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"it allows to emancipate yourself completely from financial institution" No, it means trusting Bitcoin exchanges in addition to your bank, because at the end o

"it allows to emancipate yourself completely from financial institution" No, it means trusting Bitcoin exchanges in addition to your bank, because at the end of the day you still need to at least get enough money to pay your taxes. So until you live under a government that recognizes Bitcoin as money, you still need to cash out at least sometimes. Even if you somehow have no taxes to pay, you still need to do business with people who do, and they are either going to demand the government's money or they are going to take the relative value of Bitcoin to that money into account when setting prices. You seem to underestimate the power of governments, especially when it comes to money. Governments tend to enforce laws dealing with taxes and debts, and those are the laws that give fiat currency its value. "Japan...is the first big country to have a pro-cryptocurrency attitude" Ironically, Japan is also the source of the clearest example of the role of debt laws in determining the value of money: https://qz.com/1003609/bitcoins-soaring-price-means-mt-gox-could-pay-its-debts-and-drw-wants-to-help/ https://qz.com/1003609/bitcoins-soaring-price-means-mt-gox-c... TLDR: MtGox is paying its creditors in Yen, despite having lost their BTC, because of the debt laws in Japan.

okxyd 9y ago
Right now you have to cash out but the endgame is to not have to, just like in the early 00s it was a hassle to buy something online and doing your taxes or accessing government services was science fiction while now you can almost live alone without ever going out of your home required you have an internet access because even the grocery store can be visited by internet. But sure, the governments as today can easily cripple cryptocurrencies if they decide to and I'm not underestimating their power but as I said there is a competition between states, if my country adopts a hostile behavior toward cryptocurrencies then I'm pretty sure another country with a more lenient attitude will be happy to welcome my capital and workforce (not really a new concept, it was already like that with huguenots 400 years ago and it weakened badly the top dog that France while boosting immensely second or third ranked powers like England and Prussia). I think the leaders in first world countries already understood that, that's why the general attitude is to say "it's none of our business" right now, especially in places like Europe or Japan which kind of missed the first wave of the "third industrial revolution" like internet is called by regulating too much or having a top-down approach to develop the sector and in result got crushed by the USA. In short: ban cryptos at your own risk.

okxyd 9y ago

Right now you have to cash out but the endgame is to not have to, just like in the early 00s it was a hassle to buy something online and doing your taxes or accessing government services was science fiction while now you can almost live alone without ever going out of your home required you have an internet access because even the grocery store can be visited by internet. But sure, the governments as today can easily cripple cryptocurrencies if they decide to and I'm not underestimating their power but as I said there is a competition between states, if my country adopts a hostile behavior toward cryptocurrencies then I'm pretty sure another country with a more lenient attitude will be happy to welcome my capital and workforce (not really a new concept, it was already like that with huguenots 400 years ago and it weakened badly the top dog that France while boosting immensely second or third ranked powers like England and Prussia). I think the leaders in first world countries already understood that, that's why the general attitude is to say "it's none of our business" right now, especially in places like Europe or Japan which kind of missed the first wave of the "third industrial revolution" like internet is called by regulating too much or having a top-down approach to develop the sector and in result got crushed by the USA. In short: ban cryptos at your own risk.