Too many people are confusing “ownership of bitcoin” with “control of bitcoin”. I can assure you that it absolutely does not matter if big banks scoop up mass quantities of BTC. The worst they can do with massive BTC quantities is manipulate the price in the short term. Anyone who says otherwise is trying to scare you.
If you’re holding cryptocurrency for the long term, the short term price should not matter to you. In fact, let the big banks tank the price, that’ll allow you to scoop up more. The more the banks try to tank bitcoin, the more they will transfer their wealth to you and me and anyone else with the balls to buy low.
BTC has already brought significant wealth back to the people, but not nearly enough. The more people rid themselves of their fiat, the less the banks will have control. It really is quite that simple. Because even if banks have tons of bitcoin, the key fact is they don’t control the currency itself. It’s still decentralized. It’s still private (or can be more private in the future).
We have the crypto tech to send and receive payments to each other cheaply. What we truly need are finite, deflationary, decentralized stores of value, where transactions to and from are private (and more rare), and where fees matter less, because that service is vital. Think of these as interest-accruing savings accounts, while your spending money stays in more fast, cheap, and liquid cryptocurrencies. These currencies WILL work together in the future. There will be no singular winner, no end all be all. Because the market will demand efficiency and competition.
Stop looking at bitcoin as just a peer-to-peer payment system. Those are a dime a dozen. Bitcoin, and some other competitors (MONERO!!), can act as havens from big banks. Back in the day, everyone in the crypto game inherently knew this. We were a bunch of libertarians who knew the evils of modern banking and knew what currency is and what it isn’t. We invented the term “HODL”.
Now, there’s a ton of fresh fish in the game that don’t understand these concepts, and think that crypto needs to fit in nicely with the status quo in order to succeed.
Everyone is confused, I get it. Everyone wants to come out on top, I get it. But this is really not about that. This is about a global revolution of a broken status quo.
what about the 51 percent attack?
I’m assuming you understand that massive ownership of bitcoin does you absolutely nothing to conduct a 51% attack.
With that said, I’d encourage you to read up on the 51% attack’s feasibility, and what such an attack could even accomplish if successfully implemented. Here’s a good start:
https://learncryptography.com/cryptocurrency/51-attack
point well made!
좋은 의견 감사합니다.
The US has just sold a good lot of BTC , BtC that came from crime money , here is the article : https://www.coindesk.com/us-government-to-sell-off-10-million-in-seized-bitcoin-and-bitcoin-cash/
As for banks their are not done with us yet , beleive me , am in EU laws and regulations (France) and they are really itchy at the moment .....
They cannot regulate crypto itself. They can come after you when/if you sell into fiat (never do that). They can regulate/forbid businesses from transacting in it (kinda), but they cannot touch my coin, nor force me to sell, nor stop me from sending it to other honest citizens. Impossible.
As for the banks, there are only two things that can happen to them in the end:
(a) a critical mass of people wake up and take a stand, leading to revolution, as has happened all throughout world history. Because the elite few can never control an ‘awake’ many.
(b) The USD dies (along with the rest of the modern fiat currencies), just like every other fiat currency that has ever been created in world history. (Just go ask the Romans what brought down their impenetrable empire)
OK here is an article : https://www.gestiondefortune.com/fiscalit%C3%A9-droit/rubriques-fiscalite/5125-fiscalit%C3%A9-du-bitcoin-un-super-coup-pour-le-fisc.html Soory its in french but basically they take 45 % plus 17,2 % on your benefits , and if your bank sees money coming from BTC selling they can repport on you .... This is France .....
I agree that selling and going into fiat is not wise but look at people like me if we want to buy a house or just pay bills that you can only pay in fiat at point you have to convert !!!!
Selling seized goods. Never seen US govt selling seized cocaine or ivory. The irony of this solidifies the value of bitcoin even though on media they say it's worthless. Be warned.
Thanks for your post!
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