Post
Topic
Board Economics
Re: Dealing with tax and crypto ban
by
wxa7115
on 23/02/2022, 17:19:43 UTC
It is widely known that if there is demand then someone is going to make the effort to supply that product, so no ban is ever going to be effective against a product with high demand, now I can understand why for example some dangerous drugs are banned even if there is a high demand for them.

But in the case of bitcoin people are not going to understand why something like this is banned as it damages no one, so the resistance to those bans will be even more fierce, especially if people are making decent money with bitcoin.
But, would it be risky if they will continue using something that is already been illegalized? And what if they will get caught? Are they already prepared to face their consequences? Do not say that crypto is anonymous but its not totally and have not you seen the news that even crypto hackers and thieves do still get caught by the authorities? And take not they are already good at hiding much more to a normal crypto user.
Like most of the time the answer to that is it depends, just to give an example people participate in social movements against governments that are abusing their authority, but what could they possibly gain for it? After all they are risking their freedom and their lives by joining such a movement, however in their minds the risk is worth taking as the benefits they can get by getting rid of that government make participating in such a movement worthwhile.

The same will be true for bitcoin, if the economy keeps getting worse then even if bitcoin gets banned people are going to use it as it would be the only way to put food over the table, and we have seen similar examples of this happening with the US dollar, so it makes sense that people will use bitcoin and cryptocurrencies in this way as well.