Bitcoin is a public ledger owned by no one. You can't "hide transactions". It is completely auditable by anyone at any time. Publicly traded companies are far more secretive about their transactions. I know that's not your argument, but it's important to make that clear. The psyop in the media that Bitcoin is used for illegal activities is ridiculous.

The upcoming Bitcoin ETFs that will be approved is a WILD turn for the future of finance. I'll never support BlackRock, but they have the right to buy the commodity like anyone else.
This will bring trillions to the network. Good or bad.
As long as the code doesn't change, it's fine.

If someone in Japan wants to speak English, they don't change how I speak English. They can't change the definitions of words. They just use the same protocol. Same with the Bitcoin protocol.

Is this a description of how a crime family can use bitcoin to hide wealth? [Referencing your other post that begins with the sentence: "Isn't that how we got our Constitution?" ?] Serious question, CaptainKirk. You haven't changed my thinking on bitcoin, but you are putting up very thoughtful posts.

I'd rather think of the US Constitution as a rational response created by a group of men who were no longer true believers in the Divine Right of Kings.

To get the gist of the rest of your post, if the Biden crime family wants to hide transactions, then don't use bitcoin. However, it's slowly being revealed banks can't hide transactions either if someone really wants to dig.

Read my other posts under this topic.

"Fiat is backed by nothing... BTC is backed by Source Code." Fiat is mainly backed by believers in the originator or guarantor and bitcoin is backed by believers as well. BTC source code is only as valuable as the believers make it. The idea of bitcoin will have value (as translated into USD or other currency) only as long as believers support it.

1) A limited amount of vaporware is still vaporware.
2) Just because it is difficult (or impossible) to fake this type of vaporware doesn't change the fact it is still vaporware.
3) Expending enormous amounts of energy to produce more vaporware in reality produces nothing.

I picked the historical tulip speculation that took place in Holland centuries ago because it illustrates the point of how far psychological hype can push speculation in an otherwise worthless endeavor. I am not the inventor of using the tulip for such illustration as I've seen it referenced throughout my lifetime by others writing about the psychology of speculation. Bitcoin is a modern day tulip. If I were 30 years younger I may get on board for a ride, but will be ready to get off at a moments notice. Interesting you have to use USD (or other world currency) to buy in and, presumably, you will expect more USD (or other world currency) to get out.

Well said Stormi

Bitcoin -anything that .. has a variable worth is not functional as a trade item.

It is true that Bitcoin varies with the usual currencies and with other measures of value. But which of them is 'correct'? They all vary compared with the others.

Hahahaha. "Those in charge".
Who's in charge of Bitcoin?

Bitcoin is trustless.

Sounds a bit like a used car saleman, trust us, it will be fine. You have no guarantee those in charge have any of the Objectivist value. It is like the Chase banker who tried to have me pull my stock for his management, until he admitted he was getting free money from the FED. and really did not need our money to lend, at which point I said, "we're done." Too many shady people out there willing to fleece you, too lttle recourse. It is obvious the panel did not fully unerstand what Rand was calling for, what Objectivism requires on an individual level from every person involved, and if this panel does not, how could the Bitcoin community? You mention elites, beind dependent on others being in the game, but they definitely do not share the same values, they are looters. We know it can crash. I would be more interested in electric from rocks and ley lines actually, at least it requires workmen and has a purpose.

Isn't that how we got our Constitution?
By true believers? Nothing else?
By those who saw from where tyranny comes?

Also, in todays world, think 2008, when Satoshi discovered that the BIG players had offshore (unnamed) accounts with VAST sums of money set aside that they pillaged from so many honest people.

And the idea hit... What if EVERY DOLLAR the government spent was serialized, and stored on a public block chain, so we could actually see...
[Money from USAID -> Ukraine -> SBF -> Pelosi/Romney, et al]

That was part of the vision. If every transaction is on the public blockchain, you can see EXACTLY who STOLE WHAT.

That's the real dream.
Now, I will settle for a version where the bankers can't just HIDE the Millions paid to BIDEN through shell companies. (Something you cannot do with BTC, btw).

It's NOT about BTC, per se. It's about the accountability, and the inability to print more, to benefit the few, to hide the stealing of wealth, and to stop the onslaught of inflation.

Huge Difference. Fiat is backed by nothing.

BTC is backed by Source Code.
An agreement that limits how many can be coined, and the process for coining them.
Hardly Fiat.

There is actually a semi-fair market place for determining the valuation. It is complex, and volatile. (especially with some heavy hands JPM manipulating it)

So, that's the facade that MUST be tested. The reality is that the rules live in the code. The code must be accepted and installed by the MAJORITY of the miners.
The current argument is that the US Miners + China Minders > 50% and they can control everything.

EXCEPT, it's still up to the individual miners. Those are MINING POOLS. Of which there are usually more than one, being rolled up. if the primary movers and shakers REFUSE the code changes (to protect the system), they simply disconnect from that pool, and join a pool in another country.
That's a problem that is solved in MINUTES to HOURS once the first ruling comes down.

