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Ray Dalio says if bitcoin is really successful, regulators will ‘kill it’

Ray Dalio says if bitcoin is really successful, regulators will ‘kill it’



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37 Comments

  1. Boomers have form for making preposterous statements like this.

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    As Napster and file sharing began taking off, the music industry refused to adapt because physical CDs had such fat profit margins, and [one executive said the solution was to ban the internet.](https://www.theguardian.com/music/2019/may/31/napster-twenty-years-music-revolution) That was impossible, of course, and the big labels were shredded by internet technology.

    Blockbuster’s CEO repeatedly turned down opportunities to get into streaming and ever turned down Netflix, whislt doubling down on their brick-and-mortar stores. They made numerous overconfident statements about how people “love going to their stores” and that streaming would never replace the renting experience. Of course, they quickly went bankrupt.

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    Frankly, in my job I hear a lot of this type of people make simple, impossible statements with complete confidence, wearing the warm smile of someone who’s sure everything is gonna be ok. Unfortunately, reality catches up with them sooner or later.

    Why don’t we just stop tides by banning the moon, or achieve immortality by banning death?

  2. If the US passed some insane tax when cashing out for USD, something over 60% you can say they killed it theoretically.
    If the US says you cannot pay for goods or services with digital currency that isn’t their own, you can see they killed it.
    Will the BTC network be dead? Of course not, will BTC survive in other countries, of course. But you need to realize the US is corrupt AF and never let anything that’s good for their citizens prosper and thrive, especially at the detriment of their FIAT scam.
    I have a ok amount of BTC, a few dozen, less than 50 and I don’t want to sell, only time I’m selling is to buy a much larger home when we hit 6 digits. But if I have to pay 40-60% tax on that the luster and success of “early” adoption is “killed” in a way. Just my opinion. Don’t ever bet against how evil the US regulators can be.

  3. tldr; Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, believes regulators would ultimately take control of bitcoin if the cryptocurrency gains mainstream success. “I think at the end of the day if it’s really successful, they will kill it and they will try to kill it,” Dalio said. The crypto has more than quadrupled the last 12 months and was last around $47,500.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  4. From the article

    “I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin,” Dalio said. “It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time.”

    They focus in click baiting because that’s the way internet works.

  5. It shows
    1. he either doesn’t understand it or

    2 he absolutely gets it by way of saying he owns it but has no choice but to give that soundbite because of how much he has to lose by not appearing to be an ally to regulators

  6. Ray Dalio doesn’t understand that Bitcoin can’t be “killed”. At best you can hinder it in certain jurisdiction. But it’s unstoppable code, it will move to different algorithm/location/etc. if required.

  7. He’s wrong about Bitcoin being killed, but regulators absolutely can cripple adoption. The banning of fiat on-ramps alone is trivial yet would deter the average investor.

    I don’t think anyone is prepared for the anti-Bitcoin propaganda coming our way. Imagine what the response will be once adverserial states, terrorist groups, pedophile rings and other bad actors begin to adopt Bitcoin in earnest? Especially in an environment where the dollar is collapsing.

    Most people still ignore Bitcoin. They write it off as a scam or ponzi scheme that’ll soon crash to zero. But that narrative becomes less sustainable with each passing day that Bitcoin continues to survive. Once that narrative collapses and Bitcoin is finally taken seriously, we’ll be in for a real fight.

What do you think?

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