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I’m only a little bit salty. Part of me cannot believe the government (or whatever powers that run this world) allows a deflationary alternative currency to con

I’m only a little bit salty. Part of me cannot believe the government (or whatever powers that run this world) allows a deflationary alternative currency to continue to exist. I feel that it’s only allowed to continue in order to build a case for central bank cryptos that can substituted during an inevitable and convenient crisis. Crypto people do not seem to have endeared themselves to regular folk whose assistance will no doubt be needed to prevent such government intervention.

tim333 5y ago
The whole design of bitcoin was to make it difficult or impossible for governments to stop it existing. If you were the head of some government how would you do that? It's open source software that can be run on pretty much any computer in the world.
- cjbgkagh 5y ago
  I’d do it slowly by tainting certain known addresses, money laundering, tax evasion, terrorism, scams etc. It splits the world into tainted coin and untainted, all regulated exchanges will be unable to accept tainted coin. Then expand what gets tainted to include coin with unknown provenance. Also you can get tainted if you send to a tainted address so you have to be careful who you send it to. Then when the details of who is on both sides of the transaction are known I would tax it. Anyone who doesn’t pay gets tainted. I would also secretly run tumbling services.... After running a publicly massive campaign against bitcoin et al, I would allow conversion to a fed coin for anyone who can prove the coins were legitimately acquired. The conversion rate would be set favorably to the govt. Anyone who complains gets investigated.
  - kyruzic 5y ago
    Good luck with that. You sure sound smarter than the US and Chinese gov who are both desperate to ban it.
    - cjbgkagh 5y ago
      I don’t think they are desperate to ban it right away, even if they say they are. It takes a long time to sneak in new powers into international trade agreements. It also takes a long time for an exploitable crisis to occur. They don’t want to be seen as handicapping innovation and cutting ordinary people off from a way to get rich. So they’ll wait however long it takes for people to lose faith, which could be a really long time. I personally don’t believe those with the power to decide money supply will give it up easily.

tim333 5y ago

The whole design of bitcoin was to make it difficult or impossible for governments to stop it existing. If you were the head of some government how would you do that? It's open source software that can be run on pretty much any computer in the world.

cjbgkagh 5y ago
I’d do it slowly by tainting certain known addresses, money laundering, tax evasion, terrorism, scams etc. It splits the world into tainted coin and untainted, all regulated exchanges will be unable to accept tainted coin. Then expand what gets tainted to include coin with unknown provenance. Also you can get tainted if you send to a tainted address so you have to be careful who you send it to. Then when the details of who is on both sides of the transaction are known I would tax it. Anyone who doesn’t pay gets tainted. I would also secretly run tumbling services.... After running a publicly massive campaign against bitcoin et al, I would allow conversion to a fed coin for anyone who can prove the coins were legitimately acquired. The conversion rate would be set favorably to the govt. Anyone who complains gets investigated.
- kyruzic 5y ago
  Good luck with that. You sure sound smarter than the US and Chinese gov who are both desperate to ban it.
  - cjbgkagh 5y ago
    I don’t think they are desperate to ban it right away, even if they say they are. It takes a long time to sneak in new powers into international trade agreements. It also takes a long time for an exploitable crisis to occur. They don’t want to be seen as handicapping innovation and cutting ordinary people off from a way to get rich. So they’ll wait however long it takes for people to lose faith, which could be a really long time. I personally don’t believe those with the power to decide money supply will give it up easily.