True, but what volume would you be able sell at those prices? Those with large stacks that want to sell will do so on international markets.
Many people have invested in anticipation of more widespread, legal use. For a large economy such as the US to be excluded from those use cases, the potential goes down, and so will the price.

XMember has to be one of the worst posters in the history of BFI and that's saying something.

His two arguments are that BTC is only used by criminals and it is worth $0. Those have to be two of the most demonstrably false statements of all time. Are there not mods here anymore?

To be fair there are several actual good arguments against crypto and the current valuations but his don't begin to sniff reality.

Banning exchanges in USA would create black markets and more money laundering.
Its so much better for the IRS to be able to ask coinbase for an export of people transactions.

You sort of had me half nodding in agreement till that.

Every member of government in every country is not "wealthy" (aka millions I assume you mean). But most of what they do have comes from the YEARS of education, sacrifice, and hard work that go into making it to their positions. Your logic could have been used for "orthodontists" like it's bad they get paid. It's hard work to make it to the top. Pay them their money.

The other objection is when you say it's not sustainable. We've gone thousands of years like this. Of course it's sustainable. We've never been more passive than today as people. If the 1500's didn't create class change, trust me this generation won't. Lol at the redditors being the instigators of sweeping change vs the government. That cracks me up. HODL GUYS! REVOLUTION!

I think it's also entirely debatable if we pay more than we get in services. Depends what sort of services you need and in what country you live in. In parts of Europe it's amazing what you get when you need it. Canada's not bad, again depends where you live. I know our quality of life here is amazing. Crime is low, we live super long, we have it really good. Nobody is crying trying to figure out why they don't have a G5. lol the correct answer is "because not everybody gets to be rich (or maybe not everyone works hard enough to be rich)".

That's actually the fascinating part of crypto. For many it's their sole shot at a really high standard of life without going out there, getting an education, and contributing to the world.

Anyway, I digress...

There's been internet currencies before and when the gov't banned them they went straight to zero.

Bitcoin is too known to go that far I think but not many are gonna risk jail time just for that.

If a country wants to make you suffer, it's gonna make you suffer. In Canada it would look like banks completely freezing out transactions and eventually accounts that transact with alt coin exchanges. It means auto-handing over names to Canada Revenue Agency (who has strict new penalties). Banning crytpo funds from all investing account types. If they want to get real nasty about it they can flag you at border services since you're quite likely to be using crypto for nefarious purposes. That's just top of my head how they'd do it. It gets hard to sell a BTC to another person for more than what you paid for it if that person is operating in that environment.

yeah people never do illegal stuff to get rich, nobody import cigar from cuba or drugs, and 'importing' crypto is definitly not the hard part.
I m not saying it would increase for sure, more that it s super hard to enforce and concequences of banning it are more likely worse than regulating it.

There are big $ snitch lines here in Canada for people who want to rat out tax evaders. I'd think it's a quick pivot for them to have ways to rat out people for $ when it comes to crypto.

I agree with what you say but imo prohibition never works. I do not believe "they" can now successfully completely ban and eradicate bitcoin. If they tried it might send the price crashing down for a long time but ultimately it would be the biggest waste of time and money by the governments - which is why it won't even be fully attempted.

It works if people have good replacements for what is being banned. What about Bitcoin makes it uniquely needed/wanted by people?


FTR - I believe if non-fiat crypto currency fails it will be for other reasons than government banning.

It might be a waste of time for them but if they perceive it as a threat to their monetary policy they'll have no problem going to war over it. Compare it to the war on drugs. The drug war has been going on for 40 yrs and everyone knows, and has known for a long while, that it's a huge waste of time and money yet the government is still waging war on it.

That's true, but if that happens other cryptos will be in it's place.

If people want to take drugs they will do no matter what the laws are. A lot of time and money could have been saved there for sure. Crypto's would take exponentially a ton more effort from governments and banks yet they would still fail even if they tried properly. That's the reality of the situation and I doubt they want to waste all their tax money trying. Let's face it they don't even bother trying now for recreational drug use in a lot of countries.

I agree, much better to collect taxes on the gains, and track people's private keys. We were talking about the hypothetical.

They could care if it threatened some incumbent actors with strong lobbying power, if it was used extensively to fund enemies of the state, or if it somehow got big enough to threaten the value of the dollar.

Also to add, you are right about the length of time, it could be the same with cryptos if they "go to war". I don't think the potential of this stuff will be realised in our lifetimes, but the war eventually has to come to an end if they start it - and all they will get is poorer.

Not to mention heavy financial regulation can only be pushing people towards cryptos more and more. This is financial inclusion for all.

If China, US and Europe all agree to kill bitcoin then they can. They will go after miners and miners are easy to find. The internet lights up every 10 minutes showing exactly where they are, so does their electricity bill. Even things like TOR wont help.

Holy **** you are a ******. I’ve said it’s worth $800 a coin at least 3 times and never said it was worth zero. Yes, mods should ban you for being a lying piece of shet.

...was said at 18k, 17k, 16k, 15k, 14k, 13k.....

1)basically anyone except drug dealers in the us who has any money uses banks
2) of course the gov't couldn't stop you from trading crypto for physical cash as you mentioned. the two problems you ignore are why would anyone want to engage in any legitimate transaction like this, and how do you cash out large sums of money in bitcoin if the govt banned it.For nonsense amounts of money if people wanted to trade crypto for cash the gov't can never stop it we agree there.

For every person who survives in that environment there are 20 others who weren't smart enough, diligent enough, or lucky enough.

BTC just broke lower out of an ascending wedge created from yesterday's lows. Maybe we'll see if we retest yesterday's lows. I might have to buy a little this time in case this correction really is over.

Lol, just found this on twitter:
https://twitter.com/JimBTC/status/954115983865778181

I get tilted seeing your avatar and I have pry only read 15% of the words in your posts

Gonna be paying really close attention as we get close to $9k again, that's for sure. As "recoveries" go this is pretty limp.

i knew that avatar was a perfect choice. gebrehewit goitem.

he said "ascending wedge"... im dying