Since entering the cryptocurrency space a few years back, one of the things that always bothered me was the way many people react to cryptocurrency regulation or even the concept of outlawing it all together. The usual response to regulation is good luck with that, and most people claim that cryptocurrency is unstoppable so therefore outlawing it would just be an exercise in futility!
Cryptocurrency regulation has been the subject of much debate recently. Indonesia & China have declared an outright ban, while other countries like South Korea have turned towards some form of regulation. Regardless of how you or I feel about regulation, I think some form of cryptocurrency regulation will be inevitable in the not so distant future. So regulation aside, what would happen in the event of a full ban or the complete outlawing of cryptocurrency?
The first reaction I usually get from people is, "You can't stop crypto! Good luck with that! I'd love to see them try!"
Hey, I can totally respect that. The Dood's about as anti conformist and non-statist as they come! Before I even get started on this let me just say that technically these people and this mind set is basically correct. It would be really hard for governments to ban or outlaw cryptocurrency completely. The Genie is indeed out of the bottle and Pandora's box has been opened. In the greater scheme of things not only would it be extremely difficult for any government to stop cryptocurrency, it would probably be down right close to impossible.
Now lets be realistic about this for a second. We've seen how governments react to things they can't control in the past. Lets take a look at the drug war. Regardless of how you may or may not feel about drug use, the truth of the matter is most governments aren't friendly towards drugs they deem illegal. Marijuana, cocaine, and heroin have been illegal for as long as I can remember. A perfect example of you can't stop what you can't control! You can pass all the laws you want, yet if someone wants something bad enough, they're going to figure out a way to get it. OK, fair enough, lets chalk another one up to the "Government can't stop this" camp. The drug war proves that all the regulation in the world will prove ineffectual when people really want something.
I think another thing the War On Drugs teaches us, is how governments react when they can't control something. Innocent, non-violent, non-compliant people are locked up and incarcerated for a simple lifestyle choice. They've committed no other crime other than ingesting a compound or substance the government deems illegal. Other people are incarcerated for supplying said compounds and substances. Task forces are created, assets seized and forfeited, families destroyed, and violence committed by those who aren't going out without a fight!
I think you see where I'm going with all this. Yes, I agree they can't stop cryptocurrency, but they can make it extremely uncomfortable for those who wish to use it if they want to.
Now lets take this a step further. Cryptocurrency has moved past what many would call the "fringe" elements of the dark web. Steemit is a perfect example of the new growing cryptocurrency user. People from all walks of life, from mothers & fathers to the average guy on the street, people young & old, 90% of whom are probably good, decent law abiding citizens use cryptocurrency in the growing Steemit community. We're now seeing Wall St. enter the cryptocurrency space. Musicoin makes it possible for music industry artists to reap the rewards of cryptocurrency. My point here is that cryptocurrency is no longer for the outlaw fringe, another reason prices continue to rise as the crypto ecosystem continues to grow and flourish.
All these new users add to the cryptocurrency ecosystem. Their trade volume adding to the overall trade volume of speculators, traders,outlaws, investors and everyone else who regularly uses the various exchanges as a means to cash out into fiat so they can spend their earnings in the real world.
So we've seen how governments react to people who use drugs, run illegal gambling operations, or supply services to people that they may deem illegal or inappropriate. Watching the nightly news it's not unreasonable to say that the powers that be have no problem kicking in doors, shooting the family pets, and incarcerating people they feel are involved in illegal activities. Do you honestly believe, that the average person, Mom, Dad, your grandmother, neighbor, aunt etc are going to risk having this happen to them or their family in the event of a full ban on cryptocurrency?
The only reason I bring this up, is because it's something that's bothered me since my first day of getting involved in this space. Anytime it's brought up, the standard reply is, "Can't happen here!", "Good luck with that!", "Just try and stop me!" Well chances are someday somebody just may "Try and stop you" and when they do the penalties will be severe, and much harsher than they probably should be. Somewhere along the way, they'll probably wrap it up in a blanket of "Drug War / Terrorism / We must protect society & the children! Dear god the poor, sweet, innocent children, do it for the children!" Unfortunately, once the propaganda machine gets turning, it's pretty hard to shut off and eventually they'll get their way.
With all that said at this point I think it's safe to assume that no they can't stop cryptocurrency but if history has shown us anything they certainly can make it difficult and downright uncomfortable for anyone that thinks they still will after a ban. On top of that how many parents, grandparents, and decent law abiding citizens do you think are going to risk everything for cryptocurrency. They may not be able to stop us, but when they can no longer collect taxes, freeze assets, or control the money chances are they may try to ban cryptocurrency. It's a real threat & one that should be taken seriously !
So I ask you, what do you think would happen?
Is this an over reaction, and just not possible?
Would you still use cryptocurrency if it was illegal?
Would you fight for your right to privacy & use of cryptocurrency?
How far would you take it?
Would you risk going to jail for it?
Would you put your family at risk over it?
Would you still trade?
What about the exchanges, if you couldn't transfer to fiat would it still be of value to you?
They may not be able to stop it, but I have a hard time believing that the average person is going to risk going to jail over this. I hope you comment and share your thoughts. I'd love to here from as many people as possible from all different walks of life! Thanks for reading.
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