Outlawing it may Streisand-Effect it into true ubiquity and ensconce it as valid and essential. I think world powers know this, which is why most of them have avoided that unintended consequence.
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I don't think POW gives Bitcoin "value" (weird variation on LTV?). Rather, work done is determined by Bitcoin's value. POW is simply a method for securing the ledger/token scarcity. If fiat relies of anti-counterfeiting tech & sovereign violence, Bitcoin has cryptography & POW.
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But once scarcity is established, explaining value becomes easier. Is there a desirable and unique usecase? Silk Road found one. If the usecase is conditional on holding tokens, then supply and demand yields price. Price volatility simply results from speculation on future price.
End of conversation
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