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The only way to shut down the Bitcoin network is to shut down the internet all over the world at once and even then - there is ham radio and satellites. Rememb
by jonathan-adly 5y ago
The only way to shut down the Bitcoin network is to shut down the internet all over the world at once and even then - there is ham radio and satellites.
Remember, you can say it’s useless (for you.) and harmful. That’s all fair. But, it’s a verifiable, indisputable fact that there are Bitcoin nodes operating in China despite the government ban[0]. You can’t ban Bitcoin, which why the free market deems it valuable.
Smart governments know this and move to tax it heavily(India), or move it to work within the state-regulated banks (Russia). But, no you can’t shut the network down without shutting everyone else internet.
0. https://bitnodes.io/ https://bitnodes.io/
- bb88 5y agoBitcoin without any way to exchange it to some other currency makes it worthless. Ergo, a government would just need to go after the exchanges. Nobody wants BTC, they want something more stable.
- lovich 5y ago> The only way to shut down the Bitcoin network is to shut down the internet all over the world at once and even then - there is ham radio and satellites. That implies bitcoin, and I am making an assumption that all cryptocurrencies are in the same boat, is worth as much as the rest of the internet. If crypto markets start threatening fiat currencies, I will be heavily surprised if ISPs choose to protect crypto markets instead of shutting them down when the government threatens their ability to do business. Crypto is only dangerous to fiat in crypto bros minds right now. They 100% can shut down crypto once it stops being a novelty