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> they are mostly powerless to control it. What makes you think that? You do realise that they could easily outlaw 1) miners, 2) exchanges that convert to fiat
by FabHK 5y ago
> they are mostly powerless to control it.
What makes you think that? You do realise that they could easily outlaw 1) miners, 2) exchanges that convert to fiat, and 3) people privately exchanging to fiat, and (domestically) enforce that reasonably well, too.
And sure, there could still be an underground market - you can get still get weed and cocaine in China or Singapore, but I wouldn't recommend participating in it.
- stiltzkin 5y agoYou can exchange FIAT using P2P.
- tgtweak 5y agoThey literally did this already (miners were kicked out/shut down, the exchanges were shut down or put in line, and now the broad legality of simply owning/transferring them), and Bitcoin is still doing it's thing, more or less unphased (let's be real, a 10% dip is hardly remarkable in the crypto world) - demonstrating in technicolor how even the most empowered state, with far-reaching and unilateral control of every domain that cryptocurrency requires to operate (law, finance and telecommunication), is relatively useless in it's ability to hinder the mechanics of cryptocurrency. Driving it more underground will not squash it.