It's amazing to me how many of you absolutely don't know what you're talking about or "think" you understand cryptocurrency - yet fail to understand REAL WORLD MONETARY POLICY.
It works like this:
#1 REAL WORLD MONETARY POLICY will never allow ANYTHING to compete with their stranglehold on "currency".
They (the governments) will use tax policy or flat out bans to ensure that crypto NEVER rises again like it did last year.
#2 Bitcoin and cryptocurrency are SPECULATIVE ASSETS. They don't stand on their own and never will. Their "value" is pegged to the value of the Dollar, the Yen, The Yuan, etc.
They simply do not stand on their own.
#3 People who still hold cryptocurrency are terrified to actually cash them in.
Number 1: cashing in makes them subject to capital gains tax.
Number 2: if they were to cash out at under $4000 and the **** ever rose again, they'd be screwed. Therefore, Bitcoin continues to hover around $3500 while all that ALT-coin garbage sits in the toilet.
Its amazing how much garbage you just spouted.
The whole idea of crypto currency - is a currency the world banks, crooked politicians, etc CANNOT manipulate.
Just like China trying to ban it - my wallet syncs just fine behind the great firewall I'll have you know. Further evidence of its continued use no matter what Beijing said.
Speculation is the last thing I care about for crypto - I see it as a vehicle to buy / pay for things without significant banking fees. If you WANT to speculate - fine, that is up to you, but just because I have cash, doesn't mean I am trying to trade currency markets.
As for their value being pegged to anything - are you for real? You can DESCRIBE its value in relation to ANY currency / number of donuts you like, but that doesn't mean its pegged to it, like the woeful Venezuelan currency.
The reason people are paying CGT on cashing in Crypto, is due to the fact that it hitting their bank accounts is likely the first the Revenue ever learns of this 'asset'. If you suddenly deposit cash into your account, that too will be subject to CGT. You can trade your crypto for goods / services, without it ever hitting your high street bank, as you can with cash. Another argument shot down.
Quote:
https://www.fxempire.com/education/...tries-issue-their-own-digital-currency-443966
"To date, countries that have issued their own cryptocurrencies include Ecuador, China, Senegal, Singapore, Tunisia, though these countries will not be standing alone for long with Estonia, Japan, Palestine, Russia and Sweden looking to launch their own national cryptocurrencies. Some of these countries are likely to take it a step further and replace paper tender altogether with China being one nation that is looking to take one step beyond a virtual and paper version.
Of the countries looking to introduce their own cryptocurrencies, the world’s largest economies could force the hands of smaller nations and we would expect momentum to build in the years ahead. Central banks now looking closely at the successes and constraints faced by those who have already stepped into the light, though only in early September, ECB President Draghi stated in a press conference that no member state of the Eurozone can introduce its own digital currency, with the currency of the Eurozone being the euro."
So your 'world bank powers' seem to be running scared in Europe.
Dry those tears - Have a rotten day!
