Future Of Bitcoin = Shut Down?

M

MOTIVE2015

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Hello BHW,
Bitcoin hit the all-time high: $2,000+ a few days ago, more and more people are interested in buying Bitcoin as an investment and using it for making payments. But where is this all heading?

1) Bitcoin is anonymous and this is one of the biggest disadvantages. A couple of years ago FBI shut down one of the biggest payment processing company: LiberityReserve for the exact same reason, being able to receive payments and send payments anonymously. Bitcoin is same.
If Government finds that more and more fraud related payments are being made through Bitcoin (Like WannaCry Virus) , the government will sooner or later step in and change the game, I don't think any government in the world will let bitcoin get away with these kinds of payments.

2) Bitcoin is highly unstable. Its prices fluctuates a lot of daily bases. Can we really trust something as safe investment and way of making payments if it's price is highly unstable?

3) Not owned by the government. Controlling money and using it for the benefit of the nation is what the government does If the government does not have full control over the money supply of the nation. Will a government even think something like that to run?

4) You can get away without paying taxes because Bitcoin can't be tracked by whom it is owned and no proper tax can be taken from it. The nation only runs on taxes, if something tries to create a problem in the tax system, the government immediately shuts it down.

5) Future computing power can create some serious problems for Bitcoin. Like quantum computers.

Government and Future Actions:

1) A few months ago the government of India officially announced that they are heading towards electronic payments and created their own official electronic system for making payments through smartphones. Maybe every country in future decides to do this if they want payments to be made without cash.

2) Companies like Mastercard and various banks will create their own methods for making transfer of money easy for normal people.



What are your thoughts?
 
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The future of bitcoin

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MOTIVE2015 said:
1) Bitcoin is anonymous and this is one of the biggest disadvantages. A couple of years ago FBI shut down one of the biggest payment processing company: LiberityReserve for the exact same reason, being able to receive payments and send payments anonymously. Bitcoin is same.
If Government finds that more and more fraud related payments are being made through Bitcoin (Like WannaCry Virus) , the government will sooner or later step in and change the game, I don't think any government in the world will let bitcoin get away with these kinds of payments
Click to expand...
Bitcoin is used for crimes for years now. And they can't shut down Bitcoin simply like they did with LiberityReserve.

Kode said:
what's the point of this thread...? other than to advertise your stupid video.
Click to expand...

Thanks for the tip! The next time I have a youtube channel with 4.000.000+ subscribers and a video with 5.000.000+ views I'll advertise it on BHW to get 1.000.000.000 new subs and views! Funny though that you use the word stupid.
 
>Not owned by the government. Controlling money and using it for the benefit of the nation is what the government does If the government does not have full control over the money supply of the nation. Will a government even think something like that to run?

Hahahahahaha lol ... what do you think they did with the seized coins from SilkRoad ? They're in their vaults. What makes you think the govt. hasn't already bought much bitcoin. There is literally nothing stopping them from owning the majority of the coins through buy outs.
 
Honnestly don't worry about quantum computers we are decades away to make some good enough to beat any random computer in this domain
 
MOTIVE2015 said:
Hello BHW,
Bitcoin hit the all-time high: $2,000+ a few days ago, more and more people are interested in buying Bitcoin as an investment and using it for making payments. But where is this all heading?

1) Bitcoin is anonymous and this is one of the biggest disadvantages. A couple of years ago FBI shut down one of the biggest payment processing company: LiberityReserve for the exact same reason, being able to receive payments and send payments anonymously. Bitcoin is same.
If Government finds that more and more fraud related payments are being made through Bitcoin (Like WannaCry Virus) , the government will sooner or later step in and change the game, I don't think any government in the world will let bitcoin get away with these kinds of payments.

2) Bitcoin is highly unstable. Its prices fluctuates a lot of daily bases. Can we really trust something as safe investment and way of making payments if it's price is highly unstable?

3) Not owned by the government. Controlling money and using it for the benefit of the nation is what the government does If the government does not have full control over the money supply of the nation. Will a government even think something like that to run?

4) You can get away without paying taxes because Bitcoin can't be tracked by whom it is owned and no proper tax can be taken from it. The nation only runs on taxes, if something tries to create a problem in the tax system, the government immediately shuts it down.

5) Future computing power can create some serious problems for Bitcoin. Like quantum computers.

Government and Future Actions:

1) A few months ago the government of India officially announced that they are heading towards electronic payments and created their own official electronic system for making payments through smartphones. Maybe every country in future decides to do this if they want payments to be made without cash.

2) Companies like Mastercard and various banks will create their own methods for making transfer of money easy for normal people.



What are your thoughts?
Click to expand...
1. Bitcoin will never be shut down because it has already been recognized as a legit payment method in multiple countries
The government already knows that it has a lot to do with fraud but the government also has many elite hackers working for them to track such activities

2. Bitcoin has a huge volume with contributions of millions of people around the globe, it is the most stable cryptocurrency

3. The government doesn't care as long as you pay your income taxes

4. If lets say you bought a ferrari with bitcoins... the next day people from the government will come knocking on your door and ask you how you got that money and wether you paid taxes on it or not

+ I remember when people said Bitcoin was going to die when it was around 300 dollars... lol, now they look like idiots
 
And you heard it all here from someone at UNI, who is now a man of the world living with its parents.........

..
.
.
If only life worked that way. We could all pass our GCSES A levels, then be the chosen one. Unfortunately not.

Unfortunately when we are at uni, we are just bumholes with no life experience, just the big "I am" chip on their shoulder.
 
mickyfu said:
And you heard it all here from someone at UNI, who is now a man of the world living with its parents.........

..
.
.
If only life worked that way. We could all pass our GCSES A levels, then be the chosen one. Unfortunately not.

Unfortunately when we are at uni, we are just bumholes with no life experience, just the big "I am" chip on their shoulder.
Click to expand...
Uni is a scam sir.
 
Neon said:
Uni is a scam sir.
Click to expand...

No no no sirs. If one goes uni one is master trader. One should be listened to as major financial advisor sirs. Even though ones only lives with parents sirs, ones knows everything sirs. But funny enough sirs, one has done fuck all suggests with ones life sirs.
 
Too many rich and powerful people own BC for it to get shut down, frankly. The biggest thread to BC would be if an actual nation converted their currency to crypto, but that won't happen until the technology gets to a point where it's virtually 100% secure. Were England, for instance, to launch a BritCoin it would take a lot of the air out of BC's sails. But BC would still exist.

-ThopHayt
 
The only thing I agree with is quantum computing represents a big threat to all cryptos. But not only that, it'd be a revolution for basically everything, all SSL would be dead, every encrypted email gone, almost every secret would be open.

In the long run that's the main problem IMO, but then again in the long run we're all dead.
 
bartosimpsonio said:
The only thing I agree with is quantum computing represents a big threat to all cryptos. But not only that, it'd be a revolution for basically everything, all SSL would be dead, every encrypted email gone, almost every secret would be open.

In the long run that's the main problem IMO, but then again in the long run we're all dead.
Click to expand...

Wouldn't people just use a quantum computer to simply generate an encryption that wasn't easy to break? Like we did when 64-bit computing came along. The principal of a two-way handshake seems solid, all you need to do is generate an encryption that is beyond whatever technology can brute force attack. So we might see something crazy like 64GB encryption, rather than 128Bit.

-ThopHayt
 
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