What happens if owning BTC is made illegal, possibly as far as death penalty as punishment? I'm a BTC hodler but never had a good answer to this.
Answers considered so far:
>I'll leave the country
Where would you go? Are you sure your new country wouldn't ban it next? What if they were pressured with threats of sanctions etc?
>The government would never do this because we are a free country
LMAO
>The government would never do this because institutional investors want to make profits from it
So far that seems to be true but if this could quickly change at any minute. The insiders would dump on us and make profits first before it got banned.
>They haven't banned it so far
Some governments have. Also we haven't had total disaster like hyperinflation yet. A new war, wave of Covid, stock market crash, debt default, or some other event might quickly change Western government perspectives.
For example, if the FedCoin and MMT are coming, then that would immediately change everything as decentralized cryptocurrencies are a more direct threat against digital dollars.
>Any country that bans Bitcoin will simply be left behind while other countries that have BTC will rise to be the new elite
The government can simply confiscate it and hoard/hodl it for themselves. If they've confiscated gold from citizens before and held onto it then they can certainly do the same for Bitcoin. Hell, they can even have government-run mining operations. So even if BTC becomes the new global standard and central banks have stockpiles, that doesn't mean you and I will be permitted to own any of it.
1/2
G7 governments ban Bitcoin. What do you do?
Other urls found in this thread:
en.wikipedia.org
twitter.com
>I'm a badass ninja marine seal sniper, come at me SWAT teams!!1
If G7 governments banned Bitcoin the price will probably collapse for 10-50 years anyway. Few would dare buy it, making it pointless to even try to get rich as a fugitive. Then again, banning it might legitimize it as a threat such that people in other countries would flock to it. But see the earlier point about other countries going against the US military and potentially facing sanctions etc.
>This post is true, which is why Bitcoin sucks and gold/silver are better
Gold has already been confiscated once before in the land of the free
>This post is just FUD
Oh this post is definitely FUD. But it's the good kind, the kind that should be carefully considered. What if Western governments banned Bitcoin, how would it play out? Do you really believe they will do nothing about a rival, free monetary system as they brrrr their own currencies into nothingness and BTC becomes the new global standard? How much longer do we have before they take action? Why wouldn't they?
2/2
If BTC is illegal it won’t matter because I already sold off my stack for more eRSDL
Obvious shitcoin spam but you bring up a good point.
>I'll just hold shitcoin #4329
Elites are not retarded, all alts would suffer the same legal fate, even including ETH.
>What happens if owning BTC is made illegal, possibly as far as death penalty as punishment? I'm a BTC hodler but never had a good answer to this.
Bullish less supply for every holder executed.
How can i long this?
>How can i long this?
You couldn't because it would be illegal. Even decentralized exchanges would lack liquidity. Also:
>If G7 governments banned Bitcoin the price will probably collapse for 10-50 years anyway. Few would dare buy it, making it pointless to even try to get rich as a fugitive.
Bitcoin owners would be completely fucked since the price would drop so low that most miners would be forced to shut down and the government would be able to seize the blockchain and destroy your hodls
remember, you NEVER own your bitcoins, your bitcoins are owned by the blockchain
if one person manages to seize the blockchain you are fucked
gold is safer even though it already has been banned once
all you have to do is hide your gold until the ban is over
I would cash out and still be in a better position than the average wagecuck living paycheck to paycheck
Gold market cap asset: about $9 trillion
Bitcoin Market cap: about 199.62 billion
Why would they bother?
>miners would be forced to shut down
Good point, hadn't even considered it. Yes, that makes it even worse, globally, even outside specific countries. Hash rate would plummet and it's basically over.
>I would cash out and still be in a better position
If crypto was banned it would immediately dump so hard you would lose everything instantly. Only the insiders would profit from leveraged shorts.
Come back in 1-5 years. Which is not a long time on the scale of "humanity's new standard of money."
The real question is is owning bitcoin better than owning fiat despite everything you speak of?
The answer is an obvious yes since fiats are going to zero with 100% certainty. Worst case scenario is bitcoin does the same so why hold fiat?
Because there are other things to have besides fiat or Bitcoin. If they will both fail then the answer would be to invest in real estate, commodities, and part-ownership of businesses (stocks or private).
If only there was a tried and true alternative
Something with value that lasts for thousands of years
Hmm..
>What happens if owning BTC is made illegal, possibly as far as death penalty as punishment?
Change the word BTC to ‘assets’. The answer stays the same and is obvious. Revolt.
Already been confiscated once before. Why would they ban Bitcoin and not touch gold?
You and what army? The average normie sees Bitcoin as something used by hackers and criminals anyway. They are just a few fake news segments away from actively *demanding* it be banned.
Like I said
All you have to do is hide your gold
You can’t hide your bitcoins, because they aren’t yours - they belong to the blockchain, which will be seized by the government after miners within G7 shut down and miners outside G7 go bankrupt due to price drop
The government won't because they can't.
