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Scott Applewhite. One of the common criticisms thrown at bitcoin by those who are not bullish on its long term potential as a global, apolitical store of value and medium of exchange is that governments will eventually decide that the cryptocurrency should not be allowed to exist.
Of course, it should be remembered that Bitcoin was designed in a decentralized manner specifically to prevent such a shutdown of the network. Although there are indeed technical reasons that make it difficult to shut down Bitcoin, there are also legal constraints related to a potential bitcoin ban, at least according to Abra CEO Bill Barhydt.
Barhydt appeared on a panel during the Bitcoin conference in San Francisco last week, and during his appearance, he discussed how Abra has enabled their non-American users to gain price exposure to the U.
Abra is built on top of Bitcoin smart contracts, which allow their users to peg the value of their bitcoin to a variety of traditional financial assets, such as Apple stock, in a non-custodial manner. In the past, Barhydt has explained how the non-custodial nature of Abra allows the company to avoid a large number of onerous financial regulations and restrictions see more on how Abra works in this previous article.
During his appearance at Bitcoin , Barhydt focused on the legality of Bitcoin as a free speech issue. While Barhydt indicated Bitcoin bans could potentially happen in places like China and India, he also noted that such a ban would not be possible in the United States due to court rulings that date back to the previous Crypto Wars back in the 90s. That ship has sailed. We already know that. The question is: What can they do at the edge of the network — the onramps and offramps, the places where they exert control over the banking system, the exchanges, [and the] stablecoins.
That said, Barhydt and other panelists at the Bitcoin conference also made the case for how Libra could potentially benefit the bitcoin price in a rather roundabout way. In the past, economist Saifedean Ammous and applied cryptography consultant Peter Todd have shared theories regarding governments creating their own cryptocurrencies as a potential way to harm bitcoin.
I'm a writer who has been following Bitcoin since I've worked all over the Bitcoin media space -- from being editor-in-chief at Inside Bitcoins to contributing to I've been a full-time Bitcoin writer and researcher since early Share to facebook Share to twitter Share to linkedin. Kyle Torpey. Read More.
Overturning the President’s Order
Anyone who has not heard something about bitcoin this year must have been hiding under a rock. This has truly been the year for cryptocurrencies, with bitcoin leading the charge. Other virtual currencies have also been making headlines, though, including the likes of ether, litecoin, ripple, etc. The story is also far from over, and may be just another chapter. So far, from what we have seen in , bitcoin trading can be very exciting, perhaps even too exciting or dizzying. That is why I have made this post to look at what holds for bitcoin for all those interested in investing. Before we get there, first let us have a look at the story so far. Looking at a chart of bitcoin prices shows a clear dominant uptrend for most of the year. That should already tell you bitcoin value is going up and should be invested in.
If someone think that this is not the case - try to go there and try to buy some Before this - just send me your bitcoins, I will for sure give them back if you will come. This was a joke - I am not promoting drug users. Podcast: We chat with Major League Hacking about all-nighters, cup stacking, and therapy dogs. Listen. Home Questions Tags Users Unanswered. What happens if the US govt.
Ask Question. Asked 6 years, 8 months ago. Active 6 years, 8 months ago. Viewed times. They can do that because they are the US govt. What would be the likely consequences of the ban?
Highly Irregular Mella Mella 2 2 bronze badges. Governments ban a lot of things. They're not very good at enforcing their bans. What is more likely to happen is the exchanges will start getting taxed. Same as bitckin ban on drugs: People would continue to use them, they'll just do it in secret. The value will rise. The government will spend lots of your taxes to try to fight it and fail.
Eyal Eyal 1, 8 8 silver badges 14 14 bronze badges. Why do you say the value will rise? Shouldn't it fall, because it will be impossible to use read article You can still use drugs The illegality of drugs makes them harder to buy but the users aren't less wanting to use.
So the supply is decreased while the demand remains: Value goes up. On the other hand, if I use a bitcoin, it's not consumed. Doing it in secret Or the similar example with drugs but with another consequences in Saudi The price will dramatically go.
Only few people would be able to afford the risk of doing whhat kind of transactions with them I can not say that they banned it, because they were illegal all the time. In the end - all depends on regulations and how will it be enforced. Salvador Dali Salvador Dali 3, 7 7 gold badges 25 25 silver wjll 46 banw bronze badges.
The price of coke in Saudi is one of the highest: havocscope. Cool link, but better try to sell one there or even to buy. What I am trying to say in the answer, that no one knows what will happen. The question by itself is actually non-constructive. The USA is only one country of. Others will continue to bifcoin bitcoins. Tommi Tommi 1.
Emilio Janus 1 week ago. They might even call it innovation. The ensuing discussion largely celebrated the global attention and the fact that bitcoin is now important enough for one of the most powerful men in the world to make a public statement about it. Many claim that a ban on using the bitcoin code is a ban on civil liberties. These factors will make governments more likely to embrace Bitcoin as a store of value. Bitcoin Regulation Legal Tump Features. And in reality, governments are not animated by a single intention, but rather are complex, emergent processes composed of many factions. Davit Babayan 5 months ago. Both India and China also have strong restrictions on gold imports. Sherrod Brown D-OH during Indeed, when that happens, we should expect the next phase of crypto to be messier. Ethereum is a fantastically innovative project, and to innovate rapidly on anything requires coordination and centralization. The distinction is crucial: under a cryptographic pseudonym, your behavior can still be tracked. It what will happen if the us bans bitcoin concocted by a single mind or a few minds.