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<p>[QUOTE="HawkeEye, post: 3055671, member: 86305"]Well when there is a loss on Bitcoin because of fraud or electronic fraud how do I contact "math" to get my money back. Math isn't currency.</p><p><br /></p><p>Let me stop by my local gas station or sandwich shop and try to pay with Bitcoin. The same millennial who cannot make change to a dollar in all likelihood cannot handle a fractional Bitcoin transaction. I understand the premise behind Bitcoin but I also believe if it begins to undermine the existing currencies then governments will step in to regulate it and perhaps even establish exchange rates.</p><p><br /></p><p>There is also an assumption made here that I often see coming from people who live in areas where the internet is always available. There are large swaths of the world (and US) where this isn't true.</p><p><br /></p><p>You only needed to watch about five minuets of the Zuck/Congressional hearings to understand the problem. Technology is rarely the issue, people are the problem. Once in control of data and the power it brings, politicians are rarely willing to relinquish that power. I really dislike government regulation, but regulation of banking and currency is a must to keep confidence in any country's economy.</p><p><br /></p><p>When the data gives unethical people like Zuck access to influence opinion or push sales they will fight for control. I have a long and deep understanding of the proper and improper use of technology and I stayed away from social media because I knew where the data collection was headed, and we are there.</p><p><br /></p><p>I believe there is an interesting clause in the Constitution that has not been challenged yet and it might prove to be interesting. Congress reserves the right to coin and print money, and to establish values. During the gold rush in the 1800's several people tried to create their own coins only to be shut down by the government. There is no prohibition against an individual making their own coins, but there is a problem when they work them into the legal tender status. I believe Congress will eventually fall back on this clause and regulate all crypto currencies and their popularity may prove to be their downfall. If they continue to exist in their current state then they will probably be in the securities world and not in the legal tender world.</p><p><br /></p><p>But just my take on it and there is still room for lots of opinions.[/QUOTE]</p><p><br /></p>
[QUOTE="HawkeEye, post: 3055671, member: 86305"]Well when there is a loss on Bitcoin because of fraud or electronic fraud how do I contact "math" to get my money back. Math isn't currency. Let me stop by my local gas station or sandwich shop and try to pay with Bitcoin. The same millennial who cannot make change to a dollar in all likelihood cannot handle a fractional Bitcoin transaction. I understand the premise behind Bitcoin but I also believe if it begins to undermine the existing currencies then governments will step in to regulate it and perhaps even establish exchange rates. There is also an assumption made here that I often see coming from people who live in areas where the internet is always available. There are large swaths of the world (and US) where this isn't true. You only needed to watch about five minuets of the Zuck/Congressional hearings to understand the problem. Technology is rarely the issue, people are the problem. Once in control of data and the power it brings, politicians are rarely willing to relinquish that power. I really dislike government regulation, but regulation of banking and currency is a must to keep confidence in any country's economy. When the data gives unethical people like Zuck access to influence opinion or push sales they will fight for control. I have a long and deep understanding of the proper and improper use of technology and I stayed away from social media because I knew where the data collection was headed, and we are there. I believe there is an interesting clause in the Constitution that has not been challenged yet and it might prove to be interesting. Congress reserves the right to coin and print money, and to establish values. During the gold rush in the 1800's several people tried to create their own coins only to be shut down by the government. There is no prohibition against an individual making their own coins, but there is a problem when they work them into the legal tender status. I believe Congress will eventually fall back on this clause and regulate all crypto currencies and their popularity may prove to be their downfall. If they continue to exist in their current state then they will probably be in the securities world and not in the legal tender world. But just my take on it and there is still room for lots of opinions.[/QUOTE]
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