Reply to post: Re: I'm not surprised

Euro banks warned off Bitcoin as Canada regulates it

Neal Palmquist

Re: I'm not surprised

When you are talking about banks that are regulated by socialist governments, the risk would be that the individual bank has stepped out of bounds after all these thinly veiled threats from regulators. Right or wrong, the salivating socialist government now would have the reason it needs to come in and pick all the meat off the bones with fines, effectively confiscating the wealth to become property of the state.

Another risk is how would you carry a pint of water across a distance? Would you use a pail? Or would you use a sieve that needs a source constantly poured into it to prevent it from drying up? If you can move the sieve to it's destination faster than it runs out, you would never notice the difference. But a pail can preserve the contents for as slowly as you want to take your time. Bitcoin is a live grenade that can devastate your wealth at any time. And since vendors cannot afford to lose their merchandise, you will notice they only accept Bitcoin under condition that it can be immediately sold for the cash required to finance your purchase.

The value of Bitcoin lies not in the USD price of Bitcoin, but in the vendors who want to keep and hold them instead of throwing them back onto the next fool who is waiting with cash at the exchange. Therefore, Bitcoin has no value.

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