I understand what you're saying, but I don't agree because I don't think the FED will agree. I remember learning about how in NY back in the day, you had to buy protection from the mob if you didn't want your store to run into trouble. Apparently they had ways of making sure everyone bought the protection from them. Maybe they don't so much care about the price of some crypto asset if the economy is doing great. But when things go south, I have no doubt they will do whatever is necessary to bring calm back to the system if that asset interferes with their plans.
Noah, the DAE (Digital Assets Ecosystem) is a global market, so it really doesn't matter what the heavy jackboots in the US do. If they ban it or try to heavily regulate it, the rest of the world will just laugh and run with the DAE even harder. Thanks for the money and massive head start USA! Now, you go back to arguing about men being able to use the ladies loo and we'll take over your number 1 spot even quicker than we thought. All a ban/oppressive regulation will do is ban the country from the DAE (or much of it) and that will go down as THE most ill-informed and stupid economic decision of all time. As stupid as the US political class is, I highly doubt it's that stupid. --------------------------------------------------------------------------------------------------- On anothor point, this is an email I just sent to my brother who works for an asset management company in Hong Kong. ----------------------------------------------------------------------------------------------- If you’re looking to change your job, and I don’t know, just port your experience and contacts into the crypto/DeFi market. Forget about the prices of things for a moment, the whole sector is starting to go parabolic re innovation, M&A buying spree, development, entrepreneurship and on and on. Wall Street has been slow to catch on, it’s only been nibbling at the edges, but that I think is about to change. They can now firmly see where the action is. Many of their current markets are slowly dying (fixed income etc), and the smart ones can see the writing on the wall. So for the next few years Legacy finance is going to go massive into crypto in general, and I mean massive. They don’t really have a choice. This is the main reason why Ethereum has been on a tear this year. Bitcoin is the savings technology, the Gold/financial backbone, and now it looks like Ethereum is going to be the main foundation of the Digital Assets Ecosystem (DAE). The DAE is where the action is going to be, in fact it’s where the action is right now, growing at 100%s a year and it’s coming after legacy finance. Both of course can co-exist, and will co-exist, but legacy finance can’t grow much because it’s massively grown over the last 50 years, but a) DeFi can grow massively, and b) is coming after a lot of the legacy business like Packman, yum yum…
1. Many brokers have been hacked in the past and Bitcoin is almost at all-time highs. Broker hacks of the past won't really happen in the future because the crypto brokers have THE best tech security in the business. Also, 90%-95% of the coins held are in deep storage so few are at risk, and of those, many brokers insure against hacks. The reason they can insure is because the insurance companies writing the policies have delved very very deep into the brokers security protocols and are happy to assume the risk. Or to put it another way, the brokers security is designed by real pros and run by them. 2. If you think Satoshi selling his coins will be the end of Bitcoin you need your head examined. Sure, it might create some selling, maybe even a dump (I don't know why though). Bitcoin will shrug off any Satoshi selling like it's shrugged off all of the problems in the past. If the success or failure of Bitcon relies on whether Satoshi sells or doesn't sell his coins then Bitcoin might as well be at $1 today. You might want to take that bet, but millions are betting the other way. 3. As for banks 'not getting involved' in the space because the bogeyman might be lurking somewhere - they DON'T HAVE A CHOICE. Get involved in the DAE or you WILL fade into irrelevance. I'm so confident of this that within 12 months, EVERY major US bank will have setup DAE desks, DAE strategy teams, DAE everything etc. Citi, those scamming pricks at Wells Fargo, Bank of America, all of them...
For all you Tether Truthers, this guy really marks your cards. Remember that stupid post from a few months back when the guy was 'shocked' about Tether and what it was doing? The article shreds it. As the author rightly points out - you all want Tether and Bitcoin to be a scam/ponzi because you're scared of opening your minds... In effect and deep down you know you're wrong (and you know that we know that you know you're wrong) but are lashing out against yourselves so the ill-informed ponzi/scam label is a way to cope. Or to put another way, you've been captured by your emotions... https://omid-malekan.medium.com/why-so-many-people-really-want-tether-to-be-a-fraud-1d1d2f66a71f
@johnarb you've got to be the humblest guy on ET to continue a conversation with @NoahA the poster child of Dunning Kruger.
Thank-you for your detailed reply. You make excellent points, and I don't doubt the world is going DAE. But I just don't believe that the system will escape the grasp of the FED and big banks. The idea that the entire financial system running on a decentralized blockchain I can only see if there is a collapse of the US dollar. It will be a very ugly transition.
Don't understand your problems here. Keep your Bitcoin on exchange, e.g Coinbase, regulated, trades in US. Steps: 1. Create account. 2. Do KYC 3. Buy BTC 4. Loose your password to Coinbase. Your BTC is not lost. Recover your password with Coinbase and access your BTC. What you're describing is a scenario of managing your own BTC wallet and printing your keys on paper, which is not required to have exposure to BTC at all. And to add some spice on it: if you keep cash at home, you can loose your money too: stolen, fire, etc...