People often talk about banning cryptocurrencies. There is a lot of debate about whether that’s a good or a bad idea.

I’m here to make a different point: while laws can be drafted that ban cryptocurrencies, they are impossible to enforce. We're talking about protocols individual actors can use to coordinate themselves outside of any central authority. Regulation can stop these protocols from thriving, but never from surviving.

My position with banning cryptocurrencies here is the same as with alcohol prohibition, the war on drugs, and abortion. A ban on these activities doesn't prevent them from happening. A ban just prevents us from knowing about them, and making sure they happen safely.

In my mind, the question isn’t whether to ban these activities or not - since they’ll continue happening. The question is how to come up with sensible and, more importantly, enforceable rules for protocols that by design operate outside of any central authorities.