Should Bitcoin be illegal?

Should Bitcoin be illegal?

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We have no control over law and socialism would mean the abolition of currency including bitcoin.

Maybe on environmental grounds, although it should be destroyed through market manipulation rather than hand on direct suppression. Still, as long as drugs are illegal a safe, easy alternative system for acquiring them will continue to have demand.

the environmental issue is eclipsed when compared to fiat money
well then find a green friendly coin instead

Nah. It makes "an"caps lose their shit when it's price plummets and they lose a shitton of assets in the process.

If anything, bitcoin is their kryptonite, without them even realising that. It clearly shows that capitalism is artificially kept alive by banking regulations and, if they got their way, they'd turn the US into a collosal shithole.


what's your point

Cookie coin is where it's at!
So awesome, even Elon Musk hates it

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Bitcoin is tulip mania 2.0 and you're going to lose all your money.

I don't have any btc right now as I'm not gonna buy drugs anytime soon. I'm not one of those idiots who has invested all their life savings in btc hoping it will go up in value. But if I wanna buy weed or some mushrooms or something I'll buy just enough btc for that.

Value for value, no, Bitcoin is way worse.

Bitcoin is a speculative commodity and can only ever function as one.

Yes, it’s driving up the price of Energy. If it was banned, shitposting would be cheeper. Also this is probably the only time I’d agree with the Guardian.

So just make a coin who’s price was tied to the USD, the Euro, the Yuan, or Gold. The current pricing mechanism os Bitcoin makes it waste insane amounts of Energy.

printing money
the existence of banks and bankers
delivery of money
every atm


some asics turned on indefinitely

There will be state-controlled blockchain-esque currencies eventually.

Bitcoin should be illegal, simply because it offers no special benefit, and it's easier to ban it than to set up monitoring/taxation in it (which, by the way, would be way easier than with paper money). And let's face it. The only reason people use it is for: fraud, tax evasion, illegal and criminal transactions.

Probably. But ideally it would be irrelevant.

Absolutely. In fact, I'd go so far as to say it already is under the same laws that target Ponzi schemes. Think about it, it's not a currency since it's deflationary, it's not a commodity since it has no practical value, and it's not an investment since all return comes directly from buyers to sellers. A mere court judgment is all that would be necessary to obliterate it:
On top of all that, the competition with other consumers of energy, GPUs/FPGAs, and (especially for ASICs) silicon foundries means it's actually MORE HARMFUL THAN a typical chainletter scheme.

Fiat money is merely another form of taxation, one far more progressive than "sound money". Look up the "free silverites" vs. gold standard struggle in the 1800s to understand what naked class war deflationary currency was.

I would be all for decentralized cryptocurrency, so long as it fit the following criteria:
Completely pointless and unnecessary, there are already some coins that eschew mining.
Probably possible, as while there aren't any real world coins that implement them, I'm aware of a number of promising ideas that might be able to function at the trillions of transactions per year needed by the global economy.
Possibly even pegged to USD. A simple adjustment, but everyone involved in crypto are either con artists or Ayncrap goldbuggerers with zero understanding of economics.

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it's ideology come to life.

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proof of stake is the alternative. it requires hoarding of wealth and disincencentivises spending, but requires little to no energy consumption.
lightning network for off chain transactions or something like XRP which is basically a pump and dump coin at this point
stable coins already exist but are not liked by the community

does anyone else think some erc20 token concepts could be used for labor voucher cybersyn tracking something something

Abolished like all money? Yes.

obviously, like the capacity to do resource tracking and the allowing of personalized resource spending that doesn't translate into monetary policy


Cryptomining uses up the same amount of energy as all of the netherlands, up from all of ireland a few months back.

bitcoin is shit but smart contracts are interesting so is decentralized authentication, which is cool. speculation is dumb and should be criminalized

lol what? not at all


you might as well say gaming pc's are destroying the planet

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Provide services and conveniences that would still be necessary even in a 100% cryptocurrency economy
Produce fun, and are often multi-use devices applied to computationally demanding productive tasks
Functions as a pyramid scheme to transfer money in a 1:1 ratio between gullible marks & duplicitous cons, as well as hoarding capital away from productive investment.

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mind blowing that you are defending banks and the stock market over a decentralized currency that has scammed no one

It's not a currency, it's a scam and hoarding mechanism, even moreso than the stock market. As for banks, complaining about them is like complaining about taxes or cops, they're necessary in some form for any civilization, the problem is their form in the current system.

I've repeatedly noted that the underlying blockchain technology could be (assuming its scalability issues can be fixed, which I think they probably can be) used for a variety of decentralized, anonymized, automated tasks, but every current application is too severely pozzed with economically and technically illiterate ideologues and con artists to be of any legitimate use, aside from (for a very tiny fraction of current users) a means of bypassing Paypal or whatever.

would you apply all the same arguments to pieces of gold in the middle ages?
i dont see how bitcoin specifically has anything to with the centralized scam altcoins and marketers that keep popping up.

YES. The deflation imposed by the gold standard was rightly reviled by generations of populists as a form of class war, and by reformers as a ball and chain around the ankle of economic development.

Look up the history of the "free silverites" and "bimetalists" in the leadup to the elimination of the gold standard, and ultimately the imposition of fiat.
All of them inflate in "value", and all of them have roping in more "investors" as their sole means of adding "value". They serve absolutely no productive function in the economy.

Why do you have an ancom flag?

I'm a syndicalist, I'm under no illusion anarchy means the absence of government not the same as a state.