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Governments cannot shutdown Bitcoin as a protocol. They could ban the mining and ownership of it. This doesn't at all stop the protocol from operating, but inst

by fleddr 5y ago

Governments cannot shutdown Bitcoin as a protocol. They could ban the mining and ownership of it. This doesn't at all stop the protocol from operating, but institutional investors and most retail would abandon it, crashing the prize. None of this will happen, as governments aren't this united. Even within the US there's crypto-friendly and crypto-hostile states. Right now, Bitcoin is explicitly recognized as an asset/commodity, not as a currency. Property, not a security. There's definitely regulation pending regarding crypto. In particular, many non-Bitcoin cryptos are likely securities. Stablecoins backings are to be regulated. And there may be mining regulation where it's not outright banned, but (CO2) taxed.

archontes 5y ago
You don't think there's a first amendment argument for mining bitcoin? Could the government legally restrict me from solving a math problem? If mitigating the CO2 produced by using some energy isn't priced into that energy, that's the fix. We absolutely need to incorporate externalities into prices.
- JumpCrisscross 5y ago
  > You don't think there's a first amendment argument for mining bitcoin? No, in the same way there isn’t for money laundering or wire fraud.
- mminer237 5y ago
  Yes, of course the government can outlaw solving certain math problems. Anything on a computer can be represented by math. "Solving a math problem" can create Bitcoins or hack a computer system or recreate CSAM or recreate copyrighted or patented works or send a threat to someone. Calculating a hash for Bitcoin and then broadcasting it assumedly has the same level of First Amendment protection as calculating a hash for someone else's password and then broadcasting it.
rvz 5y ago
> There's definitely regulation pending regarding crypto. In particular, many non-Bitcoin cryptos are likely securities. Stablecoins backings are to be regulated. And there may be mining regulation where it's not outright banned, but (CO2) taxed. They can 'regulate' it by banning Proof-of-Work mining for 'climate change' reasons and then it will be outlawed or heavily taxed, just like in China, Kosovo, Kazakhstan and possibly Russia. Sure, Bitcoin (and any other cryptocurrencies) can't be totally 'banned', but enough to discourage mining and using PoW cryptocurrencies via legislation or taxes.

by fleddr 5y ago

archontes 5y ago

You don't think there's a first amendment argument for mining bitcoin? Could the government legally restrict me from solving a math problem? If mitigating the CO2 produced by using some energy isn't priced into that energy, that's the fix. We absolutely need to incorporate externalities into prices.

JumpCrisscross 5y ago
> You don't think there's a first amendment argument for mining bitcoin? No, in the same way there isn’t for money laundering or wire fraud.
mminer237 5y ago
Yes, of course the government can outlaw solving certain math problems. Anything on a computer can be represented by math. "Solving a math problem" can create Bitcoins or hack a computer system or recreate CSAM or recreate copyrighted or patented works or send a threat to someone. Calculating a hash for Bitcoin and then broadcasting it assumedly has the same level of First Amendment protection as calculating a hash for someone else's password and then broadcasting it.

rvz 5y ago

> There's definitely regulation pending regarding crypto. In particular, many non-Bitcoin cryptos are likely securities. Stablecoins backings are to be regulated. And there may be mining regulation where it's not outright banned, but (CO2) taxed. They can 'regulate' it by banning Proof-of-Work mining for 'climate change' reasons and then it will be outlawed or heavily taxed, just like in China, Kosovo, Kazakhstan and possibly Russia. Sure, Bitcoin (and any other cryptocurrencies) can't be totally 'banned', but enough to discourage mining and using PoW cryptocurrencies via legislation or taxes.