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What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 12:34 pm
by whatchamacallit
https://markets.businessinsider.com/cur ... 1029985692
I would be worried about not being able to sell it on an exchange in the future. They probably should have done it a long time ago. Going to end in even more heartache now.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 12:51 pm
by Kriegsspiel
Janet Yellen, President-elect Joe Biden's nominee for treasury secretary, suggested on Tuesday that lawmakers "curtail" the use of cryptocurrencies such as bitcoin over concerns that they are "mainly" used for illegal activities.
I'll bet more dollar bills have been used for illegal activities than bitcoin.
This bet is made in terms of physical dollars and will not be reported, obvi.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 1:23 pm
by Tortoise
Isn't it pretty much a given that any cryptocurrency that becomes sufficiently popular is going to be targeted by the government? Governments don't like competition, especially in the monetary realm.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 1:31 pm
by Kriegsspiel
I don't see why it has to be so. There are already provisions for barter in place that nobody seems to have an issue with, so it's not like the government has demanded that everyone use dollars for every transaction already.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 1:56 pm
by Tortoise
Kriegsspiel wrote: ↑Wed Jan 20, 2021 1:31 pm
I don't see why it has to be so. There are already provisions for barter in place that nobody seems to have an issue with, so it's not like the government has demanded that everyone use dollars for every transaction already.
Perhaps that's because barter comprises only a very small percentage of transactions in the country?
Again, isn't it really about the alternate currency's level of popularity and competition? Small-time competition like barter: Meh. Big-time competition like a cryptocurrency gaining tons of popularity: The government may start to care.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 2:08 pm
by Kriegsspiel
I was saying that I didn't think it was a given. I might be missing something obvious, but I don't see how they have a precedent to prevent people bartering for goods or services as long as they pay taxes on it.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 6:20 pm
by dualstow
Tortoise wrote: ↑Wed Jan 20, 2021 1:23 pm
Isn't it pretty much a given that any cryptocurrency that becomes sufficiently popular is going to be targeted by the government? Governments don't like competition, especially in the monetary realm.
And as Harry would say, they have the guns.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 8:58 pm
by jalanlong
Tortoise wrote: ↑Wed Jan 20, 2021 1:23 pm
Isn't it pretty much a given that any cryptocurrency that becomes sufficiently popular is going to be targeted by the government? Governments don't like competition, especially in the monetary realm.
Has any Bitcoin advocate sufficiently answered that question? I have always felt it was a matter of time before the powers that be convince the avg man on the street who knows little about finance that Bitcoin is used to finance terrorism and human trafficking.
The only thing that might stop it is that banks and investment managers are beginning to buy crypto for their clients. If that continues and enough high net worth people begin to own them then politicians could change their tune.
Re: What if bitcoin is made illegal?
Posted: Wed Jan 20, 2021 10:28 pm
by Smith1776
In the absence of clarity about the future, diversification is the most logical choice.
Bitcoin, gold, silver... pretty much any alt cash you can think of: I think it's prudent to own them all.
Re: What if bitcoin is made illegal?
Posted: Mon Feb 08, 2021 2:35 pm
by bitcoininthevp
jalanlong wrote: ↑Wed Jan 20, 2021 8:58 pm
Tortoise wrote: ↑Wed Jan 20, 2021 1:23 pm
Isn't it pretty much a given that any cryptocurrency that becomes sufficiently popular is going to be targeted by the government? Governments don't like competition, especially in the monetary realm.
Has any Bitcoin advocate sufficiently answered that question? I have always felt it was a matter of time before the powers that be convince the avg man on the street who knows little about finance that Bitcoin is used to finance terrorism and human trafficking.
The only thing that might stop it is that banks and investment managers are beginning to buy crypto for their clients. If that continues and enough high net worth people begin to own them then politicians could change their tune.
Check out some of my thoughts on it here:
viewtopic.php?f=5&t=11753&p=220276#p220212