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RE: Why Cryptocurrencies will fail… eventually.
Understand your point but don't fully agree...the 1's and 0's that makes up bitcoin is today's gold and silver and even future currency...we the people don't believe in the long term viability of continually printed paper currencies that aren't worth the ink thats on them...and gold and silver have lost their shine...first...they aren't scarce...just controlled...secondly this is no longer the wild west where we carry around gold nuggets to buy supplies...frankly...the government can't tell me what I wish to use to barter with...welcome to the computer age...and unless governments around the world decide to shut off the electricity or take down all the cell towers...this is a currency having no borders...its the peoples' currency...
Greetings @bobreedo. Thanks for your response.
As far as barter goes, yes, governments can make Bitcoin illegal. Will they? Probably not. It isn't necessary. All they need to do is make it highly unattractive and the vast majority of users will walk away. If cryptocurrency speculators are handed very large financial losses, over and over, for a period of years, they will tap out.
Here is a thought experiment: would you invest $10,000 in Bitcoin today if you were pretty sure that the US Fed and Chinese Central bank were going to hit it with a full assault?
The bottom line is this: if they want, almost any central bank of any decent sized country could absolutely steamroll Bitcoin if they really felt like it. They could make it rain sell orders and the rain wouldn't stop. Given this reality, do you really believe that none of them are going to do it? Do you really think they are going to let their grip on power simply slip through their fingers?