China Bans Crypto ICO's

KVB · 09-04-17, 02:55 PM

The IRS has rules to treat it as an asset, not currency.

So "ban" is a strange choice of words.

We will likely see it illegal to buy and sell Gold, before it's illegal to buy and sell cryptos.

I think.

Sam Odom · 09-04-17, 03:04 PM

FEDs/US Marshall have btc auctions all the time as 'seized assets' like a boat ect

funnyb25 · 09-04-17, 03:11 PM

Ok, so we are good. We got Games

milwaukee mike · 09-04-17, 03:42 PM

Originally posted by KVB

The IRS has rules to treat it as an asset, not currency.

So "ban" is a strange choice of words.

We will likely see it illegal to buy and sell Gold, before it's illegal to buy and sell cryptos.

I think.

how could it be illegal to buy and sell gold? it's used in jewelry, teeth, cell phones, etc... unless it's going to be illegal to sell cell phones and rings

KVB · 09-04-17, 03:53 PM

Originally posted by milwaukee mike

how could it be illegal to buy and sell gold? it's used in jewelry, teeth, cell phones, etc... unless it's going to be illegal to sell cell phones and rings

The government can ban all trade in Gold.

In fact, they've done it before. From something like 1933 to the mid 1970's it was illegal to own bullion without a special license. Roosevelt issued an executive order banning the private ownership of gold.

Gold was seized.

That's how.

milwaukee mike · 09-04-17, 03:59 PM

Originally posted by KVB

The government can ban all trade in Gold.

In fact, they've done it before. From something like 1933 to the mid 1970's it was illegal to own bullion without a special license. Roosevelt issued an executive order banning the private ownership of gold.

Gold was seized.

That's how.

people voluntarily turned it in for dollars (at the time backed by gold) because they were stupid

but it was no more illegal to hold coins than sports betting is, or downloading songs on napster was

Foxx · 09-04-17, 03:59 PM

There is no reason they can't ban the use of crypto currency. I am sure they will do just that if it gets to a point that it becomes a big enough threat to the banking cartels and fiat currencies.

milwaukee mike · 09-04-17, 04:01 PM

Originally posted by Foxx

There is no reason they can't ban the use of crypto currency. I am sure they will do just that if it gets to a point that it becomes a big enough threat to the banking cartels and fiat currencies.

even if crypto's don't get banned, there's no way in heck that people are going to use 300 different crypto's 10 years from now.

fair value on all these $30 million ones is close to 0

KVB · 09-04-17, 04:02 PM

Originally posted by milwaukee mike

...but it was no more illegal to hold coins than sports betting is, or downloading songs on napster was

Correct. It was illegal.

milwaukee mike · 09-04-17, 04:42 PM

Originally posted by KVB

Correct. It was illegal.

ok you win

your original comment was that it was illegal to buy and sell gold... it wasn't illegal to give someone a gold tooth or sell them jewelry

but you win, i apologize

KVB · 09-04-17, 04:47 PM

It's not about winning bro, and I didn't win a thing; just throwing out some facts and history.

It's all good.

milwaukee mike · 09-04-17, 04:50 PM

Originally posted by KVB

It's not about winning bro, and I didn't win a thing; just throwing out some facts and history.

It's all good.

no worries, i was just joking around, hard to get the tone of a post sometimes

do you think ico's will be subject to penalty in the united states? it is an asset yes, but my feeling is that there are tons of consumer protection laws that are probably being violated by selling these things

then again juicero was able to get $120 million of funding for a $400 juicer that did nothing more than bare hands could do

KVB · 09-04-17, 05:13 PM

You say two interesting things. This could be so true...

Originally posted by milwaukee mike

even if crypto's don't get banned, there's no way in heck that people are going to use 300 different crypto's 10 years from now.

fair value on all these $30 million ones is close to 0

And then there's consumer protection. It will be interesting to see if it gets that far or if it stays similar to FDIC.

There's insurance, but you have to be in the right instrument. Maybe no protections for crypto users, to keep it at bay and less popular. If the consumer wants protection, don't use the Coin...lol.

I think conservatives would want to regulate, but when they get shut down it will be those same shut down liberals that will cry for more regulation as it gets popular.

Interesting thoughts on the future for sure.

milwaukee mike · 09-04-17, 05:56 PM

Originally posted by KVB

You say two interesting things. This could be so true...

And then there's consumer protection. It will be interesting to see if it gets that far or if it stays similar to FDIC.

There's insurance, but you have to be in the right instrument. Maybe no protections for crypto users, to keep it at bay and less popular. If the consumer wants protection, don't use the Coin...lol.

I think conservatives would want to regulate, but when they get shut down it will be those same shut down liberals that will cry for more regulation as it gets popular.

Interesting thoughts on the future for sure.

yeah usually the future ends up looking quite different than people think

by now we were supposed to be in flying cars or on hover boards... instead everyone still walks and drives, but stares at a cell phone most of the day... i think smart phones are the single worst thing ever pushed on humanity, physically/mentally harmful while making people selfish unhappy narcissists