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Cryptocurrencies are a new asset class, it doesn't really make sense to compare them to other assets. Right now it's mostly used for drugs and money laundering
by kneel 9y ago
Cryptocurrencies are a new asset class, it doesn't really make sense to compare them to other assets.
Right now it's mostly used for drugs and money laundering, things which most people aren't interested in.
Eventually there will be a use case for bitcoin that will make a lot more sense than fiat, until then people will continue to be puzzled with cryptocurrencies.
- will_brown 9y ago>Cryptocurrencies are a new asset class, it doesn't really make sense to compare them to other assets. Tell that to the IRS who treats them as property for purposes of taxation, that’s right all these college students will owe up to 40% on their trades and will owe regular income tax for coins earned mining. I wonder how many college kids know this, or will actually pay taxes...will bitcoin still be cool when the IRS audits them? Also the SEC has their own opinion of cryptocurrencies being securities.
- kneel 9y agoYou're acting as if it's trivial to track how this money is moving around. They're called cryptocurrencies for a reason.
- will_brown 9y ago“Cryptocurrency” is a marketing term for what is really just a time stamp on a distributed ledger. Not only is it easy to track movement on these distributed ledgers, the vast majority of wallets are on exchanges like Coinbase that comply with KYC laws and directly hand over account information to the IRS.
- kneel 9y agoYou can track movement on the ledger but you don't really know who is who once you get two hops from an exchange. It's pretty simple to hide your tracks, especially if you're not concerned with moving back into fiat. As adoption continues tracking will become murkier.