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I think one of the major misconceptions about cryptocurrencies is that people will want to turn their coins back into fiat. There are billions being invested i
by kneel 9y ago
I think one of the major misconceptions about cryptocurrencies is that people will want to turn their coins back into fiat.
There are billions being invested into cryptocurrencies in a grassroots manner. This didn't happen because people love fiat. Their speculating on a future where fiat is a minority currency.
- AznHisoka 9y agoI know a few people who put a huge stash into crypto because they don’t want their spouses to know about their money when they get married.
- ridgeguy 9y agoThis is another attempt at security by obscurity. Like others, it doesn't work. Open source (this time in the form of full disclosure and a prenup agreement) is the way to go.
- cryptoz 9y agoWhy are they marrying someone who they don't trust? That sounds like an awful state of affairs and likely those marriages will not last. Don't most wedding vows include a line about being honest? Yikes to those marriages.
- AznHisoka 9y agoYes and no. emotionally, its a bad idea. Rationally, it probably isnt an awful idea to hedge against a marriage not working out
- cryptoz 9y ago> Rationally, it probably isnt an awful idea to hedge against a marriage not working out That doesn't make sense. Rationally, hiding that money in secret is a reason that the marriage won't work out. Hide that money, tell lies, be a scheming and awful person, and there will be a self-fulfilling prophesy of that marriage not working out.
- AznHisoka 9y agoThat may be true but most marriages don’t work out and they are not self-fulfilling prophecies.
- joeblow9999 9y agoWhile true, that's not really the point of the parent comment.
- deleted 9y ago[deleted]
- Feniks 9y agoYou can get married without sharing assets. In fact in my country this is now the default option. Everything you owned before marriage will remain yours.
- PeterisP 9y agoWell, eventually people will want to either turn them back into fiat or buy assets with it - otherwise, what's the point of having it? At that point, the anonymity starts to matter; it's just as with other kinds of money laundering - IRS doesn't really catch the source and storage of dirty cash, they get the people when they inevitably want to spend it.
- garmaine 9y agoBuying things directly with bitcoin.
- erentz 9y agoIn the US, buying anything with Bitcoin is a taxable event. You might get away with buying the odd coffee but I suspect buying large items like houses and cars will start to attract attention if you didn’t report the capital gains for it.
- kneel 9y agoFor now, the law is on a collision course with technology. Taxable events need to happen in fiat, there is too much incentive to obfuscate these events on blockchains. Transactions in cryptocurrencies will become increasingly hard to trace. I'm not sure governments know what they're up against.
- TeMPOraL 9y ago> I'm not sure governments know what they're up against. Oh, they know. Bunch of idealists who are also pretty bad programmers with delusions of understanding finance. Plus a lot of scammers, and even more gullible people who just want to get rich quickly. Nothing governments can't handle when they eventually start caring.
- kahnpro 9y agoYup. Everything old is new again. Governments aren't facing any new problems here... while crypto can be moved faster than cash, I suspect that in the end governments may end up with even tighter control of crypto than they ever had with cash.
- brucephillips 9y agoThey're speculating. That's about all you can say.
- giblaz 9y agoSome people have goals with their speculation. I assure you many of these people are gamblers, but there are plenty of reasonable folk in the space too. It's just you don't hear them beating the drum as loudly as the naive.
- mvindahl 9y agoEverytime someone trades fiat for cryptocurrency, someone else trades the same amount of cryptocurrency for fiat. Probably the first person thinks that fiat is overvalued, and maybe the second person thinks that the cryptocurrency is. The future will tell who is making the right bet. On a side note, I've noticed that a lot of crypto people are pretty obsessed with the USD value of whichever cryptos that they may own. "Make fun all you want, my ROI in 2017 was xx%". Well, good for you, and happy that we have now established that you still use real money to measure value, and that you are in it for the short term profit, not for some abstract, idealistic purpose.
- deleted 9y ago[deleted]