What would happen to bitcoin if the US released its own digital dollar?

gay

no need to fud while its dumping we can move back to fomo fren

notice you are unable to prove me wrong

imagine believing crypto is unregulated. This isn't pre '15. Even ICOs are regulated, even if they went down an unregulated route.

The only problem would be if they then decided BTC would be illegal to use. But, that seems unlikely for several reasons. 1. Trump has also reportedly stated that he doesn't want to crush emerging blockchain technology. 2. Many other countries (e.g. France) don't really mind cryptocurrencies. 3. They let it run too long. The time to crush BTC and throw all it's users in jail was 2011-2012. It has become pretty mainstream. Some politicians even own it.

let me try
BTC fundimentals
>It's a commodity
>Be your own bank

>commodity
>a useful or valuable thing.
you basically wrote that it's valuable because it's valuable, which is circular logic.

bitcoin is a new variation on ponzi schemes that replaced the central party with mining, nothing more.

Based on the ongoing trend of crypto dollarization it seems that everyone wants to hold $ in the form of stablecoins. I think if a digital dollar was launched it would do very well especially if it had some kind of decentralized mechanism running on open banking using link. The problem is you only really get one shot to put something like that out on the market. Libra was kneecapped before it even got the chance to make a splash. A digital dollar could do very fucking well in this market but I have no idea if they are ready to make this leap yet.

You do know that it is a commodity right?
Let me guess you don't know the reasons its a commodity.
>bitcoin is a new variation on ponzi schemes that replaced the central party with mining
So you don't understand debt, double entry bookkeeping, taxes, banking...ect?

>So you don't understand debt, double entry bookkeeping, taxes, banking...ect?
Social shaming is not an argument.

look it's very simple, bitcoin generates no profits and is not backed by anything. Any profit actually made on btc comes from someone else's loss. That's the exact same mechanism as a ponzi scheme. The only difference is rather than one central party keeping the books there's mining.

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>muh criminal activities
>muh drugs r ba'ad mkay
drumpf confirned for regurtintating establishment agenda bullshit rhetoric

You’re a fucking moron if you aren’t sure if BTC has any “fundamentals” 11 years after its inception. Fucking embarrassing.
>notice how you can’t answer
Google you fuck wit, nobody wants to engage in the obvious, especially with some pea brain

>made of thin air
oh, you meant like the monopoly TP printers that going bbbrrrrrrrr?

>if the US released its own digital dollar

they would have to create better online infrastructure for cryptocurrencies in general, which is something already being accomplished by the private sector. I think US Government interest in creating its own digital dollar would accelerate the pace of creating this cryptocurrency infrastructure tenfold

some sort of official US government exchange where cryptocurrencies can be bought, sold and traded for the US digital dollar would be cool

>Social shaming is not an argument.
You clearly are either trolling or don't understand.
Have a read of the below.
digitalcommons.law.msu.edu/cgi/viewcontent.cgi?article=1003&context=jbsl

bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy

let me know if you need any questions answered newfag

All that happened during 11 years of existence is that bitcoin holders lost between $30B-$40B.
medium.com/coinmonks/what-is-the-real-value-of-bitcoin-2c80c621568e
It's easily one of the biggest wealth destruction schemes in the world during the last few years (late 2017-now).
throwing random links rather than answering only shows you have no idea how to answer.

Nope, read the links, they contain actual knowledge. Something you are clearly lacking. I'm not wasting my time with someone that can't read a few pdfs. Stay dumb.

>he really doesn't know

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I need a lot more details before I will believe a "digital dollar" in the way it's being discussed is anything more than positioning with no substance (for any variety of reasons from the nefarious to the mundane). We already have "digital dollars" in our bank accounts, and most people have smart phones. So for instance, you could just have banks and payment processing point of sale companies adhere to a QR standard and give money to the best bid to manufacture new POS systems to work with the existing "digital dollars", right? Because a digital dollar from the government if it were a cryptocurrency approach would either see the banking industry massively reduced in influence, or if it were implemented as some kind of validator system that used banks as validators, that would just have problems with the current totally public nature of blockchain and it would also be very difficult to get it right in a way that didn't give a permanent advantage to big banks. So not really an improvement and basically guaranteed to fail with the current available technology because of the privacy issue, right? Maybe mixicles can solve this

