patrick.net

What's to keep the government from mandating all bitcoin be converted to whatever is the reserve currency of the day, be it some IMF bullshit Cryptozoic-currency,
or a US version, aka: FedCoin at a 1:1 conversion?

GlocknLoad says

What's to keep the government from mandating all bitcoin be converted to whatever is the reserve currency of the day, be it some IMF bullshit Cryptozoic-currency,
or a US version, aka: FedCoin at a 1:1 conversion?

Bigger risk is they shut down exchanges in a coordinated effort across 1st world countries. Could BTC exist after something like that? Sure. Why would anyone trust it though if the likes of the USA and EU made a coordinated effort? Trust is going to be the biggest downfall of all crypto. Mt Gox already shows you that exchanges are not secure. There's nothing to stop an exchange employee from stealing your crypto. It's not insured.

Fact is most BTC buyers are putting in maybe $500-5,000. Then you have a few whales and institutional people that could coordinate a sell off with no legal repercussions. It's a penny stock with a laughable valuation because 98% of buyers are not getting an entire "coin" when they buy. They're essentially buying pennies worth. But when people see the "value" is $30k+ they think they're rich on a 33% gain on a $500 buy in. Layer on it's not regulated outside of the IRS wanting its cut, it's not a sound investment at all. It's a trading vehicle. A penny stock pump and dump. It's as obvious as water being wet.

I bought my wife a pair of diamond earrings recently. For all practical purposes they are worthless. They do nothing of real value, and only hold value because other people place a large dollar value on them. --- Women still like them better than bitcoin though.