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Re:SSD makers start warning that mining products like ChiaCo... by ineedasername on Saturday May 01, 2021 @11:37AM (#27007122)
You're not going further in the chain: The person you work for has to buy bitcoins then. Or the next link in backwards has to. At some point, people will need to convert current assets into bitcoin. You're arguing from a point of view that requires bitcoin to already be an established currency. I'm saying that there is no practical way to get to that point without that sanction of governments to use traditional financial institutions along the way.

Further, even if you got there, governments could simply ban bitcoin. It then becomes extremely hard to use as a common medium of exchange because literally no legal business could accept it without risking the business and their life outside of prison.

It would also render useless the scenario of fleeing a despot country with hard currency assets intact because wherever your destination, those assets are still illegal to use.

All of this means that, at any point, governments could reduce bitcoin to-- at best-- another side of shadow banking, like how drugs can be a medium of exchange in the criminal world. That does not allow room for common usage by the masses.

Bitcoin & other crypto exist because nation states allow them to exist.

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