The alcohol prohibition tried to ban the consumption of alcohol in the US. Although the ban was eventually reversed, it did cut down alcohol use by about 50%. During that period, people looked for other substances to use like marijuana which was consumed much more in response to the ban. The government can't stop #bitcoin, just like they couldn't stop everyone from consuming alcohol, but they can scare a lot of people from using it and that may have an impact on the price. Just something to keep in mind because no one knows what the future holds. I like slinging hopium as much as the next guy, but you better be prepared for the counter attack because, if it happens, that could keep the price down longer than we expect. And if half the people went to marijuana as an alternative during the prohibition, then it wouldn't surprise me if a lot of the hodlers go to an alternative as well. How many bitcoiners out there already hold shitcoins?
Discussion
Thought experiment: What alternatives to bitcoin can you think of?
Marlboro Miles and Camel Dollars.
Tuna cans & 9mm?
Or how about a complex system of IOU's that get fractionally reserved via loaning out for mortgages and purchasing Treasury bonds.
Scratch that. . .
I don't even think we need money bro.
We could all just sing kumbaya and exchange favors like one big circle jerk.
Hey the fractionally reserved IOUs could work if only we could regulate the greedy corporations 🤡 😂
gold and silver coins
guns and ammo
storable food
whisky and other spirits
sacks of cement
rebars
They're likely to lump them all together as "digital assets".
The same way research chemicals (analog & designer drugs) got lumped together in the analog act.
You can expect laws to be as broad and vague as possible.
We already have gray markets for buying Bitcoin. If they did outlaw it, these would just get copy pasta into the black market.
The only shit coin that might have relevance in that scenario is monero. And I dropped that bag years ago when I finally understood enough that the only privacy that matters is at the on/off ramps.
no ! what matters is to use it to pay for something to shortcut the bankin system. If you pay anything in btc to someone that has his wallet kyc'ed then that's it, you've been kyc'ed all the way to your very first bitcoin. (don't say about failin lightning coin join coin mixer etc... network fees - goin to so many blackrock/vanguard miners - are already too expensive for small payments). bitcoin is dead, get over it & that bag of monero back if you want some privacy & freedom in this fuctup world.
nice to see someone who actually understands the dynamics of https://en.wikipedia.org/wiki/Gresham's_law
the smart folk will hodl, and the fools will bitch at us like we betrayed them
pff
tbh i barely hodl anything rn, and i'm hoping to join the cohort, gonna try and keep a rope around the neck of my spendings
Gresham’s law will take time. Bitcoin has been around for 15 years now and barely used by the world.
From my agorist point of view bitcoin is a sh$tcoin now & i sell slowly slowly.
Only hope is monero to resist the tyranny(& its smaller forks when monero will be huge with more than 10 cents tx fee - after cbdc).
Then after the banksters are jailed bch & maybe (stress on maybe) kaspa as institution currencies (so people can track what thess big entities do).
Let's not forget the gov ALSO poisoned alcohol purposely in order to keep the ban going longer as justification of those deaths.
many governments still mandate poisoning of "unlicenced" ethanol
portugal for sure, australia, yeah, i was an amateur chemist they put some UV reactive vomit inducing shit in it
bulgaria is nice, they don't mandate this
say what you want about bulgaria but at least they don't force people to poison their spirits.