What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?
In that all bitcoin market would collapse. Most of the investors will loose a lot of money and the common man (who has invested after bitcoins became popular) will suffer the most. However, I do not think that this is going to happen:
1) I am sure that US government would have done their research about bitcoins already. If they had to ban bitcoins, they would have done it already.
2) Many countries have see their citizens earning with bitcoins and it increases their revenue also as they get tax on these earnings.