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> Imagine when they can limit the trade of crypto to people who have certain ideas. You're referring to projects other than for example Bitcoin right? Since th

> Imagine when they can limit the trade of crypto to people who have certain ideas. You're referring to projects other than for example Bitcoin right? Since the whole purpose of Bitcoin is that it shouldn't be possible to control it centrally. Or are you saying Bitcoin will inevitably be controlled by a single entity? If that happens I expect its value to be zero.

mateuszf 4y ago
It seems to me that other cryptos or even CBDCs in the form of centralized databases will be used for that - to distract people from Bitcoin. Even Varoufakis understands that Bitcoin is good for the individuals, but not for the governments because it can't be controlled.
- armitron 4y ago
  He said Bitcoin is not good at the macro-level, where it has catastrophic effects for society at large. That's quite a long way from "good for the invidivuals, but not for the governments".
- espadrine 4y ago
  > Even Varoufakis understands that Bitcoin is good for the individuals He is not saying that. He states that individuals that own a lot of it are incentivized to like its fixed monetary policy, at the expense of the safety of the majority. > If you have gold, it is good for you if its supply is limited, fixed if possible. Same with Bitcoin, silver, dollars. (Nb. It is why the rich and powerful traditionally opposed expansionary monetary policy, crying ‘hyperinflation’ at the drop of a hat.) > A fixed money supply translates into a deflationary dynamic which, in a system prone to under-employing its people and under-investing in things society needs (i.e. capitalism), is a catastrophe in the making.
- lottin 4y ago
  You misunderstood everything Varoufakis said.
  - mateuszf 4y ago
    Nope, I think what he said and what he thinks are different things.
ChuckNorris89 4y ago
Bitcoin value is what it currently is because it's traded against fiat, so holders can cash it out for currency they can actually use to buy things the real world. If the world's biggest economies were to hypothetically legally ban crypto holding and exchanging for fiat, then bitcoin's value in relationships to fiat would tank overnight as it would become useless binary data nobody would want anymore.
- walkhour 4y ago
  Every asset would lose most of its value if it couldn't be exchanged for fiat. From gold to Google stocks. The intrinsic value of gold is negligible in comparison to its actual value. It would just be another rock.
  - ChuckNorris89 4y ago
    Except gold is not just a means of financial speculation, but it's also a precious metal highly sought after for it's uses in the electronics, medical, semiconductor, aerospace and other industries due to its very good electrical and thermal properties. Bitcoin on the other hand, if you were to remove its capability for financial speculation, then it would serve no other purpose and would just be some useless bits of data, just like NFTs.
    - walkhour 4y ago
      Note I acknowledge this in my previous comment by saying gold has intrinsic value. My point is that gold would still lose most of its value, since there's a highly speculative component to it.
      - ChuckNorris89 4y ago
        Agreed.
PKop 4y ago
The state could ban on/off ramps, and ban ownership of it like they did with gold in 1933. Certainly this would crash the price as most people wouldn't want to be involved with it and risk committing crimes. It probably wouldn't kill it, but it might kill demand for a while and in any case investing now with this potential outcome crashing price in future is a risk.

mateuszf 4y ago

It seems to me that other cryptos or even CBDCs in the form of centralized databases will be used for that - to distract people from Bitcoin. Even Varoufakis understands that Bitcoin is good for the individuals, but not for the governments because it can't be controlled.

armitron 4y ago
He said Bitcoin is not good at the macro-level, where it has catastrophic effects for society at large. That's quite a long way from "good for the invidivuals, but not for the governments".
espadrine 4y ago
> Even Varoufakis understands that Bitcoin is good for the individuals He is not saying that. He states that individuals that own a lot of it are incentivized to like its fixed monetary policy, at the expense of the safety of the majority. > If you have gold, it is good for you if its supply is limited, fixed if possible. Same with Bitcoin, silver, dollars. (Nb. It is why the rich and powerful traditionally opposed expansionary monetary policy, crying ‘hyperinflation’ at the drop of a hat.) > A fixed money supply translates into a deflationary dynamic which, in a system prone to under-employing its people and under-investing in things society needs (i.e. capitalism), is a catastrophe in the making.
lottin 4y ago
You misunderstood everything Varoufakis said.
- mateuszf 4y ago
  Nope, I think what he said and what he thinks are different things.

ChuckNorris89 4y ago

Bitcoin value is what it currently is because it's traded against fiat, so holders can cash it out for currency they can actually use to buy things the real world. If the world's biggest economies were to hypothetically legally ban crypto holding and exchanging for fiat, then bitcoin's value in relationships to fiat would tank overnight as it would become useless binary data nobody would want anymore.

walkhour 4y ago
Every asset would lose most of its value if it couldn't be exchanged for fiat. From gold to Google stocks. The intrinsic value of gold is negligible in comparison to its actual value. It would just be another rock.
- ChuckNorris89 4y ago
  Except gold is not just a means of financial speculation, but it's also a precious metal highly sought after for it's uses in the electronics, medical, semiconductor, aerospace and other industries due to its very good electrical and thermal properties. Bitcoin on the other hand, if you were to remove its capability for financial speculation, then it would serve no other purpose and would just be some useless bits of data, just like NFTs.
  - walkhour 4y ago
    Note I acknowledge this in my previous comment by saying gold has intrinsic value. My point is that gold would still lose most of its value, since there's a highly speculative component to it.
    - ChuckNorris89 4y ago
      Agreed.

PKop 4y ago

The state could ban on/off ramps, and ban ownership of it like they did with gold in 1933. Certainly this would crash the price as most people wouldn't want to be involved with it and risk committing crimes. It probably wouldn't kill it, but it might kill demand for a while and in any case investing now with this potential outcome crashing price in future is a risk.