I hope they declare it illegal. Then I can start dealing.
But really, I can't see how a ban can be constitutional. You don't "own" bitcoins, you have knowledge that lets you access them. Would it be illegal for me to know the combination to a safe full of heroin, that I have never visited, and then tell somebody else the combination, who tells somebody else the combination?
I suppose they could make it illegal to broadcast signed transactions (TOR integration ftw). But even then, it would be totally unprecedented. My guess is that nerds, libertarians, corporations, and media who previously had nothing to do with bitcoin would come out of the woodwork to stand up for it.
Oh, and the price would go way up IMO.
You could say the many of those same things about online banking ,you dont physicaly have the notes and coins
you only have an access code to them
the code controls numbers on a database
your access code can be used to change the numbers on the database to credit someone else ,who can then credit someone else
and the only thing that counts is the database change ,a bit like the blockchain
if the GOVT wanted to ban BTC they probably could not ,but they could make it so difficult to use most people just wouldnt bother