People are extremely deluded into believing that law effects what does and doesn't happen. Black markets have always existed. As soon as someone says "you can't do that" a massive group of people say "fuck you" and do it anyways.
Abortion, Drugs, Guns, Alcohol, Foreign made products, Books, and much much more. You can find a black market for damn near anything on any continent. In the governments eyes any transfer of money that isn't taxed is a black market transaction. You think crypto will be any different?
But you lose all institutional investment
>hide your gold
How much of your wealth would you lock into hiding, and for how many decades? Are you willing to risk extreme penalties like federal prison?
>miners outside G7 go bankrupt due to price drop
Difficulty would adjust down. Then it depends on how much military and bureaucratic pressure would be applied. Bitcoin could survive in certain "rogue" countries like Iran or NK but that wouldn't help the average biz investor.
It’s not about having an army, it’s about not sitting back like a bitch while the government threatens to kill me for my wealth. You’re the type to stand up for yourself only if it meant you won in the end. Deep down you’re a coward and you know it.
>You think crypto will be any different?
Yes because it's digital. Also KYC guards most fiat gateways. Also this:
>I'm a badass ninja marine seal sniper, come at me SWAT teams!!1
If G7 governments banned Bitcoin the price will probably collapse for 10-50 years anyway. Few would dare buy it, making it pointless to even try to get rich as a fugitive.
>What happens if owning BTC is made illegal, possibly as far as death penalty as punishment? I'm a BTC hodler but never had a good answer to this.
How do people come up with such stupid scenarios to consider and worry about?
-what if owning bitcoin becomes illegal?
-what if owning gold becomes illegal?
-what if owning land becomes illegal?
-what if owning dollars becomes illegal?
or
-what if the tax rate is doubled or tripled?
Christ, who cares? If that happens, then I guess I'm not as wealthy as I thought I was. Does it change my life? Yes, probably. But it's a ridiculous scenario. Why try to come up with a "plan" for something like this?
Your death in the name of my right to own Bitcoin is much appreciated, despite you calling me a coward. Also this:
>I'm a badass ninja marine seal sniper, come at me SWAT teams!!1
If G7 governments banned Bitcoin the price will probably collapse for 10-50 years anyway. Few would dare buy it, making it pointless to even try to get rich as a fugitive.
Problem is Bitcoin needs independent miners with enough hash rate to defend the blockchain from government seizure
How do you expect the miners to out fund the government when government seizes most large farms and the remaining farms are operating with very low or no profits at all due to drop in price
I have 40% of my net worth in gold and I’d be willing to hide it forever, for my children, grandchildren and great grandchildren
last time they banned gold it was 10 years prison, would definitely risk it
>How do people come up with such stupid scenarios to consider and worry about?
en.wikipedia.org
>what if owning land becomes illegal?
This does not compete against US dollar hegemony (or Euro). Only Bitcoin and gold are direct threats to them.
>let's ban bitcoins
>let's ban shitcoins
>let's ban even RS gold and tf2 keys
Yes, let's ban every asset on earth valued by people, let's ban even rocks and children's drawings if people value them.
He is right. Crypto, and especially BTC, will never be accepted into mainstream society ever, or at least for the remainder of our lives. Maybe in 100 years yes, but right now centralized traditional banks retain a lot of power and will not give it up without a fight. If they do, they will create another coin that countries will accept and BTC will fall to the wayside. BTC is going to be worthless as it will have no store of value. You can't buy anything with BTC.
if btc survives the next few years, there will be enough jews holding BTC that the government wouldn't dare fucking around with it. if they do they will destroy a bunch of rich people's portfolios and crash the economy
Exactly the point. If this is away another 1-5 years and only comes true if btc has risen significantly, I wnat to profit from this upmove, so I hold Bitcoin now.
Some countries start becoming friendlier towards crypto. Taken to the extreme, if crypto were illegal everywhere, only one nation needs to flip to gain a massive uptick in economic power in a very short span of time.
If multiple powers were to continually escalate efforts to outlaw or incentivise crypto, you end up with a cold war situation.
On a personal level, I'd secure some exits from the country so I can reposition to a pro-crypto country, and probably stock up on iron and aluminium oxides if the situation looks unsafe.
Additionally, I want you to note that banning crypto during hyperinflation in a democratic and technologically advanced country would lead to disaster, as the government would be essentially be forcing citizens to deal with the mistakes of the government. The range of consequences vary from impeachment to revolution and/or invasion by another state depending upon the severity of the crisis.
Black market crypto would also cause the price to increase to scarcity long term, demand typically increases relative to supply.
I also think you vastly overestimate how difficult it is to break the law.
this. if the government tries this it means the economy is fucked and there will be massive unemployment and riots.
Awful lot of fud today
Yeah I think we're back
Badger.Finance is like a backup for btc if that happens, so im not worried