RE: WHAT are cryptocurrencies BACKED by? by lucylin

Viewing a response to: @cryptogrind/what-are-cryptocurrencies-backed-by

cryptocurrencies · @lucylin · Oct 6 '17

Hypothetical question -

WHAT IF the US government made holding crytocurrency illegal, tomorrow - and offered an exchange rate to the dollar, to hand them all in?

(the same way they did with gold the last century)

What would happen?

👍 cryptogrind, lucyreloaded

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@cryptogrind · Oct 6 '17

i think the reach of cryptos are slowly getting beyond the power of the american government, it is now turning into a global phenomenon, we saw China try to pull it back last month it dipped but bounced back, now here is the thing, 2018 is going to be a cross road year for cryptos, decisions will have to be made, is global finance going to shut it down, will they let it ride or will they try and shut it down but it punches through, and what is the position of global money families like the rothchilds etc. the game is truly afoot

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@lucylin · Oct 6 '17

Thanks for your take on it. 
But that doesn't really address my question (I am a crypto dunce btw)

Gold was just a prevalent globally, when the US instituted the law.

See what I mean? 

 Are we still - ultimately, at the whim of big government ?  (as it stands at the moment)

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@cryptogrind · Oct 6 '17

$0.54

we are on the cusp of getting out of the reach of big government, thats why the next 2/3 years are pivotal for this market place, once this market place gains a foothold it would be very difficult to stop it .... a lot of big names are backing cryptos by the way Bill Gates, Richard Branson, (i hope i spelt his name right, the Virgin Group guy), go look them up on YouTube and have a listen to what they have to say ...... to answer your question directly though, cryptocurrencies are decentralised money which exists in cyber space, function on encryption and are largely anonymised, the US or any one government alone cannot shut it down

👍 gentlebot

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