Blockchain and Cryptocurrencies Message Board

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Strategies & Market Trends : Blockchain and Cryptocurrencies

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To: Glenn Petersen who wrote (4951)	9/10/2022 12:30:51 PM
From: Elroy	Read Replies (1) of 7621

Government regulation will bestow legitimacy to cryptocurrencies as an asset class / medium of exchange, no different than gold, silver or fine art. Yes, I agree. I don't see the benefit of a government bestowing legitimacy on Bitcoin when Bitcoin will contribute to fiat inflation, and it doesn't accomplish much of anything other than being a successful Ponzi scheme. -Bitcoin's price appreciation contributes to inflation -Bitcoin's price apprecation I'm sure has convinced lots of working age people to not work, and instead just live off of their Bitcoin profits -Bitcoin's ability to exist outside the tax system and financial system contibutes to tax avoidance and financial crimes There is not much good that Bitcoin does, other than make a certain lucky few quite wealthy. I think the long term value of Bitcoin is exactly zero, so US government resources would be better utilized pushing Bitcoin toward zero rather than legitimizing it.

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