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?

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anukin 4 hours ago | parent | next [-]

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.

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wrs 4 hours ago | parent | next [-]

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.

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nuancebydefault 4 hours ago | parent [-]

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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wrs 4 hours ago | parent [-]

The hypothetical was that the US "bans" bitcoin, presumably meaning it becomes illegal for US financial institutions (or US-dependent ones, which is nearly all of them) to convert bitcoin to dollars. Somebody else might give you dollars for bitcoin, but then it becomes their problem. As the saying goes, "you can't eat bitcoin".

	▲	LorenPechtel 3 hours ago \| parent [-]
		It's not like the Dollar is the only worthwhile currency. Convert it into Euros. Or Yen. Or Yuan.

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nathan_compton 4 hours ago | parent | prev | next [-]

You could make it prohibitively problematic to use for most things.

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jauntywundrkind 3 hours ago | parent | prev [-]

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/...

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anukin 4 hours ago | parent | prev | next [-]

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.

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LPisGood 4 hours ago | parent | next [-]

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.

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bruce511 4 hours ago | parent | next [-]

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.

	▲	furyofantares 2 hours ago \| parent [-]
		> 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. This comment chain starts with "Maybe after the mobster losers in the white House finally get kicked out we can just ban this thing forever."

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sheikhnbake 4 hours ago | parent | prev | next [-]

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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bogota 2 hours ago | parent | prev [-]

[dead]

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donkyrf 4 hours ago | parent | prev | next [-]

China already bans crypto. If America and Europe followed suit, the market for crypto would quickly collapse

	▲	iamkrazy 4 hours ago \| parent [-]
		China has banned crypto about a 100 times now.

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bigyabai 4 hours ago | parent | prev [-]

> How do you ban this?

In America? KYC would suffice.

	▲	anukin 4 hours ago \| parent \| next [-]
		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.
	▲	smallerize 4 hours ago \| parent \| prev \| next [-]
		> > Iran Starts Bitcoin-Backed Ship Insurance for Hormuz Strait > In America? No.
	▲	4 hours ago \| parent \| prev [-]
		[deleted]

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ck2 4 hours ago | parent | prev | next [-]

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

	▲	selectodude 4 hours ago \| parent [-]
		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.

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TacticalCoder 2 hours ago | parent | prev [-]

> ... 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?