What prevents governments from taking control of exchanges, just as they have seized gold in the past? They can take over centralized exchanges, but a significant number of people do not store their bitcoins on exchanges long-term (your keys, your money), so that would not enable them to control the network. They may come after people who they can see have bought bitcoin from exchanges, but that will just drive the entire economy underground. Rather than simply buying bitcoin with your bank account, you will have to barter or offer services and be paid in bitcoin. Anywhere that bitcoin is banned, the spread will increase. Premium prices and smuggling. Until the levels are equalized, the more it will continue to flow into a giant underground market. Foreign currency controls. Russian history. Bribery and corruption. Venezuela and India examples of Gresham's law. DEA agents stealing bitcoin from the Silk Road, Ross Ulbricht case. Making a mockery of the law. If breaking the law is the difference between feeding your kids or watching them starve, no one gives a damn about the law and nothing will stop them. Let them go after the exchanges, because they're going to create exactly the premium that's going to drive an enormous black market. "Black market" is just another word for 'unofficial' market.
Chapters
0:00 If you look back to FDR executive order 6102 (confiscation of gold). Once this thing will happen and I think it will eventually happen. What prevents the government to take control of the exchanges which basically store all of the information, who has what and then back to executive order 6102?
3:11 How can you tell if the person who is enforcing executive order "ban all bitcoin" who comes and knocks on your door can be bribed or not?
5:03 Let them confiscate the exchanges. They're going to create exactly the premium that's going to drive an enormous black market.
This talk took place at the Silicon Valley Bitcoin meetup on April 11th 2017 at the Plug and Play Tech Center (@PlugandPlayTC) in Sunnyvale, California:
https://www.meetup.com/Silicon-Valley-Bitcoin-Users/events/233760417/Watch the full talk here:
https://youtu.be/i_wOEL6dprgRELATED:
Alternatives to centralized exchanges -
https://youtu.be/3jmeJjhH84sWhy I earn bitcoins instead of buying them -
https://youtu.be/Ci7TyD8jETYThe Currency Wars and Bitcoin's Neutrality -
https://youtu.be/Bu5Mtvy97-4Hot vs. cold wallets -
https://youtu.be/Aji_E9sw0AECoinbase vs. the IRS -
https://youtu.be/YQJk-5ZYmoMThe separation of money and state -
https://youtu.be/jGmtRA9S7_YWill Bitcoin survive global government intervention and regulation? -
https://youtu.be/_QS-wCxnqr0How will the currency wars affect companies? -
https://youtu.be/c9MIM2vZUZcGlobal financial crisis (GFC) -
https://youtu.be/JU3gNC_ZPKMRemittances and smuggling in Venezuela -
https://youtu.be/RRXecXfWARwCan cryptocurrencies support terrorism? -
https://youtu.be/Ryz-pXbsojUA voluntary alternative to mandatory currencies -
https://youtu.be/5ogv3Eya9nQWhy we should resist financial surveillance -
https://youtu.be/KBFedmrDTQwThe revolution in trust -
https://youtu.be/iWfpxB3HZOYHow much bitcoin do you have? -
https://youtu.be/DJtM9mR7cOUPrice premiums and arbitrage -
https://youtu.be/B4tsk-ZiHuEAndreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
Follow on Twitter: @aantonop
https://twitter.com/aantonopWebsite:
https://antonopoulos.com/He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1:
https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8MASTERING BITCOIN:
https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042[NEW] MASTERING BITCOIN, 2nd Edition:
https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388Subscribe to the channel to learn more about Bitcoin & open blockchains!
https://www.youtube.com/user/aantonop/aboutIf you want early-access to talks and a chance to participate in a monthly LIVE Q&A with Andreas, become a patron:
https://www.patreon.com/aantonopMusic: "Unbounded" by Orfan (
https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (
http://www.phneep.com/)
Outro Art: Rock Barcellos (
http://www.rockincomics.com.br/)
Join the aantonop Channel:
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