The following is a real-life allegory pertaining to golds new competitor, Bitcoin.
What would you do, if gold were made illegal?
Think it cant happen? Wellhow many of you are American? Private individual ownership of gold coins and bars was illegal in the United States for four decades. Hoarding individual wealth in gold was banned from 1 May 1933 until 31 December 1974. Vast amounts of gold bullion were confiscated from people, who were forced to accept instead the Monopoly Money known as United States Dollars. Numerous individuals were criminally prosecuted for attempting to keep their golda crime according to Executive Orders 6102, 6111, 6260, and 6261, and the Gold Reserve Act passed by the U.S. Congress and signed into law by U.S. President Franklin Delano Roosevelt.
~snip~
I just found this link from another thread:
https://bitcointalk.org/index.php?topic=5214200.msg53594883#msg53594883What a fantastic post, lots of historical facts which were frankly not known to me. Using the gold analogy it seems Bitcoin and other crypto holders are at a massive disadvantage because all of their activity at exchanges has been logged and that alongside their bank transactions would be available to governmental agencies in a second or so of requesting/demanding them. How would crypto owners be able to tackle that when their personal information is already out there?
When it comes to people in power and the executive orders that can be signed off whenever they are in the mood, they can be introduced and implemented with minimal ease after they release various forms of legitimate information (or fearmongering or propaganda) to the masses.
When it comes to Bitcoin, people should be ready for all eventualities I guess.