If zeros and ones are outlawed, only outlaws will use zeros and ones.
Cryptography shall always have a place in securing our digital future and most especially in securing our digital value. Advanced public-key encryption for the masses cannot be eliminated nor denied — the genie is out of the bottle and mankind is the better for it. The unintended consequence of regulating or restricting decentralized cryptocurrencies such as bitcoin is that their use as a currency will have been ‘recognized’ officially and that usage will be driven largely underground.
However, underground may not be so bad anymore as Robert Neuwirth points out in his brilliant Foreign Policy article, “The Shadow Superpower”. If aggregated, this $10 trillion global black market is the world’s second largest economy after the United States and it is also the world’s fastest growing economy. The OECD (Organisation for Economic Co-operation and Development) projects that, by the year 2020, fully two-thirds of the world’s workers will inhabit this shadow economy, or “System D.” As Neuwirth elaborates, it refers to the entire untaxed, unlicensed, and unregulated cash-based economy:
System D is a slang phrase pirated from French-speaking Africa and the Caribbean. The French have a word that they often use to describe particularly effective and motivated people. They call them débrouillards. To say a man is a débrouillard is to tell people how resourceful and ingenious he is. The former French colonies have sculpted this word to their own social and economic reality. They say that inventive, self-starting, entrepreneurial merchants who are doing business on their own, without registering or being regulated by the bureaucracy and, for the most part, without paying taxes, are part of “l’economie de la débrouillardise.” Or, sweetened for street use, “Systeme D.” This essentially translates as the ingenuity economy, the economy of improvisation and self-reliance, the do-it-yourself, or DIY, economy.