[ Question ]: According to you, Bitcoin may be banned, [ Andres ] In some places. Yes .. There may be very tight controls in the coming year. [ Question ]. For example, one of these places may be China [ ANDREAS ] unlikely, but it is [ Question ] Because they do have a lot of questions. Many people speculate in coins and I think 70 % of mining facilities are in China. So do you think they will try to control the mining facilities? What are the possible results? [, Andres ]. This is a good question. I also think China will control mining. ..But Bitcoin could be banned in China. I think Bitcoin is unlikely. .. is banned in China. Just because the yuan has a little fluctuation, Five billion to one billion dollars flowing into Bitcoin doesn’t mean a lot of money For China. This is nothing It’s like a huge hydroelectric dam faces impending collapse. You won’t … worry about trickle-down About bitcoin. What you should worry about is …
They are worried about the constant flow of foreign exchange evasion. Now they are passing A new law restricting mergers and acquisitions. I heard a wonderful story about Chinese companies. ..Although there is foreign exchange control. How can we withdraw funds from the economy? It comes from a conversation with a lawyer who was hired by such a company, ..
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This Chinese company participated in the arbitration hearing, They said “. We want .. to hold this arbitration hearing. Are you interested in participating and representing us “ [ Attorney ] said “, OK, no problem, But who is the other party to the hearing? ?” “? Okay? There is no other party ..but, We want you to create the other party on our behalf and the other party. We will then lose an arbitration, and the other party will receive approximately $ 5 million in compensation. This money will be transferred to another country through compensation. “ [ Laughter ] When demand is high, it becomes ..Mother of Innovation.
Legal innovation, corruption, innovation, etc. They have bigger problems. Now you will see the bans in some countries They impose bans in countries where they can act wildly, but they cannot actually affect the ban, Whether in practice or on the surface because of the weak rule of law. There is enough to make a single .. individuals-without any recourse through due process or just against-can simply ban a form of money. Their ability to actually perform can be quite weak because everyone below them .. will accept bribes. Imagine, for example, the verdict “ You can’t mine in China !”. The ban was notified from top to bottom from provinces and cities to districts and counties from districts and counties to ..Smaller area to the countryside. Eventually, some grassroots officials called .. to the [ Hydroelectric ] mining farm, represented by the local village. They run … This business accounts for 40-50 % of municipal revenue for the entire region. They said “, You have to shut down your mine .”. What did local officials say? “ …? We don’t have a mine here: !” [, Laughter, ] Or “ [, whispering ], guys we’re closed for 24 hours, .”, “ [, Then shouting ]. We have eradicated the Chinese mining industry, !” “, Long live China, long live our great leader, !” “, [ Whisper ], Then secretly reopen .” Right. The ability to actually affect change is transmitted layer by layer, ..
Bureaucracy will become more corrupt, the bigger the crisis, the more vulnerable they are to corruption. You have to realize that these mines are quite fragmented in China, in many cases .. They offered a share of “ corrupt money” to each official in the area. The police work for them. The mayor works for them. The power company works for them …. Now power companies are one of them mining industry. Good luck! Again! This is not easy. The higher the demand, the more corruption and innovation. You will have [ Questioner ]. What will happen in the future when Bitcoin becomes mainstream Governments or intergovernmental organizations will realize this, like the UN, the IMF, US or EU [? What if they ] decide to issue their own cryptocurrency, “, UScoin” or “ IMFcoin”? They have established rules that everyone must follow. Only the coins they issue can be used. It is illegal to use other coins. What should I do? They set up their own nodes and invested a lot of budget? Can they ban cryptocurrencies .. With this method, [ Andres ]? This will force many people to become criminals, because many people .. will ignore the rule and break it.
You may be worried if your government is making such a law … to establish such a system. This system does not compete on an equal footing. Instead, it must be enforced by law. You must use that system. Otherwise it is illegal And adopt an open market economy. Competition system …, what kind of government is it? What should you support By that time? You start to wonder what the government should look like … What is this government like? Let’S take a look: Democracy, Uh, no Republican democracy, No Constitutional democracy, Police country, Fascism, Totalitarianism, Okay, this is it. It sounds like totalitarianism. I don’t support it awesome. If your government ..Start doing some crazy things …, the question is: can the government do crazy things that violate the law? .., the rights of billions of people? Of course, can They do it every day?
We must resist and make ..Choice not just what the government can do, but also those powers … The power to use other systems Venezuelans are making this choice today they are breaking the law, Because this choice is about whether they can feed their family At that time, was it illegal for you to break the law Again? I don’t want to see this. The reason I do nt want to see this is because, When most governments in the world, when they see People, can use free electronics and effective business systems to create Growth, Opportunity and Job …, An Innovation That Can Access the Whole Business World, Breaking the border-what’s not To like That’s a good thing, you should encourage If your government .. do not encourage or believe in those ideals. ( people should be free, .., freedom of association, freedom of expression, freedom of choice. ), then your government is not free. This is a much bigger problem than Bitcoin and by then I wo nt worry about them that much ..
Hindering the power of cryptocurrencies, in fact, they have greater power over all guns.