does there come a point at which .gov droids won't dare touch it - as the backlash will be too much?
That you think such a scenario is seriously on the cards it explains you diving in at $60k.Yes, as of today. But you are not considering, or deliberately avoiding the other scenario.
Where the price of soap, increasing 8% a day (or month, or year) against the dollar, in line with (or close to) bitcoin also increasing 8% against the dollar every day, month or year.
If such a correlation were to occur, for an sustained (undefined) period, retailers and consumers will move to using bitcoin instead of the prevailing fiat currency to buying and selling soap.
This is not speculation, it is what would happen in such circumstances.
Folk can think what they want even in China. Try thinking that Dunnes Stores has a bitcoin till.“Wolfie” said:Yes. Think about it, a substantial section of the population thinking in Bitcoin, how do the authorities stop the population "thinking bitcoin"?
Dream on. I can just picture the cultists burning down the central bank. Would make a great movie.Exactly. See how the authorities ran a mile when they tried to cut the old age pension.
There comes a point, in an open free democratic society, where the authorities are bound to the demands of the population, not the other way round.
My interpretation bof the NTMA's legal investment mandate is that it cannot own an asset like gold.@NoRegretsCoyote : Just so that I fully understand this, the NTMA has never owned and can never own gold or gold ETFs or derivative products - as it's legally precluded from doing so?
We won't burn anything, we'll just leave, either virtually or physically.Dream on. I can just picture the cultists burning down the central bank. Would make a great movie.
If Pascal banned BTC tomorrow how many cultists would turn up in Dame Street? But the fantasy is that there will come a time when they would turn up in their hordes, armed with pitch forks, digital ones of course.
That you think such a scenario is seriously on the cards it explains you diving in at $60k.
Folk can think what they want even in China.
Dream on. I can just picture the cultists burning down the central bank.
If Pascal banned BTC tomorrow how many cultists would turn up in Dame Street?
I’m in quite a daze. I was merely questioning the theory that the cult would become so predominant that the authorities would be powerless to stem the cultist tide.
Warren Buffett - the oracle of value investing - has to be respected...no doubt. However, you need to bear in mind that by his own admission, he's been slow to understand and recognise the potential in technology-based plays. As a classic example, you should note that Berkshire only took a position for the first time in one of the FAANG stocks in 2016! He's come out and said that he got this wrong. He missed out on a whole wave of innovation as a consequence.xRe Bitcoin.Difficult to know!.They say that when you can spot a bandwagon it,s already too late! P. S.The also say that the four most dangerous words in investment are "This time its different".Ask Buffett perhaps?.
It will never happen
never be allowed to happen
I agree that if 10% of folk used bitcoin as their transactional currency, possibly including some cabinet ministers, it would be politically difficult to stamp out.
I was conceding that at 10% adoption it would be politically difficult to ban. I therefore opined that the monetary authorities would ensure that such a situation would not arise, by stepping in much earlier; that is their mandate to preserve monetary stability. To date they have not seen the need to take that step although it has been mooted, but as that Dallas chap observed adoption as a currency is negligible, so they see no reason to interfere with the casino. Do I have to draw diagrams?If it is never to happen, then there is never a need for governments and cb's to stamp out bitcoin.
But I am open to the possibilty that it may happen, not that it will happen or will not happen.
which, quite spectacularly at this stage, misses the point once more about where authority actually derives from. In your own words;
but as that Dallas chap observed adoption as a currency is negligible, so they see no reason to interfere
The bold highlighting is mine. Please note that JK is a huge fan of bitcoin and does think it will make it as an MoE. In fact he predicts a price of $514k based on his estimated adoption rate.John Kelleher of Investopedia said:One of the biggest issues is Bitcoin's status as a store of value. Bitcoin's utility as a store of value is dependent on its utility as a medium of exchange. We base this in turn on the assumption that for something to be used as a store of value it needs to have some intrinsic value, and if Bitcoin does not achieve success as a medium of exchange, it will have no practical utility and thus no intrinsic value and won't be appealing as a store of value.
Note that gold is the same price today as 12 months ago and surely gold would also benefit from the fiat meltdown you await.
I can't really see what has happened in the last 12 months to increase the chances of such scenarios 10 fold
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