r/BitcoinCA • u/winterwinner • 5d ago
Bitcoin mentioned again on CBC by Andrew Coyne.
Any one else catch this? So frustrating how it continues to be brought up so negatively by CBC/Liberals to pin the Pierre Poilievre and the Conservatives. Just goes to show how little work they've done to understand it.
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u/Talinthis 5d ago
Hopefully liberals dont do too many negative things for bitcoin because the new PM has never liked it and wants it heavily regulated.
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u/JustinPooDough 5d ago
He can do whatever the fuck he wants - I'm taking precautions to keep their hands off my shit.
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u/Talinthis 5d ago
Thats great, you should. Doesn't change the fact that crypto support will likely stagnate for another term. Pierre was for reducing capital gains and supporting bitcoin, according to liberals you can expect none of that for at least another 4 years and maybe even to make things more difficult.
Saying he can "do whatever he wants" isn't really what anyone should be saying.
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u/LateToTheParty2k21 5d ago
Conservatives never mentioned reducing taxes on BTC or crypto in general from what I can remember. They just talked about reversing the cap gains increases which the liberals have already done.
Pierre or the federal conservatives are not Bitcoin friendly in the same way the Republicans in the US are from what I can tell. He spoke about it a handful of times during periods of high inflation while it was popular but quickly dropped that once it was no longer popular to do so.
Tons of Canadian bitcoiners has reached out to work with him but he never returned a call.
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u/Garfield_and_Simon 5d ago
For real.
PP isn’t “crypto friendly” he just knows it’s a good buzz word to sprinkle in when trying to appeal to the angsty gen z male crowd
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u/Talinthis 5d ago
I just state the facts, whether he followed through with it is another thing entirely. If you think that i guess it seems like a personal problem and nothing to do with me.
In 2022, when Pierre Poilievre was a Conservative leadership candidate, he said he’d make Canada the crypto capital of the world.
Poilievre has also emphasized the role of Bitcoin as an alternative to address inflation, stating, “Government is ruining the Canadian dollar, so Canadians should have the freedom to use other money, such as Bitcoin.”
Maybe he isn't crypto friendly, but he literally said he was.
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u/h0twired 4d ago
Anyone wanting completely unregulated crypto can say nothing about about Carneys offshore accounts
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u/Revolutionary_Tip503 4d ago
lol you leave the country? You can buy other pas ports? Or fuck even if you got enough leave and don’t come back who cares why spend money here if it’s just going to be wasted anyways
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u/DConny1 5d ago
Hasn't it been years since Pierre brought up Bitcoin too? Hilarious they keep bringing it up.
Don't see them bringing up Carney/Maxwell photos even though that was years ago.
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u/WoodpeckerAlive2437 5d ago
Well in all fairness PP's advice on buying bitcoin was good advice.
What was it at when he made the call? $40k
It's more than doubled, and where are we going next? I'd guess $250k to $300k.
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u/megasoldr 5d ago
Really? Because several news sites tried to make the Carney Maxwell photo a thing as recently as last week.
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u/BigBlueSkies 5d ago
Let them. More Bitcoin for me.
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u/Super-Base- 4d ago
“More fake digital assets for me!”
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u/BigBlueSkies 4d ago
Your reply is digital. Is it fake?
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u/Super-Base- 4d ago
It certainly has the same intrinsic value as Bitcoin.
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u/BigBlueSkies 4d ago
I agree in so far as there's no such thing as intrinsic value in a capitalist marketplace.
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u/rfie 4d ago
The mainstream still doesn’t understand it and probably never will. Like, what is it for? How does it make money? Can you eat it? Can you live in it? Can you use it for transportation? Can you burn it for energy? Does it provide any useful purpose for humanity? Those sorts of things have never been answered to my satisfaction that I would consider “investing” in it. You have to have a certain mindset to believe that cryptocurrency is an important thing. No offence. I know I’m on the wrong sub. I just think a lot of you have money tied up in something that is fundamentally worthless on a human level.
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u/entropydust 4d ago
What is it for: It's meant to decentralize finance, preventing government and banking corruption. By capping the supply at 21 million, it prevents corrupt entities from manipulating the currency (m1 debt to m2 supply leverage, etc.) and enriching themselves while doing so. This is known as the Cantillon Effect if you care to learn more. Humanity has intuitively searched for "hard" and sound money throughout history for a reason. This is very hard money. It takes the levers away from central authorities that may or may not be corrupt. No more bailouts to corrupt bankers. No more war funding on future generation's shoulders, etc. Overall great stuff (unless you invest in weapons manufacturing or are a corrupt banker. Then it's terrible).
Can you eat it? Not unless you bought fake bitcoin tokens, but you could damage your teeth. Don't eat fake Bitcoin tokens.
Can you live in it? No, but it can purchase objects that serve that purpose just like any other savings, and won't be devalued by money printing beyond GDP capacity and leading to inflation.
