Comment by dboreham
9 hours ago
All cryptocurrency is permissioned. This is because governments can make it illegal for someone to turn your cryptocurrency into real currency. You need their permission to turn it into pizzas and yachts.
9 hours ago
All cryptocurrency is permissioned. This is because governments can make it illegal for someone to turn your cryptocurrency into real currency. You need their permission to turn it into pizzas and yachts.
I think the point is that you stop caring about the fiat part of it at all. Government ownership of fiat currency is not a natural feature of the universe, it's just something we did for a little while.
Only if you wanted to turn it into fiat currency for the transaction, right? If the yacht seller would take payment in crypto, you need no government’s permission, right?
If the yacht seller would take payment in cocaine, surely the government wouldn't prohibit the transaction…
Surely the government would get in the way there, but holding cocaine is also illegal, not just transacting with it. If the government went that route, they'd have to ban all crypto outright.