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Even without shutting off the internet, couldn't governments crush crypto by making it illegal to buy or transfer? Countries could do this simultaneously. That
by Reedx 6y ago
Even without shutting off the internet, couldn't governments crush crypto by making it illegal to buy or transfer? Countries could do this simultaneously.
That would effectively stop ~99% of the affected populations from using it, no?
What's the counterargument to this possibility? It seems to hinge on getting too big to ban.
- goodluckchuck 6y agoThe US outlawed gold in 1933, but as far as I can tell that only made people want it more. https://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102
- johndevor 6y agoGame Theory. Let's say the US bans crypto, well then Russia will embrace it. Also, drugs are illegal... and it hasn't stopped drugs from trading hands... drugs even manage to make their way into prisons.
- Reedx 6y agoI think they will see that possibility, though. So the US, Europe and others could agree to ban it at the same time. Not all countries would need to sign on to essentially send it back to the stone age.
- gruez 6y ago>So the US, Europe and others could agree to ban it at the same time. Ah yes, like how the US and Europe agreed to ban drugs? How's that working for them?
- deleted 6y ago[deleted]
- Reedx 6y agoTerribly. But that's a good example of countries agreeing to ban something.
- rank0 6y agoThat's not the same at all. Drugs have an inherent "value" or reason why people demand them. People love getting high. Drugs are addictive. Bitcoin demand is driven mostly by speculative investors. Maybe governments can't completely kill bitcoin, but they could certainly drive it back to fringe enthusiasts and criminal activity if they wanted.
- nmlnn 6y agoHow would they enforce such a ban?
- imtringued 6y agoBy delisting the cryptocurrency from exchanges or shutting down cryptocurrency exchanges.
- asdff 6y agoThe difference is you can make drugs. You can't make internet access.
- jimmydorry 6y agoYes you can, and I believe the most basic infrastructure is already in place [1]. It would just need to be expanded on. Blockstream has been working in this space for several years now [2]. [1] https://blockstream.com/satellite/#:~:text=Blockstream%20Satellite%20broadcasts%20the%20Bitcoin,Bitcoin's%20dependency%20on%20internet%20access.&text=By%20eliminating%20cost%20barriers%2C%20people,participate%20in%20the%20Bitcoin%20network https://blockstream.com/satellite/#:~:text=Blockstream%20Sat.... [2] https://blockstream.com/2020/05/04/en-announcing-blockstream-satellite-2/ https://blockstream.com/2020/05/04/en-announcing-blockstream...