IMF Issues Stark Warning Over Bitcoin And Crypto 'Rapid' Growth

[743 roadmasterParticipant]

https://www.forbes.com/sites/billybambrough/2018/10/09/imf-issues-stark-warning-over-bitcoin-and-crypto-rapid-growth/#40341d073544

The International Monetary Fund (IMF) has warned the “rapid growth” of bitcoin and cryptocurrency assets could create “new vulnerabilities in the international financial system,” as the world’s banks adjust to the recent bitcoin and blockchain boom.

Bitcoin and cryptocurrencies, including Ripple Lab’s XRP token, ethereum, litecoin, EOS, and stellar, are being examined by the traditional financial system to gauge how they might be integrated as both investment tools and ways to move money across borders more quickly and cheaply.

——————–The IMF will miss out on a cut in the action with crypto, but like all things computer hackers are the real problem. Until crypto’s mood swings come under control and more business need to start using I am staying away from it.

mgtow is its own worst enemy- https://www.campusreform.org/

[iMickey503Participant 12465]

Well. Its such a great way to pay people to get the job done. AND DONE RIGHT. That’s the best part. You can actually make sure the JOB is done that you asked for or the service you paid for. Its amazing really.

Truth is, many men have seen why Bitcoin and the like have so much pull. Why the Dark web has so much promise. And why the banks want in it so bad. But they can’t play since they can be taken out of the loop the SECOND there is a TRUST VIOLATION!

US bank for example is already put on the Block list. And so many others in Australia for not being worth a damn.

Of course they want in. But they f~~~ed up.

Hackers, whatever. Don’t put all your eggs in one basket. Just like in Mexico, you don’t f~~~ with the hand that feeds you. Its not a dish you want to have served cold.

What has happned overnight, is that many people who thought they had power all of a sudden have found themselves in a place where they are no longer willing to take the chance anymore.

You know the BEST part of this new golden “Dark” age? The very people they prayed upon are now using the same tools, and they are better at it.

THE IMF has seen what can happen when MONEY flows. Venezuela is one of those places. The turmoil has made MILLIONS. And each day, more men are seeing that the collapse was the golden goose they were always looking for.

If you know what you are doing. You are now just as powerful as those that have power. Scary times for the other side. Might be a good idea to play by the rules you set.

REJOICE MEN! The GOLDEN AGE of our FREEDOM is coming.

You are all alone. If you have been falsely accused of RAPE, DV, PLEASE let all men know about the people who did this. http://register-her.net/web/guest/home

[Sky-OParticipant 18936]

Governments fear crypto currency due to the fact that:

01: Transactions cannot be tracked

02: The funds cannot be taxed

03: Still no existing way to sieze funds to satisfy a court order

04: *It is essentially just as worthless as government fiat currency

Now, I know that #4 might shock some of you but that aspect of it cannot be denied. It is still worthless if/when the general consensus surrounding it’s ‘value’ decides to change.

But: That does not alter the first three points.

And if one factors in: That crypto cannot be tracked, taxed or siezed – Then, by default when that version of objectively worthless currency is put up against, worthless government fiat currency – Crypto will prevail.

But it will only prevail if it is sanctioned by government.

Since NO contract is legally binding in a US court of law if the specified payment is specified to be in the form of a crypto currency.

So if it survives as a means of exchange, it inherently can only do so while existing in the shadows.

[BeerParticipant 11832]

Sky-O wrote:

01: Transactions cannot be tracked

Its more traceable than a briefcase full of cash. The whole point of blockchain is that it records every transactions so nobody can cheat it.

http://bitcoin.guru/can-bitcoin-be-traced/

Sky-O wrote:

02: The funds cannot be taxed

To an extent…but with that being said, only because its relatively new. The government has since labeled cryptos as securities and intends to treat exchanges like stock brokers. Its a matter of time. Remember that thing about the blockchain keeping records of every transaction? Yeah, I’d hate to be someone that lied on my taxes for multiple years if/when the government decides they want to crack down harder on exchanges and start to look into some accounts that put in small amounts of cash and took out large amounts of cash.

Also if you aren’t doing things legally and aren’t paying taxes, but you also aren’t writing any losses off. Considering Bitcoin is down to about 1/4th of its peak value right now, there are a lot more losers than winners this year. Its a net win for the government to sit back and watch the s~~~ show the crypto market has been this year, if it looks like its going to turn around I’d expect them to re-double their efforts to regulate.

Sky-O wrote:

03: Still no existing way to sieze funds to satisfy a court order

Wrong. they’ve done it in the past. Why do you think the US government is one of the largest holders of Bitcoin? Go ahead and Google search for largest Bitcoin holders…you’ll find the US government showing up again and again on different lists, and the government isn’t running a mining operation.

http://time.com/money/5002207/richest-people-with-bitcoin/

https://www.ibtimes.com/worlds-biggest-bitcoin-wallet-owned-us-government-1514100

Sky-O wrote:

04: *It is essentially just as worthless as government fiat currency

Its more worthless. Its a “currency” nobody uses as a currency that is super volatile…it was pretty much just a flash in the pan pyramid scheme that is past its peak. Maybe it had some value for illegal transactions or was fun to get on the hype train when it was going crazy, but I’d suspect interest in that is even declining considering how much its dropped this year. If you sold a million dollars of some illegal product a month ago, 30% of your money is already gone due to the drop in Bitcoin.

[Gravel PitParticipant]

Banks
Governments
Corporations
Consumers

So where is all the REAL power? Corporations. They buy power.

Where does Corporation’s power come from? It’s ability to nickel and dime consumers, to become rich off our needs for oil, devices, food/water, protection and entertainment. They can afford to buy the Laws they need to stay in power. They buy Banks, They buy Government.

So what does this have to do with Crypto?

Crypto is beneficial to the interests of Consumers and Corporations alike! Crypto is unbanked. What’s yours is yours, not a bank’s. It moves fast and for nearly no cost. It can go anywhere. This makes it highly attractive to consumers. People have been getting dicked by banks for centuries…its time to unplug. Plus, all goods purchased with crypto will be cheaper. Small business people and merchants especially will want crypto because there are no pesky 3.5% credit card processing fees. Look it up, its a massive and corrupt system that rips people off. They are probably the ones BEARing the crypto market, trying to obliterate crypto before it takes over.

For corporations, its a mega win. They save at least 5% on their margins. That is HUGE. No more banker middlemen. No more cc processing companies ripping everyone off.

Governments dont give a s~~~ about crypto. They care about taxes. Crypto auditing and inventorying of business can become automated and that will ensure government is getting paid… Even when you buy a piece of bubble gum or a new car… it can all be worked out, likely easier than with fiat. The whole fiat banking system is antiquated, slow, and filled with frauds skimming the top. Government can’t tax cash it didn’t know changed hands. Now it can…

Tracking funds is difficult but still possible, besides cash wasn’t traceable either…

I think crypto will have a place in the future. Once this s~~~show economy goes south from failing birthrate and a bearish stock market… crypto will explode. The kinks are purely legal kinks that will be worked out culturally. the technology is already good enough to do what we need it to do. They need to finish projects like Cardano and release them.

Bitcoin can never be a currency like the dollar. One or many of the Alt coins will become the global currency. BTC will remain like a digital gold. Fiat will plunge…

ANYWAY … just opinion. For as much money as Mgtaoist has made in crypto, I lost… invest wisely, preferably at the bottom lol

[ObsidianDreParticipant 8]

https://cdn.technologyreview.com/i/images/digitalcurrencieschart_1.jpg?sw=2084&cx=0&cy=0&cw=2084&ch=2084

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