Bans on crypto now looks like a joke

Freddie Boyer

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Quote from: avikz on April 18, 2023, 07:19:05 AM

Banning crypto is no joke! It is true that cryptos can't be banned through a legal provision, but a government can take extreme measure to make cryptos irrelevant in their country. China has been doing that since the inception of ICOs but they haven't yet gone to extreme.

Also US has started taking some harsh measures against crypto companies. Apparantly they will not ban crypto entirely but they would want to regulate the crypto market in their country.

Don't underestimate the power of a government. They can go to extreme if they really want to achieve something at any cost.

I think extreme measures such as banning cryptocurrencies outright may not be effective in achieving the desired goals. Banning cryptocurrencies will only push them underground and make them more difficult to regulate, while also limiting the potential benefits they can provide.

Exactly and it's a reality as the OP said where governments have the power to regulate or restrict cryptocurrencies and it's always the winner when it comes to rules but I think the roles of parties can be achieved through open and transparent dialogue between government, industry experts and stakeholders can work together to develop an effective regulatory framework, so that cryptocurrency users and in this case the public can use it safely and responsibly, while driving innovation and growth in the industry.

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Quote from: karmamiu on April 26, 2023, 10:18:54 PM

Quote from: hatshepsut93 on April 21, 2023, 04:57:25 PM

China has been a big player in mining, but not in trading or adoption. Meanwhile the US is a home to the biggest Bitcoin exchanges and other companies, and a lot of trading volume is coming from it. EU is also a very important market. If these two entities ban crypto trading, it would be like the asteroid that killed the dinosaurs. Most coins will die, Bitcoin will survive but will become very small in all senses - price, popularity, community, network.

This is why it's very hard to ban crypto on that country since mostly the market which is the people will have a hard time coping up the losses. I was even shocked years ago when they announced that China is prohibiting mining coz as far as I know they were amongst the first to recognized crypto and mostly launched campaigns to promote it and then suddenly they just declared out of the blue.

No country can completely ban crypto as there will still be several ways for people to invest in bitcoin. But I agree with what hatshepsut93 said if these two powers ban cryptocurrencies, it will be a big blow to the market. We will not die completely, but it will be tough for us to survive, and it will not be as easy to make a profit as we are now.

I don't expect any of these two countries to have a strong crackdown on the crypto industry. For me, China's bitcoin ban is temporary, and they will reopen soon because I believe they won't want to be left behind from the rest of the world.

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Quote from: molsewid on April 21, 2023, 04:04:05 PM

Quote from: mvdheuvel1983 on April 21, 2023, 02:48:38 PM

Ban on crypto is a joke. The truth remains that the world, or government can't do anything about bitcoin.
The worse they can do is go after institutions promoting bitcoin and cause them to fall so that they may have reasons to paint bitcoin in a negative light. They went after miners, the miners left the country, it is over them now and they should be more accommodating of bitcoin because it is the future.

Yes, I remember last time our country's government agency promotes anti crypto. They are being broadcast in all networks telling that crypto can only harm you and make your assets in danger so do not invest. Funny that they spend a lot for ads but people doesn't believe in them, some other people yes but mostly they are not. Governments should promote anti hyip, scam policy instead of those non sense news.

So true. The government only makes statements but the control is driven by the people themselves. Moreover, the use of crypto is rampant in all corners of the world, the government can only bluff but cannot stop its movement.

karmamiu

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Quote from: hatshepsut93 on April 21, 2023, 04:57:25 PM

China has been a big player in mining, but not in trading or adoption. Meanwhile the US is a home to the biggest Bitcoin exchanges and other companies, and a lot of trading volume is coming from it. EU is also a very important market. If these two entities ban crypto trading, it would be like the asteroid that killed the dinosaurs. Most coins will die, Bitcoin will survive but will become very small in all senses - price, popularity, community, network.

