CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

Post by puranjay » Tue, Apr 13, 2021, 9:07 AM UTC

selectodude wrote: post #384

this_user wrote: post #250

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> You can create all sorts of regulations but that will only harden the stance of crypto maxis because it will only prove them right. They can harden their stance all they want, but breaking the crypto ecosystem is incredibly easy if governments really wanted to. All you have to do is ban companies from interacting with crypto currencies in any form, be it accepting, exchanging, holding, or producing them. That would…

All they'd really have to do is announce that they were going to build enough computing power to initiate a 51 percent attack on bitcoin. I imagine the NSA is already there but it would be a nice cash injection for Intel or whatever. Bitcoin has a very, very short history of being a decent store of value and the US Government publicly saying they plan to break it would collapse the entire scheme.

Post by puranjay » Tue, Apr 13, 2021, 9:11 AM UTC

tom-_- wrote: post #335

puranjay wrote: post #135

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Crypto maximalists - and I know a LOT of them - are drawn to crypto because of ideology, not just the money. The idea that a person should own his/her own assets, be able to share and use them whenever they want, and be free from government censorship and foolhardy economic stewardship is incredibly powerful. When governments talk about banning crypto, what scares them isn't crypto; it's this ideology. And this ideol…

What you described as the ideals of crypto maximalists largely applies to fiat currency. Individuals "own" their own USD, are able to share and use as they please within the bounds of legality. Not sure what it means to "censor" currency, but if they consider governments' economic stewardship to be foolhardy, why would they consider the wisdom of miners, programmers or the crypto's regulating body to be superior? Wha…

Post by puranjay » Tue, Apr 13, 2021, 9:17 AM UTC

randomopining wrote: post #405

arcticbull wrote: post #154

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lol, it will prove them broke. The overwhelming majority of people own bitcoin because number go up. Banning it will make number not go up. This will cause them to divest. Substantially nobody is in it for the ancap utopia espoused by $20 transaction fees and 30 minute long confirmation times.

Yeah literally that has been my argument too. And I'm invested in this... because number go up. Ok, so govs ban exchanges and you have your stuff in cold storage. You have to buy/sell p2p? Are people gonna do that just to have this magical deflationary currency? Possibly... but idk.

Post by arcticbull » Tue, Apr 13, 2021, 9:55 AM UTC

puranjay wrote: post #455

randomopining wrote: post #405

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Yeah literally that has been my argument too. And I'm invested in this... because number go up. Ok, so govs ban exchanges and you have your stuff in cold storage. You have to buy/sell p2p? Are people gonna do that just to have this magical deflationary currency? Possibly... but idk.

Ever wondered why so many crypto projects come from China and Russia and former Soviet states? Because people who live there know what oppressive governments can do and how unreliable fiat is. I don't think people in the developed world understand it because they haven't really faced oppressive governments.

Post by puranjay » Tue, Apr 13, 2021, 10:35 AM UTC

arcticbull wrote: post #457

puranjay wrote: post #455

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Ever wondered why so many crypto projects come from China and Russia and former Soviet states? Because people who live there know what oppressive governments can do and how unreliable fiat is. I don't think people in the developed world understand it because they haven't really faced oppressive governments.

Are you sure it’s not because that’s where scams and cyber attacks against the west come from?