Quote: (09-30-2016 01:01 PM)The Beast1 Wrote:
I don't need any evidence, it's clear as day.
Bitcoin offers private citizens an easy means to shuffle cash around capital controls and outside traditional financial channels. This is a problem for central planners.
We're enjoying easy convertibility right now , but it isn't far fetched to believe that world governments will restrict or severely limit the convertibility of coins into currency in the near future.
They've already done it in mainland Europe with precious metals dealers (albeit with poor results)
http://www.thenewamerican.com/world-news...-in-europe
It isn't far off to assume cryptocurrencies are being looked at too.
What good will your coins be if you can't convert them into currency to buy food or worse pay taxes if it's impossible to easily convert them?
If you want to protect your wealth do what the real wealthy do: buy precious metals, land, buy things of value that you can hold in your hands. At least you can barter these away and even under the table if need be.
You can't barter electronic bits. You also can't use bitcoins if a government decides you can't convert them to cash.
Edit: Here's a list of countries that have banned bitcoin (obviously with varying levels of success).
https://www.cryptocoinsnews.com/top-10-c...in-banned/
When things start getting worse (which they will) you can bet that they will be actively chasing down people who use these markets. China in particular I can see putting a clamp down on exchanges of all kinds if their economy starts acting up.
I agree that the central bankers of the world - if they don't already - will come to view bitcoin as a threat, similar to gold.
I will also agree with your recommendation to buy tangible things as a store of value. Depending on where you live, I'd put guns and ammo pretty high on that list as well.
I suppose that living in the U.S. (which has thus far been rather favorable to the development of bitcoin) combined with my expectation of a Trump presidency has me fairly confident that bitcoin won't be attacked here any time soon. Trump has purposefully distanced himself from Wall Street, and we just saw during Monday's debate that he is no fan of the Fed. I don't see a Trump administration posing much of a threat to bitcoin or other cryptocurrencies.
(If Hillary wins, that's a different story - I'd probably start selling some of the coins and converting those profits into gold.)
So if I'm right, and the bitcoin sphere (at least here in the U.S.) remains a safe investment, then my argument stands: you're much better off investing in a digital gold than keeping your wealth in fiat dollars in a bank.