Comments on: Why the West can’t ban Bitcoin the way China did

By: GotCollateral

GotCollateral — Thu, 14 Oct 2021 12:13:07 +0000

In reply to Bill.

There is this thing, called FOREX, that dozens of governments wish they could ban others for trading offshore versions of their currency and side stepping their jurisdictions rules (also with a complex array of derivatives from the cashflows between economies).

You would need to ban ALL intl bank transfers between banks on behalf of clients… even those of banks that aren’t even in the jurisdiction of the government doing the banning… even those in currencies that one does not control…

You would need to ban people swapping cash for crypto on random messaging apps in person, a behavior that has happened even before centralized exchanges existed for crypto…

And once in defi land, people use decentralized exchanges with no need to swap back into fiat if the counterparty will accept crypto (for goods and services), which far more people and biz in 2021 accept more than they did in 2008.

Any nonsense that might seem to exist is born from your ignorance because you do not do use crypto…

By: Bill

Bill — Thu, 14 Oct 2021 10:23:55 +0000

All such utter nonsense. The elephant in the room that is NEVER discussed is that a government doesn't have to ban crypto – that's not possible anyway. All they have to do to bring it a stop is ban the exchanges.

Yet, all the cleverest talking heads keep ranting on about banning crypto, or conversely how it is not possible to ban it. Arrrgh!! I already KNOW it can't be banned. Instead, tell me how to continue being able to convert my money into crypto after they've come for the exchanges please.

By: bbbbb

bbbbb — Sat, 09 Oct 2021 23:12:47 +0000

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By: Cameron Harjung

Cameron Harjung — Thu, 07 Oct 2021 22:15:37 +0000

Mark,
I have signed up for the Crypto Capitalist Newsletter. I have read the manifesto and agree with much of what you presume will be the course for the big reset. I do not however believe the reset will ever be revocable. It will be intended to usher in a 1 world order described in the Bible as “the end times” of things. “No one will be able to buy or sell without the mark”…. I am of course a believer in Jesus Christ. As such, I can see everything through the lense of scripture. Crypto will be the method and vehicle of control. The masses will be forced to take “the mark”. I assume you will not. We may be on our way faster than people can keep up. What better way to usher in the reset than defaulting on our debt as a country that cannot stop gulping tit juice from social programs and military defense spending. Two black holes sucking up the monetary universe. I digress. I have a question for you. I am a newbie in investment trading and pretty much relied on LPL for trades and management. What trading platform would you recommend for crypto trades? Is there one that stands out above the rest? Thanks in advance for reading my rambling and answering my question.

By: Rocky Hines

Rocky Hines — Tue, 28 Sep 2021 13:52:17 +0000

Mark, enjoyed your read. I’m an admitted gold hodlr and crypto Skeptic (skeptic in the regard that the govt won’t kill it). I’m also an older generation and have a natural tendency to prefer what I can physically possess. Nevertheless I’m still open to the crypto idea if someone can convince me my skepticism isn’t valid, primarily because I do agree an independent currency of some sort is going to be badly needed once the government goons force CBDCs on us. But what’s preventing the govt from shutting it down, banning it, or at least regulating it to the point it’s impractical to use? And how can you make everyday purchases whether at a physical store or online with privacy? Surely businesses will comply with govt edicts rather than risk being shut down and possibly prosecuted. Sure people can still attempt to use it in a black market fashion, but just like anything else the government has made illegal, do you want to risk a stiff jail sentence if you get caught? The government is already monitoring every electronic action we take, how does crypto avoid that dragnet when not much else can? (And I think it’s safe to say we probably aren’t aware of all their tech capabilities). And what happens when the govt shuts down the internet or some foreign actor makes a successful cyber attack on the web? I also see from other posts that I’m not the only one with these same questions. You keep making the statement that the govt can’t control crypto but I’ve yet to see a realistic explanation from you or other crypto supporters that adequately explain why the govt won’t be able to control it. They can control the internet, so what’s to prevent them from controlling anything that uses that system? They can already determine where any activity on the web originates from. Believe me when I say I WANT the crypto system to work as you describe, but I’m just not seeing yet how it escapes govt control. If you want to win me and other skeptics over? Then you will have to do a better job explaining to us stupid troglodytes how it realistically avoids govt control. Sorry but your points about the differences in Chinese and Western culture isn’t alone a compelling argument. Your right about those differences, but those differences alone won’t do it in my estimation. Look forward to hearing better arguments from you.

By: Mark E. Jeftovic

Mark E. Jeftovic — Tue, 28 Sep 2021 11:42:55 +0000

In reply to In the know about the d’oh. I don't know about Ecuador, but you will notice the places that are banning it are communist utopias.

By: In the know about the d’oh

In the know about the d’oh — Tue, 28 Sep 2021 10:56:02 +0000

In reply to Mark E. Jeftovic. Hi Mark, stumbled into your site. Interesting thesis that I think has merit, but i am it the formative stages of evaluating the hold that governments across the world will involve themselves in crypto. Declaring it legal tender such as Ecuador and Venezuela, or the repressive China way. Personally, I think that similar to all sins, it’ll be taxed and rather heavily, like marijuana, cigarettes, liquor and gambling. This would allow govies across the world to take that pound of flesh for a good long while until the next iteration of crypto evolves, where they may game plan that into confiscation.

By: Steven Rowlandson

Steven Rowlandson — Sun, 26 Sep 2021 23:26:47 +0000

Taxes, wages and most goods and services are not paid for in cryptocurrency therefore governments in the west have nothing to lose by banning cryptos.

By: Dale Wickersham

Dale Wickersham — Sun, 26 Sep 2021 22:23:20 +0000

The government will simply tax it to death or limit the amount of coin can b used for transactions they already require disclosure on tax returns
Dale

By: Mark E. Jeftovic

Mark E. Jeftovic — Sun, 26 Sep 2021 15:44:08 +0000

In reply to CuriousGeorge. In the case of the gold ban, it was legal tender and it was ostensibly exchanged for fiat. The equivalent today would be the US Gov buying everybody's Bitcoin and then keeping it themselves. Further, of the circulating gold in the population, only about 50% of the citizenry complied. A lot of it was moved, first to Canada and then overseas. What will the compliance rate be today when government approval is at all time lows (especially compared to FDR) and people don't need to somehow physically transport their bullion across borders when they can practically think it across the globe? The US is only ninth in the top 20 countries globally in terms of crypto use, so they would probably be making the same mistake China is now (and did 500 years ago) and take themselves out of the running to compete at the next level of finance and economics. This is what blithering idiots like James Scott (below) don't understand: it isn't up to the government. The level of abstraction has changed, and with it, the underlying architecture. It's not a matter of "will governments permit it?", it's a matter of "will governments successfully adapt to it?"