Sure, but they couldn't care less if bitcoin was a currency or a new type of bulb (pardon my historical reference). They want to ride the gravy train and you bet your ass they will dump it as soon as they experience the first 20% dip. By the way we are having lower lows in the last 30 hours. Does it say anything? I know, buy in opportunity... 14240, 13470, 12700 I think it is called discount Saturday.
Is the main purpose of this to crack down on money laundering and criminal activity? Or for tax purposes?
It is not aimed at bitcoin but it belongs under it. They just want everyone to declare any kind of asset in any kind of account. Mostly it is aimed at foreign bank accounts, but it is worded in such a way, that if you don't declare your cryptos that is going to be a criminal offense too. So I would say both, anti money laundering and also tax purposes.
Not true at all. They understand a 40% drop in Bitcoin is not unusual. Their buys will be salted away for the long term and will further reduce the supply of Bitcoins available for others to purchase.
@Illini Trader ..."they understand"..... Really, how do you know ? First of all, when investors lose 40% of an asset that they assumed would do nothing but appreciate panic may very well set in, all bets off. Two, to assume you KNOW how this new type of investor in this new asset class is going to act is just arrogance. You sound like "internet tough guy" Hoi....you guys KNOW exactly how this is going to play out. Even the most ardent block chain developers (see letter to Jamie Dimon thread) admit that they do not know how this will all play out. But you 2 tools do ? LOL.
Because they have already seen three drops between 28% and 41% since Sept. 1st. Volatility is the name of the game. They want to see what the price is in 2 years.
ahh....the assumptions. I don't pretend to have the answer but most speculators are not prepared to wait 2 years. And most of the time when a vehicle moves in a parabolic fashion it is due to spectators not investors.
If I have sounded arrogant it certainly was not my intent. I (and they) are just confident in the future of Bitcoin. The believers do not give one care about the short term fluctuations. It has already been accepted worldwide as a store of value and as the world situation worsens, it will be the save haven that people want a piece of and there just ain't that many pieces. Thank goodness it is divisible down to the 8th decimal.
The collapse of Bitcoin will be frightening for many. But we'll see how everything goes. For now the market is being regulated