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> It’s the ultimate foolishness of governments to believe the will win that competition. I don’t think it’s foolishness at all. The government today has much m

> It’s the ultimate foolishness of governments to believe the will win that competition. I don’t think it’s foolishness at all. The government today has much more power than it did when I was a child. When did anybody ever succeed in reversing this trend? This type of regulation is perfectly poised for success as well, as most people will be unaffected by it, and most people won’t even have any motive to understand the concepts involved. The big financial players don’t really care either, because their roll in the system isn’t really threatened by most of this.

alchemist1e9 4y ago
Except with Bitcoin it needs all governments everywhere to coordinate in banning it. It would require extensive intrusive control of the internet. It seems incredibly unlikely that democratic governments will succeed in suppressing Bitcoin and promoting CBDCs.
- AmericanChopper 4y ago
  Banning Bitcoin has never been necessary. If you want to do business in the UK (or any other place), then you need to comply with the rules of their financial institutions. That means doing the KYC, complying with the AML rules, and using whatever currency the central government issues. The government doesn’t need to promote anything. They are the ones who make the rules.
  - alchemist1e9 4y ago
    You seem to have never heard of capital flight. Won’t be any different when fiat currencies start collapsing one day.
    - AmericanChopper 4y ago
      Capital flight isn’t especially relevant. People with capital will always want access to advanced economies, and to get that access you need to use the currency issued by the economy’s central bank. There’s also no reason think this would be a capital-hostile move, large capital transactions are already highly scrutinized and regulated. This would compromise the privacy and freedoms of individuals, who I doubt are going to care.
      - alchemist1e9 4y ago
        We will have to agree to disagree because your perspective, while understandable, I fundamentally believe is flawed in it views powers of the state as growing and large enough to overcome market forces that would otherwise chose superior money over inferior CBDC money. We could go on endless between us and in the end it comes down to how we perceive the nation state as evolving with technological changes that include Bitcoin and other modern private currencies. I’m fairly confident it’s much more likely globally the nation states will lose that battle in the end. However you will continue to argue that state power is large enough to counter this. It’s not a debate with a conclusion unless we wait for the future to happen. To your last comment, I would simply say you likely underestimate the scope and influence of black markets that will expand with the restrictions you imagine.

alchemist1e9 4y ago

Except with Bitcoin it needs all governments everywhere to coordinate in banning it. It would require extensive intrusive control of the internet. It seems incredibly unlikely that democratic governments will succeed in suppressing Bitcoin and promoting CBDCs.

AmericanChopper 4y ago
Banning Bitcoin has never been necessary. If you want to do business in the UK (or any other place), then you need to comply with the rules of their financial institutions. That means doing the KYC, complying with the AML rules, and using whatever currency the central government issues. The government doesn’t need to promote anything. They are the ones who make the rules.
- alchemist1e9 4y ago
  You seem to have never heard of capital flight. Won’t be any different when fiat currencies start collapsing one day.
  - AmericanChopper 4y ago
    Capital flight isn’t especially relevant. People with capital will always want access to advanced economies, and to get that access you need to use the currency issued by the economy’s central bank. There’s also no reason think this would be a capital-hostile move, large capital transactions are already highly scrutinized and regulated. This would compromise the privacy and freedoms of individuals, who I doubt are going to care.
    - alchemist1e9 4y ago
      We will have to agree to disagree because your perspective, while understandable, I fundamentally believe is flawed in it views powers of the state as growing and large enough to overcome market forces that would otherwise chose superior money over inferior CBDC money. We could go on endless between us and in the end it comes down to how we perceive the nation state as evolving with technological changes that include Bitcoin and other modern private currencies. I’m fairly confident it’s much more likely globally the nation states will lose that battle in the end. However you will continue to argue that state power is large enough to counter this. It’s not a debate with a conclusion unless we wait for the future to happen. To your last comment, I would simply say you likely underestimate the scope and influence of black markets that will expand with the restrictions you imagine.