EU: Dystopia or Overreaction? Debating the Future Amidst Rising Concerns

[wellington]

Note the EU and the Fed both released papers this week basically saying the same

- Bitcoin should be banned because it stops them printing money as it’s an escape route

- Bitcoin is unfair because early buyers benefit from new buyers

They see two options

- tax it
- ban it

Taxing it = you’ll be legally required to provide details of your holdings

Banning it = will work because every nation currently debases in sync with the US to keep their exports attractive internationally as the currency items are priced in internationally is in $

But that tells you all you need to know

- they are desperate to control it due to debasement

- they are desperate to tax it because it keeps rising and people can loan against instead of selling

If they just tax it then it will continue to rise and crush them

If they ban it - somewhere will popup as a haven that has no exterior debt and enough of a market to absorb btc adoption internally but externally have easy enough access to $ for international trade

 

[Martin Everson]

They see two options

- tax it
- ban it

Prohibition is very unlikely as its unworkable. Just like hard drugs if there is demand it will still remain underground in circulation whether illegal or not.

Taxing it requires them to identify ones holdings. For those who self custody their crypto or even hold in cold storage it would be burdensome to detect.

There is no easy solution to the crypto question for EU or even US. In a dystopian world they can go all out to protect their financial systems but it would be a losing war. They are best to try and compete with their own solution and hope it is more popular

 

[sharklasers]

it stops them printing money as it’s an escape route

If my memory doesn't fail me, main purpose of bitcoin creation was protection of one's savings from money printing expropriation. And so far it seems to work just as intended.

 

[AlicaFunk]

Note the EU and the Fed both released papers this week basically saying the same

- Bitcoin should be banned because it stops them printing money as it’s an escape route

- Bitcoin is unfair because early buyers benefit from new buyers

where did you get that information from ?

 

[PassinBy]

We're trying to be simplified version of the USA.
We should be trying to be a refined version of Switzerland.

 

[PassinBy]

Or in Zoomer
Be brat Switzerland, not a demure USA.

 

[koohl]

EU: Dystopia or Overreaction?​

100% dystopia

We still have to learn and wait and see.