, he emphasized, which should reduce volatility.