If you’re going to postulate about TPTSB shutting down Bitcoin (the only crypto that matters) you should flesh out exactly how they might do it.
Bitcoin is its network, and the network is global and growing by the second. You can’t block me from Bitcoin unless you can block me from the Internet. The Internet is probably the most robust and survivable mechanism possible with current technology. As long as there are a handful of working nodes, there is an Internet. Same is true of Bitcoin.
Tell me I won’t be able to convert Bitcoin to dollars. So I can tell you that’s the last thing I want to do, to trade the money of the future for paper trash.
You’d have a better chance of eradicating roaches to extinction than you would Bitcoin. The only way I see is for the whole world to go dark and stay dark. Instant return to the 19th century, that would do it.
Agreed. With what I understand about how this works, it will be VERY difficult to shut it down. No central location, computers all over the globe. 20 years ago nobody knew they were going to be doing EVERYTHING on their PHONE. What will digital currency, with no central authority, look like 20 years from now? I’m betting some cash on it.
I have looked into it and have seen the requirements for reporting. It is not anonymous although each transaction is opaque.
No, you wouldn’t be blocked or shut down. But the governments of the world have infinite ability to tax, impede and cause logjams. Heaven help you if you try to bypass the IRS if you sell and have a sizeable profit in coin. Offshore? You are still a number they know, and I am not writing of your wallet either.
“Tell me I won’t be able to convert Bitcoin to dollars. So I can tell you that’s the last thing I want to do, to trade the money of the future for paper trash.”
So you will acquire assets?
April 5, 1933, one month after taking office, Roosevelt used the powers granted to the president by the Trading with the Enemy Act of 1917 to make gold ownership illegal. He issued Executive Order 6102, which made gold ownership--both in coins and in bars--illegal for all Americans and punishable by up to ten years in prison.
2028 - President Joe Blow uses his powers to make all crypto transactions--illegal for all Americans and punishable by up to ten years in prison.
I understand that many foreign countries are shifting to crypto to get out from under the U.S. Dollar thumb.** This, let alone public acceptance, will armor plate it.
A secondary shield is the millions that will be made in the new ETF market. Powerful people with money will buy off any Congressman who wants to rein it in.
I'm too old to get in now and am depending on precious metals to conserve what little wealth I have, but by God, if I was younger, I'd be in it just for the thrills and chills. :-)
**One of our government's many mistakes was weaponizing the Dollar by slapping sanctions on governments we didn't like. I'll warrant Iran will be one of those embracing crypto.