it's impossible for any government or banks to shut [bitcoin] down or control it.
They disagree:
A key committee in Arizona's House of Representatives has given its blessing to a bill that would clear the way for the state to accept cryptocurrencies as payment for taxes.
If approved, the bill would empower the Arizona Department of Revenue to collect taxes in the form of cryptocurrency
Illinois is also considering a similar tax payments measure
[...] considering including digital currency addresses associated with its list of persons and entities with whom U.S. persons and businesses are forbidden to transact business.
Financial institutions would be required to screen any virtual currency address provided for a transaction against a list to be provided by OFAC, and to either report, deny service to, or block transactions involving any listed addresses.
The agency's FAQ also encourages reporting of addresses associated with listed individuals, which suggests that they intend to supplement the SDN list on an ongoing basis.
What happens if you receive a transaction from a listed digital currency address?
- It is possible that the received coins would then be "tainted" as being linked back to a listed individual or entity, and that your identity and digital currency address may then be added to the OFAC list.
Are node operators or miners required to screen out transactions from blacklisted addresses?
- Maybe
miners may have a compliance obligation, which would radically change mining and confirmation of new transactions.
Miners may be obligated to not confirm, or to block, transactions involving listed addresses, which runs counter to mining itself.
Does this affect coin fungibility?
Kiss fungibility goodbye.
Circle also said it would create a new cryptocurrency pegged to the price of the U.S. dollar
USD Coin (USDC), will be backed by reserves of U.S. dollars
Circle believes a cryptocurrency whose value is pegged to a stable traditional currency can help drive adoption of blockchain-based systems.
Allaire said the company would provide quarterly audits on the reserves backing the USDC coin and conduct strict anti-money laundering and other checks on individuals and companies looking to buy and redeem the new coins.
The best thing the BTX devs could do for the coins value would be to disappear and make it crystal clear that this coin is fully decentralised and the economic parameters are set in stone, thus making it impossible to compromise.
All cryptos with leadership groups can be compromised, Bitcoin is a black swan because Satoshi set it free.
Bitcoin is not a decentralized scaling solution in the first place, and Bitcore is a Bitcoin-fork.
Can you confirm that control of hashrate is decentralized?
