They could declare it illegal today, they could tax the shite out of it, they could seize it.

The govts of the world control a regulate damn near every aspect of our lives. This isn’t something they will give up without a fight.

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Posted by Ross

Member since Oct 2007

47824 posts

Posted on 2/12/21 at 7:19 am to Dawgfanman

I think it’s a losing fight. You gonna go around tearing down peoples houses to find a glorified flash drive? They don’t have the resources or ability to enforce anything like that at scale if there is a mainstream adoption of cryptos without taking out the entire internet; and personally I think there is and will be more than enough demand for cryptos even in a black market environment. The exchanges may have to move offshore or you’d need to use different exchanges to move from USD to crypto, but as long as the demand is there making it illegal may only serve to make it more valuable.

I don’t see how they could ever hope to stop peer to peer transactions at any level.

This post was edited on 2/12/21 at 7:23 am

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Posted by Douglas Quaid

Mars

Member since Mar 2010

4098 posts

Posted on 2/12/21 at 7:29 am to Dawgfanman

Ultimately, the people will have to choose where to place their trust: government backed currencies or cryptocurrencies.

For governments to begin censoring cryptocurrencies is an outright power grab. It's an open admission by the state that it will force its own will upon its people.

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Posted by TigerTatorTots

The Safeshore

Member since Jul 2009

80859 posts

Posted on 2/12/21 at 8:39 am to Dawgfanman

quote:
They could declare it illegal today

Less likely this happens everyday. The billion dollar companies and funds holding it will use their influence, lawyers, and lobbyers to fight this legislation if it ever comes across. The more companies that go down this path the more firepower against it and the more the government would be authoritarianist to essentially "steal" billions from companies and people overnight by deeming it illegal. You have a pro bitcoin US Senator on the finance and banking committee. You have 5 pro bitcoin congressmen in House of Reps. Every election these numbers will grow. You have the City of Miami that just turned their entire existence into being a Bitcoin haven and exploring to add Bitcoin to the city balance sheet. I think it has gotten to the point where banning is nearly off the table, they missed out when they had the chance the first 10 years.

quote:
they could tax the shite out of it

Certainly possible - will cause people to just hold instead of sell for gains, thus increasing the price more which increases the legitimacy more, which further helps it become a reserve. This opens the door for other countries to become "bitcoin friendly" and all the world's bitcoin wealth would just move there. It isn't like you are dragging l00lbs of gold through an airport to get there.