Re: The one hurdle that will kill Bitcoin (and any other altcoin)
Hi guys,
First of all, I love Bitcoin and I want nothing more than BTC to succeed.
But I think BTC ( or any cryptocurrency ) will overcome all it' hurdles, but one :
governments.
Because let's face it, governments can lose their income and lots of power
to bitcoin, and they can easily just say "no" to BTC.
Yes they could legalize it, but ,in that case, very likely Bitcon will be taxed and regulated to death anyway.
The current financial world will also lose a lot of business to BTC, and they won't sit back and do nothing.
Keep in mind they have loads of political power.
The only scenario where I ever see BTC to succeed, would be if gov's go on to ignore BTC for years and years...
In the mean time BTC would need to become so mainstream, that banning it would mean economic shutdown
for a country. But I don't see govs waiting that long..
Every other issue like, volatility, ease of use, hot wallet vulnerability,... I is gonna get solved as time goes on
but that's not enough...
what does Bitcointalk think ?
First of all, I love Bitcoin and I want nothing more than BTC to succeed.
But I think BTC ( or any cryptocurrency ) will overcome all it' hurdles, but one :
governments.
Because let's face it, governments can lose their income and lots of power
to bitcoin, and they can easily just say "no" to BTC.
Yes they could legalize it, but ,in that case, very likely Bitcon will be taxed and regulated to death anyway.
The current financial world will also lose a lot of business to BTC, and they won't sit back and do nothing.
Keep in mind they have loads of political power.
The only scenario where I ever see BTC to succeed, would be if gov's go on to ignore BTC for years and years...
In the mean time BTC would need to become so mainstream, that banning it would mean economic shutdown
for a country. But I don't see govs waiting that long..
Every other issue like, volatility, ease of use, hot wallet vulnerability,... I is gonna get solved as time goes on
but that's not enough...
what does Bitcointalk think ?
Fck the financial system and what they want. You cant stop evolution. It is the same with the media business - they are loaded and have been lobbying so hard to undercut digital media. Have they succeeded ? Netflix,Spotify etc are getting bigger and bigger and that is the way it's gonna be in the future and there nothing the media companies can do about it. That is what is going to happen to digital currencies as well.
As for the goverments and regulation - Obviously it will have to be regulated and taxed. For most people bitcoin isnt a way to avoid taxes and launder money so I really dont mind. There is so much more about bitcoin than that.
Tax the shit out of it ? You paying the same taxes as with any other currency/commodity
