It is 2:22 PM
Q. Can you look into Bitcoins and tell us if the US government will at some point try to stop us citizens from owning or transacting in them? I know they must be worried about losing tax dollars and of course having a competing currency that they cannot manipulate......or can they?
A. Ok, what I get is that the government is not too interested in the bitcoin currency. What I hear in my head in regards to tax dollars is that the government is WAY more concerned with online transactions than they are with bitcoin,.. and here is why. There are a ton on online sales, and most people aren't paying tax on those purchases. Bitcoin is only as useful as the merchants that accept, them so in comparison there are way more people doing things online because of ease, comfortability and most all merchants internationally take online transactions.
I also don't see bitcoin as a longstanding currency, because the only value is being able to exchange with those that except bitcoin. Then I get an image of a coin machine in a game arcade- that coin is only valuable to the arcade that takes it or accepts it. You use real cash that is exchangeable everywhere to buy this limiting form of currency. It's value is not only not stable, but it isn't backed by anything hard such as gold, metals, diamonds, etc... It's true vale is just having someone else with the goods and services you want or need accepting this form of currency.
The government doesn't have faith this will uphold, therefore, I don't see them getting involved. Bitcoin is fairy new, and has a lot of proving to do before it be a substantial threat. The threat right now regarding lost revenue to the government are online sales.
I see them putting the "squeeze" on us like a loan shark on a movie would do. Once things crumble, I see the UN stepping in for a solution because the dollar isn't the stable back up form of currency it once was. And when that happens, China wants to come in with their new improved, backed by gold, currency and save the day. I do see the new currency as physical currency but will have an electronic twist, but ALL will be backed. The UN will be involved and facilitate the currency, but China will be the holder. It looks like the UN is the one in control, and they make the rules, but China is the one that holds the currency and does the administration of it.
And that is all I have for now. It is 2:56 PM. Thank you. Link to Audio.