Quote from: oktana on May 05, 2024, 11:52:02 AM

Quote from: worldtraveller321 on May 05, 2024, 10:17:26 AM

Regulations Not Working?

Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.
They are trying to put into regulations etc. Yet there are troubles to making the cryptos as “securities”
With all the lawsuits “they “ try to put onto the crypto companies. Has not worked in the “favour” of the powers that be?
Is this true?

Does this prove that the blockchain tech is a success?

That BTC could work as a money system for the people and help people to devalue FIAT currency?

Or am I wrong and the “powers that be” are winning and people will lose in the crypto world?

Your thoughts?

When you say “help people devalue fiat”, understand that this isn’t the intention of Bitcoin. I understand it can happen but you say it like that’s the purpose. I think it will be just fine if both type of currencies can coexist and people can choose which one they want to use other than it being a battle (which Bitcoin isn’t battling against no one).

Satoshi never mentioned bitcoin would help people devalue fiat money or it would completely replace fiat, and destroy traditional monetary systems. But it is difficult to understand how some people got that idea and spread it, causing misunderstandings to become more and more serious. I think it is for that reason that the government was not sympathetic to bitcoin in the early days and took a hostile stance towards it.

And frankly, even if bitcoin was created by Satoshi for that purpose, I bet bitcoin is not powerful enough to do that. Only the government has the right to threaten bitcoin, bitcoin has never been an opponent for them to worry about. Many people are too delusional and exaggerated about the power of bitcoin.

I agree with you, I also thought of a scenario where both would coexist side by side and bitcoin would be an alternative alongside fiat money instead of fighting with each other.