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I could be wrong I don't fully understand how it all works, but I feel that if the US government decided Bitcoin was a huge threat and people were abandoning th
by 14 2y ago
I could be wrong I don't fully understand how it all works, but I feel that if the US government decided Bitcoin was a huge threat and people were abandoning the USD that they would just ban it. Yes I know there can't really stop people from having it. But if they made it illegal in the US and threatened sanctions against any country that allowed it and essentially made it impossible to use it for anything other then holding on to it what value would it have? If you can not trade it in any major country would it still hold value? I am curious if that type of situation is even possible? I agree with you though I like Bitcoin though I don't own any. I like the concept that one can own it and the political landscape of ones country can not destroy the value of what you own..Anyways any thoughts I am curious to hear.
- npoc 2y agoBanning it makes no difference other than possibly slow down it's adoption. Does banning the purchase and sale of drugs stop people buying and selling drugs? And as bitcoin is digital, it makes it far harder to stop as I can send it to anyone else via an encrypted digital communications channel that the state is unable to read. And there will always be one country that doesn't ban it, and thrives from the use of hard money, rather than monopoly money tokens that are fiat currencies like $£ etc. What is far more likely is that other major countries see bitcoin's potential as future global reserve asset and stock pile it. If they are right, then the USA will be left "holding the bag" of worthless US dollars, and be left with relatively any bitcoin either i.e. it will be broke. The USA will forsee this, and you'll end up with a mad rush to buy bitcoin before other nations do. Nation-state FOMO.