It looks like regulation won't be as big an issue as people think. ChainBLX are facilitating trades directly from cryptos into mainstream stocks.. and back again. They are shouting it from the rooftops so it all looks legit: http://community.chainblx.com/t/what-will-you-be-using/223 I just wonder if or how it can tie into Monero
Yeah... The same thing was said of each and every innovation this world has ever had before it boomed... And now, my 90-year-old grandmother freaks out when her WhatsApp stops working for some reason, because she is on the damn thing the whole day... Not to mention that she calls Uber on her iphone to take her to the hairdresser. The world doesn't have to be smart to use something. It is up to the producers/providers to make things accessible to their costumers, that's how they make money... Because of that, today a 90-year-old lady can use Uber and WhatsApp... But this is just the start... As I said: time will tell.
The problem is you won't be able to restrict its trading and the gov't won't be able to do anything because the currency is completely anonymous, and as long as you won't be able to restrict trading, it's going to be terrible as storage of value is concerned. Its anonymity is in conflict with the objective of being a storage of value; you won't be able to achieve both. The only thing that can be done to ensure its stability of value is if you have a group of volunteer "financiers" who have large holding of moneros who would have to buy/sell monero out of their own pocket everyday across all exchanges to maintain its value at a more fixed price and in turn they get rewarded by the profit they make in their buy/sell. The only other problem is monero has unlimited supply so the buying/selling won't work to stabilize its value. What we do need is a monero that has a capped max. limit and with volunteer "financiers" who buy/sell to maintain a more stable value. That would be close to a proxy to swiss bank, completely anonymous and yet stable.
I very much prefer for bitcoin not to be banned. It is very easy to eat at restaurants, pay for hotel rooms or plane tickets, purchase coffee, groceries, computer and electronics items, clothes, shoes, and a slew of other stuff using bitcoin through the use of a payment processor (i.e. Bitpay, Coinbase or Coinpayment).
Me too... But bans and regulation is the only thing that government officials with their peanut brains know to do... And when they see that their power is threatened(as we see it now by their reaction to cryptos), they naturally react. If they lose their power, they will actually have to work and do something useful... But that, for them, is a death sentence. So we can surely expect more attempts at regulation and bans.
Regulations are fine. In fact, they help to legitimize bitcoin and will prevent a USG ban. This will help to increase the value of bitcoin many folds and could compete with Gold as a store of value/investment vehicle. Gold's valuation is $9 Trillion and bitcoin is at $150 Billion. In my opinion, one of the biggest reasons for such a huge valuation gap is legal uncertainty in the US.
Says the 21 year old who's never run anything let alone has any experience with the complexity of government. There are a bunch of people I knew in government who have gone on to start successful companies and non-profits that have done significant good in the world, which would imply a bit more than "peanut brains". What have you accomplished there Mr. "waa, you're personally attacking me", to give you the right to slander? If you're going to call everyone in government a "peanut brain", you're going to have to back that up, which you can't do given the fact that you know fuck all about it.
Well, I beg to differ. What legitimizes something is not government regulation, but people's concept of what is valueable. Drugs are overpriced because government criminalize them and people still want it. The result: less competition on the producer/seller side = higher prices. Gold was, during decades, illegal for citizens in the U.S. Do you think that that made it less valuable? Cryptos are still a new concept, it isn't yet widespread as it can be, but as I pointed out, there is enourmous incentive for people to make access and dealing with cryptos easier... In time, this will happen and with that, when people realize it is a way to get paid or pay and avoid government bullshit(which means cheaper products and services), the outcome is inevitable. As I said many times, Uber is the shiniest example of this: you cut government BS = much better prices and service.
On the other side of my last post... Firearms are legitimized by the United States Constitution. Despite that, you see constant attempts to ban guns... Over and over again... So "legitimizing" in the way you mean will mean nothing. To me, legitimate is something of value in a free market.