Do you want your government to support crypto "currency"?

[goaded]

It's an obvious con that pretends that a number has value. Pump and dump.

It was intended to be independent of governments, and untraceable, which is what made it popular with drug dealers (one of whom Trump recently released from prison for dealing in $200 million in illegal drugs) and child sexual assaulters.

Now Trump wants to put the full faith and credit (meaning your tax dollars) behind them.

[DrPepper12]

No. Just another scam. These MAGA muthafuckas DGAF who anonymously, untraceably made Dear Leader a paper billionaire overnight either. Who owns him other than Putin & the broligarchy? WE DON'T KNOW!!!

[exitseven]

I really do not think it is a good thing. For one thing , the big reason people use crypto is because it is not regulated by any government

[exitseven]

Thanks for the MHO😎

[Levin]

Where is the con? There is no pretense of value. It is what it is. Highly volatile. You might make some money, you will probably lose it.

Governments everywhere are inflating their currency - most notably during the so called pandemic. Making your hard earned savings worthless. There can only ever be 21 million bitcoin. A crucial point that eludes you.

So while a house in the UK in 2018 might have cost you £200000, that same house will now cost you £260000. In 2018 that would have been 28 bitcoin. Now it's 2.5.

Sorry mate, but bitcoin is winning.

As for full faith and credit, as you know, the financial system is only credible so long as the financial markets believe any government is competent, stable and able to service its debts. The government is racking up national debts to the tune of 100% of GDP (or as those on the left would call it - 'austerity'), with non-existent growth, dreadful productivity, and a most of the population ever more dependent on the state. As you know, fiat has no inherent value, either. It's pretty much just, numbers on a screen. The only thing that keepts the whole thing rolling is as you put it, 'faith'.

Now crypto is garbage for numerous reasons. Most of that is to do with government regulation, ie KYC. It may be intended to be independent and untraceable. But it's not. You have to deal with exchanges to cash in and cash out. And those exchanges want you to upload your soul's documents in order to do so.

So it's not for me. But not for the reasons you state. If it truly was independent of government, I think it would be great.

I don't want the government to do anything, aside from the basics. It's pretty bad at what it does, and seems to love to ever more encroach into your life. Because it apparently, knows what is best for you.

[goaded]

It's not a crucial point that there can only be 21 million bitcoin, the crucial point is that a bitcoin is nothing more than a number.

[Levin]

God almighty, your ability to comprehend.🤦🏿‍♀️

[goaded]

Is fine, thank you very much.

[Levin]

Then it's a listening problem.

[WindAtMyBack]

No, I'd rather see them make it illegal.

Some might see it as the future, and maybe it is. But if so, we have a hell of a long way to go. If any government tried to make it legitimate currency, then the people behind crypto would just come up with something else. You can't make it legitimate currency without regulating it. The crypto people would never stand for that.

[Ariesman81]

The blockchain technology is genius. And keep in mind it was created in the wake of central banks corrupt lending practices. Its decentralized nature was the appeal of it. It removes the need for the Fed. It cannot be manipulated (somewhat skeptical). And can never go down in value, provided forks and splits are not allowed. It returns currency to a "Gold Standard".

Do I think it will ever be used as a stand alone currency... no. But the blockchain technology of say... Ethereum... could play so many governmental roles of book keeping, payment processing, and data sharing between agencies, that government bureaucracy could cease to exist.

[dustybiker2]

If it sounds good to them it's probably a scam leaning to their benefit.

[Smashingdoozy]

Shocking the man who said he wants to control everything is trying to control everything 🤯

[CupcakeTheDestroyer]

“It's an obvious con that pretends that a number has value.”
Isn’t wallstreet and their stocks and bonds the same way? It’s all imaginary numbers based on the whims of a few people.

[goaded]

Not quite. Those are real companies with real assets behind them. Crypto wants you to believe that 321412093560227841239840439657276 has dollar value.

[CupcakeTheDestroyer]

The crypto companies are also companies. Bitcoin is the product of a company. It’s the same thing as far as I’m concerned

[goaded]

They don't produce anything, all they do is waste energy. If a company produces cars, they've added value to the component parts and materials. If one makes films or even fidget spinners, they've provided entertainment people are willing to pay for.

[CupcakeTheDestroyer]

Who’s to say these guys aren’t doing the same thing digitally?

[Agape93]

Phantom currency? Yeah, so shit will collapse faster

[Gwendoline]

I don't see a difference between it and shares and stocks.

[goaded]

I do. It's that the companies underlying shares and stocks continue to produce things, a unit of crypto currency is just a number.

[OddBeMe]

Not sure. It needs to stabilize. Perhaps govt regs could do that. Or maybe it just needs to work itself out.

[NathanDavis]

I bet they would love to do so...