RE: CRYPTO NEWS: Billionaire makes grim Bitcoin prediction and South Korea DOESN'T ban crypto trading
I am not particularly surprised that Warren Buffet does not believe in the blockchain tech and cryptocurrency. As far as he's concerned the entire technology, of which bitcoin is a product, is doomed to crash sooner than later. He has made this opinion clear on different occasions in the past.
Come to think of it, what do you expect from a man who made his wealth dealing in fiat money and also heavily in very physical, energy-sapping , manual activities. He cannot fathom the fact that money is ceasing to be physical and the process for making or creating wealth is fast becoming virtual. For centuries before he was born the manual system has existed and he is one of the people who have used it to their positive advantage. It is therefore understandable that he cannot fathom the miracle behind the how, why, and wherefores of the blockchain tech.
My advise to younger, especially yet-to-be rich people, is that they should for once not pay attention to the likes of Warren Buffet because he belongs to the dying generation. Blockchain tech is the future of the world.
While I agree with you, and Warren Buffet is an old dinosaur, I don't think its unreasonable to imagine a scenario where non-government backed crypto-currencies will come to a bad end. Blockchain will have far reaching consequences besides just money and finance anyway.
Can you not picture a future where governments make tokens of their own and issue them to the non-users now? How could today's projects compete with that kind of onboarding?
Additionally, a new IRS policy will be implemented in 2018. For tax purposes, any reception of cryptos for payments is a taxable event. The tax is proportional to the current value at the time. Therefore, not declaring your crypto as taxable income will now put you in jail. This is the evil empire pretty much pegging their awful currency to our beloved cryptos, and will likely be the largest hurdle of businesses accepting for payment.
Currency IMO is one of the lamest use cases of blockchain and I think the global blockchain revolution will have a lot more socially beneficial success with secure identity, communities, consensus, and voting.
IRS coin...for tax purposes..and I'm serious.
hahaha No
Sort of like Binance Coin and KuShares Coin? A reserve for the most feared agency in crypto. I'm not sure what the model would look like, but you might have a brilliant idea here...
True. Government will definitely not want to lose out in this new arrangement. Let's wait and see what the IRS review will look like, especially as it relates to cryptocurrency.
Well said friend.