This is why it's very hard to ban crypto on that country since mostly the market which is the people will have a hard time coping up the losses. I was even shocked years ago when they announced that China is prohibiting mining coz as far as I know they were amongst the first to recognized crypto and mostly launched campaigns to promote it and then suddenly they just declared out of the blue.

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Quote from: concept2 on April 26, 2023, 10:14:29 AM

Quote from: Crypt0Gore on April 18, 2023, 03:09:48 AM

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.
...

Let me tell you, the banning of cryptocurrencies is no longer a big deal. People always find ways to bypass any country's firewall, you know what I mean? It's like playing hide and seek with your little cousin; they'll always find you. But, the banning of crypto still has an impact on the market, as seen in the recent dip. However, don't get it twisted, crypto is not dying, it's just getting started!

China has already proven that it's a crypto badass, with over 30 million Chinese using crypto despite the ban. But what about the US? Well, let me tell you, the US is like a superhero that's been hiding their powers for too long. With their massive economy and technological advancements, the US has the potential to become a crypto leader.

There are lots of crackdowns and fuds which had been created and its true that its not dying anytime soon. No matter how hard they would be trying on prohibiting or banning it, there's no way of stopping it.
Sooner or later which these countries who had banned out crypto would really be lifting up those decisions specially on the time where they do see that most countries would really be going along with it,
but im not really that too optimistic that this would be happening one day considering that government doesnt really like on things which does have that decentralization thing
and it would never ever would be.

Quote from: hannahB4 on April 26, 2023, 01:57:35 PM

I will like to see China lifting the bans placed on crypto

Not only China but also in other 8 countries- I dont know if the list is updated or not.

Crypto is fully banned in China and 8 other countries
https://fortune.com/2022/01/04/crypto-banned-china-other-countries/

But as said, these bans arent that something a big deal anymore. They can ban it all they want but there's no way on stopping it.

hannahB4

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I will like to see China lifting the bans placed on crypto

concept2

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Quote from: Crypt0Gore on April 18, 2023, 03:09:48 AM

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.
...

Let me tell you, the banning of cryptocurrencies is no longer a big deal. People always find ways to bypass any country's firewall, you know what I mean? It's like playing hide and seek with your little cousin; they'll always find you. But, the banning of crypto still has an impact on the market, as seen in the recent dip. However, don't get it twisted, crypto is not dying, it's just getting started!

China has already proven that it's a crypto badass, with over 30 million Chinese using crypto despite the ban. But what about the US? Well, let me tell you, the US is like a superhero that's been hiding their powers for too long. With their massive economy and technological advancements, the US has the potential to become a crypto leader.

Gallar

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Quote from: Crypt0Gore on April 18, 2023, 03:09:48 AM

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States

If the choices were only those two countries, I personally would choose America, because for some reason, when it comes to crypto, I prefer America to China. Maybe because America is wiser in responding to the presence of this crypto, for this reason I prefer America to China when it comes to crypto.

Quote from: Crypt0Gore on April 18, 2023, 03:09:48 AM

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.
~

In my personal opinion, preventing or prohibiting people from staying away from something that is digital will indeed be very difficult. Because there are many ways to trick him and it will be difficult for the government to trace. So it's only natural that Chinese citizens can invest arbitrarily in crypto, even though the government has banned it. So basically it's true, banning crypto, so people can't invest in it, is difficult, even impossible.

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Quote from: raidarksword on April 26, 2023, 08:57:32 AM

China had been announcing they banning crypto, bitcoin and even miners ever since for how many years now and yet bitcoin and crypto as a whole is still standing strong up until now. It has been a joke everytime I heard that kind of FUD and it's sickening now just to spread FUD just to control the market sentiments.

