41–50 of 244 posts
Tokens like Bitcoin, Eth, NFTs etc are the only thing one can own in the digital space. So if a country makes the possession of cryptocurrencies illegal, it makes their people digitally possessionless. This would cut them off from the next version of the web. Similar to how North Korea cuts of their people from the current web. So far it seems no country that cuts of their people from the internet has been able to fl…
Bitcoin is not a token.
Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
not just banks, but everywhere you can spend it in country. fine you can move money between virtual accounts and buy NFTs all day, but government can control whether local business are allowed to accept your crypto as payment, so you’ll need to liquidate crypto into local currency - which kind of sucks to do if the banks aren’t there to help.
- buy international prepaid cards for legal dervices (bitrefill)
- use p2p local crypto exchanges: localcrypto, localmonero (in some countries this can be 100% anonymous by using the "withdraw from atm with 1 time code" bank services)
- Exchange to alternate "tokens" that are legal (anyone remembers Linden dollars to BTC market around 2010?)
- Exchange locally via sneakernet.
People are pretty arrogant around here, but we're reaching the next phase of crypto: Government Competition. The current crypto ecosystem is probably allowed so the tech can flesh out organically, then the best bits and bobbles will be plucked for inclusion in official government-approved currency. What State wants to be the guinia pig for any of this stuff - your whole country could collapse. Let people figure it ou…
Earlier quoted context omitted.
How are you supposed to turn the coins into FIAT where it's actually usable? At that point, you cannot move your money around however you like, you can only move the tokens around on the blockchain.
Worst case is to buy some physical goods and sell it. A bit cumbersome, but not impossible.
Earlier quoted context omitted.
If it's illegal to exchange goods or official currency for cryptocurrency in the nation you are in, the usefulness of cryptocurrency is going to be considerably constrained. This depends on how thorough or draconian the state is but a lot of people just shy away from illegal activity without enforcement being that strong. After all, if buy a tangible good, I want legal title to it and having engaged in an illegal tra…
That is why drugs and other illegal things are so cheap, right?
Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
If it's illegal to exchange goods or official currency for cryptocurrency in the nation you are in, the usefulness of cryptocurrency is going to be considerably constrained. This depends on how thorough or draconian the state is but a lot of people just shy away from illegal activity without enforcement being that strong. After all, if buy a tangible good, I want legal title to it and having engaged in an illegal tra…
Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
How are you supposed to turn the coins into FIAT where it's actually usable? At that point, you cannot move your money around however you like, you can only move the tokens around on the blockchain.
Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
Earlier quoted context omitted.
If it's illegal to exchange goods or official currency for cryptocurrency in the nation you are in, the usefulness of cryptocurrency is going to be considerably constrained. This depends on how thorough or draconian the state is but a lot of people just shy away from illegal activity without enforcement being that strong. After all, if buy a tangible good, I want legal title to it and having engaged in an illegal tra…
That is why drugs and other illegal things are so cheap, right?
Easiest way would be to block exchanges. Though one could go to another country and withdraw and convert the money, the more countries that block exchanges, the more targeted one could be towards the remainder for money transfers.