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Time to ban crypto. It's just another component of the extinction speedrun.

sschueller 5y ago
Banning the unbanable. How did that work out for the US War on drugs? Crypto is here to stay, stop fighting it. Instead try to fix its issues.
- ArkanExplorer 5y ago
  Crypto's primary use is as a speculative asset, and for tax evasion/capital control evading/money laundering. Drugs are a consumable, crypto is an item of exchange. If you cannot exchange them, then they have no value. About 60%+ of market activity is in the USA: https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries/ https://www.statista.com/statistics/1195753/bitcoin-trading-... The USA could ban online exchanges in the same way it has banned online gambling. Sure, trading could still occur via foreign exchanges, but the pool of people willing to put money into the network would shrink dramatically and the price - since the whole thing is a ponzi scheme - would also fall dramatically. If the price of Bitcoin or Ethereum was 5% of its current value, the levels of electricity and advanced manufactured goods dedicated to mining them would also fall to the same extent. Turkey (an economic minnow) banning exchanges, and a few tweets from Elon Musk have been enough to send prices tumbling 10-20%. Can you imagine if the USA banned the exchanges? Its also likely that allied nations eg. European countries, Australia, Korea, Japan, India would follow a USA ban with their own.
  - logicchains 5y ago
    >About 60%+ of market activity is in the USA: https://www.statista.com/statistics/1195753/bitcoin-trading- https://www.statista.com/statistics/1195753/bitcoin-trading-... I don't know where that report got its numbers from but they're bullshit; the majority of trading takes place in unregulated exchanges (that explicitly ban US customers) like Binance and Huobi: https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/ https://www.statista.com/statistics/864738/leading-cryptocur.... In large part because the US exchanges charge outrageous fees. The US exchanges are popular with large corporates because there's less counterparty risk, but the majority of retail volume is traded outside the US, on exchanges not hosted by US allies. Plus, China is actively subsidising miners, and is deliberately supporting the crypto ecosystem due to its potential to further destabilise the US dollar's role as global reserve currency.
  - duck2 5y ago
    Exchanges are perfectly usable from Turkey. What is banned is 1) paying for stuff with cryptocurrency and 2) sending money to exchanges via "digital wallets", you have to use bank transactions. Looks like they are paving the ground to trace and tax crypto investments. So yeah, this supports your point anyway.

Banning the unbanable. How did that work out for the US War on drugs? Crypto is here to stay, stop fighting it. Instead try to fix its issues.

ArkanExplorer 5y ago
Crypto's primary use is as a speculative asset, and for tax evasion/capital control evading/money laundering. Drugs are a consumable, crypto is an item of exchange. If you cannot exchange them, then they have no value. About 60%+ of market activity is in the USA: https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries/ https://www.statista.com/statistics/1195753/bitcoin-trading-... The USA could ban online exchanges in the same way it has banned online gambling. Sure, trading could still occur via foreign exchanges, but the pool of people willing to put money into the network would shrink dramatically and the price - since the whole thing is a ponzi scheme - would also fall dramatically. If the price of Bitcoin or Ethereum was 5% of its current value, the levels of electricity and advanced manufactured goods dedicated to mining them would also fall to the same extent. Turkey (an economic minnow) banning exchanges, and a few tweets from Elon Musk have been enough to send prices tumbling 10-20%. Can you imagine if the USA banned the exchanges? Its also likely that allied nations eg. European countries, Australia, Korea, Japan, India would follow a USA ban with their own.
- logicchains 5y ago
  >About 60%+ of market activity is in the USA: https://www.statista.com/statistics/1195753/bitcoin-trading- https://www.statista.com/statistics/1195753/bitcoin-trading-... I don't know where that report got its numbers from but they're bullshit; the majority of trading takes place in unregulated exchanges (that explicitly ban US customers) like Binance and Huobi: https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/ https://www.statista.com/statistics/864738/leading-cryptocur.... In large part because the US exchanges charge outrageous fees. The US exchanges are popular with large corporates because there's less counterparty risk, but the majority of retail volume is traded outside the US, on exchanges not hosted by US allies. Plus, China is actively subsidising miners, and is deliberately supporting the crypto ecosystem due to its potential to further destabilise the US dollar's role as global reserve currency.
- duck2 5y ago
  Exchanges are perfectly usable from Turkey. What is banned is 1) paying for stuff with cryptocurrency and 2) sending money to exchanges via "digital wallets", you have to use bank transactions. Looks like they are paving the ground to trace and tax crypto investments. So yeah, this supports your point anyway.