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The government can declare the use of bitcoin illegal. This won't stop regular users, like it doesn't stop them from using the pirate bay. But no business will
by Strom 15y ago
The government can declare the use of bitcoin illegal. This won't stop regular users, like it doesn't stop them from using the pirate bay. But no business will be able to accept bitcoins anymore and as such bitcoin's potential will be severely limited.
- bartl 15y agoMy guess is that the only people left to use Bitcoins is precisely for those illegals activities... Precisely the people they're trying to stop. It's not because something isn't legal that it stops working.
- Strom 15y agoWhen the government makes bitcoin illegal they will ofcourse claim it's to prevent child pornography, terrorism and drug selling. However the real reason will be tax evasion and the law would be successful in taking care of that real target.
- tobias3 15y agoGive the government a break. After all it is designed to benefit all! And without taxes -> no government. If you want anarchy, go to some country where they have civil war at the moment.
- Jach 15y agoThe silly thing is that if they do make it illegal because some businesses won't report bitcoin profits to the IRS, that will just guarantee that all businesses (licensed or unlicensed) using bitcoin won't report profits.
- gamble 15y agoWhy would a criminal want to use Bitcoin? I'm not convinced Silk Road is more than an elaborate troll. Even if it's not a hoax, Bitcoin is irrelevant and in fact less convenient than cash transactions, since they still have to get the drugs to you. Most criminals are interested in changing dirty USD into legitimate bank balances. If Bitcoin is criminalized, it becomes conspicuous and thus less attractive to money launderers. Cash will always be preferable so long as there is a large legitimate cash economy to camouflage crime.