Say the US government decided to declare war on cryptocurrency.

>>2330623
>Would they be able to shutdown/destroy/delete the blockchain? The ledger of every bitcoin transaction? So no one would know who owns what?

No. Just like they can't destroy Bittorrent.

>>2330623

Hey. Got bitcoin? I got a Wal-Mart gift card.

And so the exchange of goods begins.

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The more effort they put into delaying, obstructing and surpressing crypto the more it will flourish

Can't wait lads, sitting on the gold mine of the century

>>2330623
the exchanges could go over to the tor network, but it's gonna make verifying if you are the account owner difficult due to the different IP from tor.
one way to solve this is by using some long passcode/hash as like a 2 factor auth

>>2330717
I'm not asking about whether or not bitcoin will stop having value.

I'm asking if it's possible to destroy the foundation that it exists upon, and if so, how?

>>2330769

Ya. That's not what I'm saying.

Anyways, conformed normie. Please go back to redshit and never post her again normie.

>>2330769
To destroy it they would need to erase every copy of the blockchain on ever PC in the world. But if even one was missed then that could propagate the blockchain out again.

So no, it's highly unlikely they would be able to destroy bitcoin.

Even more unlikely is getting rid of Nexus.

>>2330623
They can't even suggar/tuna war with fucking mexico.

>>2330831
kek

>>2330623
>war on crypto
>while Trump supports BTC

lmao

>>2330815
Fuck off asshole, if you care about bitcoin, you should be wondering about this too.

The US govt is going to get involved eventually and I just want to know how that will effect my investment.

They catch you when you cash out to banks or make big purchases. Their taxation, AML and KYC systems were built for such situations. That will kill normie adoption real fast

>>2330819
But right now, is there some kind of central blockchain ledger? Somewhere that information on every transaction gets sent to? And if the US deleted it, wouldn't it cause all other blockchains to sort of become "out of date?"

Or does the ledger really exist on every single PC that contains the bitcoin client? Making every single computer equal in the grand scheme of things?

I'm sure this would just slow bitcoin down, not stop it.

It's easy to ban cryptocurrencies if such a crazy scenario happens. A bunch of basement dwellers can't compete with states that control their banks. You don't even need to go after exchanges. Just go after the banks and deny all withdrawal to fiat.

Read the whitepaper of satoshi.

Blockchain will never crash aslong as there are more positive users (nodes) than there are negative users (hackers)

Because the code is always faster

>>2331069
>Or does the ledger really exist on every single PC that contains the bitcoin client?
Yea, every pc that has a full mining node at least. That's kind of the point of it being decentralized.

Waves dex. Etherdelta. Counterparty dex + more.

>>2330769
>I'm asking if it's possible to destroy the foundation that it exists upon, and if so, how?
This is why I wouldn't put in my address for the free steller giveaway coming up if I were anybody.

>>2331260
So does every mining node on the planet communicate with eachother to keep the ledger up to date?

>>2331367
Yea, but not directly of course, somehow it just gets propagated through the entire network. I'm not sure of the specifics.

>>2330623
No because there are some coins already working on a solution to trade let's say XVG for ETH directly without the need for an exchange.

>>2330623
The whole point of cryptocurrency is that it can't be fucked with by the government.
Naturally, they will *try* to control it, but they can't. Instead, all it will do is further drive people into cryptocurrency's arms. When the gov't tries to shut it down, that's when you know that crypto is a serious and tangible threat, and therefore powerful.

>>2331088
>states that control their banks
you got that backwards

>>2330623
that wont happen, they made USDT so people could cash out and that they can make money off this shit and fuck other countries out of crypto shekels

>>2330623
>Would they ever be able to stop it completely, or would they just slow it down?
See online poker.

Burgers would be banned from every exchange there is but the rest of the world would happily continue.

>but but what if the exchange is not in the US and says fuck off US gvmt
poker sites did that. then a CEO of one of the bigger sites had a layover in florida and got arrested

>>2331069
holy fuck just kill yourself for being a retard

>>2331469
Regardless, you still have to trade fiat to get cryptocurrencies and all fiat are controlled by banks. The only really way to go underground is to exchange cash for coins.

>>2331392
performing the PoW function as a miner is essentially processing the transaction, which is added to the DAG (Directed Acyclic Graph), which you need to process the next block (or set of transactions) in the chain.

Essentially, as a miner, you are constantly downloading and processing the DAG, which is the entire transaction ledger associated with whatever cryptocurrency you're mining. Once you mine a block, you get a reward, the DAG is updated, and everyone begins mining again using the new DAG as the jumping-off point.

Make sense?

The entire point of cryptocurrencies is to make them indestructible by essentially utilizing the Barbara Streisand effect, of sorts; if someone REALLY doesn't like crypto and/or "outlaws" it, the idea is that it will create a buzz around the currency, which will raise its value, generate more people willing to work toward decentralizing it to secure the value they've attributed to it/invested in it, thus making it that much more difficult to "destroy" from the government's perspective.

