There is no doubt governments will have their own cryptos, as they have so many advantages over paper money. The big advantage for the government will be the ability to know where the value travels and who is sending it. They can also determine what can be bought and where it can be bought. Currently welfare recipients on food stamp EBT cards can't buy certain items. You also can't use a cash machine for welfare cash benefits if the machine is located in a casino or strip club. Crypto could be programed to only work 'in country". if you want to take money out you will need to convert to the out of country version. Total control and zero privacy.
I was talking with a friend of mine born in China. I said assuming an assault rifle costs $1,000.00 what do you think would happen if we had an election and the new president promised to try and ban them? He said everyone would be trying to sell them and the value would go down rapidly. I said guess again, as every time the populous hears that there is a gun ban is coming, they rush to guns shops to buy as many as they can. Not just so they can have them and hide them under the floor boards "just in case civilization breaks down", but in order to sell them after the ban when the price will go through the roof. When Obama was elected there was a 6 month waiting list for AR-15's .
So when the governments do go crypto we will have exactly the scenario Jamie Dimon suggested, where cryptos are only used for outlaw purposes. Where he will be wrong is they will be worth a fortune. Monero at 100K anyone? A state run crypto that has total control will actually make good citizens go "bad" as citizens believe their money is their own and they have the right to do with it as they please.
If you outlaw cryptos, only outlaws will have them. Even if the owners were not outlaws to begin with. Prohibiting things people don't believe are wrong does not work. They just make criminal organizations stronger. Like alcohol prohibition and drug laws. Just one more reason to not respect the law.
Precisely stated. I have a safe full and if this ever happens to crypto the price will go through the roof.
Can you elaborate, what happens with the price of the gun. Does it go up or down immediately after the ban?
There never was a ban. But the right wing in this country assumed that when the democrats got the power they would institute and assault weapons ban. After it was announced that it was on a wish list for the left, gun sales of all kinds went through the roof, but especially ones that seemed likely to be "banned". Now there is a history with new gun laws to "grandfather in" current owners and that played a part. But many purchasers bought knowing that being grandfathered in to "own" does not extend the right to "sell'. People were buying 5 at a time!
What is significant is that most pro gun folks are also law and order folks. Yet, they would be more than willing to break the law (in the future) if the law deprived them of something they felt was their Constitutional Right.
Bans don't work, if the populous believe the laws to be inherently unjust. To directly answer your question, with no ban, just the prospect of one, gun shops were asking a 50% premium so $1,500.00. If you did not want to wait 6 months manufacturing time private sellers were asking double or more.
Yep