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I don't think it is technically possible to ban bitcoin, only centralized exchanges. If a country decides to ban exchanges, it could end up creating an untrace
by hubadu 5y ago
I don't think it is technically possible to ban bitcoin, only centralized exchanges.
If a country decides to ban exchanges, it could end up creating an untraceable black market since people might start exchanging crypto <-> cash in the streets.
Intelligence agencies would probably not be happy to lose such traceability capability.
Drug dealers would be taking over this black market as it creates new incomes while simultaneously helping some of their money laundering needs.
Blockchain startup ecosystem and crypto friendly entrepreneurs would leave your country.
You would lose all related tax revenues and high-paying jobs.
- lottin 5y agoNo one is going to buy and sell crypto on the streets, this is just nonsense.
- hubadu 5y agoI can understand your fierce will to ban crypto for environmental impact reason. However you cannot ban bitcoin, you just can't, that the whole purpose of its existence. And black markets have always existed and always will.
- lottin 5y ago> you just can't Sorry, that's not an argument.
- hubadu 5y agoYou could make it illegal by law tomorrow, it doesn't change the fact that bitcoin would still exist and be used due to its decentralized nature.
- lottin 5y agoThe government can severely impair its appeal as a speculation vehicle and people would stop speculating with it. This is Bitcoin's primary use case. Some people who use it as a medium of exchange because they can't use real money for a variety of reasons might continue to use it, true, as well as a minority of hard-core fanatics who are attracted to bitcoin for ideological reasons regardless of practicality.