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Oops, that is the other one - "digital gold". The litecoin people really latched onto that one, declaring themselves to be silver. There was already a digital g
by tal8d 6y ago
Oops, that is the other one - "digital gold". The litecoin people really latched onto that one, declaring themselves to be silver. There was already a digital gold a few year before bitcoin (something about an eagle, or the Liberty Bell...), it was a gold backed paypal that was quickly destroyed by the feds. So no, bitcoin isn't "digital gold".
- machiaweliczny 6y agoAccording to Hayek fed wont ever allow such thing as long as they have power over it, so I'm not suprised. Maybe they don't have enough power over bitcoin?
- tal8d 6y agoThey definitely don't, and it is no accident that they've maintained a state of uncertainty. After the B-cash hardfork created a potential taxable event, the IRS refused to release any kind of guidance or warning for how they'd classify things - and there is a massive difference between short and long term capital gains tax. But they can't outright ban it, because development would continue outside the country. It would be a crippling self inflicted wound, because there will be a strong need in the near future for what bitcoin provides. In a world of autonomous software agents (short of self aware AI), meat space money won't work - due to clawbacks and human deceit. They'll eventually try a push for some kind of Fedcoin, but that will turn out the same way it did when the Canadians tried it. Until then they'll continue mounting their resistance at the fiat interface points.