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Because you have to convert the crypto into fiat to procure goods and services and the state will just control the border. There will be cases in which a weak

Because you have to convert the crypto into fiat to procure goods and services and the state will just control the border. There will be cases in which a weak state economy can become bitcoinized the same way some have become dolarizesld, but for strong states it is easy to make the border between the currencies as tight as they want it.

cowtools 4y ago
>Because you have to convert the crypto into fiat to procure goods and services You do? What is the purpose of cryptocurrency if you are just going to convert back into cash the moment you use it? I think the end goal for cryptocurrency is to create a circular, P2P economy[0][1] Seems pretty difficult to regulate only some cryptocurrencies if it's already possible to anonymously and trustlessly swap between them[2] [0] https://monerica.com/ https://monerica.com/ [1] https://localmonero.co/ https://localmonero.co/ [2] https://unstoppableswap.net/ https://unstoppableswap.net/
- malka 4y ago
  At some point, you ll need to pay taxes. in the money of choice of your current governing body.
- nradov 4y ago
  Right, that's the point. Unless you're stuck in some shithole country like El Salvador, there's no purpose to cryptocurrency.
- e63f67dd-065b 4y ago
  Easy: if congress bans all crypto tomorrow, you can trivially check which websites accept crypto, and then send them a letter to not do that. If they don’t comply, you tell the registrar/host/ISP to shut them down, then they don’t have a website anymore. The point is that at some point real people, subject to laws and regulations, will have to touch the thing you’re buying. If you’re buying a sandwich, it doesn’t matter the guy making the sandwich accepts crypto if the government can put them in jail for doing so.
babyshake 4y ago
Would these regulations prevent something like offshore merchants selling goods, perhaps gold bars or something, for crypto and converting into fiat?
- OtmaneBenazzou 4y ago
  well it already happens with cash, so no
deleted 4y ago
[deleted]
robocat 4y ago
> into fiat to procure goods and services and the state will just control the border. Regurgitated “fiat” meme. Counter-example 1: buying services over the internet. What fiat and where is the relevant border? Counter-example 2: go overseas and use services. What fiat and where is the relevant border? Arguments about fiat and borders are often silly. However, a jurisdiction can make crypto illegal or risky.
- ReptileMan 4y ago
  By border I meant the point in which you have to convert the bitcoin to obtain something. The moment when you have to buy local currency to pay taxes, utility bills, food, fuel, clothes, pay toll taxes on the roads etc ... A government can make it arbitrarily hard or illegal to do that.
- soco 4y ago
  What exactly is "over the internet" and "overseas"? Aren't those real world countries, with real world legislation, where real world offerers of services can be jailed for using crypto? Or your entire argument is based that there will always be some exotic country (like El Salvador tried and apparently failed) will have a better view on crypto and also offer all services you might need?

cowtools 4y ago

>Because you have to convert the crypto into fiat to procure goods and services You do? What is the purpose of cryptocurrency if you are just going to convert back into cash the moment you use it? I think the end goal for cryptocurrency is to create a circular, P2P economy[0][1] Seems pretty difficult to regulate only some cryptocurrencies if it's already possible to anonymously and trustlessly swap between them[2] [0] https://monerica.com/ https://monerica.com/ [1] https://localmonero.co/ https://localmonero.co/ [2] https://unstoppableswap.net/ https://unstoppableswap.net/

malka 4y ago
At some point, you ll need to pay taxes. in the money of choice of your current governing body.
nradov 4y ago
Right, that's the point. Unless you're stuck in some shithole country like El Salvador, there's no purpose to cryptocurrency.
e63f67dd-065b 4y ago
Easy: if congress bans all crypto tomorrow, you can trivially check which websites accept crypto, and then send them a letter to not do that. If they don’t comply, you tell the registrar/host/ISP to shut them down, then they don’t have a website anymore. The point is that at some point real people, subject to laws and regulations, will have to touch the thing you’re buying. If you’re buying a sandwich, it doesn’t matter the guy making the sandwich accepts crypto if the government can put them in jail for doing so.

babyshake 4y ago

Would these regulations prevent something like offshore merchants selling goods, perhaps gold bars or something, for crypto and converting into fiat?

OtmaneBenazzou 4y ago
well it already happens with cash, so no

deleted 4y ago

[deleted]

robocat 4y ago

> into fiat to procure goods and services and the state will just control the border. Regurgitated “fiat” meme. Counter-example 1: buying services over the internet. What fiat and where is the relevant border? Counter-example 2: go overseas and use services. What fiat and where is the relevant border? Arguments about fiat and borders are often silly. However, a jurisdiction can make crypto illegal or risky.

ReptileMan 4y ago
By border I meant the point in which you have to convert the bitcoin to obtain something. The moment when you have to buy local currency to pay taxes, utility bills, food, fuel, clothes, pay toll taxes on the roads etc ... A government can make it arbitrarily hard or illegal to do that.
soco 4y ago
What exactly is "over the internet" and "overseas"? Aren't those real world countries, with real world legislation, where real world offerers of services can be jailed for using crypto? Or your entire argument is based that there will always be some exotic country (like El Salvador tried and apparently failed) will have a better view on crypto and also offer all services you might need?