Chad on Nostr: I have a general question about crypto. Let's say crypto starts gaining traction as ...
I have a general question about crypto.
Let's say crypto starts gaining traction as money to the point where the govt feels threatened.
They respond by banning all business dealings with it.
Even if they can't control or even identify transactions on the blockchain, they can still see who publicly accepts crypto (by looking at website payment options, audits, investigations, etc).
This would make the vast majority of people avoid crypto, and businesses dealing in crypto illegally couldn't scale.
This seems like the likely scenario as the govt will not just let this much power slip away.
Isn't this a fundamental problem?
Let's say crypto starts gaining traction as money to the point where the govt feels threatened.
They respond by banning all business dealings with it.
Even if they can't control or even identify transactions on the blockchain, they can still see who publicly accepts crypto (by looking at website payment options, audits, investigations, etc).
This would make the vast majority of people avoid crypto, and businesses dealing in crypto illegally couldn't scale.
This seems like the likely scenario as the govt will not just let this much power slip away.
Isn't this a fundamental problem?