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How do you ban bitcoin? It’s not hosted or supported by American financial rails or any entity like swift which can be influenced by the USA in any meaningful w
by anukin 5mo ago
How do you ban bitcoin? It’s not hosted or supported by American financial rails or any entity like swift which can be influenced by the USA in any meaningful way.
- wrs 5mo agoIt's supported and influenced by the USA in the sense that if you can't ever turn it into dollars it becomes much less interesting.
- nuancebydefault 5mo agoAnything anyone wants to spend money on, can be converted into dollars. The currency has no tell in what it is used for.
- wrs 5mo agoThe hypothetical was that the US "bans" bitcoin, presumably meaning it becomes illegal for US financial institutions (or US-dependent ones, which is nearly all of them) to convert bitcoin to dollars. Somebody else might give you dollars for bitcoin, but then it becomes their problem. As the saying goes, "you can't eat bitcoin".
- LorenPechtel 5mo agoIt's not like the Dollar is the only worthwhile currency. Convert it into Euros. Or Yen. Or Yuan.
- nathan_compton 5mo agoYou could make it prohibitively problematic to use for most things.
- jauntywundrkind 5mo agoYou do what the the US is doing right now to starve Cuba & end civilization there: you embargo/sanction anyone doing business there. Like the Treasury/Dept of Commerce & others did with North Korean backed Tornado Cash. Some very quickly retrieved/not well researched (caveat reader) search links; https://home.treasury.gov/news/press-releases/jy0916 https://home.treasury.gov/news/press-releases/jy0916 https://www.paulhastings.com/insights/crypto-policy-tracker/a-whirlwind-of-change-the-delisting-of-tornado-cash https://www.paulhastings.com/insights/crypto-policy-tracker/...