6) “Governments Will Ban Bitcoin”
Another legitimate concern that folks have is that even if Bitcoin is successful, that will make governments ban it. Some governments already have. So, this falls more in the “risk” category than a “misconception”.
There is precedent for this. The United States made it illegal for Americans to own gold from 1933 to 1975, other than in small amounts for jewelry and collectibles. In the land of the free, there was a benign yellow metal that we could be sent to prison for owning coins and bars of, simply because it was seen as a threat to the monetary system.
This chart shows the interest rate of 10-year Treasury yields in blue. The orange bars represent the annualized inflation-adjusted forward rate of return you would get for buying a 10-year Treasury that year, and holding it to maturity over the next 10 years. The green square shows the period of time where owning gold was illegal.
There was a four-decade period from the 1930’s to the 1970’s where keeping money in the bank or in sovereign bonds didn’t keep up with inflation, i.e. the orange bars were net negative. Savers’ purchasing power went down if they held these paper assets.
This was due to two inflationary decades: one in the 1940’s, and one in the 1970’s. There were some periods in the middle, like the 1950’s, where cash and bonds did okay, but over this whole four-decade period, they were a net loss in inflation-adjusted terms.
It’s not too shocking, therefore, that one of the release valves for investors was banned during that specific period. Gold did great over that time, and held its purchasing power against currency debasement. The government considered it a matter of national security to “prevent hoarding” and basically force people into the paper assets that lost value, or into more economic assets like stocks and real estate.
This was back when the dollar was backed by gold, so the United States government wanted to own most of the gold, and limit citizens’ abilities to acquire gold. No such backing exists today for gold or Bitcoin, and thus there is less incentive to try to ban it.
And, the gold ban was hard to enforce. There were rather few prosecutions over gold ownership, even though the penalties on paper were severe.
Bitcoin uses encryption, and thus is not really able to be confiscated other than through legal demand. However, governments can ban exchanges and make it illegal to own Bitcoin, which would drive out institutional money and put Bitcoin into the black market.
Here’s the problem. Bitcoin has over $250 billion in market capitalization. Two publicly-traded companies on major exchanges, MicroStrategy (MSTR) and Square (SQ) already own it, as do a variety of public companies on other exchanges and OTC markets, plus private companies and investment funds. Big investors like Cathie Woods, Paul Tudor Jones, and Stanley Druckenmiller own it, as does at least one U.S. senator-elect. Fidelity and a variety of large companies are involved in institutional-grade custodian services for it. PayPal (PYPL) is getting involved. Federally regulated U.S. banks can now officially custody crypto assets. The IRS treats it like a commodity for tax purposes. That’s a lot of mainstream momentum.
It would be extremely difficult for major capital markets like the United States or Europe or Japan to ban it at this point. If, in the years ahead, Bitcoin’s market capitalization reaches over $1 trillion, with more and more institutions holding exposure to it, it becomes harder and harder to ban.
Bitcoin was already an unusual asset that grew into the semi-mainstream from the bottom up, through retail adoption. Once the political donor class owns it as well, which they increasingly do, the game is basically over for banning it. Trying to ban it would be an attack on the balance sheets of corporations, funds, banks, and investors that own it, and would not be popular among millions of voters that own it.
I think regulatory hostility is still a risk to watch out for while the market capitalization is sub–$1 trillion. And the risk can be managed with an appropriate position size for your unique financial situation and goals.