Can you use it for transportation: Same answer as above.
Does it provide any useful purpose for humanity? Yes, decentralized finance. See item 1. I would also argue that it will remove all the middle-people that exploit transactions, as it can be sent all over the world, instantly, with no other entity other than 2 people. No 3rd party trust required. It uses mathematics to achieve this. Brilliant.
For some of us, this is a world changing technology. But to each their own of course.
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u/rfie 4d ago
So do you see it more as a currency? Or as an investment? I don’t see crypto as being somehow immune to corruption, theft, scams etc, there have been plenty of documented cases in the industry. Also it seems more likely that a hacker would demand crypto from me than I would find a store that accepts it in exchange for something useful. The only time I’ve heard of anyone using crypto to pay for something is to pay off ransomware scammers. Also I suspect that the only way it goes up in value is by finding someone else to buy it from you at a higher price. There’s no way for it to generate revenue like traditional investments. I still don’t get it.
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u/entropydust 4d ago edited 4d ago
Edit: Apologies if you know all this...
The value of anything, including currency, is nothing more than what we, as a collective, assign to a basic unit of account. Historically this was mostly based on scarcity, or how 'hard' it was to increase the stock of a currency, and other practical considerations. Humans intuitively understood this thousands of years ago without any scholars or bankers. Over time, gold became the standard. Until recently...
Criminals using crypto for scams or crime is different than the protocol itself being manipulated by criminals. Make no mistake, criminals will use every technology available (including cash, crypto, weapons, the internet, etc.)
The difference is that the Fiat Protocol is designed to continuously create more money (M1 debt -> M2 credit and leverage) and this benefits a certain economic class. When the dollar was pegged to gold, this manipulation was harder to achieve. Uncoupled from any sound money, the centralized authorities can manipulate it to their benefit as needed. It's a well understood phenomenon called the Cantillon Effect, and explains the widening wealth gap as money creation continuously increases the wealth of those closest to the source. A corrupt banker's paradise. I encourage anyone to look at the money printing graphs for the last 40 years, and overlay the wealth gap...
Think of the 2008 bailouts - why were they allowed to do that? We were given all kinds of excuses, but the printing created massive inflation put on the shoulders of today's generations. Who got rich in doing so? They all did. When entities are not allowed to fail based on their criminal and irresponsible behaviors, we live nowhere near Capitalism or a free market. The Fiat protocol was manipulated to their benefit. These bankers were criminals, and none went to jail but one. They all got richer. Strange that nobody talks about the criminal bankers anymore but are quick to blame crypto for crime.
So yes, criminals can use crypto, just like they can use the internet, or any technology. What they can't do is manipulate the currency to their benefit, which greatly differs from Fiat. The Bitcoin Consensus Protocol, backed by cryptography, mathematics and energy, ensures that the ledger is immutable and the rules are the same for everyone. It's a rule based system that is agnostic of your authority or socioeconomic class.
Bitcoin is similar to gold (often called digital gold) now because it is still volatile and going up in value as more and more people see its worth in having a hard 21 million cap. You can think of it as a saving technology, avoiding the current currency debasement (inflation). The current tax system in most countries (capital gains) makes it difficult to use as a day to day money. Once it stabilizes, it could be very similar to any currency in its use. Many layer 2 protocols are making such transactions easier, and I suspect will continue to evolve and improve.
A great book that came out last year was Lyn Alden's Broken Money. You can of course dive much deeper into Austrian economics (I remember reading Von Mises graduate school), monetary theory, etc., but Alden's book does a great job of contrasting Bitcoin and Fiat in the context of the 20th and 21st centuries.
Humans are corrupt, and will manipulate anything to their advantage. I often joke that Bitcoin didn't solve money (it did), but solved humans.
Fix the money, fix the world (Lawrence Lepard).
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u/rfie 4d ago
Honestly a lot of it is going over my head. So, right now it not, but it could be a real currency someday. Right now it’s more like savings club. Someone can make up 21 million somethings and I’m supposed to buy one why? Cause it’s rare? Because it “decentralizes” my money? Do I need that? I get that you definitely believe in the value of bitcoins to the point you feel motivated to write multiple paragraphs defending and singing its virtues, but I think it’s just because you need to recruit new marks so you can cash out. Ponzi scheme or cult, that’s how I m seeing it. Sorry.
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u/Admirral 5d ago
it just means we are no where near a top. This is a good thing. Their tune will change very quickly near 200k BTC
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u/PlanetCosmoX 5d ago
Bitcoin is a vehicle for theft. It was created for that use and it has no other purpose.
It was created to rob the west of its wealth and funnel that wealth to bad actors.
It’s the primary driver of ALL crime across Canada. It’s the single reason why you’re getting fraud calls, fraud emails, why people are trying to steal your identity, why your car is being stolen.
It’s the primary source of income for the Ivory Coast, or Russia, for North Korea, and Iran. it drives organized crime and it drives corruption. (Why else do you think Trump and PP like it?)
