re: Why bitcoin is worse than a Madoff-style Ponzi scheme

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2022 Spring: a mass shooting event happens. Turns out the shooter was paid to kill people with Bitcoin.

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silk road was their big shot at this - founder rots in jail while crypto rages on

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2022 Summer: Media runs 24/7 stories about murderers and drug dealers using cryptocurrency to circumvent the law

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some outlets may do this as fear porn - sure

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2022 Fall: Congress passes a law to ban all cryptocurrency with minimum years long jail sentence for anyone caught possessing Bitcoin and even heavier fines for trading it.

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Considering the SEC just approved Bitcoin futures ETF, and trading competitors as close as Canada even have Bitcoin spot ETFs - this is basically impossible at this point

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2022 winter: President creates a new executive agency dedicated only to cracking down on cryptocurrency. A few strategic people are targeted and very publicly arrested and thrown in federal prison.

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you see - this part could/would happen without the law. we have allowed Presidents to rule by decree/executive order so I could actually see this happening - even though it would NOT have the power of law behind it. They can accuse you - right now - of basically anything using words like "conspiracy to" and "wire fraud" - and freeze your bank accounts and all access to capital. So you're right on the button here, they will HAVE to physically lock you up AND deny you of all basic human rights to deprive you of blockchain assets given the nature of their existence.

Oh, and this is the IRS defined.

Final Thought: They cannot control it, they can only try and regulate/tax it/fearmonger it into oblivion. Then, the exodus from citizens to other more free and democratic countries will CONTINUE to accelerate. The fall of Rome, baby.