A world where it is only legal to invest in IPOs like $SNAP and lose half of my initial investment within a few months seems unlikely. Government doesn't want to pull the plug, they want to find a way to get in on the action through taxes. There is something I can do for a company not fulfilling their fiduciary duty, file a class action lawsuit. The 152 billion US dollar cryptocurrency market cap can not go away in a moment no matter how hard you wish for that day unfortunately, institutional hedge funds and venture capital funds are on board
It's illegal to convert Yuan into USD but that doesn't make the USD worthless. Similarly with Facebook, Google, etc which are all banned in China. If the Chinese government is the only government that bans Bitcoin, I would put my money on Bitcoin.
Of course if they convince the EU and US to join the ban then I would agree with you.
Comparing USD to Bitcoins is a sign of drinking too much Kool-Aid.
The U.S will never allow a bunch of randoms to have any financial leverage because they 'mined' a virtual coin. Corporations and people with money will just flee the country.
People with serious money laugh at Bitcoin 'millionaires'.
Umm ok? I don't see the connection to your previous point which was saying the Chinese government can single-handedly destroy Bitcoin worldwide (or even in China).
Drugs are highly illegal all over the world and yet it's still easy to buy them with a few phone calls. Now imagine if drugs could be shipped instantly over the internet from another jurisdiction where they were legal. There would really be no way to stop them. China can't do shit on their own if Bitcoin stays legal in EU/US.
Re:The China ICO Ban
by westiseast on Tuesday September 05, 2017 @04:37PM
(#15178902)
Not saying you're wrong, but isn't a lot of the massive rise from ~200 USD up to ~3000 USD related to Chinese activity? And Chinese farms mine most of the bitcoins now?
I will put my money on the Chinese government. Your Bitcoins are worthless if you can't exchange them. A business will not risk losing their 'real' assets in favor of Bitcoin 'economy.'
The play in the U.S is cute but make no mistake; the government can pull the plug at any given moment, and there is absolutely nothing you will or can do about it.