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You are talking about an extreme edge case situation, where the entire world declares crypto to be illegal. I will agree that in this situation, crypto is prob
by stale2002 8y ago
You are talking about an extreme edge case situation, where the entire world declares crypto to be illegal.
I will agree that in this situation, crypto is probably dead.
The much more likely scenario, though, is that a couple countries try to make crypto illegal, and other countries don't, and the decentralization of crypto makes it very difficult for the attacking country to stop it.
The banning country isn't going to be able to target miners in other countries or take down exchanges that aren't located there.
Crypto is still useful in this much more likely scenario.
Think countries like Venezuela. They don't want people moving money outside the country, and yet people are doing that right now, with crypto, and the Venezuelan government can't stop it.
- sgt101 8y agoNhawww - I was thinking about the USA doing it...
- stale2002 8y agoThe USA has proven to be extremely friendly to crypto, actually. The SEC supports it. So once again, this hypothetical seems very unlikely.
- sgt101 8y agoYep, you are completely correct - so far. My reading is that they have decided that crypto is not a threat to their tax raising powers and it might provide a useful mechanism for a para-cash economy which enables more overall economic activity and yet is more amenable to monitoring and tracking and in the limit enforcement.