RE: India Banning Crypto?
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LoL @ calling Bitcoin a "private crypto".
Yeah the neutral open borderless permissionless tech is totally "private"
That is some fantastic double-speak right there.
At the end of the day India has been grappling with this for almost a decade.
It's very clear they've already lost the war, they just need to lose more battles to make it official.
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I guess it is private as compared to government regulated.
Have to think like a lifelong politician or bureaucrat.
I would say that is the case for all of these governments, it is only a matter of time. But then I might be biased.
India, Nigeria, Venezuela, Cuba, El Salvador...
These seem to be all at the top of the list when it comes to the crypto takeover.
Maybe it happens in El Salvador first because it's kinda sorta already being embraced.
Although a centralized LN solution isn't exactly "embracing crypto".
We'll have to monitor the reaction to real freedom when it comes.
I think it will boil down to there will come a point where the governments, no matter what they claim to stand for, are going to be threatened by the freedom people have. The desire will be to reign that in which means turning against crypto.
We see this in Russia. The government is using it to get around the oppression of the West yet, turns around, and wants to control what the citizens do with crypto.
The numbers simply have to get to the point where it is overwhelming against these governments and they basically cannot do anything.
It is that way with file sharing. The USG had to give up because it was so common. Strike down one site, two more show up.
I pretty much agree with everything said here but I think there will be a further trend that clearly shows allowing the population to freely use crypto generates an enormous amount of value.
So the question starts becoming: how long will it take for the value of crypto to surpass the value of unilateral control? We all know how easy it is for politicians to be bought and sold. We're already seeing crypto money make a huge dent when it comes to manipulating policy. It's only a short matter of time before that influence expands exponentially with these market caps.