The how-do-we-make-it-illegal problem for the bankers

[Blinken]

There is no question, at least in my mind, that cryptocurrency presents the ultimate threat to bankers. The idea of a currency that can be transmitted instantly anywhere in the world for free and cannot be manipulated terrifies them, because it is obvious far superior to their own offerings, which divert money from legitimate producers and workers and funnels it into their own pockets.

Their only problem: how to make it illegal? Not a trivial problem.

Let's say some guy in Qatar transmits 100 bitcoins to some other guy in Algeria. How do you make that illegal? It's not even in your country. You going to tell the government of Qatar "Block those bitcoin packets, they are illegal." I mean, heck, you can't even block child porn packets in your own country and now you are going to tell Qatar to start blocking bitcoin packets. Seems difficult.

Seems more plausible to demonize the local person even if they act abroad, kind of like porn tourism. If you transmit bitcoins or run a client, its a crime, but we will only go after US citizens. Seems to be the general strategy Russia is taking. The main problem would seem to be justifying it. Of course, in Russia you don't need to justify anything since it's a dictatorship, but in the United States there are courts and lawmakers and stuff like that which get in the way. You can't just have some pimp in the Treasury department make up a law that instantly turns a million citizens into criminals.

Then, of course, there is the intelligence factor. To get a law passed you need to convince Joe Ohio, the average person, that cryptocurrency is evil, kind of like gambling or drinking to excess. Now, this is not so easy as it might seem. In places like Russia and Bangladesh it's easy, because Russians and Bengalis are morons, but in the United States, it's a tougher sell. Gambling is obviously evil, but internet currency, how is that evil? To Joe Ohio seems sort of like a nerd credit card and credit cards aren't evil, are they? What's the problem?

The problem is money laundering, Joe. Drug dealers are using bitcoins to launder their ill-gotten profits so you need to make bitcoins illegal, got that? Hmm, ok, got to stop the drug dealers. Anyone using bitcoin is a criminal because they are helping drug dealers. Got it, I'll call my congressman.

[californiaquail]

"You can't just have some pimp in the Treasury department make up a law that instantly turns a million citizens into criminals"

lol

[MF Doom]

I think they are trying to stifle usage, but they are failing!  They can try to criminalize it too, but I think it will mostly be fear tactics and very hard to actually stop people from using it

[RodeoX]

An even bigger problem for them could be people like me. People who are basically law abiding, but who will use bitcoin no matter what the law is. 

[MF Doom]

An even bigger problem for them could be people like me. People who are basically law abiding, but who will use bitcoin no matter what the law is. 

As Thomas Jefferson would have said:

"If a law is unjust, a man is not only right to disobey it, he is obligated to do so."

This is the case with bitcoin.  Sure go after people using it for illicit means, but do they care that drug cartels, dealers, criminals deal in cash?  No they dont!

[brian_23452]

There is no question, at least in my mind, that cryptocurrency presents the ultimate threat to bankers. The idea of a currency that can be transmitted instantly anywhere in the world for free and cannot be manipulated terrifies them, because it is obvious far superior to their own offerings, which divert money from legitimate producers and workers and funnels it into their own pockets.

Their only problem: how to make it illegal? Not a trivial problem.

Let's say some guy in Qatar transmits 100 bitcoins to some other guy in Algeria. How do you make that illegal? It's not even in your country. You going to tell the government of Qatar "Block those bitcoin packets, they are illegal." I mean, heck, you can't even block child porn packets in your own country and now you are going to tell Qatar to start blocking bitcoin packets. Seems difficult.

Seems more plausible to demonize the local person even if they act abroad, kind of like porn tourism. If you transmit bitcoins or run a client, its a crime, but we will only go after US citizens. Seems to be the general strategy Russia is taking. The main problem would seem to be justifying it. Of course, in Russia you don't need to justify anything since it's a dictatorship, but in the United States there are courts and lawmakers and stuff like that which get in the way. You can't just have some pimp in the Treasury department make up a law that instantly turns a million citizens into criminals.

