4 ms·
I appreciate the theory, but I believe that this time really is different: - Bitcoin is widespread enough that many average people (Coinbase says over 10mil Am
by seibelj 6y ago
I appreciate the theory, but I believe that this time really is different:
- Bitcoin is widespread enough that many average people (Coinbase says over 10mil Americans have an account) own some amount.
- There is enormous distrust in institutions and government, which is why crypto is popular in the first place. Banning it would be extremely difficult politically and drive many conspiracy theories and further erosion in trust.
- The Supreme Court, and courts in general, have been packed by Republicans and have enough libertarian-leaning and originalists that doubt the centralized state, I'm unsure if a ban would be upheld constitutionally.
- In 1934 people were simply less educated than they are today with the internet at their finger tips, and news spreads fast. I doubt the gold ban would be possible today given the legitimate outrage vs. 1934.
- Crypto is far easier to store and use surreptitiously than gold is, and on a massive scale. Furthermore, offshore exchanges are extremely popular and are accessible globally. I'm not sure you can ban Americans from using every crypto exchange except US-regulated ones.