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You can make the same argument about AirBNB or Uber. The bottom line is that when a technology becomes available that makes life much easier for its users, it's

by Kranar 6y ago

You can make the same argument about AirBNB or Uber. The bottom line is that when a technology becomes available that makes life much easier for its users, it's really hard for the government to then crack down on it. There's not much reason for any government to want to crack down on BTC simply for the sake of cracking down on it. People talk about governments cracking down on BTC because it will undermine the local currency or banking system but I think that's mostly paranoia, there's not much of any evidence to substantiate the hypothesis that any government is fearful of cryptocurrencies. There were some governments and regulatory agencies that were concerned that BTC is a scam, or needs to be subject to security regulations, and had legitimate concerns about it but for the most part governments don't care that much about BTC in terms of a danger or a threat to their legitimacy.

syshum 6y ago
>>People talk about governments cracking down on BTC because it will undermine the local currency or banking system but I think that's mostly paranoia Incorrect, the government has no concerns over undermining the local currency. The primary purpose of banking regulations is population control, it has nothing to do with currency perservation Know your Customer laws, book keeping regulations, etc are all about control and intelligence. If they can get this intel and allow BTC to operate as is they will leave it alone, if however they can not get the intel they need on how money is moving well you can bet your life they will crack down hard Governments, all governments even yours, are about Power, Control, and Authority not what people seem to naively think that the government is there to "help" or "protect" or any other just altruistic goals.
- xapata 6y ago
  Government isn't a monolith. There are individuals within the government that have altruistic goals. It may be helpful for certain analyses to simplify and consider a government as an individual, but for other analyses that's counter-productive.
  - syshum 6y ago
    Government is a monolith, the goals of the individuals that make up the government are irrelevant. The road to hell is paved with good intentions, and the most terrifying phrase in the English language is "We must do _____ for the greater good" Government is not reason, it is not eloquence,it is force! Like fire, it is a dangerous servant, and a fearful master; never for a moment should it be left to irresponsible action.
    - xapata 6y ago
      You're spouting platitudes, which I enjoy sometimes for a dramatic turn of phrase, but they aren't helpful for rational discussion. They're best used for introducing a topic, but then we need a little more structure behind the facade. Going back to the monolith question, the other day someone at the public utility helped me fix a mistake with my bill. That individual was not irrelevant to my experience with government power.
      - chris_wot 6y ago
        I’ve been noticing this sort of comment a lot in discussions of cryptocurrencies. Take for instance the following response to the Ray Dillinger’s email: Internet also became a disaster. We're very far from original ideas: Uncensored, decentralized ideals are forgotten. I remember, in the beginning, governments were really afraid of people's reactions, even to make small regulations. Today, we don't even discuss before accepting any regulation about Internet. Infrastructure is almost completely controlled/owned by governments or cartels. [1] That is so far beyond reality that it’s hard to believe this person was there “at the beginning”. The Internet, after all, started as a DARPA project... 1. https://www.metzdowd.com/pipermail/cryptography/2020-December/036515.html https://www.metzdowd.com/pipermail/cryptography/2020-Decembe...
shireboy 6y ago
In fact, governments like New York have cracked down on Uber and AirBnb. I do think if BTC or another crypto were to be a problem for a country they would simply legislate away people’s right to hold or exchange it. US would pass a bill that makes the exchanges illegal. Sure, people would find ways around that, but it would be enough to deter your average citizen and to squash widespread adoption. Whether BTC becomes a problem is a question, but if use in laundering or escaping taxes gets past a certain point, I do think it is a risk.

by Kranar 6y ago

syshum 6y ago

>>People talk about governments cracking down on BTC because it will undermine the local currency or banking system but I think that's mostly paranoia Incorrect, the government has no concerns over undermining the local currency. The primary purpose of banking regulations is population control, it has nothing to do with currency perservation Know your Customer laws, book keeping regulations, etc are all about control and intelligence. If they can get this intel and allow BTC to operate as is they will leave it alone, if however they can not get the intel they need on how money is moving well you can bet your life they will crack down hard Governments, all governments even yours, are about Power, Control, and Authority not what people seem to naively think that the government is there to "help" or "protect" or any other just altruistic goals.

xapata 6y ago
Government isn't a monolith. There are individuals within the government that have altruistic goals. It may be helpful for certain analyses to simplify and consider a government as an individual, but for other analyses that's counter-productive.
- syshum 6y ago
  Government is a monolith, the goals of the individuals that make up the government are irrelevant. The road to hell is paved with good intentions, and the most terrifying phrase in the English language is "We must do _____ for the greater good" Government is not reason, it is not eloquence,it is force! Like fire, it is a dangerous servant, and a fearful master; never for a moment should it be left to irresponsible action.
  - xapata 6y ago
    You're spouting platitudes, which I enjoy sometimes for a dramatic turn of phrase, but they aren't helpful for rational discussion. They're best used for introducing a topic, but then we need a little more structure behind the facade. Going back to the monolith question, the other day someone at the public utility helped me fix a mistake with my bill. That individual was not irrelevant to my experience with government power.
    - chris_wot 6y ago
      I’ve been noticing this sort of comment a lot in discussions of cryptocurrencies. Take for instance the following response to the Ray Dillinger’s email: Internet also became a disaster. We're very far from original ideas: Uncensored, decentralized ideals are forgotten. I remember, in the beginning, governments were really afraid of people's reactions, even to make small regulations. Today, we don't even discuss before accepting any regulation about Internet. Infrastructure is almost completely controlled/owned by governments or cartels. [1] That is so far beyond reality that it’s hard to believe this person was there “at the beginning”. The Internet, after all, started as a DARPA project... 1. https://www.metzdowd.com/pipermail/cryptography/2020-December/036515.html https://www.metzdowd.com/pipermail/cryptography/2020-Decembe...

shireboy 6y ago

In fact, governments like New York have cracked down on Uber and AirBnb. I do think if BTC or another crypto were to be a problem for a country they would simply legislate away people’s right to hold or exchange it. US would pass a bill that makes the exchanges illegal. Sure, people would find ways around that, but it would be enough to deter your average citizen and to squash widespread adoption. Whether BTC becomes a problem is a question, but if use in laundering or escaping taxes gets past a certain point, I do think it is a risk.