Assume the worst, governments ban BTC and implement their own Blockchain.

CoinsCoinsEverywhere

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Quote from: LeGaulois on September 09, 2017, 08:06:40 AM

If it happens most people will go back to cash, this is the reality, but the real believers in crypto currencies will just go into the anon coins market and the demand will rise. The people who will use a blockchain from govt. will be people who never really heard about Bitcoin before. By the way, have you noticed that there are more and more people looking for anon coins such as Monero, Zencash...?

This is very possible. But keep in mind that at this point the number of real believers in crypto may be a lot smaller than the number of people who are buying and selling cryptos. I think that much of the price increase is due to people trying to make money, not because they know or care much about cryptos. Look at how bitcoin's price has behaved historically. Every spike during which the price increased by a large factor was followed by selloff of at least 75%, which means most people bailed when the price crashed. That should give you some idea as to how many people are in it for the money vs. how many are "true believers."

LeGaulois

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If it happens most people will go back to cash, this is the reality, but the real believers in crypto currencies will just go into the anon coins market and the demand will rise. The people who will use a blockchain from govt. will be people who never really heard about Bitcoin before. By the way, have you noticed that there are more and more people looking for anon coins such as Monero, Zencash...?

CoinsCoinsEverywhere

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Quote from: Samarkand on September 08, 2017, 04:08:48 AM

Besides, governments don´t want to thwart innovation too much.

Some governments care more about innovation than others. Some are more concerned with maintaining control over their financial ecosystems. And almost all governments try to keep their citizens safe (or use citizen safety as an excuse to try to maintain control over the money supply and/or its citizens). Not only does this include keeping people from being scammed by things like fraudulent ICOs, but it also includes keeping people safe from illicitly-funded activities (drugs, terrorism, etc.). In any case, I don't think there are many governments (if any) that would decide not to ban bitcoin/cryptos because they're concerned about stifling innovation.

Samarkand

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Quote from: piloder on September 07, 2017, 11:29:57 PM

Many governments still ban bitcoin but trading volume from those country is quite high, ban just creates more demand which was already seen in India when government just calls bitcoin a ponzi and tries to ban it.

Governments have already started to research on implementation of blockchain tech in their existing system and they might soon implement it too but this might create more demand for bitcoin.

The major obstacle of a Bitcoin ban by a government is actually the existence of the more than 1000 altcoins. It is
comparable to the Hydra from Greek mythology (you cut of one head of the Hydra and two new heads would emerge!).
In the case of a Bitcoin ban, users that want to use cryptocurrencies would simply adopt Litecoin, Monero or one of the other
popular altcoins. Governments are increasingly aware of this feature of Bitcoin and therefore don´t ban it outright.

Besides, governments don´t want to thwart innovation too much.

piloder

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Many governments still ban bitcoin but trading volume from those country is quite high, ban just creates more demand which was already seen in India when government just calls bitcoin a ponzi and tries to ban it.

Governments have already started to research on implementation of blockchain tech in their existing system and they might soon implement it too but this might create more demand for bitcoin.

fabiorem

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I hope they do that when the price is 800k dollars per bitcoin and 80% of the population have already adopted it. Why?

Because there will be war.

And they will be toppled down. There will be no State anymore, finally Ancapistan, finally Mad Max.

CoinsCoinsEverywhere

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I agree that it would be just about impossible to completely eliminate bitcoin. Governments would not be able to effectively prevent personal ownership. However, they don't need to do that to effectively destroy it.

1) They could make crypto exchanges illegal. There would inevitably be some rogue ones, but if governments make it illegal for financial institutions to connect with crypto exchanges, it would be really hard to trade in your bitcoin for fiat money or goods and services. Businesses like Coinbase would go poof, and bitcoin investment companies would also go poof. As I think that much of the price of bitcoin right now is due to investor premium, this would likely cause a huge crash.

2) They could also regulate it to death. If they heavily regulate exchanges and/or connections between exchanges and financial institutions, they could box in cryptos pretty well.

oegarod

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Quote from: Oo ako to on September 07, 2017, 03:28:21 AM

I will still hold my btc. The government does not speak in behalf of every citizens on their country. The can't put down btc because I know that majority will win because many people will support the use of btc.

Each and every users keep hold of bitcoin hoping for a bigger profit. Here even if governments plan of make changes it can't, because of the decentralized functioning of the network. At present Blockchain technology is something a limitless technology with which based on the requirement changes can be done.

twobits

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HODL is the best decision. And why?

If the bitcoin market capitalization will worth billion dollars, and there is nothing to say to not sync the goverment's crypto with the bitcoin. But you don't say is the goverment wants to issued its own currency?

jekjekman

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National Government in different countries has its own currency and making a move of creating a blockchain with their currency is good choice though but banning BTC will be very bad because it is the father of crypto currencies and banning it would become so aggravating to the people who really uses cryptos.

