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Message
re: Why bitcoin is worse than a Madoff-style Ponzi scheme
Posted on 12/23/21 at 11:03 am to Ross
Posted on 12/23/21 at 11:03 am to Ross
quote:
The gov't CAN'T get involved (other than taxing gains).
This is the statement I originally replied to, saying they could make it illegal.
quote:
They can make life really hard for those wishing to exchange it for cash. They can make it less hard but still difficult for those wishing to exchange it for tangible goods. They cannot make it impossible because crypto rails cannot be shut down and you can send assets peer to peer. They would be reliant on fear and fear alone.
This is true of lots of illegal things and transactions.
quote:
It's kind of a moot point anyway, crypto rails are being viewed as the next leg of innovation in the tech space and Web3 will soon be the next big tech buzzword that gets investors moving.
I don’t think the govt will make it illegal, but they definitely could and that was my only point.
3
Posted on 12/23/21 at 11:05 am to Dawgfanman
I understand what you're saying, I'm not openly disagreeing with you just fostering a dialogue on what the government can and what they cannot do. What they will do is an entirely different discussion and I think at this point arguing that a western nation is going to ban the usage of crypto rails full stop is nonsense.
But in regards to the efficacy of a ban: plenty of nations tried banning Bitcoin and yet saw adoption increase after the ban because the network is resilient and trustworthy and users trusted the digital assets more than their native currencies and the crypto rails more than their native banking rails. It's all about supply/demand and risk tolerance and if a third world nation squeezes too hard by inflating their sovereign currency the demand will be there for an alternative to avoid stone age barter. Crypto rails afford these people the chance to be their own bank and not rely on corrupt governments or institutions to retain their value.
eh, not to the level of digital assets where I have to click like three buttons and copy/paste an address to send them across the world in a second.
But in regards to the efficacy of a ban: plenty of nations tried banning Bitcoin and yet saw adoption increase after the ban because the network is resilient and trustworthy and users trusted the digital assets more than their native currencies and the crypto rails more than their native banking rails. It's all about supply/demand and risk tolerance and if a third world nation squeezes too hard by inflating their sovereign currency the demand will be there for an alternative to avoid stone age barter. Crypto rails afford these people the chance to be their own bank and not rely on corrupt governments or institutions to retain their value.
quote:
This is true of lots of illegal things and transactions.
eh, not to the level of digital assets where I have to click like three buttons and copy/paste an address to send them across the world in a second.
This post was edited on 12/23/21 at 11:09 am
Posted on 12/23/21 at 11:37 am to Dawgfanman
quote:
This is true of lots of illegal things and transactions.
cash is infinitely more impactful in illegal activity, LESS TRACKABLE, and absolutely dwarfs crytpo in terms of use and adoption for ILLEGAL activity
Criminals gunna criminal, regardless of the medium
Posted on 12/23/21 at 12:06 pm to Dawgfanman
quote:
don’t think the govt will make it illegal, but they definitely could and that was my only point.
yea it's possible to a degree and this is mostly why china went hard with regulations
crypto adoption is hugely bullish for the dollar but most believe the opposite. paradoxically the more people using stable coins, the better for America
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