RIP Bitcoin

**jabir** · 05-02-2018, 01:35 PM

Also like ICX which I offed during the early slaughter, might buy back in if it settles <$4.

**PlanK** · 05-02-2018, 01:57 PM

India taking a position on Cryptos. Interesting that they are using the term crypto asset rather than crypto currency. That's something I'm hearing more often from the big dogs in the crypto/finance world. Crypto assets or Digital assets. Might be a pointer as to how it will eventually be taxed & regulated, as an asset rather than a currency.

The finance minister in his budget speech said that we will not allow cryptocurrency in illegitimate activity. Is there a possibility that a list of legitimate activity will come?

The expression now that we are using right now is crypto asset. We don't like the word currency. Nobody has the authority to issue currency or coins. So, these are misnomers, wrong expressions. We prepared to treat them as crypto assets. Once we recognise that these are assets and not allowed as currency or coins, then if it is used in making payments of illegal activities, is our next line of worry. We will do everything to see that the use of crypto assets into these kind of activities are eliminated. And then you go on to identify what else should be eliminated, regulated or controlled. The group under my chairmanship (on crypto assets) is in the last stages of deliberation. We will come out with the government’s approach in the entire spectrum. We hope to finish first line of work in the next two months.

Is there a possibility that crypto assets can be regulated and become part of the legitimate financial system?
Crypto assets cannot move into the financial system as such. You can't prevent everyone from what they consider valuable. If somebody may call them irrational, consider that cryptoasset is valuable for them, then it is fine. But, people should not fall prey to such assets without understanding. It is government's duty to see that. That's why we issued an advisory. Crypto assets should not cause harm to gullible people.

**Dragonfly** · 05-02-2018, 01:59 PM

newsflash, a currency is an asset, always been when it has an underlying value

**PlanK** · 05-02-2018, 02:06 PM

^
So you're saying it has underlying value?

Nice.

**Dragonfly** · 05-02-2018, 02:11 PM

yes it has an underlying value of 0

**jabir** · 05-02-2018, 02:18 PM

In that case Z$1 is worth more than a BTC?

**jabir** · 05-02-2018, 02:19 PM

Problem here is that $0.01 could own the entire crypto industry.

Gets more interesting by the minute...

**Dragonfly** · 05-02-2018, 02:25 PM

Originally Posted by jabir

In that case Z$1 is worth more than a BTC?

definitely, we are close to the absolute 0 here with BTC

**Luigi** · 05-02-2018, 02:27 PM

Originally Posted by Dragonfly

absolute 0

Fantastic time to buy.

**PlanK** · 05-02-2018, 02:30 PM

I've got some cash on the sidelines.

When it hits zero I'm backing the truck up.

**Dragonfly** · 05-02-2018, 02:31 PM

Originally Posted by Luigi

Fantastic time to buy.

I would say so

possibly negative, if we have to take into account the cost of electricity for producing 1 BTC

**YourDaddy** · 05-02-2018, 02:33 PM

Maybe like German bank you'll have to pay to hold crapto.

Oh, wait.....

**Dragonfly** · 05-02-2018, 02:39 PM

Originally Posted by YourDaddy

Maybe like German bank you'll have to pay to hold crapto.

Oh, wait.....

there is always someone paying for it,

do you think Chinese peasants pay for the electricity when they mine their silly bitcoins ?

they steal it, like they do for everything else

on that pretense alone, it should be ban, for ecology reasons

**Dragonfly** · 05-02-2018, 02:42 PM

when you have retards paying 2,000 EUR for a motherboard that has an ASIC chip just for mining bitcoins alts,

and then paying electricity 9 EUR per month in electricity for just doing that, and nothing else

you have to wonder how more stupid or greedy can people be

**uncle junior** · 05-02-2018, 02:46 PM

Originally Posted by Dragonfly

newsflash, a currency is an asset, always been when it has an underlying value

Yep. An asset with an agreed on and accepted value by its users......just like USD across the globe and BTC

**PlanK** · 05-02-2018, 02:50 PM

There can be differences on the way an asset is taxed.

It will vary by country but in NZ it's different depending on if it's real estate, gold, stock or even what the intention was when the asset was purchased and how long it is held.

**jabir** · 05-02-2018, 02:52 PM

Originally Posted by Dragonfly

I would say so

possibly negative, if we have to take into account the cost of electricity for producing 1 BTC

I suspect some miners are getting their electric for free, but that's just me...

**jabir** · 05-02-2018, 02:53 PM

Originally Posted by Dragonfly

there is always someone paying for it,

do you think Chinese peasants pay for the electricity when they mine their silly bitcoins ?

they steal it, like they do for everything else

on that pretense alone, it should be ban, for ecology reasons

Getting better, let's ban electricity to save the planet, eh?

**Dragonfly** · 05-02-2018, 02:56 PM

Originally Posted by jabir

Getting better, let's ban electricity to save the planet, eh?

you have a strange thinking ability where you draw the wrong conclusions on a very sensible argument, could explain why you keep missing critical points on that topic

no let's ban cryptos of course, for ecology reasons, in case you didn't get it, and think something strange again

**jabir** · 05-02-2018, 03:10 PM

Ban cryptos because Chinese peasants are stealing electricity to mine it, and this will save the planet. Is that better?

**Luigi** · 05-02-2018, 03:12 PM

Originally Posted by Dragonfly

no let's ban cryptos of course, for ecology reasons

Just think of the carbon footprint of all the paper notes and metal coins being produced around the World.

Nope, invisible currency that doesn't actually exist is the ecological answer.

**jabir** · 05-02-2018, 03:21 PM

Yes, that would work if we got rid of the Chinese peasants.

**uncle junior** · 05-02-2018, 03:33 PM

Peasnts are people of the earth, pretty sure they're using solar panels for the juice

**Mr Earl** · 05-02-2018, 03:35 PM

Originally Posted by Dragonfly

no let's ban cryptos of course, for ecology reasons, in case you didn't get it, and think something strange again

Bitcoin, crypto-currencies, blockchain applications is going to force government to become honest. That process will improve efficiency and resource management.

The days of big wasteful warmonger machine government are numbered.

Bitcoin is a transparent and accountable vehicle which hadn't existed before. It has banksters and crooked lying government very worried, and fairly helpless because they cannot stop it. The cat is out of the bag.

**jabir** · 05-02-2018, 06:52 PM

Update: Am officially 100% cash with the exception of a few scraps on KCS and binance.

RIP Bitcoin-snapshot_2018-2-5_18-53-54-jpg

Thread: RIP Bitcoin

Thread Tools

Display

Thread Information

Users Browsing this Thread

Posting Permissions