Comment by jauntywundrkind
6 hours ago
Maybe after the mobster losers in the white House finally get kicked out we can just ban this thing forever. How can we abide this crypto stuff?
6 hours ago
Maybe after the mobster losers in the white House finally get kicked out we can just ban this thing forever. How can we abide this crypto stuff?
How do you ban bitcoin? It’s not hosted or supported by American financial rails or any entity like swift which can be influenced by the USA in any meaningful way.
It's supported and influenced by the USA in the sense that if you can't ever turn it into dollars it becomes much less interesting.
Anything anyone wants to spend money on, can be converted into dollars. The currency has no tell in what it is used for.
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You could make it prohibitively problematic to use for most things.
You do what the the US is doing right now to starve Cuba & end civilization there: you embargo/sanction anyone doing business there.
Like the Treasury/Dept of Commerce & others did with North Korean backed Tornado Cash. Some very quickly retrieved/not well researched (caveat reader) search links; https://home.treasury.gov/news/press-releases/jy0916 https://www.paulhastings.com/insights/crypto-policy-tracker/...
How do you ban this? It’s not part of swift or any us govt. backed global financial rails. If Iran(a sanctioned entity) supports this then this is more proof that the thing works.
I’m not gonna comment on if it’s a good idea or not, but the US government could make it illegal for any financial institution that does business in America interacting with crypto.
They could also make it illegal for any US financial institution to do business with any financial institution that interacts with crypto.
They could probably also make it a crime to buy/sell crypto in America.
They could do all those things. But they won't. This administration is all-in on crypto, it's a key mechanism for receiving gift. They're not gonna cut it off.
Its also trivial to turn your crypto into yuan and your yuan into $. So I'm not sure such a ban would be even remotely effective.
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I wish I could pick the brain of banking finance expert on how feasible/realistic that could be after the cartel and FTO money laundering fiasco.
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China already bans crypto. If America and Europe followed suit, the market for crypto would quickly collapse
China has banned crypto about a 100 times now.
> How do you ban this?
In America? KYC would suffice.
America is not the world. They can’t go and sanction companies operating out of China or Japan who want a safe passage through hormuz. Especially now that the military power that supports the sovereign guarantee of US dollar is under siege.
> > Iran Starts Bitcoin-Backed Ship Insurance for Hormuz Strait
> In America?
No.
Kicked out?
If the Dems don't win the Senate, nothing will change until maybe February 2029 but pretty sure the same people that gave him this power of insanity are just going to vote for the next nightmare, there's no lesson learned, not even with $5 gas and $6 diesel
I don't even think a full blown recession would change anything
And now they are bringing the warships back to Cuba so get ready for next distraction from this distraction from the other distraction while they crime-spree away
With Alberta joining the US, forget about Dems getting the Senate for next 50 years.
You and I and everybody else just handed $1 million to Jan 6th insurrectionists.
Whatever is going to happen over the next 24 months is already in motion. All we can do now is prepare. And maybe get a little less squeamish.
> ... we can just ban this thing forever.
I don't give a f--k about Bitcoin but I wouldn't want governments to start banning it.
Because then why not ban VPN forever too? And require a digital ID for anyone going on to the Internet?
And why not also mandate cameras operated by the state in every room of your apartment/house to make sure you behave?
And backdoor in every cryptographic protocol.
I mean why stop at banning Bitcoin komrade?
BTW the EU is thinking about creating an EU-wide registry of every single asset owned by every single EU citizen, down to every gold coin (oh btw maybe we should ban individuals owning gold coins too?), every jewel, every painting, sculpture, old car, watch, pokemand and Magic the Gathering card: they literally have a plan to make an inventory of every single asset. When asked, by a member of the EU parliament I think, if they could promise this would never be used as a basis for confiscation the EU Commission answered they couldn't promise that.
Where do you draw the line? Is there one point at which you start saying that freedom shouldn't be taken away?