Here is why a ban on cryptocurrencies may not be even possible

[Rzeznik]

You can literally ban crypto in 2 minutes by one US Gov decision: any bank that accepts crypto-related funds will be disconnected from FedWire USD system and open to billions of dollars of fines for "financing terrorism\AML offences etc".

For me banning crypto is like banning some cool inventions in early stage. It's same like banning internet access,water pipelines, electricity wires. Because of those inventions world was changed.
Noone wants loose monopoly in reality but banning inventions puts you on loosing game in long run. Look at US and its archaic monopoly in banking they forced so many laws restricting everything same time countries like China (with weChat), UK (Revoult,Wise) are taking world and progressing faster forward.

Best example of ignorance is China they have burned their fleet because some people inside country were afraid of loosing to much power over the country to people who sail seas.(one fleet general was erased from history books for years) Few centuries later UK/US was kicking their a*s because they had big sea fleet and they took America for themselves and at the end they control world today.
In reality the faster they will regulate/ban inventions more they will cripple themselves in progress. (I guess progress in LGBTQ,forcing "equality/diversity" won't help them either in long run )

For some crypto CRS will be burden but for some it will be opportunity same time.

 

[troubled soul]

For me banning crypto is like banning some cool inventions in early stage. It's same like banning internet access,water pipelines, electricity wires. Because of those inventions world was changed.
Noone wants loose monopoly in reality but banning inventions puts you on loosing game in long run. Look at US and its archaic monopoly in banking they forced so many laws restricting everything same time countries like China (with weChat), UK (Revoult,Wise) are taking world and progressing faster forward.

Best example of ignorance is China they have burned their fleet because some people inside country were afraid of loosing to much power over the country to people who sail seas.(one fleet general was erased from history books for years) Few centuries later UK/US was kicking their a*s because they had big sea fleet and they took America for themselves and at the end they control world today.
In reality the faster they will regulate/ban inventions more they will cripple themselves in progress. (I guess progress in LGBTQ,forcing "equality/diversity" won't help them either in long run )

For some crypto CRS will be burden but for some it will be opportunity same time.

Really appreciate your post

 

[chingxang]

To ban crypto, you should ban the internet, and computers, simply.

 

[Member]

Asymmetrical cryptography in particular is a game changer that even the looming threat of Quantum computing cannot overcome. Basically when no one was looking the "shield" got FAR stronger than the proverbial "sword" and now we can leverage that advantage to build things that are robust and VERY resistant to attack.

You may not be aware but state level actors in Russia and China (arguably in the United states, as well) have been trying to shut down and eliminate blockchain based DAOs since their inception. One of the reasons they are enjoying so much market success is specifically because no one has been able to take them down.
I would suggest doing a deep dive into the game theory incentives of a blockchain network and how that makes it very resistant to change or attacks, even from state level actors.

Some countries are and will continue to trend towards totalitarian controls around ownership of non-national digital money (aka Cryptocurrency) and nation that does will simply be pushing trillions in business activity off shore into countries with more favorable regulatory outlooks (Switzerland, Singapore, El Salvador, et al). Those countries will reap so much benefit from that, that the other nations will have to choose between falling behind them or joining in with them (most will choose the latter).

What we should be aware of is that cryptocurrency is the best tool we have to fight back and protect our speech!

 

[369]

For me banning crypto is like banning some cool inventions in early stage. It's same like banning internet access,water pipelines, electricity wires. Because of those inventions world was changed.
Noone wants loose monopoly in reality but banning inventions puts you on loosing game in long run. Look at US and its archaic monopoly in banking they forced so many laws restricting everything same time countries like China (with weChat), UK (Revoult,Wise) are taking world and progressing faster forward.

Best example of ignorance is China they have burned their fleet because some people inside country were afraid of loosing to much power over the country to people who sail seas.(one fleet general was erased from history books for years) Few centuries later UK/US was kicking their a*s because they had big sea fleet and they took America for themselves and at the end they control world today.
In reality the faster they will regulate/ban inventions more they will cripple themselves in progress. (I guess progress in LGBTQ,forcing "equality/diversity" won't help them either in long run )

For some crypto CRS will be burden but for some it will be opportunity same time.

