I don't think this is the same thing. There are technologies now within crypto that are outside of the ability of the US government to nuke from orbit, like the Bitcoin blockchain. The frontiers of DeFi and DAOs however still have not hit the same level of 'escape velocity' to survive this kind of direct hit. If the US Treasury sanctioned Bitcoin, yes, it would be a significant event, but I don't think it's feasible to think such a thing would destroy Bitcoin at this point. The question really boils down to how extendible this dynamic is to other downstream applications of blockchains and subsequent technologies adjacent to blockchains.
Yes, and this is not fundamentally different from companies that run servers in jurisdictions outside of the US's control.
I would agree - bitcoin will likely continue even if sanctioned by the US, but I'd not be willing to bet all that much on it.
If there is no on-ramp for new US dollars... I don't see it faring well. The market will likely collapse back to the only genuine use case: dark market exchanges.
> outside of the ability of the US government to nuke from orbit, like the Bitcoin blockchain
At least the threshold is shifting. This was once said about DeFi.
Bitcoin is nukable. Banning would go far on its own. Yes, some people would still use it. But if a computer search or errand text resulted in criminal charges, the network effect would reverse. Total annihilation would involve committing to mounting attacks on the chain, buying up or even building massive mining rigs to sow chaos on the chain.
You have to keep running that thought experiment. If a computer search or errand text resulted in criminal charges, then there would be an opposing counterforce to that. I don't know how it ultimately would sift out, but I don't think there's any future where a significant % of global transactions isn't occuring on Bitcoin or some direct descendant.
I mean, we can agree to disagree if you think there would be quiet acceptance of a law where it is criminal to search for cryptocurrency information in google.