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>>2331069

>>2331694
Why destroy it when you can tax the shit out of it? Good explanation btw

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>>2331069

>>2331814
>Why destroy it when you can tax the shit out of it?
Good question.
With BTC, they can tax the shit out of it
If instead you use USD, they can still tax the shit out of it just as much, but they also own the monetary supply of USD via the federal reserve. Meaning they control the value of the dollar. Inflation is just a trick they use to steal wealth without really making you realize it. If they inflate USD by 2%, it's the same as them taxing you 2% extra on top of all other taxes, just under your nose.

They can't control bitcoin. They can can tax it, but they can't control it.

What's to stop the government from just attacking it by pouring tons into mining equipment and dominating the hashrate and then doing something retarded to it?

>>2332412
Because there's only a finite number of bitcoins.

>>2332412
I guess if China or USA really wanted to, they can make a supercomputer farm that makes Jihan's mining business look like a joke. Nothing is stopping state actors from just taking over Bitcoin by pure brute force.

Blocknet is working on a fully decentralized exchange.

>>2332452
>>2332412
Let them have their chain, we would just use the chain they didn't break off.

>>2332433
Bitcoin is not proof of stake, this is the main reason I support proof of stake by the way. Brute force attacks by government entities will be a huge issue eventually.

>>2331014

Only normies think the govment has any power over the internet. What's even more intuitive is that you won't do shit even if the govment fucked your mom right in front of you. Cause you're a stupid burger.

Bitcoin's value is based off the US dollar and what people would pay in fiat for a bitcoin. How would we value bitcoin if the dollar crashes? Also could censoring internet access to exchanges and trading platforms stop bitcoin from flourishing?

>>2333069
It's like anything denominated in dollars: if fiat crashes it goes to the moon. Sadly I have to pay for groceries in fiat dollars, at least for now. As for censoring exchanges and platforms, I'd be more worried about spamming/spoofing/denial of service attacks. It already takes forever to transact so just imagine if that got slowed down 100x, or 1000x.

>>2330623
Nigga they can't even shut down the Pirate Bay

>>2333069
>Bitcoin's value is based off the US dollar
No its not.

Because going to war against an idea, ever worked. It'll suppress it but never stop it.

>>2330717
Pretty much this, there would also be a lot more people on darknet markets offering cash for Bitcoins.

>>2333226
And when has that EVER stopped the government from doing it anyway?

Pahahahaha the timeline we live in.

We will actually see uncensored, full frontal assault on human freedom by the Government.

I hope when the final conflict happens that every retard faggot who was obedient to the Government, every bureaucrat, every cop who sidelined with the Gov, every military faggot....I hope we film their death in Ultra 16K or whatever format.

Can you imagine what type of lowly scum you have to be to stay on that jew-side of history?

Blockchain is literally jew killer. Not even joking.

>>2330623
Blocked? use tor, or even better i2p.
Its impossible for them to do anything without filtering at the packet level which would require an immense amount of computing power. But wait! the packets are encrypted! Oh well, out of luck.

I think more realistically you could see countries crack down on exchanges that pull cryptocurrencies into and out of cash. You see this happening already in the USA. The funny part about that, is people with crypto will be unable to buy things in USD and will be forced to buy things with crypto, which could potentially trigger the deflationary cycle.

There's a blog post somewhere about the deflationary cycle, but it goes something like this:

Crypto always goes up in value, is inherently deflationary due to design. Meanwhile goverment backed currencies go down in value.

Imagine this scenario:

>Individuals begin buying land, property, food, in crypto
>Businesses that are paid in crypto see that the crypto goes up in value, so they encourage adoption
>Businesses start paying their employees in crypto. Employees see that by the time they spend their crypto, its already more valuable. So they prefer crypto to USD, and start clamouring to work for firms that offer crypto salaries. This forces more businesses to pay in crypto, which means they also start accepting crypto.
>As more people adopt crypto, people are using less USD. Lower usage means lower value (velocity) ie massive inflation. Effects start about once 10% of the economy is in crypto
>Hyper inflation starts to kick off as USD value depreciates and remaining businesses are forced to switch to crypto. Note that "remaining businesses" would be 90% of the economy as hyperinflation would kick of as early as 10% adoption of crypto.
>US is receiving taxes in rapidly depreciating USD, so congress passes a bill saying all future taxes are paid in crypto.

In this scenario, the jews go bankrupt. But jews are notoriously short sighted even if they are intelligent and sneaky.

>>2333462
>In this scenario, the jews go bankrupt. But jews are notoriously short sighted even if they are intelligent and sneaky.

Those satanic pests of this planet may pull their final trigger, instigating some big ass war in those arid shitty fuckhole sandlands of theirs.

But...thats just us being overly cautious...it could also just be a simple scenario.

The slithering disgusting kikes - lose.

LMFAO

And not only that, but in their final fall from grace, they show their true slithering face, just like in kids books, they start waddling their snake tounge and hiss and the entire World sees them as they truly are, in their true slithering kike rat form.

>>2330623
This is why we need a decentralised exchange and that is what waves platform is doing.

>>2333462
What if the big banks open their own crypto exchanges?

Don't the jews win then?