I don't know from where you got your history lesson but its bs

you completly have no understanding what happened and is happening.
First of all china went down because of white people poisening them with opium for which they traded real goods which they brought to us killing the chinese econemy and society.
Secondly china is not opening its money gates to western capital as they remember what the US and UK did to Russia with Jelzin.They didn't made that mistake.
You clearly don't understand the mechanism which are behind these systems

To ban crypto, you should ban the internet, and computers, simply.

Making crypto untouchable for majority is no big deal for them.
Crypto as we know today will fail anyways as thats the plan so people will only accept offical regulated coins which are being "backed" with an asset

 

[Rzeznik]

you completly have no understanding what happened and is happening.
First of all china went down because of white people poisening them with opium for which they traded real goods which they brought to us killing the chinese econemy and society.

China 1525 :
https://www.independent.co.uk/news/...-elite-was-afraid-of-free-trade-a7612276.htmlthe point is that if China would keep expanding on sea other countries would not go so far with expanding their land simple.
This is old like world mechanism. Changes meet old elites with pants down, they refuse changes but world is evolving same was with industrial revolution etc.

About Russia some morons there truly believed in communism , that system costed Russians lives of about 20m people and those were most intelligent there one.
Most effective blow to shot their foot made Russians themselves by killing smartest of those they had.
After 30 years of communism and killing/poisoning smart people they are where they are.
If you look at robotic and compare Russia vs USA/China/Korea it's funny joke.

About crypto is similar you just puts most talented people elsewhere. Today its even more easy since you can use internet and work remotely.

Crypto as we know today will fail anyways as thats the plan so people will only accept offical regulated coins which are being "backed" with an asset

Classic fiat money lifespan is like 40 years, that is way I think in long run crypto will win over those regulated one.
That is my bet and opinion, because I don't know future neither you.
I place my money on that.

 

[369]

China 1525 :
https://www.independent.co.uk/news/...-elite-was-afraid-of-free-trade-a7612276.htmlthe point is that if China would keep expanding on sea other countries would not go so far with expanding their land simple.
This is old like world mechanism. Changes meet old elites with pants down, they refuse changes but world is evolving same was with industrial revolution etc.

About Russia some morons there truly believed in communism , that system costed Russians lives of about 20m people and those were most intelligent there one.
Most effective blow to shot their foot made Russians themselves by killing smartest of those they had.
After 30 years of communism and killing/poisoning smart people they are where they are.
If you look at robotic and compare Russia vs USA/China/Korea it's funny joke.

About crypto is similar you just puts most talented people elsewhere. Today its even more easy since you can use internet and work remotely.


Classic fiat money lifespan is like 40 years, that is way I think in long run crypto will win over those regulated one.
That is my bet and opinion, because I don't know future neither you.
I place my money on that.

you just show you have no clue what you are talking about.
First communism wasnt installed by russians but it was a putsch by JPM who was accountant of Romanovs and who sent trutzky and lenin to europe/russia to start a red revolution to kill the romanovs to get their fortune.You keep beliving in the red revolution by the workers!!
Secondly comparing robotic from russia/korea/china/usa is a nice joke.Just shows you have no real world knowledge.
Russia is a wealthy country based on their resources including gold and because of any robotic.
Why you think US fears so much that russia could join forces with germany ?
Germany has the industralisation which is moving away to russia right at this moment.
You keep beliving russia is a poor undeveloped country.That was the goal for russia by the US under Yelzin.

About china and their fleet.Did you ever heard from UK newspaper the story how they flooded china with cheap opium and took in return all wealth out of china destroying its society ?
Your sense of proof showing an article seems also funny.I can show you any article based on any view online.If thats your DD then you won't succeed in life.

Based on crypto you make that bet based on poor judgement and knowledge which is ok since its your money.
It just shows you never ever checked what countries do to kill any even smallest alternative to their fiat.
If you think crypto can't be stopped it clearly means you don't understand crypto and are in the hole of false claims created by its supporters who are looking to get rich quick.

 

[Rzeznik]

It just shows you never ever checked what countries do to kill any even smallest alternative to their fiat.

