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It requires fiat banking less than you might think, depending on what you are doing and what jurisdiction you are in. I am in Argentina. I don't personally do i
by gomox 8y ago
It requires fiat banking less than you might think, depending on what you are doing and what jurisdiction you are in. I am in Argentina. I don't personally do it, but I know a lot of people that live on cryptocurrency salaries (not "crypto gains" but actual money paid to them periodically in a cryptocurrency).
I find your last statement extremely unlikely. I think Ethereum has a pretty solid utility story (and I'm definitely not putting Ethereum in the "bullshit utility" bucket). Making Ether a security would severely handicap the US as a jurisdiction for what could eventually be a huge new industry. If you look at the statements from the SEC and CFTC chairs in congress this is stated pretty openly.
I think a useful metaphor is to think of cryptocurrencies as the "Internet of money". Handicapping the Internet might have been possible before the Internet, but these days, people will find a way to operate businesses in new jurisdictions that are more friendly (because they will use the Internet to figure it out together). And crypto money might go to these jurisdictions just as fast, since it's not hampered by banking regulations.
With that being said, it's hard to figure out the outcomes of such a complex landscape with so many forces at play. But there's my alternate view for you to consider.
- pwaai 8y agoYou need fiat banking to cash in and cash out. You are at the mercy of the fiat banking stakeholders. You can create any crypto currency but if nobody can buy it with cash or sell it for cash, it's worthless. SEC has already announced they are looking at Ethereum as security, insiders have already sold according to rumours, because they are being targeted by the SEC- Turns out if you sell tokens with expectation of investment returns, you've entered the danger zone unwittingly. According to my sources, the SEC has Vitalik in crosshairs. He's fucked...but he doesn't know it yet
- gomox 8y agoI didn't make it explicit in my previous comment but in Argentina you don't need to use a bank to get your hands on physical cash for your cryptocurrencies, in the same way you don't need to go to a bank to buy US dollars with Argentinean pesos.
- AlexCoventry 8y ago> SEC has already announced they are looking at Ethereum as security, Got a cite?
- drexlspivey 8y agoYes I don’t think that’s accurate. The SEC chairman in a cnbc interview the other day said that bitcoin will count as a currency while ICO tokens as assets. When asked explicitly about ethereum he said roughly that they haven’t decided yet.
- erikpukinskis 8y agoYou don’t need fiat, you can sell your startup shares for AAA bonds, both denominated in ETH. Treat the bonds like a checking account. Technically you could buy coffee with a fractional share of a goat or similar. Once a critical mass of securities are tokenized, we enter essentially the “Infinite Currencies” phase of money where there’s no difference between assets and currencies in terms of ease of spending.