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While I'm sure everyone here on Hacker News is hoping this happens, it won't. Large companies are adopting cryptocurrency. Telsa accepts it as payment. Visa is

While I'm sure everyone here on Hacker News is hoping this happens, it won't. Large companies are adopting cryptocurrency. Telsa accepts it as payment. Visa is starting to settle transactions on Ethereum. Coinbase is about to IPO. And if it does, it won't matter. How do you even ban Bitcoin? Are they going to set up a great firewall? Cryptocurrency isn't the type of thing you can just ban.

djohnston 6y ago
They would ban exchanges from operating within the US, which would render Bitcoin useless for 99.99% of US users. I don't think they'll do this either, but they don't have to do anything fancy to make Bitcoin worthless for the average citizen.
- marsrover 6y ago
  While being able to use exchanges in the US is helpful, it isn't necessary. It might curb short term adoption, but it doesn't stop the inevitable, which is crypto completely taking over the world. It's in the US's best interest to embrace it. Edit: the best downvotes are from people that missed out on the technological innovation of a lifetime.
  - djohnston 6y ago
    I understand it isn't technically necessary but it really is if you're trying to include non-technical retail investors in the market.
- ajkdhcb2 6y ago
  Peer-to-peer exchange works perfectly fine. It is funny how it used to be the most common way to exchange crypto, but now people think you need these dangerous and inefficient centralised exchanges just because they became popular.
  - randomopining 6y ago
    Do you have a logical use case scenario for p2p/otc if the gov bans exchanges? If there truly can be decentralized liquidity in one of these decentralized exchanges... then it’s def gonna stay alive
    - marsrover 6y ago
      > If there truly can be decentralized liquidity in one of these decentralized exchanges... then it’s def gonna stay alive Then it's going to stay alive. Look at Uniswap, Sushiswap, 1inch.
      - randomopining 6y ago
        I've used them. They work completely decentralized though?
    - ajkdhcb2 6y ago
      Darknet markets
  - djohnston 6y ago
    I don't disagree, I just think that your average retail investor will never touch a P2P exchange, just like your average retail investor will never own a crypto wallet outside of coinbase.
- deleted 6y ago
  [deleted]
Bancakes 6y ago
US gov't has extensive training with drugs and firearms. Just convince normal people to stay away, and shame the rest to submission with propaganda.
majewsky 6y ago
> Large companies are adopting cryptocurrency. So what? You can easily put a layer of legal red tape around something, so that individuals cannot reasonably use it, but allows corporations with large legal departments can continue.
- marsrover 6y ago
  That's not outlawing. Also, you can't stop individuals from using this short of having a totalitarian government.
PoignardAzur 6y ago
> Large companies are adopting cryptocurrency That's a strong reason for governments to ban them. Governments derive their power from their ability to raise taxes; and they need to be able to measure how much people and companies make for that. Governments can't tolerate a widespread bitcoin.
lamontcg 6y ago
Bitcoin will have to fail and wipe out those investments first before the government is able to step in and ban it. The Ponzi bubble will need to largely pop on its own, or will need to be popped by governments other than the US.

djohnston 6y ago

They would ban exchanges from operating within the US, which would render Bitcoin useless for 99.99% of US users. I don't think they'll do this either, but they don't have to do anything fancy to make Bitcoin worthless for the average citizen.

marsrover 6y ago
While being able to use exchanges in the US is helpful, it isn't necessary. It might curb short term adoption, but it doesn't stop the inevitable, which is crypto completely taking over the world. It's in the US's best interest to embrace it. Edit: the best downvotes are from people that missed out on the technological innovation of a lifetime.
- djohnston 6y ago
  I understand it isn't technically necessary but it really is if you're trying to include non-technical retail investors in the market.
ajkdhcb2 6y ago
Peer-to-peer exchange works perfectly fine. It is funny how it used to be the most common way to exchange crypto, but now people think you need these dangerous and inefficient centralised exchanges just because they became popular.
- randomopining 6y ago
  Do you have a logical use case scenario for p2p/otc if the gov bans exchanges? If there truly can be decentralized liquidity in one of these decentralized exchanges... then it’s def gonna stay alive
  - marsrover 6y ago
    > If there truly can be decentralized liquidity in one of these decentralized exchanges... then it’s def gonna stay alive Then it's going to stay alive. Look at Uniswap, Sushiswap, 1inch.
    - randomopining 6y ago
      I've used them. They work completely decentralized though?
  - ajkdhcb2 6y ago
    Darknet markets
- djohnston 6y ago
  I don't disagree, I just think that your average retail investor will never touch a P2P exchange, just like your average retail investor will never own a crypto wallet outside of coinbase.
deleted 6y ago
[deleted]

Bancakes 6y ago

US gov't has extensive training with drugs and firearms. Just convince normal people to stay away, and shame the rest to submission with propaganda.

majewsky 6y ago

> Large companies are adopting cryptocurrency. So what? You can easily put a layer of legal red tape around something, so that individuals cannot reasonably use it, but allows corporations with large legal departments can continue.

marsrover 6y ago
That's not outlawing. Also, you can't stop individuals from using this short of having a totalitarian government.

PoignardAzur 6y ago

> Large companies are adopting cryptocurrency That's a strong reason for governments to ban them. Governments derive their power from their ability to raise taxes; and they need to be able to measure how much people and companies make for that. Governments can't tolerate a widespread bitcoin.

lamontcg 6y ago

Bitcoin will have to fail and wipe out those investments first before the government is able to step in and ban it. The Ponzi bubble will need to largely pop on its own, or will need to be popped by governments other than the US.