Elon Musk says it isn't possible to 'destroy' crypto, only slow it down

[Polycount]

In context: Whenever the price of cryptocurrencies like Bitcoin or Etherium happens to tank, some swear such currencies are doomed to fail. Those beliefs were lent credence recently when China banned the sale of all crypto mining and trading outright—a huge blow for decentralized coins. However, despite these setbacks, Tesla CEO Elon Musk believes crypto is here to stay.

More specifically, he thinks "it is not possible" to destroy cryptocurrencies in the first place, as much as countries like China might like to. Ban them or don't: so long as the world has flawed financial systems, there will be those that seek alternatives. In the case of cryptocurrency, Musk believes the benefits are too significant to ignore. They act as a check to the power of large (especially authoritarian) governments and have the potential to reduce "error and latency" when compared to "legacy" money systems.

While Musk believes cryptos' benefits and widespread adoption make it difficult for governments to eliminate them, he acknowledges that they can certainly slow its progression, as China has done. Preventing your citizens from legally acquiring and trading crypto coins is a surefire way to dampen its spread, but due to the anonymity, many cryptos offer traders—provided trading is performed outside of mainstream platforms like Coinbase—it will be nearly impossible to fully stamp it out.

Musk seems cognizant of this fact. When asked whether the US government should interfere with the growth of cryptocurrencies through federal regulations, Musk simply advised country leaders to "do nothing."

Of course, Musk's pro-crypto words are nothing new. The billionaire has long been a booster of cryptocurrencies, particularly Dogecoin and Bitcoin. Indeed, Tesla announced earlier this year that it had, as of February, purchased a whopping $1.5 billion in BTC; due to Musk's urging, undoubtedly.

It will be interesting to see how the crypto space evolves in the coming years. Though prices are low for the time being, they'll likely bounce back eventually. Either way, you can be sure we'll keep you in the loop as time goes on.

Permalink to story.

https://www.techspot.com/news/91509-elon-musk-isnt-possible-destroy-crypto-only-slow.html

 

[m4a4]

Whenever the price of cryptocurrencies like Bitcoin or Etherium happens to tank, some swear such currencies are doomed to fail.

TS certainly has it's fair share of these people lol

 

[VitalyT]

The same can be said about heroin market, doesn't mean it isn't worth pursuing vigorously. Financial fraud can be just as contagious, perhaps even more so.

And since there is a rumor going on about an impending market crisis in October, I take it Musk is back into pumping mode, so he can unload his holdings of Bitcoin before the next collapse.

 

[MaitieS]

So he can abuse it. What a clown.

 

[wiyosaya]

Governments will take notice if people use it to avoid taxes. If enough governments outlaw it, the fad will disappear.

As I see it, Musky is trying to influence the crapto market again. Sooner or later, governments will take notice of that, too.

 

[Achaios]

So far, Crypto appears to rub Uncle Sam on the correct side.

So long Uncle Sam approves, Crypto will be around.

 

[yRaz]

Banning crypto will be as effective as banning drugs. Not saying that's a good thing, just the facts

 

[dthesleepless]

Here, fixed that for you:

"Notorious Cryptocurrency Manipulator Wants Cryptocurrency to Stay Unregulated"

 

[kiwigraeme]

Banning crypto will be as effective as banning drugs. Not saying that's a good thing, just the facts

Really??? - if you can't cash out to money - how long will cashing out to pumpkin patch dolls work?
Plus how will you buy it - even harder - what with dodgy paypal transactions- that can be rebuked - with stolen credit cards ???
least I can give someone a foot massage for my daily coffee dose - will my PC cycles paid for it?

Crypto is sold as - they guy in the street can use it - well if they have to jump hoops .

It will get banned as you are buying Carbon debits - unless something , something, something about proof of state ( apparently does need world to burn )

 

[yRaz]

Really??? - if you can't cash out to money - how long will cashing out to pumpkin patch dolls work?
Plus how will you buy it - even harder - what with dodgy paypal transactions- that can be rebuked - with stolen credit cards ???
least I can give someone a foot massage for my daily coffee dose - will my PC cycles paid for it?

