Anyone Into Digital Currency?

[FBD]

[The Monk]

[DemonGeminiX]

1 Bitcoin = $36731.50
1 Ethereum = $1264.09
1 Litecoin = $150.84

[PorkChopSandwiches]

1 Bitcoin = $37,384.90
1 Ethereum = $1,423.42
1 Litecoin = $159.85


I need ETH and LTC to moon

[FBD]

What do you think btc will do in the event of a shutdown? Tank when it gets back, take off like a rocket when it gets back, shrug as if nothing happened?

(or dip a ways and then come roaring back....I think a lot of it will depend on the strength of the dollar, but Trump's win probably wont send it into a skyrocket...)

[PorkChopSandwiches]

IDK, with PayPal and CashApp (square) buying up so much of it, thats what sent it soaring. Which is also making it more mainstream. I'm just going to continue to HODL until I grow enough to buy another house

[FBD]

ol Yeller seems to think its for terrorism

and that white haired bitch in europe too, lagarde

[PorkChopSandwiches]

Im sure it is, and money laundering and whatever else needs to be done without government interference

[DemonGeminiX]

We're gonna be buying our guns with it off of the deepweb, if Biden gets his way.

[PorkChopSandwiches]

He will never get his way on guns, just like Obama didn't

[DemonGeminiX]

Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing

Treasury secretary nominee Janet Yellen has suggested lawmakers should "curtail" the use of cryptocurrencies such as Bitcoin, saying she is concerned that they are "mainly" used for illegal activities.

Her comments come amid a surge of interest in Bitcoin, with its price soaring around 300% in the last year. The Bitcoin price was last down 7.59% to $34,183.57, while rival cryptocurrency Ethereum's price was down 9.74% to $1,259.97, after hitting an all-time high of more than $1,430 yesterday.

But the comments from Yellen suggest the incoming administration of Joe Biden could be hostile to cryptocurrencies and attempt to ramp up regulation. Watchdogs around the world, from the European Central Bank to the UK's financial regulator, have recently expressed concern over cryptocurrencies like Bitcoin.

Senator Maggie Hassan yesterday asked Yellen about the dangers of terrorists using cryptocurrencies during the latter's Treasury confirmation hearing.

Yellen said: "You're absolutely right that the technologies to accomplish this change over time, and we need to make sure that our methods for dealing with these matters, with terrorist financing, change along with changing technology.

"Cryptocurrencies are a particular concern. I think many are used - at least in a transaction sense - mainly for illicit financing.

"And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn't occur through those channels."

Yellen's comments echoed those of ECB president Christine Lagarde, who last week said Bitcoin had been used for some "totally reprehensible money laundering activity".

Major investors also have similar worries. Warren Buffet said last year that "Bitcoin has been used to move around a fair amount of money illegally". He said investors should "go short suitcases" as criminals will no longer need them to carry cash.

Cryptocurrencies are digital currencies that have no physical form and are not controlled by a centralized authority such as a central bank. This means they are largely unregulated and untraceable, making them appealing to criminals.

Yet their advocates say the lack of central control makes them attractive in other ways. For example, they argue Bitcoin can serve as protection against the debasement of national currencies when central banks launch huge stimulus programs.

Bitcoin bulls are hugely excited by the recent jump in the cryptocurrency's price.

Paolo Ardoino, chief technology officer at crypto exchange Bitfinex, said: "The king of crypto is the base layer for an emerging alternative financial system.

"Bitcoin is providing a solid foundation for a staggering array of projects, some of which will fundamentally change the nature of money by the end of the decade." Bitcoin products include funds and options.

Yet regulators urge caution. Earlier this month, the UK's Financial Conduct Authority warned that people who invest in cryptocurrencies like Bitcoin and Ethereum could well "lose all their money".

[PorkChopSandwiches]

Seems like it would be hard to stop since it decentralized...IDK

[DemonGeminiX]

Seems like it would be hard to stop since it decentralized...IDK

They could stop Americans from accessing it legally.

[PorkChopSandwiches]

Well I guess you could stop the banks from allowing it to be cashed out, but I think a lot of it stays in the ecosystem, if people are willing to buy and sell goods with it, it would make it hard to stop.

I mean if you have millions and want to buy a house, it could pose an issue LOL

but, IDK how they could stop it from being accessed.

[Godfather]

Well I guess you could stop the banks from allowing it to be cashed out, but I think a lot of it stays in the ecosystem, if people are willing to buy and sell goods with it, it would make it hard to stop.

I mean if you have millions and want to buy a house, it could pose an issue LOL

but, IDK how they could stop it from being accessed.

There have definitely been points when it's been very hard to fund crypo wallets in Canada because the banks don't want to deal with the tax and regulator issues around their clients buying it (especially using credit cards), but there's always a work-around. Someone will always accept Wal-mart gift cards, and you can store your currency offline on a physical crypto wallet so you can't actually be locked out of a website (you can of course lose your keys ). The ledgers are stored on thousands, if not millions of computers world wide.

There's also big institutional money behind crypto now so I think it's a lot less likely to be fully shut down.

That said, if the US government really goes after it I do think it would cripple the value. While the appeal is supposed to be its de-centralized, anonymous nature, its value is still so volatile and closely tied to overall investor sentiment.