U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether

Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether by 21 on Tuesday January 30, 2018 @02:32PM (#16268210)

If you don't integrate with fiat, all you have is "mobile game gems" or "WoW gold".

Fiat is and always will be tightly monitored and controlled. If cryptos want to replace fiat, they will have to do the same.

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Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether by Crespyl on Tuesday January 30, 2018 @03:55PM (#16268942)

That's assuming you can't find anyone to trade goods and services for crypto directly.

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Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether by simias on Tuesday January 30, 2018 @04:12PM (#16269075)

Which just pushes the problem a little further away since eventually somebody will have to pay taxes in fiat so if your cryptocurrency is not convertible it's going to be a problem.

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Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether by rocqua on Tuesday January 30, 2018 @06:49PM (#16270188)

Originally, 'fiat' had the same link to gold as crypto has to fiat. True, for taxes fiat is needed, but it is possible to have a thriving economy without needing access to fiat.

The moment people can start to pay rent and groceries in crypto, it makes sense to accept crypto even if you can't turn it into fiat. As long as taxes are paid in fiat, you need some of it, but that wouldn't make crypto useless.

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Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether by realusername on Wednesday January 31, 2018 @01:49AM (#16272039)

You would also need crypto value to be much more stable for that to happen but I also agree with the idea.

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Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether by M2Ys4U on Tuesday January 30, 2018 @04:11PM (#16269060)

At which point _they_ will have to interface with the world of fiat, if for nothing else than to pay tax.

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