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Ban crypto mining. Outlaw exchanging cryptocurrencies (directly) to USD (and other fiat currencies, but USD is the big one for now).

brightball 5y ago
It seems like it’s happening indirectly. I keep hearing stories about places like Coinbase not converting dirty Bitcoin that’s been associated with illegal activity. Eventually, it seems like this will apply to all of it.
- kelseyfrog 5y ago
  How much would it cost to purposefully contaminate a significant portion of Bitcoin? Just, you know, for reasons.
searchableguy 5y ago
I don't think banning fiat conversion would stop this. There are bonds and stable currency issued peg to the defi or crypto world. It would reduce the value but it's unstoppable. See fei: https://fei.money/ https://fei.money/ Proof of work or hardware intensive proofs are only used in a few crypto currency so this is a very blunt response in regards to banning exchange.
- anthony_r 5y ago
  Have you seen what happened in the finance world with respect to Russia recently? Feels to me like it is perfectly possible with the right Zeitgeist. Pretty much all the on/off ramps for Russian money are gone at the moment.
  - searchableguy 5y ago
    Which I acknowledge above. You can ban exchange to fiat but it will only reduce value, not completely eliminate it as there are protocols which derive value from defi ecosystem itself. I.e people will start directly using these currency for payments (which they already do) without exchanging to fiat. The stability is maintained by the defi collateral and shared acceptance. So you would have to ban everyone to accept crypto currency and so on as payment but that is very catastrophic decision with large implications. It also doesn't help crypto completely eliminates centralized authorities when moving across borders.
    - kinnth 5y ago
      So let's assume crypto is banned? Why is FIAT much better? What about another 2008? What about Quantitative Easing? It's not solving much.
      - fuzzer37 5y ago
        Because it's not speculative garbage like literally all crypto is.
    - shkkmo 5y ago
      > people will start directly using these currency for payments (which they already do) without exchanging to fiat Without fiat exchange, People can only accept crypto in an economically feasible manner as payments up to the rate that they have expenses/outflows that can be paid in crypto. The price will only be able to stabilize at a price that is orders of magnitude lower than today. How much lower exactly depends on the health of the black market for exchanging with fiat.
  - thebean11 5y ago
    Russia is a bit more complicated..half their economy is oil. The chance of import bans and Russia nationalizing oil companies is partly priced in.

brightball 5y ago

It seems like it’s happening indirectly. I keep hearing stories about places like Coinbase not converting dirty Bitcoin that’s been associated with illegal activity. Eventually, it seems like this will apply to all of it.

kelseyfrog 5y ago
How much would it cost to purposefully contaminate a significant portion of Bitcoin? Just, you know, for reasons.

searchableguy 5y ago

I don't think banning fiat conversion would stop this. There are bonds and stable currency issued peg to the defi or crypto world. It would reduce the value but it's unstoppable. See fei: https://fei.money/ https://fei.money/ Proof of work or hardware intensive proofs are only used in a few crypto currency so this is a very blunt response in regards to banning exchange.

anthony_r 5y ago
Have you seen what happened in the finance world with respect to Russia recently? Feels to me like it is perfectly possible with the right Zeitgeist. Pretty much all the on/off ramps for Russian money are gone at the moment.
- searchableguy 5y ago
  Which I acknowledge above. You can ban exchange to fiat but it will only reduce value, not completely eliminate it as there are protocols which derive value from defi ecosystem itself. I.e people will start directly using these currency for payments (which they already do) without exchanging to fiat. The stability is maintained by the defi collateral and shared acceptance. So you would have to ban everyone to accept crypto currency and so on as payment but that is very catastrophic decision with large implications. It also doesn't help crypto completely eliminates centralized authorities when moving across borders.
  - kinnth 5y ago
    So let's assume crypto is banned? Why is FIAT much better? What about another 2008? What about Quantitative Easing? It's not solving much.
    - fuzzer37 5y ago
      Because it's not speculative garbage like literally all crypto is.
  - shkkmo 5y ago
    > people will start directly using these currency for payments (which they already do) without exchanging to fiat Without fiat exchange, People can only accept crypto in an economically feasible manner as payments up to the rate that they have expenses/outflows that can be paid in crypto. The price will only be able to stabilize at a price that is orders of magnitude lower than today. How much lower exactly depends on the health of the black market for exchanging with fiat.
- thebean11 5y ago
  Russia is a bit more complicated..half their economy is oil. The chance of import bans and Russia nationalizing oil companies is partly priced in.