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The idea was to ban trading, not mining. If Coinbase and all the other legitimate companies that facilitate crypto markets for U.S. citizens had to drop PoW coi

by mckeed 5y ago

The idea was to ban trading, not mining. If Coinbase and all the other legitimate companies that facilitate crypto markets for U.S. citizens had to drop PoW coins it could tank the price significantly and set the coin mining industry back to when it wasn't such a huge problem for energy use and GPU supply. Speculation would move to PoS currencies and BTC would stay valuable, but would act more like an altcoin.

varispeed 5y ago
Currently the trade of illegal drugs is banned. Have a look how that goes.
- Misdicorl 5y ago
  This is a terrible analogy. Drugs are inherently desirable. There is nothing inherently desirable about crypto coins
  - deleted 5y ago
    [deleted]
- hocuspocus 5y ago
  If you can't speculate online and in a convenient, legal way, the value of BTC and friends will certainly tank. Let people trade cryptocurrency to fiat in person all they want, it's completely insignificant.
  - hahahanonono 5y ago
    trading is only a small portion of bitcoin's market cap. most coins are outside of exchanges, in noncustodial cold storage. even without smooth trading platforms people will trade bitcoin peer-to-peer because bitcoin solves real world problems
- rfrey 5y ago
  Unlike drugs which have limited substitutes (alcohol and caffeine I guess), PoW currencies would have several functionally equivalent replacements. I doubt we'd end up ravaging underprivileged communities as they turned to black market Bitcoin.
  - deleted 5y ago
    [deleted]
  - 627467 5y ago
    The USD and the Zimbabwe dollar are functionally equivalent, yet, I'm sure you're not saving in ZD.
    - hocuspocus 5y ago
      You're only proving our point. USD is a reasonable currency for savings and/or as world-wide currency as long as it's liquid, non-volatile, backed by a big, stable and powerful economy. This could change, but not overnight. BTC's main uses (speculation and laundering) are possible only as long as it can be exchanged into fiat. This can change tomorrow if the right strings are pulled.
- deleted 5y ago
  [deleted]
- 6gvONxR4sf7o 5y ago
  You can't have proof of stake drugs. (or other better analogies for really really near substitutes) It turns out laws do sometimes have effects.
fredfoobar 5y ago
https://bisq.network/ https://bisq.network/ exists, you can trade bitcoin p2p already.

by mckeed 5y ago

varispeed 5y ago

Currently the trade of illegal drugs is banned. Have a look how that goes.

Misdicorl 5y ago
This is a terrible analogy. Drugs are inherently desirable. There is nothing inherently desirable about crypto coins
- deleted 5y ago
  [deleted]
hocuspocus 5y ago
If you can't speculate online and in a convenient, legal way, the value of BTC and friends will certainly tank. Let people trade cryptocurrency to fiat in person all they want, it's completely insignificant.
- hahahanonono 5y ago
  trading is only a small portion of bitcoin's market cap. most coins are outside of exchanges, in noncustodial cold storage. even without smooth trading platforms people will trade bitcoin peer-to-peer because bitcoin solves real world problems
rfrey 5y ago
Unlike drugs which have limited substitutes (alcohol and caffeine I guess), PoW currencies would have several functionally equivalent replacements. I doubt we'd end up ravaging underprivileged communities as they turned to black market Bitcoin.
- deleted 5y ago
  [deleted]
- 627467 5y ago
  The USD and the Zimbabwe dollar are functionally equivalent, yet, I'm sure you're not saving in ZD.
  - hocuspocus 5y ago
    You're only proving our point. USD is a reasonable currency for savings and/or as world-wide currency as long as it's liquid, non-volatile, backed by a big, stable and powerful economy. This could change, but not overnight. BTC's main uses (speculation and laundering) are possible only as long as it can be exchanged into fiat. This can change tomorrow if the right strings are pulled.
deleted 5y ago
[deleted]
6gvONxR4sf7o 5y ago
You can't have proof of stake drugs. (or other better analogies for really really near substitutes) It turns out laws do sometimes have effects.

fredfoobar 5y ago

https://bisq.network/ https://bisq.network/ exists, you can trade bitcoin p2p already.