Crypto is sold as - they guy in the street can use it - well if they have to jump hoops .

It will get banned as you are buying Carbon debits - unless something , something, something about proof of state ( apparently does need world to burn )

If you buy coke, how long will Coke have value? Coke does everything from creating tons of CO2 and creating environmental damage. Please, tell me how the link between "free money" from drug sales is any different from "free money" from crypto sales

 

[tellmewhy]

Governments will take notice if people use it to avoid taxes. If enough governments outlaw it, the fad will disappear.

As I see it, Musky is trying to influence the crapto market again. Sooner or later, governments will take notice of that, too.

Taxes means to remove resources from someone via force(nobody pays taxes in a volunteer base), that's the definition of theft.

The democratic government can’t regulate the exchanges of goods and can’t put taxes on them too if the exchanges are direct, it’s basic human right.

You have the freedom to exchange potatoes for eggs direct, if you don’t use money there is no space for “taxes”.

You have the freedom to send an email (text message) with a series of random characters to someone and ask him to do something if he agree. If you don’t use money there is no space for taxes and of course it’s not illegal to send messages with series of random characters to others.

A theoretical law which will ban or regulate those it will be against the constitution. It doesn't matter if they don’t like it or like it, they can’t regulate it. The only way to regulate it is by reducing taxes and the demand for securities and interests on dept.

 

[Aryassen]

Taxes means to remove resources from someone via force(nobody pays taxes in a volunteer base), that's the definition of theft.

The democratic government can’t regulate the exchanges of goods and can’t put taxes on them too if the exchanges are direct, it’s basic human right.

You have the freedom to exchange potatoes for eggs direct, if you don’t use money there is no space for “taxes”.

You have the freedom to send an email (text message) with a series of random characters to someone and ask him to do something if he agree. If you don’t use money there is no space for taxes and of course it’s not illegal to send messages with series of random characters to others.

A theoretical law which will ban or regulate those it will be against the constitution. It doesn't matter if they don’t like it or like it, they can’t regulate it. The only way to regulate it is by reducing taxes and the demand for securities and interests on dept.

With respect, I disagree.
1) Collecting taxes are not equal to theft: in my opinion, it is more like a contract between you and the government, and when you pay taxes, you receive (or at least can expect to receive...) certain services. You expect it, you can prepare for it, you get someting in return. In case of theft, you can't plan ahead, and you most certainly don't get anything in return.

Bonus: if you don't like paying taxes, you have the choice not to. If you don't like the rules, you have the choice just to leave society behind, and start living off on your own (in most, civilised parts of the world, anyway). In case of theft, the choice is taken from you (along with the stolen goods)

2) People paid taxes even when currency was not around (usually 1/10th of goods grown or created....then another 10th for the church...collected only once a year if you are lucky). In the CURRENT system it is not a practice, because it is not needed: it is much more convenient to collect "cash". I think it is unrealisitc to expect regulators to be THAT stupid, and not finding a way around collecting what they deem necessary if a currency based model is not viable.

Everyone defending cryptos preach it is uncrackable. Well, all I say to that: it was created by humans, so if there is a strong enough motivation, I think (all of a sudden) there will be a way.

3) I don't think banning crypto is against the constitution, but I'm not a legal person specialised in constitutional law (which is a minefield anyway, to put it mildly). The very least the government can do - as Musk admitted - is to slow it down (both spread and use). Very much. So much so indeed, that it can make it not worth the effort. Then it will remain what it is currently: a highly speculative, high risk investment class with extreme volatility, at the blurry edge of the financial system.

 

[Aryassen]

The same can be said about heroin market, doesn't mean it isn't worth pursuing vigorously. Financial fraud can be just as contagious, perhaps even more so.

