3 ms·

because unlike cannibis, bitcoin has a limited supply and cannot be created outside of the rules of the system. If the government banned crypto, prosecuted thos

because unlike cannibis, bitcoin has a limited supply and cannot be created outside of the rules of the system. If the government banned crypto, prosecuted those who it could find and confiscated the crypto it would only succeed in tightening the supply and increasing it's price.

mullingitover 5y ago
> If the government banned crypto, prosecuted those who it could find and confiscated the crypto it would only succeed in tightening the supply and increasing it's price. This assumes that demand is going to remain the same while supply goes down. More likely the demand goes to near-zero when the legitimate investors exit the market.
- RhodoGSA 5y ago
  Who knows to be honest. There's enough narcos, mafia and other random citizens with enough distain for the law to fight over the remaining (5% Who knows) of remaining bitcoin on the black market after a worldwide ban that maybe it will still have some sort of demand. Also, what classifys a crypto currency? This is one of the biggest problems with a blanket ban. If it is a POA chain run by a centralized entity for use within a video-game, but also has real world value for 'Items' a crypto? What happens if no one uses that currency for items, but instead trades it on an open exchange for USD and other FIAT. Is that banned too? It's too obscure a concept at this point for a real ban to every really work.
  - mullingitover 5y ago
    > There's enough narcos, mafia and other random citizens with enough distain for the law to fight over the remaining (5% Who knows) of remaining bitcoin on the black market after a worldwide ban that maybe it will still have some sort of demand. If 95% of the value is gone, and with it probably 95% of miners, the whole system is vulnerable to attacks and could easily go into a death spiral for the remaining 5% of the value.

3 ms·

because unlike cannibis, bitcoin has a limited supply and cannot be created outside of the rules of the system. If the government banned crypto, prosecuted thos

by RhodoGSA 5y ago

mullingitover 5y ago
> If the government banned crypto, prosecuted those who it could find and confiscated the crypto it would only succeed in tightening the supply and increasing it's price. This assumes that demand is going to remain the same while supply goes down. More likely the demand goes to near-zero when the legitimate investors exit the market.
- RhodoGSA 5y ago
  Who knows to be honest. There's enough narcos, mafia and other random citizens with enough distain for the law to fight over the remaining (5% Who knows) of remaining bitcoin on the black market after a worldwide ban that maybe it will still have some sort of demand. Also, what classifys a crypto currency? This is one of the biggest problems with a blanket ban. If it is a POA chain run by a centralized entity for use within a video-game, but also has real world value for 'Items' a crypto? What happens if no one uses that currency for items, but instead trades it on an open exchange for USD and other FIAT. Is that banned too? It's too obscure a concept at this point for a real ban to every really work.
  - mullingitover 5y ago
    > There's enough narcos, mafia and other random citizens with enough distain for the law to fight over the remaining (5% Who knows) of remaining bitcoin on the black market after a worldwide ban that maybe it will still have some sort of demand. If 95% of the value is gone, and with it probably 95% of miners, the whole system is vulnerable to attacks and could easily go into a death spiral for the remaining 5% of the value.