Children, government can shut down your little cryptocurrency experiment any time it wants. Government money creation worked because government insists you pay taxes in their money and has people with guns.
You exist as long as governments want you to, and no longer.
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That said, another dimension of this has to do with the potential impact that banning crypto could have on a country. Given that all countries don’t work together, and don’t seem capable of doing so, there are real repercussions for countries who miss out.
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Well, you can have /your/ blockchain. Gov. approved coins, etc... and still ban other ones you don't like.
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You can also ban them through everything but approved channels (exchanges and whatever) which can be controlled independently, I should think.