5 ms·

Hi, maybe you noticed already, but the world is bigger than US alone.

bb88 9y ago
So your snark aside, China and India have already banned BTC [1] [2]. That's over a third of the world [3] right there. [1] http://www.scmp.com/news/china/economy/article/2132119/beijing-bans-bitcoin-when-did-it-all-go-wrong-cryptocurrencies http://www.scmp.com/news/china/economy/article/2132119/beiji... [2] https://www.forbes.com/sites/kenrapoza/2018/04/05/good-luck-buying-bitcoin-in-india-as-central-banker-bans/#3021d8ec2996 https://www.forbes.com/sites/kenrapoza/2018/04/05/good-luck-... [3] https://en.wikipedia.org/wiki/World_population#/media/File:World_population_percentage.png https://en.wikipedia.org/wiki/World_population#/media/File:W...
- koonsolo 9y ago
  Sorry for the snark, it was a rough morning (which is no excuse). The BTC ban in China needs to be nuanced: 'While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same.' see https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country... India also doesn't seem to have a law in place to really ban it. Wikipedia has a nice map that shows only a few small states really banned bitcoin: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#/media/File:Legal_status_of_bitcoin.png https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country... I support the current stance of the US government on cryptocurrencies, because I think it's a sane way to approach this new technology, although there is a lot of speculation going on. I assume EU is going to have the same point of view more or less.
  - bb88 9y ago
    I'm quoting this from one of the articles I linked above in the gp: "With the announcement that it plans to block all websites related to cryptocurrency trading and initial coin offerings – including foreign platforms – Beijing has left no one in any doubt of its position on the highly volatile commodity." The Economic Times of India talks about banking regulations surrounding bitcoin [1]: "RBI, while announcing its first bi-monthly monetary policy for the FY 2018-19, has announced that any entity regulated by them such as banks, wallets etc. shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as bitcoins." If you're going to invest in BTC, you're most likely going to do it through your bank account. Banning banks from working with crytocurrency exchanges is a big step in that direction because it severely impacts your ability to participate in those exchanges. And that gets me back to the original point. A country just needs to attack the exchanges. BTC is only worth something if you can exchange it for something else. [1] https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/personal-finance...
    - koonsolo 9y ago
      > BTC is only worth something if you can exchange it for something else. This is not what you are claiming. You are claiming that BTC is only worth something if it can be exchanged for a local currency through financial institutions. If I can earn cryptocurrencies with my Twitch stream donations, and I can buy my drugs online, why wouldn't it have any value? That's what a currency is all about, isn't it? There is no (central) bank or financial institution involved, which is exactly what we are aiming at. > If you're going to invest in BTC, you're most likely going to do it through your bank account. The main idea of BTC is not as an investment. It's like saying companies are all about stocks and not about the value they produce.
      - bb88 9y ago
        > This is not what you are claiming. You are claiming that BTC is only worth something if it can be exchanged for a local currency through financial institutions. Nope. Look at the top of thread. I made it clear there. > If I can earn cryptocurrencies with my Twitch stream donations, and I can buy my drugs online, why wouldn't it have any value? When a casino changes out its chips, the old ones lose their value after a certain date. The casino will not exchange them for cash anymore, making the face value worthless. BTC is very much like a casino chip. It only has value because someone is willing to exchange it for currency. If the exchange goes away, the face value goes away.
        koonsolo 9y ago
        Exchanges came into existence because Bitcoin had value, not the other way around.
        bb88 9y ago
        Exchanges came into existence so Bitcoin could have value. Otherwise it's not worth anything more than an expired poker chip.

bb88 9y ago

So your snark aside, China and India have already banned BTC [1] [2]. That's over a third of the world [3] right there. [1] http://www.scmp.com/news/china/economy/article/2132119/beijing-bans-bitcoin-when-did-it-all-go-wrong-cryptocurrencies http://www.scmp.com/news/china/economy/article/2132119/beiji... [2] https://www.forbes.com/sites/kenrapoza/2018/04/05/good-luck-buying-bitcoin-in-india-as-central-banker-bans/#3021d8ec2996 https://www.forbes.com/sites/kenrapoza/2018/04/05/good-luck-... [3] https://en.wikipedia.org/wiki/World_population#/media/File:World_population_percentage.png https://en.wikipedia.org/wiki/World_population#/media/File:W...

koonsolo 9y ago
Sorry for the snark, it was a rough morning (which is no excuse). The BTC ban in China needs to be nuanced: 'While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same.' see https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country... India also doesn't seem to have a law in place to really ban it. Wikipedia has a nice map that shows only a few small states really banned bitcoin: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#/media/File:Legal_status_of_bitcoin.png https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country... I support the current stance of the US government on cryptocurrencies, because I think it's a sane way to approach this new technology, although there is a lot of speculation going on. I assume EU is going to have the same point of view more or less.
- bb88 9y ago
  I'm quoting this from one of the articles I linked above in the gp: "With the announcement that it plans to block all websites related to cryptocurrency trading and initial coin offerings – including foreign platforms – Beijing has left no one in any doubt of its position on the highly volatile commodity." The Economic Times of India talks about banking regulations surrounding bitcoin [1]: "RBI, while announcing its first bi-monthly monetary policy for the FY 2018-19, has announced that any entity regulated by them such as banks, wallets etc. shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as bitcoins." If you're going to invest in BTC, you're most likely going to do it through your bank account. Banning banks from working with crytocurrency exchanges is a big step in that direction because it severely impacts your ability to participate in those exchanges. And that gets me back to the original point. A country just needs to attack the exchanges. BTC is only worth something if you can exchange it for something else. [1] https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/personal-finance...
  - koonsolo 9y ago
    > BTC is only worth something if you can exchange it for something else. This is not what you are claiming. You are claiming that BTC is only worth something if it can be exchanged for a local currency through financial institutions. If I can earn cryptocurrencies with my Twitch stream donations, and I can buy my drugs online, why wouldn't it have any value? That's what a currency is all about, isn't it? There is no (central) bank or financial institution involved, which is exactly what we are aiming at. > If you're going to invest in BTC, you're most likely going to do it through your bank account. The main idea of BTC is not as an investment. It's like saying companies are all about stocks and not about the value they produce.
    - bb88 9y ago
      > This is not what you are claiming. You are claiming that BTC is only worth something if it can be exchanged for a local currency through financial institutions. Nope. Look at the top of thread. I made it clear there. > If I can earn cryptocurrencies with my Twitch stream donations, and I can buy my drugs online, why wouldn't it have any value? When a casino changes out its chips, the old ones lose their value after a certain date. The casino will not exchange them for cash anymore, making the face value worthless. BTC is very much like a casino chip. It only has value because someone is willing to exchange it for currency. If the exchange goes away, the face value goes away.
      - koonsolo 9y ago
        Exchanges came into existence because Bitcoin had value, not the other way around.
        bb88 9y ago
        Exchanges came into existence so Bitcoin could have value. Otherwise it's not worth anything more than an expired poker chip.