Bitcoin being illegal discussion -

[KingCoelacanth]

So if the US does major crackdowns on BTC and crypto in general (force regulations, etc) what exactly is the response that comes out of this?
Does crypto become worthless and useless? Are there other cryptos that will be 'safe'?

 

[mr.moon1488]

Nah, all cryptos except for the (((approved))) ones will get shoahed too.

 

[Demonslayer1776]

I think it would tank the value and probably kill off some less established alts, but I doubt it would completely destroy it. Crypto as a tool is too powerful in certain circles, and would still remain legal in other countries, even if it became 3rd worlders as the main users. Anyone investing to simply make a profit would be fucked, but people who use it as a method for transactions would still use it. I think privacy coins like monero would weather it best, as they're already popular for illegal transactions, so the people who use them wouldn't even care much to begin with.

 

[Kosher Dill]

Does crypto become worthless and useless?

What do you consider its worth and use now?

The government is just fine with crypto as long as they can track your use of it and as long as they get their cut in taxes when you cash out. They can already do this, by and large, except for the handful of privacy coins out there.

If you just want to dox yourself to an exchange, speculate a bit, make some money, and pay your taxes like a good American, the government will be happy to oblige. I mean, even Paypal is letting you speculate in approved crypto like BTC and ETH now.

Anyone investing to simply make a profit would be fucked, but people who use it as a method for transactions would still use it.

If anything, it would be the other way around. Government regulation might take a bite out of your profit, but it'd completely shut down the rationale for using it in transactions. If it's not anonymous and you have to jump through the same hoops to work with it that you do to get a bank account or credit card, what exactly is the point?

 

[Liber Pater]

I already buy Monero using cash-by-mail and gift cards. I am pretty sure I will still be able to do this even if all exchanges shut down. What we need to be doing to prepare is building a parallel crypto-economy wherein crypto is exchanged directly for goods, services, and physical stores if value (cash, gold, silver, platinum, diamond, etc) without ever directly interfacing with banks or the above-ground economy. Monero and Zcash can be mined without suspicion-raising amounts of electricity, so you could easily keep a crypto economy afloat even if mining or possessing it became illegal. I mean, there are already plenty of crypto users currently operating out of countries where private ownership is illegal already.
Not to mention, that if crypto is still legal in just one country, Americans could still purchase legally mined crypto abroad using gift cards, mailable goods, or services.
Even if you are imprisoned, you could potentially still access and use crypto wallets using smuggled cellphones (which prison authorities seem totally unable to eradicate).

 

[irishAzoth]

So if the US does major crackdowns on BTC and crypto in general (force regulations, etc) what exactly is the response that comes out of this?
Does crypto become worthless and useless? Are there other cryptos that will be 'safe'?

It would be hot commodity in the black market if it became illegal. Prices would skyrocket and Housewives that own Cryptos would technically be mini Pablo Escobars in the making all because governments got scared of innovation.
The state can go fuck itself.

 

[cantankerous jackalope]

Can someone ELI5 why one country making bitcoin illegal while the rest of the world actively uses it wouldn't completely devastate said country's economy?

 

[likeacrackado]

Cypto will spilt between two halves. One for normies watching number go up and another for buying/selling outside gov purview

 

[737 MAX Stan Account]

reminder that shit like piratebay and oodles of other torrent sites still exist. I highly doubt they're capable of this.

 

[Kosher Dill]

one country making bitcoin illegal while the rest of the world actively uses it

A world that "actively uses" bitcoin as opposed to just speculating with it would look much different from our world, so we're already firmly in the realm of speculation here.
I don't think it would make that much of a difference though. There are plenty of examples of payment methods that don't work or are uneconomical in certain countries. Doing a wire transfer in the US is highly impractical for example, whereas in Europe it's de rigeur.
The answer to "What if they couldn't do X", by and large, is "Then they wouldn't do it and life would go on".

 

[HOMO FOR LIFE]

There is just so little utility that Bitcoin actually brings to the table.... I'd sooner buy and hold Facebook coin than Bitcoin....

 

[gangweedfan]

It would be hot commodity in the black market if it became illegal. Prices would skyrocket and Housewives that own Cryptos would technically be mini Pablo Escobars in the making all because governments got scared of innovation.
The state can go fuck itself.

Wouldnt it also make getting bitcoin by mining more feasible thanks to normies selling mining rigs or not using them since they cant turn a profit?

 

[Pepsi-Cola]

Crypto is already slowly going down the path of DeFi. I wouldn't be surprised if in 5-10 years time, all the top coins are just DeFi that are in bed with institutions. Imo outside of BTC the best investment in crypto rn is stuff like AAVE, XLM, Polka alts, etc. Just stuff that can be easily integrated into existing financial institutions like Insurance and Banking.

The powers that be (israel and jewish bankers) don't want one of the most important financial movements in history to be lead by autistic NEETs, internet anarchists, and darkweb libertarian pedophiles. Crypto will be so different in a decade once the government really cracks down on it, mark my words.

Privacy coins like Monero are already being targeted in places like the states and Europe, and once they're done with them they'll come for everything else. Make your money while you can and enjoy the ride.