People always begin to "create their own money", when official money stops to carry out their function for people. Regardless of what government or banks think about it.
As for current BTC gov idiocy, I think we will see yet another TPTB fuckup soon. That arrogant and ignorant idiots push their snout in the things they have no any clue about. They think they will be able to control exchange rate of BTC just like they totally control all stocks, treasures and paper gold via spectacle with all that NASDAQ, NYSE and other stupid circuses.
As far as I know, crypto crowd has kind of common intention to abandon BTC and switch to XMR or other independent crypto as soon as there will be clear signs of government manipulation. Also, blockchain split is possible.
Trick is in the math of BTC. Currently, miners get profit from transactions. Most transactions are small transfers. "Official" BTC exchanges does not generate any transactions profitable for miners, all that huge BTC "trade" happens internally, without any records in blockchain, so without any profit for miners. I 100% shure that idiots from gov will try to do exactly same thing - their "big" and "serious" "trading" will generate ZERO income for miners. Those who really use BTC, through transactions, will easily abandon BTC in case of any signs of control or manipulation. Despite their transactions are tiny in total, comparing with exchange turnover, only this real transactions make BTC alive. As all that small real transactions disappear, there will be no any reason for miners to keep BTC blockchain running. They will switch to another coins where real people transactions happens. And all that stock circuses will find themselves with digits on accounts that is completely sensless, since there will be no any backbone of miners and real transactions. Even if state will buld their own mining farms, there will be no real transactions to profit that mining farms eating hell tons of electric power. Also, it will be self-unwinding fuckup, since less real transactions will mean longer confirmation times, and longer confirmation times will force other real users to abandon BTC, so lowering transaction rate even more. When real transaction will take weeks even with large transaction fee, there will be no real users for such coin.
Bankers, traders and gov understand absolutely nothing about crypto as concept that made crypto popular. Their brains that work in realm of assets, fiat and stock circus just could not imagine that there could be something else. So they will fuck themselves up with their stupid speculation approach to the thing that is completely different and based on completely different principles. Or, they will be fucked by the crowd. Whatever happens first.
People always begin to "create their own money", when official money stops to carry out their function for people. Regardless of what government or banks think about it.
As for current BTC gov idiocy, I think we will see yet another TPTB fuckup soon. That arrogant and ignorant idiots push their snout in the things they have no any clue about. They think they will be able to control exchange rate of BTC just like they totally control all stocks, treasures and paper gold via spectacle with all that NASDAQ, NYSE and other stupid circuses.
As far as I know, crypto crowd has kind of common intention to abandon BTC and switch to XMR or other independent crypto as soon as there will be clear signs of government manipulation. Also, blockchain split is possible.
Trick is in the math of BTC. Currently, miners get profit from transactions. Most transactions are small transfers. "Official" BTC exchanges does not generate any transactions profitable for miners, all that huge BTC "trade" happens internally, without any records in blockchain, so without any profit for miners. I 100% shure that idiots from gov will try to do exactly same thing - their "big" and "serious" "trading" will generate ZERO income for miners. Those who really use BTC, through transactions, will easily abandon BTC in case of any signs of control or manipulation. Despite their transactions are tiny in total, comparing with exchange turnover, only this real transactions make BTC alive. As all that small real transactions disappear, there will be no any reason for miners to keep BTC blockchain running. They will switch to another coins where real people transactions happens. And all that stock circuses will find themselves with digits on accounts that is completely sensless, since there will be no any backbone of miners and real transactions. Even if state will buld their own mining farms, there will be no real transactions to profit that mining farms eating hell tons of electric power. Also, it will be self-unwinding fuckup, since less real transactions will mean longer confirmation times, and longer confirmation times will force other real users to abandon BTC, so lowering transaction rate even more. When real transaction will take weeks even with large transaction fee, there will be no real users for such coin.
Bankers, traders and gov understand absolutely nothing about crypto as concept that made crypto popular. Their brains that work in realm of assets, fiat and stock circus just could not imagine that there could be something else. So they will fuck themselves up with their stupid speculation approach to the thing that is completely different and based on completely different principles. Or, they will be fucked by the crowd. Whatever happens first.
In any case it will be hillarious. Just watch. :)