European Central Bank says "cumbersome, slow and expensive" Bitcoin is on "road to irrelevance"

Revolution 11

Posts: 235   +329
If they remove the illegal KYC requirement when someone buys cryptos, then automatically fiat money is dead in the next 5 years. Nowhere are citizens required to send copies of their ID to purchase anything (especially text lines). It's against a whole bunch of laws (personal data, privacy of communications, freedom of market access, etc.). That's how "confident" they are.

They just want to collect taxes and interest for using a medium for the transactions even if there is a free alternative medium. It's like they demand to send your ID if you want to use free open source software that works perfectly to force you to use expensive commercial software with bugs.

If they dare let’s remove the illegal KYC requirement and will see… now if someone want accept payments in crypto it means that have to enforce his clients to send their id to buy crypto. It’s huge obstacle, but it will fall one day.

And then you will only need a non custodial wallet (like atomic wallet for example) and you will be free to own and handle all the types of crypto from one place.
What? KYC is a legal requirement, how in the world is that illegal? If a law demands some action, by definition, that action is NOT illegal.

Did you mean unconstitutional? I don't buy that either but at least you have some arguments you could make here.
 

EdmondRC

Posts: 447   +655
If the elites have their way, the street currency of the future is guns, ammo, food, clothing, and anything that helps people deal with the pain.
 

PEnnn

Posts: 1,010   +1,361
The crypto pushers and the scalpers are having a very bad reaction to this article.

As if that scam coin was ever really relevant to begin with.

Well, except to the crypto scammers, the drug cartels and one or 2 stupid 5th world countries trying to escape their creditors.

If those scammers still believe it is relevant, go ahead and bet your last penny on it instead of trying to convince other suckers!!
 

hwertz

Posts: 211   +123
What they seem to be inconveniently failing to mention is that the Euro, US Dollar, etc. are ALSO based on nothing, with nothing backing them (in so far as they are no longer have the gold standard or anything else specific actually backing these currencies, and they are free to print up more and more currency, which the US for one has definitely been doing.) Bitcoin at least has a strict limit on supply (scarcity). These groups also like to lump in bitcoin with the numerous (often scams) cryptocurrencies that may trade on a block chain, but are often just units that someone mass-produced in the hope to make a quick buck.

Note! I don't have any Bitcoin, I never have, and if I did buy/sell any I'd treat it like currency trading, not as some safe investment to do long-term investing in. Just pointing out, many of the criticisms the central banks have against crypto apply equally well to their own (as the crypto investors call them) "fiat currencies". Don't get me wrong, bitcoin *could* of course collapse, but so could the Euro or the USD (if those did, you won't see some "what's the USD worth?" value drop to 0, what you'll see is prices rapidly going up as the buying power of each Euro or USD drops off, a.k.a. hyperinflation.) Is that likely? Some of the economic policies taken by both the US and Eurozone, and the world bank, are troubling, but I doubt it's likely.

That said, I don't see Bitcoins dropping to 0 either, besides the bitcoin "true believers" and amateur investors (for lack of a word), there are now forex traders who are finding the foreign currencies too stable (profit is made by taking advantage of price fluctuations after all) and are investing and trading in a few of the largest crypto currencies *because* of the price instability; I think they alone may be enough to prop the price up now whether the banks want them to drop to 0 or not.
 

moral hazard

Posts: 38   +15
Crypto is crapto. I never understood it and was wanting to set aside time to learn it before investing. Guess that is one less thing I need to waste time doing...
 

Tran Bronstein

Posts: 9   +11
I am neither old nor an investor or a banker and I feel that Bitcoin is and always has been a worthless POS as is all cryptocurrency. It is quite literally just pretend money. the only people that have ever made a profit off of it is are those that convinced other stupid fools to part with REAL money in exchange for it. Anyone who ever got caught up in a cryptocurrency bankruptcy -- whether it be celebrity endorsers (Brady, David), so-called financial experts (O'Leary), and especially actual investors who put other people's money into crypto and then lost it (Ontario Teachers Pension Fund) should all be fired from their positions and then sued out of existence for their sheer stupidity.
 

Hodor

Posts: 418   +301
Here's an interesting article on the topic:


"...Central bankers and international corporate financiers have long been pretending to hate the very concept of cryptocurrencies like Bitcoin and Etherium while at the same time investing heavily in blockchain technologies and infrastructure..."
 

Karlos95

Posts: 303   +204
Yeah, true, at the moment we're living in a world that has created possibility of swapping virtual stuff (whether they are in-game items, fiat money, crypto, or whatever) for real stuff. Enabling rich people to get something for nothing, so to speak.

Clearly, it won't last long. Because reality always wins. Natural laws win every time. But while it lasts, why not use the Ponzi scheme to work for us, right?
Fiat money will turn mostly digital soon, with the help of WEF and China's platform of social credits. Going to be grim for those who aren't wealthy.
 

Karlos95

Posts: 303   +204
I am neither old nor an investor or a banker and I feel that Bitcoin is and always has been a worthless POS as is all cryptocurrency. It is quite literally just pretend money. the only people that have ever made a profit off of it is are those that convinced other stupid fools to part with REAL money in exchange for it. Anyone who ever got caught up in a cryptocurrency bankruptcy -- whether it be celebrity endorsers (Brady, David), so-called financial experts (O'Leary), and especially actual investors who put other people's money into crypto and then lost it (Ontario Teachers Pension Fund) should all be fired from their positions and then sued out of existence for their sheer stupidity.
Tell me you have no idea about your own financial system without telling me you have no idea about your own financial system.
What is REAL money? LOL it's just numbers worth a certain value to exchange for goods and services. Infinite of this REAL (fiat) money you speak of, only 21m coins of bitcoin. Guess which one holds more value right now.
 

ZedRM

Posts: 1,406   +987
Years ago? When the prices would go up 1000s of %'s? Ok mate, nice tale.
What's the excuse when it doubles and doubles again in the next few years?
The cryptocoin market has crashed 4 times in 10 years. You were saying?