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General Investing and Economics Discussion - No Politics
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<blockquote data-quote="RonJohn" data-source="post: 804170" data-attributes="member: 2426"><p>It wouldn't stop cryptocurrency. I have a bitcoin and dogecoin wallet on my computer. I would follow the law, but if I wasn't so inclined a government ban wouldn't physically prevent me from sending or receiving bitcoin or dogecoin. Even if they were to attempt to block the internet traffic, developers would change the ports, addresses, and packets such that they weren't blocked anymore. It would be like whack-a-mole to attempt to stop it. It would look a lot like the music industry going after peer-to-peer sharing networks.</p><p></p><p>The government could stop cryptocurrency exchanges and prevent people from converting dollars to crypto. The big problem with that would be that the government would basically be making the decision for a company that wanted to pay that they can't pay. It wouldn't stop the ransomware gangs, just further hurt the victims. Also, if a multinational company wanted to pay the fine, they could just purchase crypto in an exchange in a country that still allowed it.</p><p></p><p>Ransomware is a problem, but I don't think that crypto is necessary for it to exist. Even crypto isn't as anonymous as people believe. Crypto exchanges are completely anonymous. Once you cash out the crypto, it is extremely easy to follow. It would be a public record, in the blockchain, that your crypto was exchanged. Governments can then follow the money trail the same ways they always have. If crypto is exchanged for physical goods, then those can be tracked also. Basically, a person could use ransomware to build up a large stash of crypto, but to do anything of value with it would punch large holes in the anonymity.</p></blockquote><p></p>
[QUOTE="RonJohn, post: 804170, member: 2426"] It wouldn't stop cryptocurrency. I have a bitcoin and dogecoin wallet on my computer. I would follow the law, but if I wasn't so inclined a government ban wouldn't physically prevent me from sending or receiving bitcoin or dogecoin. Even if they were to attempt to block the internet traffic, developers would change the ports, addresses, and packets such that they weren't blocked anymore. It would be like whack-a-mole to attempt to stop it. It would look a lot like the music industry going after peer-to-peer sharing networks. The government could stop cryptocurrency exchanges and prevent people from converting dollars to crypto. The big problem with that would be that the government would basically be making the decision for a company that wanted to pay that they can't pay. It wouldn't stop the ransomware gangs, just further hurt the victims. Also, if a multinational company wanted to pay the fine, they could just purchase crypto in an exchange in a country that still allowed it. Ransomware is a problem, but I don't think that crypto is necessary for it to exist. Even crypto isn't as anonymous as people believe. Crypto exchanges are completely anonymous. Once you cash out the crypto, it is extremely easy to follow. It would be a public record, in the blockchain, that your crypto was exchanged. Governments can then follow the money trail the same ways they always have. If crypto is exchanged for physical goods, then those can be tracked also. Basically, a person could use ransomware to build up a large stash of crypto, but to do anything of value with it would punch large holes in the anonymity. [/QUOTE]
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