>legal classification of bitcoin
unrelated
>explanation how money is
which if anything only shows how bitcoin is worthless and can't be money

as I wrote, you posted random links you don't even understand

nothing not the same market

if the us creates a real crypto where they can't just will-nilly issue new coins they shoot themselves in the leg fiscally.
if the us creates a real crypto dollar where they have no control over the transactions only the supply, then they hurt their own interest.
if the us creates a crypto that is completely centralized how is that different from the current system except less efficient and less private?

i just don't see this move offering any advantages to a state as powerful as the us.an alliance of poor and weak states trying to work around embargos? sure.

>unrelated
It shows how/why BTC is a commodity. What I said it was.
>which if anything only shows how bitcoin is worthless and can't be money
KEK, it shows how double entry bookkeeping issues new fiat. That all fiat is debt. Through that debt comes your subjugation. It shows how the current fiat ponzi works.
Check out 'the grace commission' also newfag. tell me how BTC is 'the exact same mechanism as a ponzi scheme'.

You are either trolling or blind, thus I can't waste any more time on you.

>That all fiat is debt.
that's literally what money is. Gold-backed money is another way of saying that the entity with gold is in debt to currency holders. The modern fiat money is superior, because it's backed by all goods and services in the entire economy, because taxes create debt on literally everything. No better money can exist, short of not using money altogether and trading directly in goods.

Bitcoin is created out of thin air and is completely unbacked. Not only is it unbacked, but the creation process is extremely expensive. It's a direct opposite of commodity money.
>tell me how BTC is 'the exact same mechanism as a ponzi scheme'.
By buying bitcoin, you are allowing some past buyer to cash out. The only way to cash out is to find a new buyer that's then in the exact same situation. Literally the only difference to older ponzi schemes is the replacement of a central party with mining.

>sure lets base our total economy on a shitcoin premined by god knows how many chink elites , iranians

This was the DEAD CAT bounce at 13K last summer..

ORANGE MAN WAS RIGHT!

Nothing, it would probably be beneficial to Bitcoin

If it's pre mined it's not the same as Bitcoin

>No better money can exist, short of not using money altogether and trading directly in goods.
this is true but retards will never get this

ponzi is a confidence scam tho what you are describing is true for any market from real estate to stocks. no bitcoin is not a ponzi.

and it's best property is it's unencumbered by any debt. as it is fully transacted in itself there is no underlying asset that you could separate from the security.

It will go up. That's exactly why bitcoin was made.

>he doesn’t know
m.youtube.com/watch?v=jfx7PnMtCeY

Bitcoin is backed by the global drug, weapon and child porn trade. BTC is the means of transfer, BTC is a store of value.

Get back to me when you can buy a fake identity, a gun and a bag of cocaine anonymously on the darknet using any form of fiat. And no government in the world can seize your funds.
The adoption of the smart contracts and oracles will make the whole thing trustless in the future.

Then there is tax evasion and scamming. You can take out a huge loan, convert your whole net worth into a stablecoin and laugh in the banks' and FBI faces, because they can't touch it.

Blockchain is freedom from any financial authority. That's why it's worth so much and will be worth even more.

based and checked, will make sure not to capitalize your assassination smart contract in the future

bitcoin will be just a collectible in the future. If you diagree with that your IQ ain´t too high. Btc is fundamentally flawed. It cannot work without block rewards

>if the US released its own digital dollar?
Most of fiat is already digital. More than 90% of the money in circulation is bits and bytes in the banks computers.
This is why they are so scared of bank runs. There is not enough physical dollars for everyone to withdraw.

Fiat isn't even worth the paper it isn't written on.

even more american currency expansion

Digital US currency is not a problem to crypto. If The united States goes papper-less, that's a bigger problem because now every transaction is known to have happened.

How are you suppose to trade something in secret when there is no physical currency?

>he only problem would be if they then decided BTC would be illegal to use
You're all so incredibly naive. Because this is EXACTLY what will happen.

