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

[Avro Arrow]

Yeah, let's NOT take the advice of a psychopathic billionaire. Anything that comes out of his mouth is only guaranteed to benefit HIM and nobody else.

I may not be sold on crypto-currencies yet but I sure as hell am NOT going to be swayed by Elon Musk's "opinion".

 

[Avro Arrow]

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.

They'll notice but as long as he makes sure that their campaign funds are well taken-care-of, it won't matter one bit.

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.

Sure, the USA's national debt is only $26.51 trillion. Reduce taxes across the board. That way infrastructure damage won't matter nor will climate change action because the US government will start defaulting on the national debt.

Here's a better idea. Don't let companies like Boeing, Amazon, Northrop, Lockheed, Raytheon, Wal-Mart and General Dynamics go entire years without paying any corporate taxes. Get rid of capital gains loopholes and tax them as income because that's what they are. Then MAYBE the US economy won't completely collapse under the weight of the national debt's interest payments.

At this point, cutting taxes will just guarantee that the US government ends up defaulting on its loans or is forced to inflate its currency to the point where it may be worth only 10¢. If it does that of course, it will no longer be used as the international currency standard and it's most likely that the Euro will be adopted. That will cause the USD to fall even further because without the gold-standard backing it, the USD is only as valuable as people think that it is. The USD as a currency will collapse and take the US economy with it.

What a great idea.

 

[tellmewhy]

They'll notice but as long as he makes sure that their campaign funds are well taken-care-of, it won't matter one bit.

Sure, the USA's national debt is only $26.51 trillion. Reduce taxes across the board. That way infrastructure damage won't matter nor will climate change action because the US government will start defaulting on the national debt.

Here's a better idea. Don't let companies like Boeing, Amazon, Northrop, Lockheed, Raytheon, Wal-Mart and General Dynamics go entire years without paying any corporate taxes. Get rid of capital gains loopholes and tax them as income because that's what they are. Then MAYBE the US economy won't completely collapse under the weight of the national debt's interest payments.

At this point, cutting taxes will just guarantee that the US government ends up defaulting on its loans or is forced to inflate its currency to the point where it may be worth only 10¢. If it does that of course, it will no longer be used as the international currency standard and it's most likely that the Euro will be adopted. That will cause the USD to fall even further because without the gold-standard backing it, the USD is only as valuable as people think that it is. The USD as a currency will collapse and take the US economy with it.

What a great idea.

There is no innovation without reward and without innovation the economy will stall… taxes are theft, they are illegal (no joking).

In modern society there is equality nobody (not even the government, they are there just to interpret and specialize the constitution by writing laws but the law still applies to them too) can take resources or assets from an other without his agreement. It’s so simple. If you go to court and tell to the judge I didn’t gave my agreement to the government to take my assets can you check the civil code and apply the law to the government, the civil law says that nobody can’t take resources from an other without his agreement and of course the civil law applies to the government too because there is equality. The fancy names doesn't change the essence,“taxes” are theft.

ps: more taxes or less taxes is about who is more efficient to owns the money there is no change in the whole sum of money which is in circulation and is equal with the national debt. Less taxes means less money to the public sector and more money to the private sector so that way it will be easier for the people to pay for their debt and that will decrease the inflation not the opposite.

 

[Avro Arrow]

There is no innovation without reward and without innovation the economy will stall… taxes are theft, they are illegal (no joking).

About innovation:

In modern society there is equality nobody (not even the government, they are there just to interpret and specialize the constitution by writing laws but the law still applies to them too) can take resources or assets from an other without his agreement. It’s so simple. If you go to court and tell to the judge I didn’t gave my agreement to the government to take my assets can you check the civil code and apply the law to the government, the civil law says that nobody can’t take resources from an other without his agreement and of course the civil law applies to the government too because there is equality. The fancy names doesn't change the essence,“taxes” are theft.

Maybe that's true in the USA but fortunately, it's not true in the rest of the NATO countries. In Canada, there is no way in hell that we'd accept a tax cut in lieu of our universal healthcare system. We've seen too many horror stories from south of the border to be swayed by snake-oil salesmen trying to convince us that it's better to have a healthcare industry than a healthcare system.

In Europe, the people are even more united with higher taxes and even better union representation. In France, when Macron tried to go against the will of the people, he didn't account for the fact that most labour in France is unionised and more than 2/3 of the country went on strike in retaliation. By not working, the government could collect zero tax and Macron was forced to back down.

Instead of whining like self-centred little babies about the strikes like people would in the USA and Canada, the French people showed solidarity with the strikers. Europeans have no problem paying more taxes as long as they get their money's worth and then some (and they do). As a result, they have almost no stress in their lives.

The key to happiness isn't the pursuit of more money, it's having less to worry about constantly on your mind. The proof of this is the international happiness index and the fact that people live longer than Americans in EVERY Western European country.

You can't argue with the numbers. The American worship of wealth and individualism is causing Americans to die earlier than the rest of us. What really boggles the mind is that the thing that's killing Americans off is the very thing that they refuse to let go of. The USA has gotten so bad that the average Cuban is expected to live longer than the average American. When the citizens of a country as poor and sanction-ravaged as Cuba are outliving the citizens of the "richest country in the world", that's downright pathetic.

The USA's life expectancy is ranked 46th in the world and you think that more of the same thing that keeps it so low would be a good idea? I don't:

Life Expectancy by Country and in the World (2024) - Worldometer

List of countries and dependencies in the world ranked by life expectancy at birth, both sexes, males and females. World Population Life Expectancy with historical chart

www.worldometers.info

 

[NightAntilli]

Interesting to see how many people suddenly don't want a free market, just because the word 'crypto' triggers them.

A practical question;
If a bank offers you a 1% interest rate, and crypto can offer you 10% interest rates on stable coins, while inflation is about 5% right now, why would you still use banks?

Whatever you think of Musk, he is 100% right. Crypto cannot be destroyed. It is here to stay. You can choose to embrace it and take advantage of it, or you can try and fight a losing battle. And make no mistake. It IS a losing battle. Why? Because the only way to kill crypto is to have a global dictatorship that erodes your basic rights. So either crypto succeeds, and you lost the battle to kill it, or crypto is killed by global oppression, and you still lost every basic human right.

 

[Danny101]

Like gold, crypto is mostly a store of wealth. Unlike gold, when the power goes out, crypto is worthless. To the buyer, beware. Physical wealth is king.