I think its because China is the first one to adapt the Bitcoin's volatility that most of the people there prefer Bitcoin itself than their currency. Due to those reason China decided to banned Bitcoin, but people are unstoppable especially if you know you can earn a lot in a complicated system that you are knowledgeable. I think VPN would do the thing, government couldn't even stop people for FUD that's the power of decentralization.

raidarksword

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China had been announcing they banning crypto, bitcoin and even miners ever since for how many years now and yet bitcoin and crypto as a whole is still standing strong up until now. It has been a joke everytime I heard that kind of FUD and it's sickening now just to spread FUD just to control the market sentiments.

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i like both of them, because this 2 country always development their production, these 2 countries are bound by a very hot trade war for now, especially china because russia seems to be allying with china to get supplies from china, but they have to use yuan for their transactions.

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Quote from: marcous on April 25, 2023, 11:47:34 AM

Quote from: Mate2237 on April 25, 2023, 10:38:35 AM

Almost all the countries that proclaimed to ban bitcoin are reluctant of the ban and their citizens are using the currency very well without the authority interference. So the ban as the top said is like play to the users.

Any strict prohibition regulations will not work for the majority of people trust cryptocurrencies for future assets, basically the authorities are not on the side of the people and they only care about regulations to benefit them, some opinions about crypto ban regulations are just a formality because they are not able to control the economic cycle in cryptocurrencies, so eventually they will consider new regulations that place limits on the use for trading and assets.

This is what many people fail to realize, even if governments are put in place with the best of intentions by the people with the hope those which are elected to represent them look after their interests, we know this is not what happens, politicians look after themselves and they only pay lip service to the causes and needs of the rest of the population, then it is obvious that something like bitcoin which gives the power of printing their own currency and the complete custody over their funds to the people is something those politicians do not like at all and they will try to destroy it or at least to regulate into oblivion.

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Quote from: Crypt0Gore on April 18, 2023, 03:09:48 AM

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

When you read any news about a government or an official entity that has prepared Crypto, this does not mean that it is able to force the non-use of Crypto at all, because this is not technically possible. Crypto is a system technology based on a decentralized blockchain, unless it can specify access to platforms and trading exchanges. Even with this, the possibility of overcoming these obstacles is not impossible, as the many examples show. In my opinion, the most that the crypto-blocking authorities can benefit from is the lack of legal recognition of these activities, and thus maintaining clear evidence of guilt on which any citizen can be accused and his assets also seized. The best example of this opportunistic policy is China, which still has a monopoly on the mining sector despite laws that strictly forbid the use of crypto.

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Quote from: Mate2237 on April 25, 2023, 10:38:35 AM

Almost all the countries that proclaimed to ban bitcoin are reluctant of the ban and their citizens are using the currency very well without the authority interference. So the ban as the top said is like play to the users.

Any strict prohibition regulations will not work for the majority of people trust cryptocurrencies for future assets, basically the authorities are not on the side of the people and they only care about regulations to benefit them, some opinions about crypto ban regulations are just a formality because they are not able to control the economic cycle in cryptocurrencies, so eventually they will consider new regulations that place limits on the use for trading and assets.

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Quote from: isaac_clarke22 on April 25, 2023, 11:03:51 AM

Aside from what I mentioned before, surely people would still be able to do P2P trading like those usual bank transfers that can be done either direct DMs to people. Government would go so far into putting people behind the bars just to fully stop them from using any forms of crypto at all.

You are right, when the central bank banned accounts linked to cryptocurrency, people where still buying and selling bitcoin through P2P, am sure it will be very difficult to dictect, if you are buying bitcoin and you are sending money to the seller, their is always a space for remark, most people using P2P where warning their customers then to stop using anything related to bitcoin or cryptocurrency as Remark, since the remark is optional they should leave it empty. Am sure only people from my country will easy understand it.

Quote from: isaac_clarke22 on April 25, 2023, 11:03:51 AM

What country are you from by the way? I am quite familiar with the old news of a certain country having their banks ban crypto-related transactions. Was it really that bad of an effect to your country? Banks here in my country (Unionbank to be particular) even launched crypto trading into their app.