>all crypto will be banned
>all encryption will be banned
>tor, vpn, and any project aiming at decentralized networking will be banned
>'Online-ID' will be necessary to access the web, which works by layers of biometric verification. (this can already be executed with any modern phone)

Also the ruling class is already in the process of abolishing cash and soon we'll have a China-like smart-grid in which all financial transactions are directly linked to you by state-issued verification. Even homeless people will have their own QR-codes to which you can transfer small amounts instead of flipping a coin in their hat.

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>real uses
>crypto

Imagine actually believing this

Moon

>bitcoin generates no profits and is not backed by anything
Same as literally any monetary system developed in human history. INB4 'MUH GOLD' because idgaf how much shiny stones you have in your pocket. IF ANYTHING one could argue that state-issued money is backed by violence, because states hold a monopoly on violence in the shitty society we've built and who would want to go up against an army of mentally challenged apes in costumes and their nuclear bombs?

>Blockchain is freedom from any financial authority. That's why it's worth so much and will be worth even more.
BASED
This was exactly the idea of blockchain technology. To give humanity means to escape from the concept of 'government' and to step towards an evolved societal form without ruling class, based on rational, empathy and science. Not some corrupt kingpin who owns and commands everything and can murder your whole family tree with the snap of a finger. Blockchain is the future, which is why it's a thorn in the eyes of the ruling class and they'll clamp down on it hard.

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>premined as fuck but with the same stock to flow and fundamentals

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I just realized that we all live in tax enclosures guarded by guns and bamboozled by suggested imagination We need to go back to the Rule of the People (democracy) and make our decisions in a Popular Peoples Congress like people did in coliseums in Greece

This is exactly why Bitcoin will become more attractive over time.
A lot of older Americans prefer cash. They know the USD has been garbage for half a century. Half their criticism of Bitcoin is the lack of an immediate, tangible, physical asset.
Cash is the biggest thing keeping USD alive. Take physical cash away and youre left with one of two options
>permanently enslave mankind
>finally rid the world of central banks
Every time mankind invents technology that can be used to rapidly elevate mankind, someone inevitably comes along and tries to enslave mankind with it.
>clocks
>industrial power
>radio telecom
>television
>computers
>the internet
>smartphones
Their biggest weapon against BTC and for FEDcoin is public perception.

This nigger’s lack of vision is exactly why you can get btc for cheap. This moment in time won’t last long - keep stacking while the tards are still struggling to see where this is headed.

It's called 'anarchy' bro. And yes, we need it desperately. The concept of 'government' and freedom are not compatible.
youtube.com/watch?v=7pxe4qwDwC4

Yes bro, but you forget one major thing in your equation: 'Governments' hold a monopoly on violence and they're not afraid of using it. When they say something is banned, you bet your ass 99% of people will drop it immediately, unless you're willing to face an army equipped with tanks, submarines and nuclear bombs to defend your bitcoins.

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They'd ban every other form of crypto and pay everyone out at the current rate. The entire world will use nothing but crypto at some point but the same people who control fiat will control that too. Bitcoin will never truly be worth anything other than what you can scrape off the top along the way.

Their violence on monopoly didnt stop people from buying weed, alcohol, hard drugs, automatic weapons, exotic animals, pirating software, going over the speed limit... it would make BTC cool to a wide array of thugs

All that aside, I'm convinced that any major crackdown from the US would invite an opposite and equally profound response from Russia and China.
They won't be able to help themselves from using BTC regulations as a bargaining chip against each other for geopolitical and economical influence.
Hopefully, their own arrogance will fall on them and set us free.

Money is already digital.

>Hopefully, their own arrogance will fall on them and set us free.
Let's hope so bro. Because I don't want to have children in a world where they get fingerprinted, scanned and everything monitored by a bunch of corrupt freaks with a power complex. I want to believe in humanity again. Maybe blockchain can help lead us there. Maybe it's just another controlled opposition to further enslave us. We'll see.

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>it's unbacked
>literally a shitton of electricity and hardware resources consumed to mine these little bastards
By your logic even contracts doesn't mean shit.