Re: Will blockchain survive the crackdown on mixers and anonymization?
Bitcoin (itself) doesn't require KYC either. Neither does any crypto or digital currency. They are only going after mixers and things like Monera. Why? Because with Bitcoin they have everything they need to track transactions.
It would be just as easy for the US to effectively shut down Bitcoin by making it illegal, which would drop the price of Bitcoin by about 99%. And the US could absolutely take over the hashrate of Bitcoin if it wanted to as well, as could any major world government.
We are in the same boat as any other digital currency, decentralized cryptos, centralized cryptos, and centralized digital currencies.
It's as straightforward as that.
We're talking about theory here, since there's no evidence "the government" is planning on shutting anybody down. Bitcoin just got it's ETF approved for chrissakes. If anything, governments are going in the opposite direction.
It would be just as easy for the US to effectively shut down Bitcoin by making it illegal, which would drop the price of Bitcoin by about 99%. And the US could absolutely take over the hashrate of Bitcoin if it wanted to as well, as could any major world government.
We are in the same boat as any other digital currency, decentralized cryptos, centralized cryptos, and centralized digital currencies.
It's as straightforward as that.
We're talking about theory here, since there's no evidence "the government" is planning on shutting anybody down. Bitcoin just got it's ETF approved for chrissakes
. If anything, governments are going in the opposite direction.There's no such thing as "shutting down" Bitcoin. Especially with how distributed and decentralized it is. The US government might prevent Americans from purchasing or selling Bitcoin. But that won't stop the core Blockchain network from running. People will just find a way around the government-imposed restrictions (either through a DEX, a P2P exchange, or meeting F2F).
The mixers' drama is just an attempt to scare away people from obfuscating their BTC transaction info. Governments will be able to shut down centralized mixers with ease, but not decentralized/non-custodial ones. Take a look at Tornado.Cash mixer. It was sanctioned by the US government, but the smart contract is still running on the ETH blockchain. Tech-savvy people can run their own instance of the mixer (frontend) to use it if they wish. The code is open source, after all. So no matter how hard governments try, they will never be able to take down the revolution. Either they join it or get left behind in the dust.