> Maybe just speaking for myself here, but it wouldn't be as valuable to me if I couldn't go to a "legit" company like Coinbase to facilitate turning it into so

> Maybe just speaking for myself here, but it wouldn't be as valuable to me if I couldn't go to a "legit" company like Coinbase to facilitate turning it into something I can use to buy a car or a house. Well, I've never used a centralized blockchain service. But then again, I've also transacted for foreign cash while in a bar. Obviously for you though, the value is based on those services. As it's a network effect, you not using it does hurt me a tiny bit multiplied by the number of people like you. But it's not like it has to be the currency to be almost as useful. Euros aren't taken everywhere yet nobody trades them at a discount in those areas. As long as cryptocurrency works for what I want it to, I don't much care that it's a bit harder to use at the grocery store. And of course, what's the consequence of the law? Do they shoot you, or do they just treat it as foreign cash or something and tax you at the least favorable rate? A totally ineffective ban could actually help. If you drove it underground enough that nobody declared it (or paid taxes on it) the increased value might help a burgeoning underground economy and help create money-laundering opportunities. And the ban has to be relevant to the use. If the USA banned bitcoin it might actually help other countries more than the diminished value of bitcoin hurt them and that disproportionate benefit could be the catalyst to make the system more useful overall. Already the USA has effectively banned most cryptocurrency by limiting what Americans can invest in and who they can invest through, but because of the halo effect Americans can buy BTC and ride the general wave despite not participating in some of the other opportunities directly. The limited ban did almost nothing despite your logic being fairly sound.