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It’s the same for Bitcoin btw. The government can just forbid any VASP to accept bitcoin and to authorize on/off ramp and trades involving bitcoin. ISPs could a
by baby 5y ago
It’s the same for Bitcoin btw. The government can just forbid any VASP to accept bitcoin and to authorize on/off ramp and trades involving bitcoin. ISPs could also block miners and bitcoin websites. The coin is censorship resistant… to a certain extent. Maybe there’ll always be someone running it, and there’ll be a black market for on/off ramp, but it will severely cripple the adoption.
- SilasX 5y agoTrue, but that failure mode doesn't exploit the network's centralization and is unrelated to how centralized it is.
- ivalm 5y agoSo it means centralization might not be too relevant to the government a ability to ban.
- tudorw 5y ago'it will severely cripple the adoption', I'm not sure it's so straightforward as that, if large numbers of governments take an authoritarian stance on independent global currencies is there not a possibility that, while impacting network efficiency, it might underpin a new found desire and need for said independent global currency and instead drive adoption of currencies that have this resilience?
- baby 5y agoI think it’s worth than that for bitcoin as bitcoin relies on a connected network for security. The risk of forks is too high without that. For other cryptocurrencies based on BFT at least the network would come to a stop and safety wouldn’t be violated (no double spending).