Bitcoin, Like Global Warming, Is A Faith-Based Religion

Bitcoin is a free market construct. But it is primarily based on faith.

China Crackdown

In Bitcoin Sinks Below $7000 on China Crackdown, I posed this issue.

If and when central banks crack down on digital currencies it will be lights out. People keep asking me what can central banks do. The question should not come up as the answer is obvious: ban transactions in Bitcoin.

If the US banned bitcoin transactions, people would still have their digital coins, but they would effectively be worthless. One could not buy anything with bitcoin other than barter transactions. There would be no way to get money in or out, at least in the US.

To that I have countless replies along the lines that Bitcoin is decentralized so my idea is preposterous.

If governments ban transactions in Bitcoin does one get money in or take it out? OK you still have your Bitcoins, but what the hell can you do with them?

No one has answered my questions. They just tell me it can never happen.

I have been asking simple questions for years. None off the bitcoin true believers has given a satisfactory answer.

Question of the Day, Month, Decade

Peer-to-Peer

So far, peer-to-peer is the only answer.

OK but that presumes one can find a person willing to barter who has what you want and is also willing to hold more Bitcoin in exchange.

But how does one sell for cash?

Understanding My Message

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Mike Faragut 8 months ago Member's comment

Exactly #bitcoin has to be exchange to government funds that's how government can shut this scheme down. Good post!!