Quote from: wxa7115 on March 31, 2021, 07:00:56 PM

Quote from: uneng on March 26, 2021, 03:08:43 PM

Quote from: wxa7115 on March 25, 2021, 09:12:26 PM

They are trying to deceive people that is why they are doing this, we know that we have no need for those coins at all but since governments have realized they cannot kill bitcoin then they are going the next best thing, they are trying to put imitations out there and then claim their coins are better than bitcoin, something similar to what we see in the altcoin market with the difference those coins are backed by central banks.

The plan is simple they will try to get people to adopt their coins instead of bitcoin and when we add that a coin owned by a government can be even more oppressive than the fiat system we have in place then it is easy to understand their motivations, but from our point of view it does not make sense to adopt those coins, but that is us, people with a decent amount of knowledge about the economy and bitcoin, but the rest of the people are not like us, so I expect in the future those coins to have decent success if they keep up the charade.

The worse part if that they can force people to use only their centralized digital currencies, forbidding bitcoin and other decentralized crypto currencies. What I most fear is a bitcoin confiscation ordered by authoritarian governments towards btcs held in centralized exchanges. If something like this happened, I believe exchanges would deliver all the coins to governments without chances of reverting the decision.

There is no doubt in my mind that something like that is coming, it seems that people forget that during the Great Depression the US government confiscated the gold that was in private hands, there were many people that disobeyed the order and were able to keep their gold and get great profits thanks to it and while there is no doubt that gold is easier to confiscate than bitcoin, how many people are actually holding their bitcoin in wallets only they control?

It seems to me that a great deal of people are storing their coins in exchanges and if at some point a law like that is passed then they're going to lose all their bitcoin, they will be incredibly mad about it but at that point there is nothing to be done, this is why if you're going to use exchanges you need to use them for what they are for, trade there and then immediately get your coins out of there.

I also think it depends on the number or quantity of bitcoin that an investor have that might make them to hodl them in an exchange, to me that is. If I have a lot or some reasonable amount of Bitcoin, I wouldn't hodl those in an exchange but investors should only hodl some tradable amount of such assets in exchange just for trading in order to avoid such kind of losses.