SMM: (ed.10) Worried about a bitcoin ban?

SMM (ed10) Worried about a bitcoin ban?

May 07, 2021

Sceptics often argue that governments will ban Bitcoin when it becomes too important and threatens national sovereignty. At least these critics understand Bitcoin’s importance and the power that state currency monopolies exert over us. What they fail to understand is the power of distributed open-source technologies and the game theory faced by governments when making these decisions.

TLDR:

Bans are ineffective—they merely cede global technological power to peers. Authoritarian governments are more inclined to attempt regressive regulations. If you live under that type of regime, you need Bitcoin more than you think.

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Highlights:

1. You cannot ban bitcoin; you can only ban yourself from bitcoin

2. Ban’s are ineffective; potentially impossible

3. Global competition creates potential for positive regulation

4. Coordination unlikely in a multi-polar world

5. Regulators are warming to the tech

6. Millennial's might demand financial empowerment

7. Turkey and Nigeria displayed increased demand after negative regulation

8. If your government is going to ban; you need bitcoin more than you think

SEC Commissioner Hester Pierce, "it would be foolish for government to ban bitcoin" (at 5min 48 seconds)

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