What prevents governments from taking control of exchanges, just as they have seized gold in the past? They can take over centralised exchanges, but a significant number of people do not store their bitcoins on exchanges long-term (your keys, your money), so that would not enable them to control the network. They may come after people who they can see have bought bitcoin from exchanges, but that will just drive the entire economy underground. Rather than simply buying bitcoin with your bank account, you will have to barter or offer services and be paid in bitcoin. Anywhere that bitcoin is banned, the spread will increase. Premium prices and smuggling. Until the levels are equalized, the more it will continue to flow into a giant underground market. Foreign currency controls. Russian history. Bribery and corruption. Venezuela and India examples of Gresham’s law. DEA agents stealing bitcoin from the Silk Road, Ross Ulbricht case. Making a mockery of the law. If breaking the law is the difference between feeding your kids or watching them starve, no one gives a damn about the law and nothing will stop them. Let them go after the exchanges, because they’re going to create exactly the premium that’s going to drive an enormous black market. “Black market” is just another word for ‘unofficial’ market.

This talk took place at the Silicon Valley Bitcoin meetup on April 11th 2017 at the Plug and Play Tech Center (@PlugandPlayTC) in Sunnyvale, California: https://www.meetup.com/Silicon-Valley-Bitcoin-Users/events/233760417/

Watch the full talk here: https://youtu.be/i_wOEL6dprg

Alternatives to centralised exchanges – https://youtu.be/3jmeJjhH84s
Why I earn bitcoins instead of buying them – https://youtu.be/Ci7TyD8jETY
The Currency Wars and Bitcoin’s Neutrality – https://youtu.be/Bu5Mtvy97-4
Hot vs. cold wallets – https://youtu.be/Aji_E9sw0AE
Coinbase vs. the IRS – https://youtu.be/YQJk-5ZYmoM
The separation of money and state – https://youtu.be/jGmtRA9S7_Y
Will Bitcoin survive global government intervention and regulation? – https://youtu.be/_QS-wCxnqr0
How will the currency wars affect companies? – https://youtu.be/c9MIM2vZUZc
Global financial crisis (GFC) – https://youtu.be/JU3gNC_ZPKM
Remittances and smuggling in Venezuela – https://youtu.be/RRXecXfWARw
Can cryptocurrencies support terrorism? – https://youtu.be/Ryz-pXbsojU
A voluntary alternative to mandatory currencies – https://youtu.be/5ogv3Eya9nQ
Why we should resist financial surveillance – https://youtu.be/KBFedmrDTQw
The revolution in trust – https://youtu.be/iWfpxB3HZOY
How much bitcoin do you have? – https://youtu.be/DJtM9mR7cOU
Price premiums and arbitrage – https://youtu.be/B4tsk-ZiHuE

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8

MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042

[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388

Subscribe to the channel to learn more about Bitcoin & open blockchains! https://www.youtube.com/user/aantonop/about

If you want early-access to talks and a chance to participate in a monthly LIVE Q&A with Andreas, become a patron: https://www.patreon.com/aantonop

Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)