As I recall was illegal to have gold in some places including my native county Poland, using foreign currency was illegal in both cases you could go for prison like 20+ years.
Such laws was just sign of dying real economy once all collapsed and failed all new capital was welcomed into country same was for gold...
Same can be for other countries once you fall on knees then is better have some capital even crypto than not have it at all.
In long run if country economy is on downward slope by banning alternatives you just you accelerate the decomposition process that is why at the end crypto will win maybe not BTC as we know.
To kill crypto you need good stable economy with real rates higher than inflation like 1-5% - so you would be able to save for the future.
Ideal world doesn't exits that is why crypto won't be stopped maybe it will be slow down at end in some places.

its supporters who are looking to get rich quick

People are getting rich quick because central bankers are out of control with money printing, crypto hodlers just ride that wave IMO.
If some asset makes x10 in each 4 year interval is wise consider getting it. Something can be behind that movement, maybe some people are ignoring crypto like some were ignoring internet in 90s.

 

[369]

As I recall was illegal to have gold in some places including my native county Poland, using foreign currency was illegal in both cases you could go for prison like 20+ years.
Such laws was just sign of dying real economy once all collapsed and failed all new capital was welcomed into country same was for gold...
Same can be for other countries once you fall on knees then is better have some capital even crypto than not have it at all.
In long run if country economy is on downward slope by banning alternatives you just you accelerate the decomposition process that is why at the end crypto will win maybe not BTC as we know.
To kill crypto you need good stable economy with real rates higher than inflation like 1-5% - so you would be able to save for the future.
Ideal world doesn't exits that is why crypto won't be stopped maybe it will be slow down at end in some places.


People are getting rich quick because central bankers are out of control with money printing, crypto hodlers just ride that wave IMO.
If some asset makes x10 in each 4 year interval is wise consider getting it. Something can be behind that movement, maybe some people are ignoring crypto like some were ignoring internet in 90s.

You are blind.......

You don't see the centralisation which is currently happening ?
Who dicates which currency is going to be used ?The ones who sell goods ,energy,services etc to the people.
It is so extremly centralized that i can't even say how much they already control.Back in 2013 a swiss university made a study which showed 70% of worlds production was created in companies which ownerships mainly where hold between 20 biggest companies.

 

[Rzeznik]

You don't see the centralisation which is currently happening ?

To some extend but in reality we will face multi-polar world. I don't see soon that China/EU/US/Russia/Japan will give power of creation own money from thin air or surrender to entity like ONZ or new version called NWO.
I don't see that without hot war US<>China will surrender to some side on their terms.

 

[369]

To some extend but in reality we will face multi-polar world. I don't see soon that China/EU/US/Russia/Japan will give power of creation own money from thin air or surrender to entity like ONZ or new version called NWO.
I don't see that without hot war US<>China will surrender to some side on their terms.

US and China are coroworking on it for over a decade.The rest of the world for decades.
The final new monetary systems are CDR's which are being distributed based on countries gold thats why countries are hording and buying gold.
Virtual money will be distributed directly by central banks.banks won't be needed anymore.
War between US and China is a totaly diffrent topic.Its not about monetary system which all agreed with but about internal elites power structures.

 

[troubled soul]

https://www.businessinsider.in/cryp...cies-is-not-possible/articleshow/87390005.cms

It would be nearly impossible for India to ban cryptocurrencies — here’s why​

 

[JackAlabama]

You are blind.......

You don't see the centralisation which is currently happening ?
Who dicates which currency is going to be used ?The ones who sell goods ,energy,services etc to the people.
It is so extremly centralized that i can't even say how much they already control.Back in 2013 a swiss university made a study which showed 70% of worlds production was created in companies which ownerships mainly where hold between 20 biggest companies.

"Bitcoin still has whales, but since the network’s inception, its supply has become more evenly distributed, with smaller accounts comprising an increasing proportion of the aggregate supply."
https://coinmetrics.io/measuring-bitcoins-decentralization/

 

[369]

"Bitcoin still has whales, but since the network’s inception, its supply has become more evenly distributed, with smaller accounts comprising an increasing proportion of the aggregate supply."
https://coinmetrics.io/measuring-bitcoins-decentralization/

Bitcoin is hold mainly by US banks like JPM which accumulated BTC before 2011 based on their reports.Splitting into smaller accounts is no proof of anything.
Also BTC is a deep state project which is why it never has been banned.
It can lose its value anytime if the government would like to by baning BTC to fiat and the price would plumb instantly.Or 51% server control.However based on a FBI report they already could trace 98% of all BTC transactions in 2012.The rest will be traced via 3rd parties which will collect users data based on the report.