And since there is a rumor going on about an impending market crisis in October, I take it Musk is back into pumping mode, so he can unload his holdings of Bitcoin before the next collapse.

I agree: though I respect the man (doesn't mean I agree with everything he does, far from it...but I do respect him), I also think this statement is highly manipulative and one-sided, which, knowing how much interest he has in crypto, makes it look suspicious the very least.

 

[tellmewhy]

With respect, I disagree.
1) Collecting taxes are not equal to theft: in my opinion, it is more like a contract between you and the government, and when you pay taxes, you receive (or at least can expect to receive...) certain services. You expect it, you can prepare for it, you get someting in return. In case of theft, you can't plan ahead, and you most certainly don't get anything in return.

Bonus: if you don't like paying taxes, you have the choice not to. If you don't like the rules, you have the choice just to leave society behind, and start living off on your own (in most, civilised parts of the world, anyway). In case of theft, the choice is taken from you (along with the stolen goods)

2) People paid taxes even when currency was not around (usually 1/10th of goods grown or created....then another 10th for the church...collected only once a year if you are lucky). In the CURRENT system it is not a practice, because it is not needed: it is much more convenient to collect "cash". I think it is unrealisitc to expect regulators to be THAT stupid, and not finding a way around collecting what they deem necessary if a currency based model is not viable.

Everyone defending cryptos preach it is uncrackable. Well, all I say to that: it was created by humans, so if there is a strong enough motivation, I think (all of a sudden) there will be a way.

3) I don't think banning crypto is against the constitution, but I'm not a legal person specialised in constitutional law (which is a minefield anyway, to put it mildly). The very least the government can do - as Musk admitted - is to slow it down (both spread and use). Very much. So much so indeed, that it can make it not worth the effort. Then it will remain what it is currently: a highly speculative, high risk investment class with extreme volatility, at the blurry edge of the financial system.

With respect too.
The constitution is declared in the name of people and it is the base over the people establish their civilization in an area. The government are just people who produce compatible laws which specialize the constitution. They don’t write laws about what they want, not even what they think it’s the best but ONLY about what is compatible with the constitution. That’s why if a law isn’t compatible with the constitution has no power and it’s canceled.

Collecting taxes via force and over 50% (40% in the income +20% vat + other taxes on properties, on deaths and all around) it’s against the constitution because the constitution protects the property(which over taxation destroys), the personality (which over taxation doesn’t allow to evolve), the well being etc. If they take you 60+% of your total income that means that you will work 60+% more on your life time. So without taxes you will work 20years with taxes you will work 45 years for be in the same, that's huge violation. And we didn't include the cost of dept interests which they add to all of that.

So if people (which they have the power because the constitution is declared on their name) decide that they don’t like taxes and interest and want use bitcoin for their exchanges they have the freedom to do it and nobody can tell them to leave the country (that would be direct against the constitution). If government sets taxes around 10% and the banks interests around 1% the people will have less motivation to turn to cryptos. But if they think that they are a monopoly and they can set the prices for money high they receive the answer from the competition of the cryptos.

Competition is a good thing, it’s that what makes the society to evolve.

And of course nobody have sign any contract with the government, they gave them direct order via their vote to interpret and specialize the constitution by producing compatible laws. That means that they can't make wealth redistribution.

 

[Dimitriid]

The same can be said about heroin market, doesn't mean it isn't worth pursuing vigorously. Financial fraud can be just as contagious, perhaps even more so.

And since there is a rumor going on about an impending market crisis in October, I take it Musk is back into pumping mode, so he can unload his holdings of Bitcoin before the next collapse.

I really like this analogy because that's kind of the part none of the tech bros are saying out loud: Musk is perfectly fine with sharing a money network with drug cartels, Somali pirates, death squads, etc. Of course they don't want governments to step in and stop crypto (hint: they totally could) because they don't want people to be widely aware of their bed buddies in this crypto world.

