Hello,
Many of legit business now use Bitcoins but last week we lost $300 to $400 in LR and we're not from US so we can't recover our funds(Fighting in US Court is very costly for us because of we're not from USA)
Do you think they can also close Bitcoins or its impossible to close P2P systems?
(I think bitcoin is not hosted on 1 computer or server so how they can close btc?)
Thanks.
They can stop bitcoin in one particular country by blocking all bitcoin traffic. They can stop bitcoins in most countries by signing agreements to block bitcoin traffic. Those restrictions could be fighted by masking bitcoin traffic and it's hard to say what side could win. But it is unprecendental and hasn't happened yet. Even torrents which are mostly used to violate intellectual property laws are not forbidden as protocol.
They can stop bitcoin by making it illegal. If you use bitcoin, you go to jail. But it would be very repressive measure.
They can shut exchanges, but it's almost impossible because people can just exchange good between each other. Though it would make harder to do business with bitcoins.
Anyway now bitcoins are pretty safe.