Also bitcoin is clearly a ponzi.The last ones will pay for it.

 

[JackAlabama]

Bitcoin is hold mainly by US banks like JPM which accumulated BTC before 2011 based on their reports.Splitting into smaller accounts is no proof of anything.
Also BTC is a deep state project which is why it never has been banned.
It can lose its value anytime if the government would like to by baning BTC to fiat and the price would plumb instantly.Or 51% server control.However based on a FBI report they already could trace 98% of all BTC transactions in 2012.The rest will be traced via 3rd parties which will collect users data based on the report.

Also bitcoin is clearly a ponzi.The last ones will pay for it.

That is a very broad band of just opinions lacking any supporting info.
Can you name a few of these sources and facts or at least reason why/how you come to these conclusions?

 

[Martin Everson]

Maybe China's quantum computer Zuchongzhi will just confiscate some bitcoin at some point down the line . Imagine the computing power in 10 years time if we follow Moore's Law.

https://www.forbes.com/sites/billyb...ogle-could-china-be-about-to-destroy-bitcoin/
https://www.sciencealert.com/china-s-latest-56-qubit-computer-marks-another-quantum-milestone
-- start quote

China said in a statement alongside a paper published in the journal Science on Thursday, outlining how their Jiuzhang prototype quantum computer took just over three minutes to complete a task the world’s fastest traditional computer would take more than 600 million years solve—almost 100tn times faster than today's supercomputers.

--- end quote

 

[369]

China had already control with majority of mining being located in china

 

[JackAlabama]

Maybe China's quantum computer Zuchongzhi will just confiscate some bitcoin at some point down the line . Imagine the computing power in 10 years time if we follow Moore's Law.

https://www.forbes.com/sites/billyb...ogle-could-china-be-about-to-destroy-bitcoin/
https://www.sciencealert.com/china-s-latest-56-qubit-computer-marks-another-quantum-milestone
-- start quote

China said in a statement alongside a paper published in the journal Science on Thursday, outlining how their Jiuzhang prototype quantum computer took just over three minutes to complete a task the world’s fastest traditional computer would take more than 600 million years solve—almost 100tn times faster than today's supercomputers.

--- end quote

Upgrades to quantum proof hashing algorithms can be made and if you do not reuse addresses and hence expose the public key, quantum computers cannot figure out the corresponding private key.
https://www.forbes.com/sites/rogerh...l-not-break-cryptocurrencies/?sh=4629359b167bNevertheless the first who got this solved can cause serious damage and attack more important infrastructure (banks, telco, military etc) than a tiny cryptocurrency project, which maybe within 10 years time is less tiny.

China had already control with majority of mining being located in china

And now they chased that all away. Maybe they will attract miners later down the line again.

 

[369]

Upgrades to quantum proof hashing algorithms can be made and if you do not reuse addresses and hence expose the public key, quantum computers cannot figure out the corresponding private key.
https://www.forbes.com/sites/rogerh...l-not-break-cryptocurrencies/?sh=4629359b167bNevertheless the first who got this solved can cause serious damage and attack more important infrastructure (banks, telco, military etc) than a tiny cryptocurrency project, which maybe within 10 years time is less tiny.


And now they chased that all away. Maybe they will attract miners later down the line again.

Bitcoin is irrelevant for china.Their goal is a CBDC with a negative interest rate and linked to gold.
I mean its so obvious that bitcoin is a marketing tool for CBDC's and a ponzi because nothing works better than greed which will be paid by the last one who will join.

 

[JackAlabama]

Bitcoin is irrelevant for china.Their goal is a CBDC with a negative interest rate and linked to gold.
I mean its so obvious that bitcoin is a marketing tool for CBDC's and a ponzi because nothing works better than greed which will be paid by the last one who will join.

Do you have any reasoning of your argument again on this one or how do you come to these conclusions?
Why is a marketing even needed when you can sell to a guillable populace whatever they want when you can just decree stuff?
Also no one cared about that for the first 4 years and hence is the complete opposite way of the lets say usual marketing plots which come out of seemingly nowhere and hit you in the face.