 

[zulu53]

Really??? - if you can't cash out to money - how long will cashing out to pumpkin patch dolls work?
Plus how will you buy it - even harder - what with dodgy paypal transactions- that can be rebuked - with stolen credit cards ???
least I can give someone a foot massage for my daily coffee dose - will my PC cycles paid for it?

Crypto is sold as - they guy in the street can use it - well if they have to jump hoops .

It will get banned as you are buying Carbon debits - unless something , something, something about proof of state ( apparently does need world to burn )

Crypto is a form of money, why its called currency. US Dollar bills are another form of money. Yes, the long term objective of crypto is to get it to microtransactions like buying coffee.

 

[tellmewhy]

I really like this analogy because that's kind of the part none of the tech bros are saying out loud: Musk is perfectly fine with sharing a money network with drug cartels, Somali pirates, death squads, etc. Of course they don't want governments to step in and stop crypto (hint: they totally could) because they don't want people to be widely aware of their bed buddies in this crypto world.

Drug cartels (there is a demand for drugs they don't exist in void) and somali pirates (they are just fancy tax collectors) are around 1000-2000 people in total they are not enough to establish an ecosystem.

And of course those people they can use cash money too.

Drug dealers and pirates were exist and before cryptos which are only few years old, what do you think they was using if not cash?

 

[emmzo]

"It cannot be destroyed" says Musk..., hmm, that means there is a way to be destroyed and he knows it.

 

[zulu53]

So he can abuse it. What a clown.

What abuse? Is it his fault that other people drive up or down the value of this currency based on his explanation of the meaning of currency in general and the need for crypo to balance the government manipulation of the value their favorite currency. Its their ignorance of the subject that drives the ups and downs not his comments. Its that human weakness - always blame the messenger for the message.

 

[captaincranky]

Taxes means to remove resources from someone via force(nobody pays taxes in a volunteer base), that's the definition of theft.

That's exactly the mentality / justification that the whiter supremacists use to march around in the woods, pretending to be a "malitia", erstwhile claiming they have a separate country, so they don't have to pay federal income taxes.

But, beings as the tax code is rigged so that the rich, and uber rich, don't have to pay taxes at all, I feel their pain.,

 

[VaRmeNsI]

Taxation is theft by definition, it's the forceful and involuntary taking of one's assets.

 

[zulu53]

"It cannot be destroyed" says Musk..., hmm, that means there is a way to be destroyed and he knows it.

Of course there is a way, and it is well documented in the high school subject called History is the South African school system of which he was part. Its the rejection of technology by a vocal ignorant population that is part of the fall of civilizations, leading to dark ages. He is hoping that our generation of humans are past the point where we let such a group gain control. So he is hoping it cannot be destroyed.

 

[zulu53]

Taxation is theft by definition, it's the forceful and involuntary taking of one's assets.

Its not involuntary. The population voted for it, they volunteered to support it. Its not theft either by definition since it is the payment part of an agreed contract for services. The people agreed to pay an agreed amount for agreed services.

 

[Dimitriid]

Drug cartels (there is a demand for drugs they don't exist in void) and somali pirates (they are just fancy tax collectors) are around 1000-2000 people in total they are not enough to establish an ecosystem.

And of course those people they can use cash money too.

Drug dealers and pirates were exist and before cryptos which are only few years old, what do you think they was using if not cash?

Again: just because they existed before cryptos does that means that we should not care at all that we basically gave them a fool proof, super efficient and super profitable way to launder as much money as they want?

Sure people launder money through regular banks using regular currency but we at least can *try* to trace it back and denounce banks and people doing it but in typical libertarian fashion, you're just advocating "We're never getting rid of them so we might as well ENABLE AND ENCOURAGE THEM"

 

[VaRmeNsI]

Its not involuntary. The population voted for it, they volunteered to support it. Its not theft either by definition since it is the payment part of an agreed contract for services. The people agreed to pay an agreed amount for agreed services.

Voting doesn't change the definition of the act, nor make it acceptable.