Comment by reginold | Hacker News Reader

Comment by reginold | Hacker News Reader

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Hmm good question.

Let's say Bitcoin was strongly regulated globally. Anyone caught running mining software or transacting in Bitcoin has their hands cut off. Ouch.

I can still download mining software and run it on my computer, and connect through the network through Tor. Blocks are 1 MB every 15 minutes, it's noise. I don't need to know anyone or have anyone's identities. It's really really hard to catch me. Like, wayyyyy harder than the child pornography example.

Well, ok but what's the incentive then for me to use Bitcoin in such a world? Not sure there, like what's the "USD price" per Bitcoin. Ya this part seems tough. If all countries strongly ban Bitcoin with harsh penalties, that seems like it would put a kabosh on my ability to turn it into real world currency. But still could be used for digital goods.

> If all countries strongly ban Bitcoin with harsh penalties, that seems like it would put a kabosh on my ability to turn it into real world currency.

You're forgetting black markets. Drug dealers and gun runners and human traffickers are already breaking serious laws. They don't care about breaking other laws. If they get caught they're already going to jail whether they use illegal math or not.

The lack of utility also assumes that all countries would ban it, which seems unlikely, if only because some countries have the incentive to do anything they can to stick it to other countries they don't like. Then it still retains value globally because it can be turned into real stuff in those countries.

The real issue is this: You can't ban it for the "bad stuff" that gets used as the excuse to ban it, because those guys will just break the law, as they already do. You can ban it for innocent people using it for innocent things, but that's just stupid.

Or corrupt, because incumbents don't like the competition, which is the strongest driving force for such laws.

Historically, US destroy any countries that dares to undermine USD. Given China now is on board, US has no stronger military opponent to crush. Russia is already very muted. That SAmerican country using crypto officially will see something happening soon. May God has mercy on their souls.

Historically = over the past 80 years since World War 2.

It's not all that long when you think about it.

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