BTC and cryptocurrency banning

[Jet-Fighter7700]

So while trying to explain BTC and cryptocurrencies to a friend of mine,

we argued about a good point he made,

that eventually with its popularity of upsetting traditional financial markets and systems.

it will eventually be banned or outlawed,

similar to how copyright piracy exist because the traditional markets moved elsewhere.

I was of the opinion that governments will adapt, and begin to "try" regulate and control crypto,
unfortunately it will fail, and they will simply ban it.

similarly to how big business brought out napster, tried to control it, and it failed,
then they eventually made bittorrent illegal, and tried to police it unsuccessfully.

whats the consensus out there?

 

[PAYBACK]

Critical mass is why not. By the time they try the market will be close to a trillion $. Majority of that will be from LEGITIMATE big business with vested interests in crypto. Lawyers will be accepting payment in crypto by that time as well. Win win

 

[Archer]

whats the consensus out there?

Let's try ban torrents while we're at it

 

[Kosmik]

How do you ban something that's unregulated and untraceable?

 

[Thor]

Won't be banned.

Will be regulated.

Won't be in the traditional fashion.

It will be to the finance industry what the internet was to the newspaper.

 

[Jet-Fighter7700]

Won't be banned.

Will be regulated.

Won't be in the traditional fashion.

It will be to the finance industry what the internet was to the newspaper.

problem is impossible to regulate, as how will banks and governments influence it?
isnt that the whole idea with a central bank, that controls the amount of cash in any country.


will they start converting all their servers to mining rigs?

also how will governments tax/benefit from it?
I mean the electric car died an early death as how does one tax it, without increasing the price of electricity 100 fold...

I see it will move into the more unregulated spaces of the internet, and will be policed heavily in the future.
as if they cant join them "try" banning them....

ultimately it will fail, but enjoy your BTC while you can still...

 

[etienne_marais]

In the long run banks and the financial establishment will implement private blockchains with decentralized meaning decentralized within their own control. Illegal activity such as money laundering and tax evasion will be the eventual excuse to shut down chains that do not operate within a framework of (yet coming) legislation and regulation. That is hopefully a long time from now.

 

[Jet-Fighter7700]

In the long run banks and the financial establishment will implement private blockchains with decentralized meaning decentralized within their own control. Illegal activity such as money laundering and tax evasion will be the eventual excuse to shut down chains that do not operate within a framework of (yet coming) legislation and regulation. That is hopefully a long time from now.

fair enough, but they will try to regulate it?
or will they continue to fight it? that is my question,

as I think they will continue to fight it, as they have yet to understand and find a way to regulate it.
I mean private block-chains are one way, but in reality, people are much more familiar with the BTC blockchain and its use,

so how likely a "clone" will work, I mean right now there are 100 different clones of blockchain tech, but how many are will supported,

maybe 5....

how likely a government or a big bank/investment house like merryl lynch/investec will start supporting and maintaining their own blockchain?
yes, but it will only be internal, not used outside by ordinary joes....

I mean crypto has put a huge joke on anybody who went and studied so many years to work in the banking field,
and here come some nerds that figured out a way to buy and sell things without involving banks at all.