HODL til 2024 Crypto Bull Run

[Gatordash]

Can the government track bitcoin yet? I feel like a large part of why its so valuable is its a currency that governments have trouble tracking and therefore taxing, but then when that whole gas pipeline thing came up a few months ago I thought they were able to figure out where the bitcoin ransom was going and recover a lot of it?

[Jibartik]

Originally Posted by Gatordash [You must be logged in to view images. Log in or Register.]

Can the government track bitcoin yet? I feel like a large part of why its so valuable is its a currency that governments have trouble tracking and therefore taxing, but then when that whole gas pipeline thing came up a few months ago I thought they were able to figure out where the bitcoin ransom was going and recover a lot of it?

It's actually trackable more than any other currency.. in order to make a transaction now the blockchain has to verify that. So you can look up every single transaction on the bitcoin chain.

Bitcoin didn't always work like this, but it does now. I dont know the details.. but basically, you cannot purchase or exchange bitcoin without the man knowing exactly which wallet when where and how much was transferred.

Because of my infatuation with the end of times, my crypto friends like to say that they think crypto is the mark of the beast, partly because it was initially invented by the NSA and that it's designed to be a 1 world currency where there would be no freedom. Under the disguise of freedom.

[Reiwa]

Originally Posted by Castle2.0 [You must be logged in to view images. Log in or Register.]

Bitcoin is a pyramid insomuch as anything that can increase in value through network effects is a pyramid. IOW, it's not.

You can think of BTC as digital gold and all other coins as unregulated stocks in fintech startups.

There are obvious "headless pyramids" like Doge, Shiba, etc. There are tech projects with a token looking to solve real problems, ETH, HNT, etc. Then you have BTC. It's just digital gold. It's the best money ever made. Period.

Looks like Castle is right again folks!

It's actually greater fool theory. [You must be logged in to view images. Log in or Register.]

Originally Posted by Gatordash [You must be logged in to view images. Log in or Register.]

Can the government track bitcoin yet? I feel like a large part of why its so valuable is its a currency that governments have trouble tracking and therefore taxing, but then when that whole gas pipeline thing came up a few months ago I thought they were able to figure out where the bitcoin ransom was going and recover a lot of it?

I think they said they were able to gank most of it back because one of the stealybois electrowallets was already compromised by them lol. [You must be logged in to view images. Log in or Register.]

[Jibartik]

I figure betting on bitcoin is a safe bet because if we live in a world where bitcoin is not able to continue doing its mission, then we will be living in a dystopia where you'll either be dead or in a foodline unless youre in the top 150,000,000

[bubur]

your face when blockchain is used to create the most dystopian, traceable, and controlled currency system ever known:
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[Jibartik]

Originally Posted by bubur [You must be logged in to view images. Log in or Register.]

your face when blockchain is used to create the most dystopian, traceable, and controlled currency system ever known:
[You must be logged in to view images. Log in or Register.]

[Castle2.0]

Originally Posted by bubur [You must be logged in to view images. Log in or Register.]

your face when blockchain is used to create the most dystopian, traceable, and controlled currency system ever known:
[You must be logged in to view images. Log in or Register.]

For the record:

Most people are dumb and don't understand (insert buzzword here)

Like most plebs, you don't understand blockchain. It's just a data structure. It's just one of a few items that make Bitcoin powerful.

Anyone who wants total control of something won't use blockchain as a data structure. It's highly inefficient. Just use a database. Oh wait, we already do that. Websites, games, every digital provider, Visa, etc... they all use databases.

You're just describing government fiat and adding in the big bad scary word you don't understand: "blockchain."

Any CBDC that is created, will not use the blockchain data structure in any meaningful way. Period.

If they do and take on all the negatives of blockchain with none of the positives (from the view of a single centrally controlling entity,) they will just be a less efficient form of doing the exact same thing but using a database.

[Castle2.0]

Somewhat helpful graphic on when to use blockchain. Notice question #3.

Going down means continuing on the path of "Maybe use blockchain."

Going right means "Don't use blockchain."

[Reiwa]

Originally Posted by Castle2.0 [You must be logged in to view images. Log in or Register.]

If they take all of blockchain will just be a less efficient form of doing the exact same thing but using a database.

QFT

[Jibartik]

Anyone who wants total control of something won't use blockchain as a data structure. It's highly inefficient. Just use a database. Oh wait, we already do that. Websites, games, every digital provider, Visa, etc... they all use databases.

The difference is I can take cash, and buy an army.

But you cannot withdraw bitcoin, and then exchange it, and have that bitcoin go anywhere ever, without knowing which wallet it went to.

So with bitcoin you can control every single penny of consumer spending, which you cannot do with fiat.

Weather you think the NSA crated bitcoin so that it could do that, is up to you.