Ban the Bitcoin?!

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The Chinese government banned banks from doing bitcoin exchanges, but they’ll never be able to ban the bit even if they want to. The beast is alive at this point and won’t be killed by legislation, you can deal with it, or get out of the way. Countries will all take different stances on it, it’ll be happily accepted in some…but even if some countries got strict and completely outlawed all ownership of bitcoins, if you’re dealing in the drugs/prostitution/laundering rackets, hiding anonymous computer files is the least of your concerns. A ban will not deter these uses for the currency. Bitcoin would just go underground again in a country that bans it and service illegal industries. Although now its got the value to move larger and larger amounts effectively, so it’ll be a suped up black market currency…Question: Is there enough of a global market for drugs, prostitution and money laundering to keep Bitcoin alive during a ban until it could regain legal status? Yea, probably.

Here’s a nice Boogberg article on it. With all the usual, bold print on ‘bubble’ talk and ‘hey remember when these people got robbed of their bitcoins?!” desperation pleas, SELL EVERYTHING! Didn’t mention tulips in this one, surprising.

http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html

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About remistevens

crazy musician type from toronto, philosophy major. work in a museum. . ..
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