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RE: War on Cryptocurrencies Has Begun. Time to be Proactive. | Vlog #95
I agree with what your saying. People believe that because Bitcoin and other cryptos are online the only way to stop them is by shutting down the internet but government regulation is a powerful thing and red tape over all the exchanges will put a huge number of people off and that mass adoption will never happen. Look at all the legislation New York introduced and loads of exchanges were forced to close or move to other states but in doing so they had to exclude people living in New York.
Indeed, that was my point. Technically the blockchain cannot be stopped unless governments around the world would ' kill ' the internet. But that will never happen because too many instances, departments, (government itself) and companies rely on internet. So I don't think we'll have to worry about that. But...thru regulations and law enforcement , they can make it very difficult for people to buy and sell crypto's. And if they don't ban exchanges like they did in China, perhaps via taxation make it not profitable for people trading in cryptocurrency. For the love of God I hope I'm wrong! I want to be wrong , I want everybody to halve wealth and prosparity, but as soon as something gets too big and beautiful for the majority of people that's where government steps in and kills it :(
The biggest problem is that inflationary currencies can't compete with bitcoin. The worst thing you can do to a system based upon "full faith and credit" is to place your support outside of the system. That drains power from the USD. Then the fact that bitcoin has a fixed upper limit and that government can't print up all the bitcoin it needs when their fiat fails will severely limit military powers. Governments know this which is why they went off the gold standard. What stops war? Cost. Without inflationary currency, government would have had to ask for $75,000 from everyone for the Iraq war. Obviously they can't do that which is why bitcoin will put a stop to it assuming it can scale to handle the transaction load of Visa / MC.