This paper and this comment sound like cognitive dissonance between monetary theory and psychological reality. Don't get me wrong, crypto's price is a ponzi sc

This paper and this comment sound like cognitive dissonance between monetary theory and psychological reality. Don't get me wrong, crypto's price is a ponzi scheme build on fomo. Scarcity shouldn't be the only thing required to create value. But here we all are proving time and time again that psychology at scale _can_ at times be more powerful then economic theory. Also: > With a blanket ban on cryptocurrency, the economic engine of the American system would do what it does best, a new wave of investment from the private sector would be redirected back into productive enterprises and new ventures that could strengthen US markets and the Dollar instead of undermining it. American banking infrastructure was antiquated and rotting in its own success before bitcoin was a thing. Paying money with a phone is still considered 'innovation' in the US as far as I've heard, lagging the EU, India, and China by a decade. > Halt all wire transfers of dollars in and out of cryptocurrency exchanges. > Halt foreign entities trading in dollar cash-equivalent crypto assets. > Add Chinese and other foreign cryptocurrency exchanges hiding in tax-havens to sanctioned entities lists. > Regulate the sale of any existing cryptocurrency assets to US persons by classifying them as securities investment contracts moving forward. I'm not sure what the Dollar is going to be in 20 years, but if the US did this, historians would look back at this action starting a new global divide that ends in war and/or the collapse of the US dollar. Which brings up another point that gets glossed over but should be stated at least once in this context: The status of USD as a reserve currency for every bank around the world is what allows America to print so much money. It is a national security issue and the US will use force if the position is at risk. And in the smoldering ruins of some unnamed city, someone can trade his bitcoins to buy a can of pre-war chicken and a pack of cigarettes because bitcoin escaped inflation.