When the court ruling says "ZooMiners" you as a company must implement this code change on all of your mining equipment. MOST of that is independent miners who can decide to pull their mining machines (ie, it is still decentralized).

I was in the process of joining a big pool. This was the first thing I wanted to make sure worked as expected. They cannot forcibly upgrade my mining rig. My rig, my code.

And the first time everyone jumps ship, turns their miners off, or joins another pool. Then the Judge has to issue a new judgement. And I would personally move to another pool, until they realize they now have to do this for 100 Mining Pools, then 1,000, etc.

No ONE country has enough power to do it. That's the key. Decentralization. And if one does, the rats will run.

Ask yourself. If you had a miner, and your choices were shut it down, or apply a code change that was corrupted... Even if it cost you $5,000 to shut it down, and you had say $100k of BTC... I am guessing you would shut down your miner, and move it elsewhere.

"I'll never sell my Bitcoin."

I don't understand this statement. Isn't the purpose of a currency to use it in trade - to "sell it" in trade for something you want or need?

Please explain how Bitcoin is fiat. I'll wait.

"...counterpoints to this topic have been exactly that." You have not shown that. Care to give it a go without the snark?

It's like trying to have a rational discussion with a used car salesman. Total waste of time.
Making the sale is the only goal. Facts are not allowed to interfere.
Twisting the conversation is the primary rule.
Your statements are ignored.
Repeating the same pitch over and over is the method regardless of
any rational statements that disagree

The point I'm trying to make is reread your post and replace "China" with any other country in the world that wants to control or have what you have - and they all do.

So you think that bitcoin will survive (and prosper) against the hand of government which will surely act against it for their survival ?

Apparently you're not paying attention to my posts as I've clearly stated Federal Reserve notes are fiat as is bitcoin. However, they are still a method of trade as long as their are sufficient believers that make it possible.

"I'll never sell my Bitcoin." - If it's worth anything when you pass, I'm sure your heirs (or the State) will appreciate the strategy.

What do you mean "sell Bitcoin"?
Honest discussion can not exist with blatant disregard for truth. The counterpoints to this topic have been exactly that.

You must have missed my post saying I didn't down vote, nor did I threaten to, because an honest discussion of bitcoin is certainly worthwhile. With that said, you apparently created this topic to sell bitcoin without debate or dissension or even honest discussion.

Yes. True. Banksters are going to be Banksters.
They will eliminate the competition... Even if that means
They pushed MILLIONS into it, in order to beat it up,
and prove it.

How many bank runs were FORCED in order to get the Federal Reserve Act passed?

This does not detract from what BTC is...
just how it is viewed by ignorant people.
And to make it a target of lawmakers.

BTW, there is a pending lawsuit, that could have a
forced "code change" that moves coins from one BTC
wallet to another...

If that happens. Then you are right. BTC is worthless.
Because it means they can control it.
They can steal it from you.

But that is not the fault of the current BTC design.
That would be the fault of the community for accepting such a ruling. I eagerly await this case.
When it FAILS (because companies will shut down instead of complying), then the price will skyrocket. Proving that it is beyond the reach of the court systems, or any SINGLE jurisdiction.

Why is BTC not a Tulip (bulb)?
1) The amount of possible BTC is limited (22mil)
2) Nobody can make or bring in other "FAKE" BTC and sell it to people because it looks/feels like the real thing.
3) You can MINE them, but that effectively costs a LOT of electricity. In fact, the mining "costs" of electricity are near the value of BTC by design of the algorithm.

It requires technology to transfer. And a bit of an education to use/understand.

But BTC has a BETTER value argument than the USD!
In fact, the USD is closer to a tulip bulb than BTC is. Because the USD is Fiat. it only has value because we price things in it, and we accept the non-stop inflation caused by relentless printing/devaluation.

The biggest challenge BTC will face... Is if everything were to be priced in BTC, as a replacement for the Dollar. 8 Decimal places to a satoshi is quite a "limit" on ALL assets in the world.

In fact, where the BRICS nations are going to find trouble creating their own "Gold Backed Security" to trade OIL... Is that the value of the OIL underground, compared to the amount of GOLD they will have to back their currency with, is a huge differential. It has been said that currently only the Dollar (depth of usage/availability) can cover that chasm.

Saylor calls it "Perfect Digital Property".
Compared to USD, Yuan, Ruble, Euro, or LAND in NY City...
I would rather have BTC. Especially if I was forced to hold it for 50 years. (Which asset would you prefer to hold, if you were forced to hold it for 50 years)?

China closed down Mining. Banned the IP Addresses. But those who had wallets that escape that regime... Can access their wallets/assets just fine.

On the other hand, try to access your Yuan once you get out?

China did NOT USURP private wallets, except at direct gunpoint (ie, they robbed the BTC people of their assets, and that is NOT the fault of BTC, but of the Government).

Current Banking is about Sanctioned Theft.
Yes, BTC has high fees, and other issues.
Much like our constitution... It lays down some laws, that are VERY VERY hard to change.
China cannot steal MY BTC.