Then, of course, there is the intelligence factor. To get a law passed you need to convince Joe Ohio, the average person, that cryptocurrency is evil, kind of like gambling or drinking to excess. Now, this is not so easy as it might seem. In places like Russia and Bangladesh it's easy, because Russians and Bengalis are morons, but in the United States, it's a tougher sell. Gambling is obviously evil, but internet currency, how is that evil? To Joe Ohio seems sort of like a nerd credit card and credit cards aren't evil, are they? What's the problem?

The problem is money laundering, Joe. Drug dealers are using bitcoins to launder their ill-gotten profits so you need to make bitcoins illegal, got that? Hmm, ok, got to stop the drug dealers. Anyone using bitcoin is a criminal because they are helping drug dealers. Got it, I'll call my congressman.

Where does this nonsense even come from?  Why would any bank or banker anywhere care even the slightest if you send some guy in qatar 100 bitcoins? 

[Lethn]

Drugs, Prostitution and filesharing is still alive and well, the problem is people often have this vision of governments being an all powerful force that can reach out and take on anyone they like, when in reality they're a bunch of incompetent morons.



http://rt.com/usa/cia-drone-engineered-iran-243/

http://www.cbsnews.com/news/iran-shows-video-it-claims-was-extracted-from-cias-downed-rq-170-sentinel-drone/

I am going to be in hysterics if they try picking a fight with people who actually know what they're doing, these are people who don't know how to check email or go on the internet without an assistant doing it for them, they are not threatening. In fact, I reckon we'll actually be seeing news reports about congressman or other government officials taking bribes in Bitcoin soon enough.

[spazzdla]

"You can't just have some pimp in the Treasury department make up a law that instantly turns a million citizens into criminals"

lol

he is laughing because.. YES YES you Fing can.. it happens all the time.  We are slaves..

[spazzdla]

An even bigger problem for them could be people like me. People who are basically law abiding, but who will use bitcoin no matter what the law is. 

As Thomas Jefferson would have said:

"If a law is unjust, a man is not only right to disobey it, he is obligated to do so."

This is the case with bitcoin.  Sure go after people using it for illicit means, but do they care that drug cartels, dealers, criminals deal in cash?  No they dont!

The general public and slavers(police) will disagree with you...  Not because you are wrong but because they are very stupid and enjoy the easy life of a slave.

[jonald_fyookball]

If they made it illegal for businesses to transact in Bitcoin,
that would really slow things down, at least in the
short term.

However, it could backfire in 10 years because the
forbidden fruit is always sweeter and more famous.

The other issue for the banksters is that they are
the only ones who would benefit from keeping
Bitcoin down. 

Even most of their politician minions seem to like
Bitcoin and want a piece of the action, so they
have the unenvious battle of trying to make
something illegal that everyone else wants.

[Minecache]

There is no question, at least in my mind, that cryptocurrency presents the ultimate threat to bankers. The idea of a currency that can be transmitted instantly anywhere in the world for free and cannot be manipulated terrifies them, because it is obvious far superior to their own offerings, which divert money from legitimate producers and workers and funnels it into their own pockets.

Their only problem: how to make it illegal? Not a trivial problem.

Let's say some guy in Qatar transmits 100 bitcoins to some other guy in Algeria. How do you make that illegal? It's not even in your country. You going to tell the government of Qatar "Block those bitcoin packets, they are illegal." I mean, heck, you can't even block child porn packets in your own country and now you are going to tell Qatar to start blocking bitcoin packets. Seems difficult.

Seems more plausible to demonize the local person even if they act abroad, kind of like porn tourism. If you transmit bitcoins or run a client, its a crime, but we will only go after US citizens. Seems to be the general strategy Russia is taking. The main problem would seem to be justifying it. Of course, in Russia you don't need to justify anything since it's a dictatorship, but in the United States there are courts and lawmakers and stuff like that which get in the way. You can't just have some pimp in the Treasury department make up a law that instantly turns a million citizens into criminals.

