I'll say it before and I'll say it again, I love it when countries and central banks call to ban bitcoin, it's the most bullish sentiment you can get. If something is shit and isn't working you don't need to ban it, you need to ban it because it's a challenger that is going to eat your lunch. It's only those who benefit from the current system and disproportionate reward that would call for banning.
They are so entrenched in how the current system benefits them, they can't take the fact that competition could disrupt the status quo.
So when I see these people and institutions in positions of power call to ban a silly little thing like bitcoin, it makes me more bullish. If you need to defend yourself against magic internet money that boils the oceans and is only used by criminals and is an open Ponzi, wouldn't it die under its own weight as it got bigger?
Hungary don't have an appetite for bitcoin
In the latest bit of FUD from Europe, the governor of Hungary’s central bank has called for a ban on bitcoin trading and mining in the European Union. In his statement he reasons that:
“It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids”
How ironic, when the fiat system is a perpetual Ponzi, seems like the pot is calling the kettle black here.
György Matolcsy the governor of the central bank said its calling for Europe to get rid of bitcoin and get this, he cites the efforts of China and Russia of all countries, as examples.
He noted that
“China declared all cryptocurrency activities illegal last September”
and Russia’s central bank has proposed
“a ban on crypto trading and mining.”
It's not as if either of these countries is bastions of economic freedom and free-market capitalism, so clearly he wants the West to ship in some of the authoritarian financial constraints.
What does that say about freedom in the EU?
Banning creates price suppression
When countries call to ban bitcoin it shakes out the paper hands and prices tend to fall, they fall below fair value temporarily before recovering and these are opportunities for the savvy to increase their stake.
Personally, there is nothing like a country ban or fud piece to really pump your bags, if you're into bitcoin for those reasons. Once you understand that bans are good for bitcoin, you smile when these articles roll out, they think they doing harm and see the price fall but in the long term, you only strengthening bitcoin.
Banning drives curiosity
When you ban something you encourage people to want to learn about it and own it, you force them to self custody to acquire it and you increase the robust nature of the network as more value is held by private individuals.
So I say go ahead, ban bitcoin, keep yourself out of the game, you were never going to win anyway.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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