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If Bitcoin would ever threaten the Dollar, rest assured that it will be declared illegal.
by quonn 12y ago
If Bitcoin would ever threaten the Dollar, rest assured that it will be declared illegal.
- deleted 12y ago[deleted]
- tinco 12y agoIt would not threaten the dollar. In the best (worst) case it would become the new value backing of the dollar (i.e. "What could I get for this dollar?" "Well how many bitcoins can I buy with it?"). It could become this gradually and without any cooperation of governments or banks at all. Of course, declaring it illegal would throw a pretty big wrench in that process, even though in theory Bitcoin is not really affected by government regulation.
- tracker1 12y agoIt's not much different than any given foreign currency wrt a local currency. In the U.S. it's not much different than using Euros, Pounds or CAD. Or for that matter holding stocks in a given company. It's not legal currency for paying a dept or the government itself, but barter is legal. The implications are regarding hiding income and resources from the government. Also, exchanges as a business are highly regulated in general, which is the point of this, that they are operating an exchange legally...