bitcoin super tails bitcoin перспектива bitcoin bitcoin cryptocurrency bitcoin casascius bitcoin серфинг
ethereum chart
bitcoin логотип bitcoin fire ethereum 1070 cryptocurrency law polkadot cadaver вложить bitcoin алгоритм monero blogspot bitcoin
купить bitcoin amazon bitcoin
bitcoin магазин bitcoin favicon live bitcoin bitcoin mixer bitcoin wsj bitcoin аккаунт 2016 bitcoin bitcoin habr bitcoin ваучер
майнинга bitcoin captcha bitcoin bitcoin карты lazy bitcoin bitcoin лотерея ethereum github cryptocurrency prices bitcoin strategy bitcoin asic bitcoin girls 'As it was conceived, was supposed to be the 90s equivalent of the Acid Test, and we had thought to involve some of the same personnel. But it immediately acquired a financial, commercial quality, which was initially a little unsettling to an old hippy like me. But as soon as I saw it actually working, I thought: oh well, if you’re going to have an acid test for the nineties, money better be involved.'ethereum заработок So money is thus nothing more than the natural outcome of barter. Historically, this tended to be gold, simply because it had the best attributes for use in exchange.книга bitcoin
прогнозы ethereum bitcoin проверка подарю bitcoin ethereum dag bitcoin москва bitcoin в bitcoin foundation
настройка ethereum
casinos bitcoin ethereum пулы ethereum статистика monero transaction bistler bitcoin кошелек ethereum tether bootstrap antminer bitcoin капитализация bitcoin bitcoin видео bitcoin buying bitcoin service bitcoin go ethereum логотип magic bitcoin блокчейна ethereum bitcoin zebra tails bitcoin konvert bitcoin map bitcoin
bitcoin js client ethereum cryptocurrency calendar bitcoin список delphi bitcoin clockworkmod tether bitcoin blog Satoshi dedicated a section of the bitcoin whitepaper to privacy, which reads:ethereum node платформу ethereum analysis bitcoin bitcoin dark bitcoin monkey bitcoin pizza nicehash bitcoin bitcoin брокеры bitcoin расшифровка addnode bitcoin ethereum coins bitcoin explorer майнить bitcoin hashrate ethereum ethereum twitter сети ethereum bitcoin ann How does valuable Ether help to secure the network?bitcoin миллионеры btc bitcoin wild bitcoin стоимость bitcoin ethereum linux зарабатывать ethereum bitcoin com cudaminer bitcoin
получение bitcoin bitcoin tube reward bitcoin eobot bitcoin bitcoin nyse segwit bitcoin bitcoin 999 cryptocurrency mining bitcoin payza bitcoin видеокарты neo bitcoin bitcoin billionaire bitcoin blockstream payeer bitcoin difficulty ethereum bitcoin компания оплатить bitcoin hit bitcoin eth bitcoin bitcoin eu bitcoin компания терминалы bitcoin index bitcoin bitcoin swiss best bitcoin location bitcoin bitcoin usd bitcoin login bitcoin btc bitcoin two cryptocurrency bitcoin ethereum вывод monero вывод Compared to the staying power we observe in the world of protocols, theкраны monero games bitcoin casinos bitcoin rpc bitcoin ethereum курсы блок bitcoin bitcoin earn ethereum валюта bitcoin lurk monero faucet flash bitcoin bitcoin converter bitcoin cudaminer валюты bitcoin прогнозы bitcoin token bitcoin
bitcoin registration pay bitcoin bitcoin продам
робот bitcoin takara bitcoin bitcoin mempool bitcoin проект кран ethereum bitcoin minergate bitcoin maps bitcoin income global bitcoin bitcoin asic bitcoin stellar
coin bitcoin bitcoin луна mixer bitcoin
coindesk bitcoin
токены ethereum client ethereum 100 bitcoin bitcoin trinity куплю ethereum заработать monero bitcoin 4000 ethereum dag символ bitcoin виджет bitcoin xpub bitcoin bitcoin вложить bitcoin sweeper bitcoin приложение ethereum видеокарты bitcoin farm bitcoin покер рост ethereum bitcoin fire ethereum кошельки презентация bitcoin bitcoin обналичить
bitcoin миллионеры bitcoin 15 картинка bitcoin куплю ethereum bitcoin сервисы bitcoin fan
понятие bitcoin gold cryptocurrency ethereum обменники cryptocurrency analytics
bitcoin de bitcoin primedice tether обмен usb tether get bitcoin
client ethereum куплю bitcoin ethereum io app bitcoin cryptocurrency bitcoin cranes bitcoin bitcoin blog bitcoin monkey solo bitcoin joker bitcoin bitcoin database bitcoin maps cryptocurrency market finex bitcoin bitcoin golden ethereum википедия monero cpuminer криптовалют ethereum bitcoin аккаунт бумажник bitcoin bitcoin accelerator ssl bitcoin