Let the people choose what they want because that is the true essence of a democracy as most of the countries in the world has that kind of government but if they force the people to use a one only currency then the government is breaching that right of people to choice.

Oo ako to

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I will still hold my btc. The government does not speak in behalf of every citizens on their country. The can't put down btc because I know that majority will win because many people will support the use of btc.

Carlsen

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If a government would create its own crypto currency I don't think it would be any diffeent than the fiat it already has.
From that side there is no danger to bitcoin.
Banning bitcoin when it's already there, that would only create a black market. A bog part of the botcoin owners would use their coins anyway.
And that would be even less controlable than bitcoin already is for a government.
This would be the opposite what they want to achieve. So I don't see that coming.

Junko

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The idea of governments banning BTC or making owning/using BTC just seems kind of absurd. It would be like making math illegal or banning the use/ownership of a computer. You can't ban math, can you?

KillyGon

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until now nothing goverment ban BTC , include USA with SEC not baned BTC
in china with PPBOC regulated about bitcoin local exchanger in china

so bitcoin is without problem and not baned
if bitcoin baned in the wold, same with liberty reserve or this now perfect money , transaction with black market

Pursuer

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Where is my ring of blades...

no bro, I am sorry that you missed the chance to buy bitcoin but now it won't go down to certain prices. you should have thought ahead and bought back when it was lower instead of trying to come up with tinfoil hat scenarios where a price drop may be possible so you can buy back at a price that slipped through your fingers Wink

also I should add that the Monero price pump is temporary and as much as I like that coin, it will go down and the future can not be so good and easy for coins like it because they are making shady activity easy for shady people and nobody wants that!

777Bitcoin

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I'm not assuming the worst, I'm just stating the obvious or what might be the case. The implementation of they're Blockchain technology would be soon. We do have positive outlook on how bitcoin hold on to this scenario if happened to be true. The government will be backed up by central banks and all of they're customers to try and be part of that if Blockchain like is implemented in the future. I'm not supporting it and don't like government to destroy our bitcoin but we can't do anything as of now but live day by day.

Pearls Before Swine

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Bitcoin isn't my life, and I definitely wouldn't die for it.

Governments can start up their own blockchains if they wish, but that's not
going to be the end of BTC. Bitcoin is global, whereas any single government
is local. That's what's great about it. We've got probably 200 countries
represented here on bitcointalk. There's no set of politicians that's going to
stop that kind of passion and unity. I may not like foreign shit posters, but
in the end I realize we're all in this together.

pooya87

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Quote from: BubblePopper on September 06, 2017, 07:22:58 PM

This is all extreme conspiracy, and is unlikely. ~ Oh sorry, we are delisting the GBTC... ~ Also, I expect a 10-20% decline in Bitcoin price and probably a doubling or tripling of monero price instantly upon such news.

hey "BubblePopper" i am sorry to tell you that Monero is in a bubble and it needs popping Wink

and about what you said i have to say if some day government delists bitcoin and does other weird stuff that are currently in your head to prevent people from investing in bitcoin or whatever they do the same to other altcoins specially Monero too.
and also history has proven that whenever bitcoin price falls (like the 10-20% decline you said) the altcoins fall even more (20-40% decline).

rjbtc2017

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Honestly, it would be a waste of time, "implementing their own blockchain" without bitcoin users will be a waste of effort. If they will ban bitcoin because of their greediness then no bitcoiner will support this, even if there will be a support from casual people, it would not be enough to support the blockchain and maintain it without the support that bitcoin have.

DjTremor

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Intense and obvious inconsistency. Governments and implementing blockhain. Blockchain is a place structured on free, no central system. Governments are the authorities. So their product won't be a blockchain, will be a regular company.

I wouldn't sell my bitcoins, I would keep holding my bitcoin.

BubblePopper

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My freedom is worth a lot. Even worth my life.

Would you lay down your life for Bitcoin or would you be a little bitch and turn in your wallet keys?

This is all extreme conspiracy, and is unlikely. What are they going to tell people who are heavily invested in Bitcoin in their retirement accounts? Oh sorry, we are delisting the GBTC... no we don't care you just lost 50k. That would actually never happen, would be easy to sue after that.

I used to be very tinfoil, however this poll is more or less just for fun.... and I don't believe there is a chance in hell governments would try to do this. However, if they do, I suspect very few people will actually go along with it. Also, I expect a 10-20% decline in Bitcoin price and probably a doubling or tripling of monero price instantly upon such news.

Topic: Assume the worst, governments ban BTC and implement their own Blockchain. (Read 988 times)