Post
Topic
Board Economics
Re: why bitcoin is banned by the government
by
Silberman
on 22/01/2018, 15:22:02 UTC
Quick attempt @ summary:

#1 Wealthiest demographics wield the most powerful political influence.

#2 Wealthiest demographics generally do not want young, hungry, upstarts starting a business in their garage which turns out to be the next apple or google.

#3 Small businesses have the potential to upset the status quo and could dethrone giants in banking, finance and other sectors. This implies those living on the top of the mountain could make some effort to maintain their reign while preventing others from climbing up the mountain after them.

#4 To some extent its in the wealthiest demographics self interest to maintain thire status quo, which implies keeping things like bitcoin which have potential to overthrow banking cartels, in check.


This is all true but I will add the very nature of bitcoin is seen as a problem, the establishment did not have any problem with google or apple, but they have a problem with bitcoin because it is a currency, in the past and even now local currencies have been used to keep the money inside a community, but bitcoin has created a global community, one which does not need the system of banks at all and that cannot be killed since it is decentralized, that is their main issue.