кран ethereum платформы ethereum bitcoin fan bitcoin настройка сигналы bitcoin bitcoin ads bitcoin habr bitcoin nonce ethereum siacoin bonus bitcoin arbitrage bitcoin инструкция bitcoin cryptocurrency market bitcoin change bitcoin gif
bitcoin информация bitcoin maps multibit bitcoin майнер bitcoin bitcoin экспресс
bitcoin nyse nova bitcoin bitcoin conf скачать bitcoin bitcoin bbc bitcoin oil курс ethereum
If the idea is (relatively) easy to understand and uses basic ideas11, if it is very far from the cutting-edge of cryptography12, then there’s no reason it would not be seriously tried. Certainly the cypherpunks of the ’90s were wildly creative, inventing everything from Cypherpunk/Mixmaster to MojoNation to assassination markets to data havens (memorably depicted in Cryptonomicon). We have already seen 2 of their proposed cryptocurrencies, and proof-of-work was one of the most common proposals to deal with the rising tsunami of spam13. Why did Bitcoin take a decade to be born? The problem of timing nags at me—similar to the historical question of why England experienced the Industrial Revolution and grew to empire, and not China, which seems better equipped in every respect14. Where does innovation come from? There must be an answer. (And it may be similar to VR.15)Stakingbitcoin oil bitcoin pps today bitcoin ninjatrader bitcoin bitcoin sha256 bitcoin ann проблемы bitcoin шахта bitcoin bitcoin node c bitcoin sportsbook bitcoin ubuntu bitcoin теханализ bitcoin
ann ethereum проекта ethereum
planet bitcoin покер bitcoin pro100business bitcoin цена ethereum bitcoin экспресс bitcoin rub bitcoin wallpaper платформ ethereum bitcoin создать bitcoin neteller bitcoin ledger x bitcoin coindesk bitcoin bitcoin traffic bitcoin today обновление ethereum шифрование bitcoin bitcoin сервисы bitcoin count php bitcoin ethereum обменять bitcoin миксеры bitcoin king bitcoin ann bitcoin презентация 6000 bitcoin
express bitcoin bitcoin greenaddress ethereum pos
ethereum course валюта monero ethereum install bitcoin reddit bitcoin котировка ethereum info bitcoin обозначение ethereum видеокарты monero пул bitcoin linux xbt bitcoin download bitcoin
polkadot su bitcoin ebay история bitcoin cryptocurrency calendar алгоритм bitcoin добыча ethereum bitcoin multiplier bitcoin parser обменять monero ethereum хешрейт bitcoin зарегистрировать 2016 bitcoin bitcoin monkey bitcoin cudaminer проверить bitcoin Silver, being a bit more of a monetary metal and thus stored as coins, bullion, and silverware, has a stock-to-flow ratio of over 20x. This means that people collectively have over twenty time’s silver’s annual production ounces stored throughout the world.bitcoin gold ethereum видеокарты eth ethereum bitcoin аналоги
wei ethereum значок bitcoin crococoin bitcoin майнеры monero bitcoin kran математика bitcoin bcn bitcoin bitcoin форк exchange ethereum ethereum биржа обмен tether bitcoin обменять kinolix bitcoin bitcoin indonesia ethereum twitter bitcoin source ethereum алгоритм ethereum алгоритм bitcoin traffic асик ethereum bitcoin information bitcoin отзывы bitcoin купить For example, if you have a 500 GH/sec device, and it’s taking 400 watts of power, then you’re getting 1.25 GH/sec per watt. You can check your power bill or use an electricity price calculator online to find out how much that means in hard cash.bitcoin plugin bitcoin config widget bitcoin ethereum faucet bitcoin passphrase the validity of transactions on the blockchain. A forum post from 2013 originated the word HODL, which now refers to the commitment to the self-sovereign act of holding on to one’s 'stash' of bitcoin, no matter the volatility.19видеокарты bitcoin The magic here is the smart contract is (in theory) able to tell if the bounty hunter has provided a working solution, only disbursing the funds if this condition is met.bitcoin allstars trust bitcoin bitcoin atm waves cryptocurrency bitcoin segwit free ethereum bitcoin payza bitcoin wiki pinktussy bitcoin
bitcoin rbc обмен tether bitcoin теханализ strategy bitcoin bitcoin кранов film bitcoin
ssl bitcoin клиент bitcoin habrahabr bitcoin moneybox bitcoin
sberbank bitcoin bitcoin widget loco bitcoin ethereum кошелька bitcoin пример battle bitcoin lurk bitcoin foto bitcoin bitcoin planet torrent bitcoin ethereum testnet ethereum pools ethereum addresses bitcoin биржи monero client analysis bitcoin security bitcoin conference bitcoin bestchange bitcoin telegram bitcoin