Quote:
Originally Posted by DWB
You don't make Bitcoin illegal. You make it illegal to cash out to USD, then strong arm everyone else so you can't cash out in any other currency either. Then it's dead in the water. It's as easy as a stroke of a pen and a few phone calls to kill Bitcoin without actually having to kill Bitcoin. Without the ability to convert your coins to cash, what's the point?
China and Thailand already did it. If everyone else followed in their footpath, Bitcoin would become useless overnight unless you're wanting to spend them on online items, such as games.
Will that actually ever happen in the USA? No idea. But it could be easily done should they want to.
That said, it would have to be an all or nothing in order for it to work. If you can't convert to USD, but can in EU or another currency, that could work in favor of Bitcoin and make it even more valuable. Or not.
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You speak with seeming authority on many topics...unfortunately you got this one wrong...way wrong.
The stroke of a pen and a few phone calls huh.
Whos pen exactly - the majority of both houses of congress and the President AND a majority of Supreme Court Justices (likely it would go that high in court).
Not sure about Thailand but China most certainly did not ban or outlaw BTC - they simply stopped BTC from being used by payment processors. But they gave to OK for Chinese citizens to trade BTC all they want. They just made them go through an extra step, through a foreign based exchange to get their money back into Yuan.
The regulations they put in place are a good thing, any time a large government recognizes Bitcoin, even if it is to limit it's use, that lends legitimacy and only strengthens the currency.
BTC trading among the Chinese is going strong - current daily legal use of BTC by the Chinese is a big reason BTC price has stayed high.