View single post by srossi
 Posted: Tue Nov 14th, 2017 02:07 am
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srossi

 

Joined: Sun Oct 14th, 2007
Location: New York USA
Posts: 56305
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Mana: 
tamalie wrote: The negative perception that I've seen about Bitcoin, valid or not, stems either from it being an unregulated house of cards that could/will collapse at any moment and render its utilizers out tons of real dough and/or it is a way for criminal types to move around and launder ill gotten gains.
This is indeed the perception that the mainstream media tries to push, and I find it pretty laughable. 

On the first point, anyone who was in the stock market or was involved on a run on a bank knows that anything can collapse at any time.  The stock market and the way the Fed manipulates currency is certainly as shady as anything happening with Bitcoin.  The difference is whether the government is doing it or individual investors are doing it.

The second point is typical scare-mongering about supporting terrorism, child exploitation, drugs, etc.  All the stuff that's used as an excuse for everything.  Bitcoin was the method of payment on the Dark Web for buying drugs, guns, etc. but I'd estimate less than 3% of people who currently are into Bitcoin have any idea about this.  I can also tell you that the exchanges are now heavily regulated and follow KYC (Know Your Customer), so to get approved for my account I had to scan my passport.  I didn't even have to do that the first time I opened a brokerage account in the '90s.  There is no anonymity anymore, at least not unless you're really technologically savvy and know some tricks, but that can be said for anything.  At this point you can't even hide your gains from the IRS much less buy something illegal without any trail.   



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