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“We must make all cryptocurrency as we know it today illegal.” A feature of crypto is its resistance to regulation. Go ahead and try to make it illegal. It may
by SlowBro 9y ago
“We must make all cryptocurrency as we know it today illegal.” A feature of crypto is its resistance to regulation. Go ahead and try to make it illegal. It may reduce the price but the technology won’t go away. That cat is already out of the bag.
And unless I’m misunderstanding this article, what he says applies to all malware. If I’m not mistaken malware scanners now look for malware mining software.
The author is just demonstrating that he doesn’t understand crypto.
- bdcravens 9y agoBitcoin's value these days is tightly coupled with its exchange value. Crypto is resistant to regulation and decentralized; exchanges are not. (yes there are decentralized exchanges with close to no volume, and LocalBitcoin, but the lion's share goes through exchanges that rely on the traditional banking system) All you need to do is make ACH transactions for virtual currency illegal and you'd rip the reasons for the mainstream to use it out of their hands. It would still exist; the technology is the same at $20 as $20,000. It could still be used for a barter/digital economy, but you'd kill speculation.
- SlowBro 9y agoI wasn't speaking about its value though. Just saying that it can't be made completely illegal. There will always be crypto around in some form. It was one of the best ways to get one's wealth off the island of Cyprus in 2013 during their banking crisis. There was a freeze on transferring wealth to other nations from the island, so islanders bought BTC instead. "Life, uh, finds a way." ~Dr. Ian Malcolm, Jurassic Park
- bdcravens 9y agoI agree that Bitcoin couldn't be made illegal. I suspect if there's a drive to contain Bitcoin, it would at the banking level; driving down the price would presumably have the desired effect (making coinware untenable)