Governments have tried this before, and failed. There are many reasons for this:
1. Bitcoin is international. Your government can ban it all it wants, but the blockchain still keeps making more blocks regardless.
2. Technical censorship (blocking access to the network) is impossible to do perfectly. Things will slip through and people will still be able to access their Bitcoin, just with a few extra steps.
3. Bitcoin's market cap is 850 billion dollars. You are effectively sanctioning your own country by not letting it connect to this economy which ranks in the top 25 countries by GDP. The bigger Bitcoin gets, the more true that becomes.
4. Bitcoin's promise is more efficient payment systems. By not letting your country participate in this, you will be stuck using slow, legacy payment systems. This makes your economy less efficient, which makes it less competitive on the global market all else being equal.
5. There is a lot of international investment going into crypto technology. If you don't let people tinker with and use crypto in your country, you are going to miss out on that investment and the jobs it creates.
makeasnek /
npub12xg…32x5
2024-02-05 10:57:55
in reply to nevent1q…gcha
Author Public Key
npub12xgsu4nad7np6l3e9x8exf26evs202jqkc2ghnuyw4c7hrda9cmqkf32x5Published at
2024-02-05 10:57:55Event JSON
{
"id": "1e81e8eaefeec228f10ac714aa3e81f06dd229a6b32f7f13422e463037127b10",
"pubkey": "51910e567d6fa61d7e39298f93255acb20a7aa40b6148bcf847571eb8dbd2e36",
"created_at": 1707127075,
"kind": 1,
"tags": [
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[
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],
"content": "Governments have tried this before, and failed. There are many reasons for this:\n\n1. Bitcoin is international. Your government can ban it all it wants, but the blockchain still keeps making more blocks regardless.\n\n2. Technical censorship (blocking access to the network) is impossible to do perfectly. Things will slip through and people will still be able to access their Bitcoin, just with a few extra steps.\n\n3. Bitcoin's market cap is 850 billion dollars. You are effectively sanctioning your own country by not letting it connect to this economy which ranks in the top 25 countries by GDP. The bigger Bitcoin gets, the more true that becomes.\n\n4. Bitcoin's promise is more efficient payment systems. By not letting your country participate in this, you will be stuck using slow, legacy payment systems. This makes your economy less efficient, which makes it less competitive on the global market all else being equal.\n\n5. There is a lot of international investment going into crypto technology. If you don't let people tinker with and use crypto in your country, you are going to miss out on that investment and the jobs it creates.",
"sig": "b818280330133728ce90f7558bcf8aabb1b788d7102c6269fb49d91ba3f4edc9075ea043a232348f5b3e3ba9d0ce22e4af42e0afc2f55fe50cf4bc3f8adb4275"
}