Then, of course, there is the intelligence factor. To get a law passed you need to convince Joe Ohio, the average person, that cryptocurrency is evil, kind of like gambling or drinking to excess. Now, this is not so easy as it might seem. In places like Russia and Bangladesh it's easy, because Russians and Bengalis are morons, but in the United States, it's a tougher sell. Gambling is obviously evil, but internet currency, how is that evil? To Joe Ohio seems sort of like a nerd credit card and credit cards aren't evil, are they? What's the problem?

The problem is money laundering, Joe. Drug dealers are using bitcoins to launder their ill-gotten profits so you need to make bitcoins illegal, got that? Hmm, ok, got to stop the drug dealers. Anyone using bitcoin is a criminal because they are helping drug dealers. Got it, I'll call my congressman.

You are both correct and incorrect Sir. You are correct in the statement that bankers are finally realising that the beauty of bitcoin is now an emerging and direct threat to their parasitic livelihoods. However you are incorrect in that instead of trying to make it illegal, they will more likely put their resources to trying to hack/spam/destroy it. Unfortunately these flthy banker shave a lot of money and resources behind them and over the next few years I can see them using them all for nefarious reasons. Personally I cannot see how you can illegitamise technology.

[stevenh512]

To get a law passed you need to convince Joe Ohio, the average person

If only it really worked that way, we'd have nothing to fear. The reality is, in most cases, politicians do whatever they want and the American voting public just keeps voting "R" or "D" no matter how often both parties blatantly violate our rights and ignore the will of the people.

There are exceptions, the people were able to stop SOPA/PIPA, but only after flooding Congress with so many letters, emails, faxes and phone calls that I'm surprised they didn't classify it as some kind of DDOS attack. In most cases, they do what they want and they don't care what "Joe Ohio" thinks. What's "Joe Ohio" going to do, vote Libertarian (or Green or whatever other "third party")? Not going to happen, too many Americans are brainwashed from youth to believe that a vote for a third party is a wasted vote, so they either continue to vote "R" or "D" or stop voting altogether and our "elected representatives" continue to abuse their power unchecked by the will of the people.

[Beliathon]

"You can't just have some pimp in the Treasury department make up a law that instantly turns a million citizens into criminals"

Why not? It worked for cannabis!

[jonald_fyookball]

"You can't just have some pimp in the Treasury department make up a law that instantly turns a million citizens into criminals"

Why not? It worked for cannabis!

yes for a handful of decades, mostly before the Internet.

[Pente]

It seems to me that they have 3 main options:

1) Demonize Bitcoin. It is unstable, used mainly for drugs and child porn, not safe for average person, ect. I think this is the main strategy right now.

2) Start their own government & bank sanctioned blockchain. I don't want to guess how it will work, but they could easily throw a trillion dollars into it. It appears that Ecuador and Philippines are already planning this, although their chances of success are absolutely nil.

3) Jump in with their own money. This would actually be the smartest move. The sooner they do it, the faster they can lock down their own cache of bitcoins.

[mercistheman]

The answer is to endorse & support countries that are pro crypto... Canada is taking the right approach, they are listening to the the positive message from the community... instead of stifling it with heavy handed regs they recognize the potential to grow their own economy.
The early adapters stand to gain the most with new upstart opportunities.
Eventually the rest will follow.. because we all have better choices... in the end people are going to pursue what's best for them not the over-regulated powers. 

[painlord2k]

Drugs, Prostitution and filesharing is still alive and well, the problem is people often have this vision of governments being an all powerful force that can reach out and take on anyone they like, when in reality they're a bunch of incompetent morons.

Update the current president for you.

[cbeast]

Drugs, Prostitution and filesharing is still alive and well, the problem is people often have this vision of governments being an all powerful force that can reach out and take on anyone they like, when in reality they're a bunch of incompetent morons.

Update the current president for you.

This forum has gone herp derp

[bornil267645]

Bankers are the most influential people of the society and even they can't have a grip on BTC. it's making them go crazy, I guess.