Paypal Withdraws from Facebook's Libra Cryptocurrency

Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by HenryKissinger on Friday October 04, 2019 @10:30PM (#21163474)

It would be very easy for the government to shut down Bitcoin:

- Shut down all bitcoin exchanges hosted in the United States

- Make it illegal for banks, credit unions, and other commercial financial institutions to allow their clients to make transactions with a crypto exchange (regardless of the countries where the exchange is hosted), or a blockchain

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Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by barnabee on Saturday October 05, 2019 @03:20AM (#21164232)

This would not shut down bitcoin.

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Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by HenryKissinger on Saturday October 05, 2019 @08:53AM (#21165228)

If you can't convert your bitcoin into fiat, then your only option is to use your btcs to purchase goods and services directly, which would further disincentivize businesses from accepting bitcoin as a form of payment. And if you can't send fiat to an exchange, you can't increase your holdings.

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Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by lawn on Saturday October 05, 2019 @11:57AM (#21166214)

You can always buy and sell them in person for cash. Like how you buy drugs.

The point is the government can severely hurt Bitcoin adoption by making it illegal, but it cannot completely shut it down.

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Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by oceanplexian on Saturday October 05, 2019 @11:56PM (#21169733)

You could simply convert bitcoin into fiat in the 200+ other countries that are not the United States.

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Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by HenryKissinger on Sunday October 06, 2019 @10:07AM (#21172109)

This would require you to open a foreign bank account, which you must tell the U.S. government about. Not telling them is a serious crime. See the Foreign Account Tax Compliance Act

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Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by aflag on Saturday October 05, 2019 @06:35AM (#21164802)

If that doesn't kill it, they could further make any bitcoin transactions illegal.

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Re:Paypal Withdraws from Facebook's Libra Cryptocurrency by mianos on Saturday October 05, 2019 @04:02AM (#21164324)

I am not sure this would work unless they ban incoming telegraphic transfers.

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