3 ms·
Cryptocurrency was literally created by cypherpunks for the explicit purpose of evading governments and centralized power. Before it became popular its primary
by xvector 5y ago
Cryptocurrency was literally created by cypherpunks for the explicit purpose of evading governments and centralized power. Before it became popular its primary usage was in darknet drug markets. Legality is largely meaningless for crypto.
The value may drop after a ban, but crypto will remain a mainstay for any transactions that require freedom, privacy, or both.
- bombcar 5y agoYou attack where it can be converted to fiat which greatly restricts its use.
- xvector 5y agoConverting between crypto and fiat wasn't exactly straightforward when Darknet drug markets were the primary use case, but it was still done frequently. It will always be possible to use something like LocalMonero/LocalBitcoin or a decentralized exchange like Bisq or Haveno to convert as you wish. And as long as crypto is accepted in a single country you're good. Centralized exchanges will just move to countries that haven't banned exchanges.
- ArkanExplorer 5y agoI agree - but if Bitcoin and other crypto is reduced to the role of buying drugs and other contraband, it would suggest a price $200-$500 (as it was back in 2014 when that was its primary use), not $33,000.
- xvector 5y agoDefinitely, there is an insane amount of speculation priced in. The current prices are not even remotely justified, but crypto was never meant to be a speculative trading platform, it was meant to be used. The price cratering wouldn't really bother me.