3 ms·

They can seize the assets of all of the Bitcoin trading exchanges overnight. If they coordinate it across the globe so it affects all known exchanges then it wi

They can seize the assets of all of the Bitcoin trading exchanges overnight. If they coordinate it across the globe so it affects all known exchanges then it will crush the value and lots of people will lose a lot of money. They would effectively shut it down.

Havoc 6y ago
>They can seize the assets of all of the Bitcoin trading exchanges overnight The exchanges don't hold the assets. At least not of the guys that know what they're doing. >If they coordinate it across the globe In all 195 countries? Doubtful. Even if by some miracle this could be pulled off, there are now decentralized exchanges. Pretty much the only thing that would make any dent is getting visa & mastercard to shut down what they can...except they're both making moves in favour of Bitcoin currently
- plank_time 6y ago
  This is an incredibly naive viewpoint. All legitimate Bitcoin trading exchanges have assets. Some countries have more flexibility to shut down companies than the US. During the golden era, governments weren’t sure what to do with Bitcoin so companies like mtgox were left alone but those days are gone. Especially with the threat of getting arrested for money laundering, it makes the risk much higher and popularity would plummet. They could shut down Bitcoin trading in the Western countries and then put financial sanctions on any countries that allow Bitcoin trading. It would drive Bitcoin trading underground but with no legitimate and easy way of converting your Bitcoin to fiat currency, it would die quickly. Once the price of Bitcoin drops below the price of the cost to mine it in terms of electricity, it would probably stop getting mined by many parts of the world. It also might drive Bitcoin into the hands of China but I think what would happen is that the governments would come up with some other form of cryptocurrency that they could control.

Havoc 6y ago

>They can seize the assets of all of the Bitcoin trading exchanges overnight The exchanges don't hold the assets. At least not of the guys that know what they're doing. >If they coordinate it across the globe In all 195 countries? Doubtful. Even if by some miracle this could be pulled off, there are now decentralized exchanges. Pretty much the only thing that would make any dent is getting visa & mastercard to shut down what they can...except they're both making moves in favour of Bitcoin currently

plank_time 6y ago
This is an incredibly naive viewpoint. All legitimate Bitcoin trading exchanges have assets. Some countries have more flexibility to shut down companies than the US. During the golden era, governments weren’t sure what to do with Bitcoin so companies like mtgox were left alone but those days are gone. Especially with the threat of getting arrested for money laundering, it makes the risk much higher and popularity would plummet. They could shut down Bitcoin trading in the Western countries and then put financial sanctions on any countries that allow Bitcoin trading. It would drive Bitcoin trading underground but with no legitimate and easy way of converting your Bitcoin to fiat currency, it would die quickly. Once the price of Bitcoin drops below the price of the cost to mine it in terms of electricity, it would probably stop getting mined by many parts of the world. It also might drive Bitcoin into the hands of China but I think what would happen is that the governments would come up with some other form of cryptocurrency that they could control.