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Isn't the government just going to make cryptocurrency mining illegal?

submitted by Rayden to all 1 month ago (+6/-0)     (all)*

So as sure as we know the sky is blue we know that the government can never allow a competing currency. That's why they're already throwing shade on bitcoin by saying it's bad for the environment.

People say bitcoin can't be shut down but I'm pretty sure if they made it illegal to mine bitcoin that would do the job. Isn't the government, and by the government I mean whoever it is that controls the money, just going to make mining bitcoin illegal?


[ - ] Goatboy 3 points 1 month ago (+3/-0)*

And give China an edge? Not a chance. No other country is going to shut it down, especially not China.

People need to see crypto for what it really is and what it really represents. It is an attempt to replace the dollar as the world reserve currency. Institutional investors have no where to put their money if dollar fails for the simple fact that every other option is worse. That's not an exageration. Every other option would lose them money except crypto. China, Russia, UK, EU would all love very very much to shit can the dollar, but there are automatic triggers (deadman switches?) built into the current system that would fuuuuuuuuuuuck them all and they all know it. The alternative? Cryptocurrency.

So why wouldn't the US stop the miners? Because this is the most serious game of brinksmanship of the last 500 years and nobody wants an itchy finger when playing brinksmanship. Collapsing the miners, (which ultimately can all be controlled by NSA assets) would give all the other powers trying to shit can the dollar the leverage and means to reverse engineer the NSA's crypto control systems and make the institutional investors lose everything very quickly- not a few of the investors, all of them.

[ - ] lord_nougat 0 points 1 month ago (+0/-0)

Biden LOVES giving china an edge, along with everything else!

[ - ] AndrewBlazeIt 0 points 1 month ago (+0/-0)

And raping kids.

[ - ] lord_nougat 1 point 1 month ago (+1/-0)

And smoking crack with his son. Because his son is just too old for old joe's rapey tastes these days.

[ - ] PotatoWhisperer 1 point 1 month ago (+1/-0)

There's a damned good reason his son is so fucked up.

[ - ] Spaceman84 0 points 1 month ago (+0/-0)

The Chink government is heavily regulating their local shitcoin miners. Probably don't want too much electricity being wasted on it.

[ - ] PotatoWhisperer 1 point 1 month ago (+1/-0)

>Probably don't want too much electricity being wasted on it.

This from the country willing to destroy entire ecosystems and land features for a profit.

[ - ] Spaceman84 0 points 1 month ago (+0/-0)

Yes but they have a limited supply and need it for more productive uses.

[ - ] NeoNazirite 1 point 1 month ago (+1/-0)*

Why would the banks let them?

It's the easiest way to separate fools from their money.

At least stocks are backed by a real business: crypto is all speculation and whales can just print money.

[ - ] account deleted by user 1 point 1 month ago (+1/-0)

account deleted by user

[ - ] SithEmpire 0 points 1 month ago (+0/-0)

It can't be shut down because "mining", or finding blocks in a conceptual chain, is just a bit of mathematics.

It's the same as with encryption, you just do some widely-known calculation and trade files which look like random numbers. Note that making random numbers illegal also outlaws strong compression.

[ - ] thoughtcrime 0 points 1 month ago (+0/-0)

Yes, but not until they get their cut.

[ - ] i_scream_trucks 0 points 1 month ago (+0/-0)

Why. Its not worth anything.

Except maybe to the GPU makers the tax man and the idiots who got scammed trying to get you to pay them out...

[ - ] monday297 0 points 1 month ago (+0/-0)

Ah, but it is worth something to hackers holding your network hostage. I think the ransomeware model will be what kills crypto. There's opinion articles about that angle as well as the green angle on IMO the end is near.