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That dystopian/authoritarian view is fully valid if you assume globally coherent policing. It is completely in the interest of any fiat-based sovereign to regul
by elif 9y ago
That dystopian/authoritarian view is fully valid if you assume globally coherent policing. It is completely in the interest of any fiat-based sovereign to regulate/criminalize crypto into the ground even before adding the terrorism flavor-text.
Fortunately, we are in a position now where the first countries to outlaw crypto will simply miss out on the explosive growth, pushing it into other countries.
If it is extremely difficult to, for instance convert USD into BTC, the USD price of bitcoin will shoot up (as we've seen in Asian markets where banks have imposed defacto currency controls). The arbitrage would then devalue USD on the world market.
- nosuchthing 9y agoFortunately, we are in a position now where the first countries to outlaw crypto will simply miss out on the explosive growth, pushing it into other countries. Cryptocurrencies are an opt-in ecosystem, but when a country bans Cryptocurrencies they don't expose the citizens to loss due to trading their fiat for the speculative database coins. I.E. if the majority of Bitcoins were produced for low cost in China from 2009-2014, than American citizens would be at great disadvantage by trading their fiat for Bitcoins produced at low value input.