Am from Nigeria, it was all banks that where banning accounts linked with cryptocurrencies or bitcoin, but some banks are strict why some are not really strict, I heard some banks had agent's on binance P2P, if you can trade with them, they are going to report your account directly, I don't really know how true that was, but then I decided to trade with agents that have stayed long on binance P2P.

isaac_clarke22

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Quote from: gunhell16 on April 22, 2023, 10:29:17 AM

There we are again with the banning of Bitcoin, then eventually it will be withdrawn. Since then, several countries have banned Bitcoin and later lifted the ban.

Then here we are again now, China I believe that they also have cryptos or bitcoins The same goes for the U.S. That's why they are doing everything they can to control cryptocurrency or bitcoin but they still fail, Now the country China themselves know the potential that Bitcoin or cryptocurrency actually has.

Correct me if I am wrong I would be glad to be corrected but I can recall back in the days when countries like India proposed a law to ban Bitcoin and any forms of cryptocurrency. I read only that it never went through and it was just a "draft".

By just banning Bitcoin, it won't stop people on finding ways to be able to still use it. VPN exists for a reason for cases that their ISPs decided to ban crypto sites. *Insert VPN ad here like what you always hear from any paid Youtubers, lmao*.

Quote from: Issa56 on April 20, 2023, 10:07:55 AM

It's kind of funny to me when I hear about countries banning bitcoin, those countries are just disturbing themselves, because am sure their citizens will keep on using bitcoin either legal or illegal way, since they believe what they are doing is not bad, government is just fighting for their own selfish interest.

Their was a time the central bank of my country was banning accounts linked to crypto transactions, they wasted their time and later free everyone, now they don't really care anymore. I was suprised that bitcoin got more awareness in my country during that period of time, everyone wanted to know what bitcoin was all about and why banks where blocking their customers accounts.

Aside from what I mentioned before, surely people would still be able to do P2P trading like those usual bank transfers that can be done either direct DMs to people. Government would go so far into putting people behind the bars just to fully stop them from using any forms of crypto at all.

What country are you from by the way? I am quite familiar with the old news of a certain country having their banks ban crypto-related transactions. Was it really that bad of an effect to your country? Banks here in my country (Unionbank to be particular) even launched crypto trading into their app.

Mate2237

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I take China the next country to adopt Bitcoin before Uinted States of America. China banning of bitcoin is a verbal irony that has no weight. Though I have taken my time to make some research Bitcoin users per country but I believed that the people who are using cryptocurrency, bitcoin in particular are more than the countries that have adopted it.

Almost all the countries that proclaimed to ban bitcoin are reluctant of the ban and their citizens are using the currency very well without the authority interference. So the ban as the top said is like play to the users.

gunhell16

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There we are again with the banning of Bitcoin, then eventually it will be withdrawn. Since then, several countries have banned Bitcoin and later lifted the ban.

Then here we are again now, China I believe that they also have cryptos or bitcoins The same goes for the U.S. That's why they are doing everything they can to control cryptocurrency or bitcoin but they still fail, Now the country China themselves know the potential that Bitcoin or cryptocurrency actually has.

Aanuoluwatofunmi

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Except for China, I don't think there's a place where crypto ban has been made very strict to adhere to, though many thought that crypto wouldn't have gone this far since they believe that it can be an avenue to increase cyber crime because they have no right to regulate the network, some gave other contrary opinions against bitcoin as well, but where we thought crypto wouldn't have reach it has gone beyond that.

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I mean, I already knew that banning crypto was not the most effective way to stop the adoption in any way, shape or form.

But are they actually that much Chinese people how use Bitcoin?
I thought the Chinese government was very strict and sometimes cruel when came to enforce their laws, and I assume Bitcoin would not be an exception to that norm, keeping on mind their economical objectives are based on pushing for the adoption on their on Centralized Central Bank Digital Currency.

Where would their liquidity come from anyways? Doing P2P for cash there in mainland China must be dangerous... Huh

So many questions on this matter.

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