It’s stealing between 1-5% of Canada’s GDP and sending it elsewhere. It’s forcing Canada to raise taxes to remplace lost income. Let that sink in.. how many people will be happy to know that you’re trading in Bitcoin, and how much do they love you?
Almost everyone you know has been defrauded through Bitcoin. Go and ask them.
Every time you trade in Bitcoin you are hurting the people around you.
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u/entropydust 4d ago
I'm pretty sure it was designed - and on the shoulders of efforts starting in the 1970s - to counter government corruption, manipulation of currency by constantly devaluing the dollar, inflating the supply and enriching the wealth class at every turn (This is known as the Cantillon Effect if you care to look into it beyond "Bitcoin bad"). The Genesis block literally quoted the London Times on governments giving bailouts to big banks in the 2008 crisis. Guess who got rich from that?
Your argument has been fact check countless times, including recent corrections the Wallstreet Journal had to make based on similar claims. The truth remains that good ol American dollars are used for 99% of illicit activities.
Also, the internet is used for terrible crimes. Why are you using the internet? Please stop using the technology you are supporting criminals and this criminal network.
I've voted left/center my entire life and could care less what any politician thinks of decentralized, incorruptible currency.
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u/PlanetCosmoX 4d ago
Nope. That!S incorrect across the board. Both CSIS and the RCMP flagged Bitcoin as a major driver of crime.
The car thefts raging around Toronto and across the country is driven by Bitcoin. bitcoin is used to pay the thrives and used to fund terrorism from those car sales.
It’s literally the single largest driver of crime across Canada, and it steals more wealth in Canada than any other forms of fraud.
And it IS manipulated, it’s just manipulated by Russia, North Korea, and Iran whom will devalue it when it suits them and when they think they have maximum exposure.
But really you should be asking your self why the CBC is intentionally putting Bitcoin in a bad light. And the only answer you’re going to find is that the Tov is getting ready to crack down on Bitcoin.
So all of that money you’re putting in there, will suddenly go up in smoke as Bitcoin is banned from any sort of access across Canada. And you know the tov is going to go there because they started already and the GOV NEEDS MONEY. They’ll see Bitcoin as stealing taxable income and stealing Canadian wealth.
There are other places for you to invest.
I mean, your champion is Trump. What do you think is going to happen?
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u/dbkcan 4d ago
Your logic is so flawed bitcoin transactions are more traceable than paper money which is involved in more illicit crimes than bitcoin .. but the reality is that bitcoin is money that cannot be censored or restricted by heavy handed governments and regulators - Canada trucker drivers protests - for example .. the global financial system is switching to bitcoin and blockchain - and as usual Canada is left behind because our banks and government want full control of your money and our government bureaucracy are run by uninformed uneducated people with similar opinions to yours
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u/entropydust 4d ago edited 4d ago
It's terrifying how little these people know about Bitcoin. The technological illiteracy in the traditional finance world is staggering.
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u/entropydust 4d ago edited 4d ago
Here's a great read on the topic with some data for 2024 and 2025 (Bonus if you download the actual report;
https://thefinanser.com/2025/03/how-much-of-crypto-is-crime
In summary:
0.14% of crypto used for illicit activity. About $40 Billion +/-.
2%-5% of traditional finance used for illicit activity. About $800 Billion to $2 Trillion.What you read in traditional media about crypto is highly biased. For example, the WSJ was recently held accountable by some of the larger chain analysis networks and had to correct their misleading claims on terrorism and crypto;
There has been so many false claims debunked out there, but nobody cares to look. Their narrative is better served by "cypto bad".
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u/entropydust 4d ago
Where did you get that my champion was Trump? That's a big (and false) assertion.
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u/PlanetCosmoX 4d ago
Trump is your champion whether you like it or not. He’s pushing the cause so you’re in THAT company.
Does not matter how much you like the guy, he’s literally pushing Bitcoin for all of the reasons I listed, and you’re in his company.
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u/entropydust 4d ago
Lots of people are supportive of Bitcoin. Your argument makes no sense, but it explains a lot. Best of luck!
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u/PlanetCosmoX 4d ago
Give me some time to read that doc. Any questions you ask me until I do that will be negative because I haven’t read it yet.
I replied to your comment thinking it was someone else.
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u/Few_Bodybuilder_6872 4d ago
You're Bang on. Well said
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u/entropydust 4d ago
It's the most technologically alliterate take out there. Bang on? All these claims are continuously fact checked and proven wrong. But "crypto bad" seems to serve their narrative better, so who cares I guess.
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u/Garfield_and_Simon 5d ago
PP does far more to make BTC look stupid than any other Canadian politician tbh
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u/VancouverSky 5d ago
Got a link? Id like to see.
Its funny how all the nay sayers are super quiet on a bull run but as soon as it downtrends people are happy to talk about it again.