Impossible. There are some bitcoin holders that will simply HODL. If banks were to try this, the value of 1 bitcoin would shoot up to billions of dollars per bitcoin.
Hold 0.01 BTC and you'd be a multi-millionaire.
The banks don't have enough money to print to do this, without devaluating fiat to an unusable level.
@fitzgibbon You are spot on.
I wrote about the HODLers who would just never sell only last week :D
https://steemit.com/bitcoin/@lucygarrod/what-happens-when-peter-thiel-buys-bitcoin
What if regulations stop crypto to fiat conversion? What if exchanges are shut down? Will the crypto economy be able to survive on its own?
If regulations stop crypto to fiat conversion, that's only in one specific country. Crypto to Fiat and vice versa will simply migrate to countries that do want to make money or even tax it.
Also, how to shut down a decentralized exchange? I think the days for centralized exchanges like Polo, Bittrex and Binance are numbered. Bitshares, CryptoBridge, Waves, OpenLedger, Bisq and Stellar are already rapidly gaining traction. Any idea how difficult it is to shut down a running blockchain (with the knowlegde that any 12y old kid can simply grab the code from github, compile it and reboot the entire network in minutes)?
Will be crypto economy be able to survive on its own? Well, I think you have the question backwards. What future is there for fiat?
Points accepted, I was coming from the POV that if negative regulations are brought in by some of the major economies like US, EU or China that can become a huge roadblock.
those are small roadblocks. Look at https://eosscan.io/
That's an ICO, completely blocked by US and China. So far, $9,194,300,000 USD has been invested. Yes, you read that right, over 9 billion USD into an ICO.
There is no stopping crypto
Wow!!! Mind-blowing...
What's your take on many of these altcoins and ICOs ultimately not being able to produce anything worthwhile?
What if coins and ICOs are treated as securities and IPOs with legal requirements for accountability and responsibility towards investor money?
Hard to predict the future is.
I recommend following @jwolf, @kevinwong, @taskmaster4450 and many more steemians with high reputations for inside knowlegde on these topics.
Thanks, will do. It's really interesting to know more about this