The US Will Not Ban Cryptocurrency

Discussion in 'Digital Currencies' started by hawkeye1, Apr 29, 2021.

  1. hawkeye1

    hawkeye1 Active Member

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    The US will not ban cryptocurrency for a great many reasons now.

    One of the primary reasons is because crypto, and more specifically Bitcoin, will drive Web 3.0. Bitcoin is not just a token, it is a network protocol, upon which a great deal of innovation can be driven. Around 1990 or so, another network protocol was created that ended up overthrowing a lot of entrenched interests at the time. That protocol was http, or the World Wide Web.

    Could you imagine if the US had banned http, where we would be today? The US would be in the relative dark ages, the Googles, Facebooks and Amazons of the world would have been created in Europe or elsewhere.

    This is the stark reality that the US faces and what many there in positions of political power already know.

    If the choice is letting the rest of the world drive the innovation and keep the US dollar, or let the US Dollar go and be at the forefront of this wave of innovation then the US will choose the latter.

    The USD's days as world reserve currency are numbered.
     
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Bitcoin =/ blockchain
    Please try again
    They don't have to ban it, they just have to regulate it and offer a competitor with more incentives and the proles will choose the victor.
     
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  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Soon to be replaced by Holy Shekels out of New Jerusalem
     
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  4. PMCollector

    PMCollector Well-Known Member

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    Of course they won't ban it, they will make it so you're less likely to wanna hold it, that's all...
     
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  5. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Nah. A centrally issued digital currency (such as what we currently have anyway) offers less incentive to users as a store of value/income generator. We'll use the government issued tokens to pay for stuff and convert into assets which we are already doing.

    The only thing I can think of is to jail people who hold cryptos which is really just banning them anyway, which we agree they won't do. What do you have in mind?
     
  6. Tokyo

    Tokyo Active Member

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    If they don’t like it just put a heavy tax on it, no need to ban and US dollar is here to stay.
     
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  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    A sales tax or a capital gains tax?
     
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  8. Tokyo

    Tokyo Active Member

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    I don’t know the plan but additional tax would work. If doesn’t want pay then they can be charged
     
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  9. 66rounds

    66rounds Well-Known Member Silver Stacker

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    All they have to do is call it apple bucks and the millennials will go wild. Tell them it'll automatically accrue a weekly bonus and they'll go even more wild.
     
  10. alor

    alor Well-Known Member Silver Stacker

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    they will ask you where that extra $1 came from, and you cheat on tax
    so penalty is HIGH
     
  11. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    I doubt that implementing both a huge sales tax or a CGT would impact buyers beyond having to pay more but get less. Wouldn't sales taxes paid on investments offset your tax liability? And as far as CGT goes my plan is to use my BTC as collateral for loans (if needed) and stake my Ether for passive income. Neither would trigger a CGT event.

    An unrealised CGT of course is another matter. But how can you debit someone's account (which is simply what a tax is) if there's nothing in the account to debit?
     
  12. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    A bonus if you hold it or spend it?

    So it'll be inflationary? I'll use my apple bucks to pay my bills and buy assets with what's left over which is exactly what's happening now.

    Short of jailing people they can't win.
     
  13. PMCollector

    PMCollector Well-Known Member

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    Hmm... to be honest I'm not sure, yeh they won't jail people who hold crypto but one thing's for sure they'll protect the USD till they can't anymore IMO, then it'll be interesting times for sure.
     
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  14. Tokyo

    Tokyo Active Member

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    Like I said i don’t know what plans and registration to come. Let’s see what happens.
    All I know is crypto got bullish Technical out look, bitcoin to 74/83k 3-6month correction to 38-42k then mega rally above 150k and 8-9k for ethereum after correction. ** Just my setup/idea not a trade recommendation**
     
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  15. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Yeh, so just FUD really. Still good to discuss because we can calm the FUD just by talking about it.
     
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  16. cascadia

    cascadia New Member

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    Since this is an Australia based web site, perhaps my input might help.
    For the past few years the IRS (our tax agency in the US) has a very specific question relating to crypto ownership. Capital gains are taxed, the same as Wall Street. If you think the US federal government is going to throw out a mammoth cash cow like crypto capital gains taxes, I want some of whatever your smoking!
     
  17. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    We were discussing the potential for the Feds to tax on unrealised capital gains.

    Furthermore taxes are not cash cows as they're not used to fund expenditure because both our Federal government and yours are not revenue constrained. Governments create tax obligations to promote certain values in society and to control the amount of currency in circulation in the real economy.
     
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  18. Jason1

    Jason1 Well-Known Member

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    they dont need to ban bitcoin, they just need that dipshit Elon to post a few more tweets about it
     
  19. cascadia

    cascadia New Member

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    That makes sense Silver Soul, thank you for correcting me
     
  20. hawkeye1

    hawkeye1 Active Member

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    He'll fall flat on his face at some point, like every other person that has tried to disrupt BTC. With Doge hyperinflating to infinity, there's no way it will hold it's value over any reasonable timeframe.
     

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