Bitcoin and her sisters: Why do most governments hate her? - page 2.

Lucius

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The real reasons why governments hate crypto like bitcoin because they cannot make enough money by collecting taxes. Since it is decentralized, means no one owns and controlled. If there is no demand for their currency and people are hypothetically buying crypto then those governments/countries will go bankrupt.

Who says they can't do that? Income taxes are quite high in some countries, but regardless of that percentage, anyone who buys or sells cryptocurrencies through centralized exchanges has made KYC and will sooner or later come under the radar of the tax administration. See the example of Turkey where cryptocurrency trading is allowed but banned as a means of payment, which means that one of the reasons why Bitcoin exists is disabled by ordinary law.

This does not mean that person A cannot send BTC to person B, but it does mean that no legal entity may sell goods or charge for services in any cryptocurrency. Every government has a number of mechanisms in place to regulate the way cryptocurrencies are used, the only question is to what extent they want to use those mechanisms.

Fortify

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Quote from: sifprod on March 05, 2022, 10:14:42 AM

Can anyone make digital coins? I don't know. What's its circulation mechanism? And who's her guarantor? I don't know.

That's how a pedestrian says on a street in Cairo, echoing questions that many might think of. But what if governments make these coins? The verse may turn.

In general, most countries in the world deal with popular digital currencies, such as Bitcoin and Ethereum.

https://www.nwscoin.com/2022/03/bitcoin-and-her-sisters-why-do-most.html

To answer your first question, yes - almost anyone with an internet connection and the ability to do a bit of reading can make a cryptocoin. Will it be any good? Probably not because there are already thousands and unless it has a very unique selling point (aka something original behind it) then it's unlikely to break into a big market. Central banks most definitely have a lot more power to launch, maintain and publicize any stablecoin that they choose to release so we're likely to see this happening in future. It looks like many countries around the world are investigating this, even China who have been a bit wary about the idea. I think the wasteful energy side of crypto is the biggest let down for it right now, when many people who will never have any need to use crypto are seeing record energy bills in most countries it is getting hard to defend it and politicians will find it an easy target to conserve energy.

GreatArkansas

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The real reasons why governments hate crypto like bitcoin because they cannot make enough money by collecting taxes.
(...)

You got a point here, this can be considered one of many reasons. The power of decentralization will eliminate the third party because what we are right now for example is the traditional banking, here are the banks and governments. It is also one of many reasons why Bitcoin is created, to be your own bank.

coinism

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Quote from: worle1bm on March 06, 2022, 12:43:43 AM

Government not only hates bitcoin but any other thing which according to them is not in their favour like you are spitting some reality over their works they will restrict you to do so.Same is the case with bitcoin as taking ownership from them and dividing them to one's who hold them is definitely against their power monopoly so they hate it.But the fact is they can't stop it from growing ignoring the fact how much they try.

Moreover governments don't hate centralized crypto exchanges that do kyc and are under the government control. The hate is only towards decentralized bitcoin which they can't control. So we can easily conclude that since governments can't control the decentralized bitcoin they are banning it.
But we have to admit that despite all opposition from governments world wide, bitcoin as grown enormously in last 10 years from almost 0 dollars to 65k$.

worle1bm

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Government not only hates bitcoin but any other thing which according to them is not in their favour like you are spitting some reality over their works they will restrict you to do so.Same is the case with bitcoin as taking ownership from them and dividing them to one's who hold them is definitely against their power monopoly so they hate it.But the fact is they can't stop it from growing ignoring the fact how much they try.

Marvell1

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Bitcoin lovers don't like fiat and banks because we don't have full control over our assets, our assets are managed and monitored by the government.
On the contrary, the government hates bitcoin because they cannot control it. If people use bitcoin then they will lose control of their economy and influence the power of government. So they will ban or find a way to manage bitcoin in some way that will benefit them.

uneng

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Decentralized cryptocurrencies made it possible for common people to have access to profitable investments and dollar currency (stable coin) for a fair price, overcoming the necessity of banks and traditional exchange offices for such purposes.

And that is a big issue for governments, because banks are their partners, and with access to dollar currency for a decent price, many people can exchange their national currencies into the foreign currency, what isn't interesting for the local economy.

At same time, governments don't want to exclude the possibility of taking advantage of crypto universe when following closely where people's money is coming from and going to. CBDCs are powerful tools to fight money laundry and track money from illegal sources. That means the government can watch it more efficiently and raise their income from taxes and seizing criminals' funds.

ajochems

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Quote from: sifprod on March 05, 2022, 10:14:42 AM

Can anyone make digital coins? I don't know. What's its circulation mechanism? And who's her guarantor? I don't know.

That's how a pedestrian says on a street in Cairo, echoing questions that many might think of. But what if governments make these coins? The verse may turn.

In general, most countries in the world deal with popular digital currencies, such as Bitcoin and Ethereum.

https://www.nwscoin.com/2022/03/bitcoin-and-her-sisters-why-do-most.html

Bitcoin and his queen had good start from the beginning.Whenever their was a increase in bitcoin price, the same was reflected in Ethereum all the time. When a new people get into the crypto currency, their first choice will be the bitcoin and second choice is Ethereum. So they are called as a King and Queen of Crypto.When their was huge variation in the price of altcoin other then, this two. Then they may get some attention.

Myleschetty

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Quote from: sifprod on March 05, 2022, 10:14:42 AM

Can anyone make digital coins?

Anyone can create digital currency but the person must have good cryptography knowledge and the coin must create with a good concept and fundamental purpose with good community support or else the coin will die before it was created.

Quote from: sifprod on March 05, 2022, 10:14:42 AM

And who's her guarantor? I don't know.

Community enthusiasm is the guarantor every crypto need to prosper.

Fivestar4everMVP

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Quote from: sifprod on March 05, 2022, 10:14:42 AM

Can anyone make digital coins? I don't know. What's its circulation mechanism? And who's her guarantor? I don't know.

That's how a pedestrian says on a street in Cairo, echoing questions that many might think of. But what if governments make these coins? The verse may turn.

In general, most countries in the world deal with popular digital currencies, such as Bitcoin and Ethereum.

https://www.nwscoin.com/2022/03/bitcoin-and-her-sisters-why-do-most.html

It is commonly said that people hate what they don't or can't understand.
Government hate bitcoin and cryptocurrencies in general for several reasons, and to mention a few - :

They hate it cus they dont understand it
They hate it cus they can't control it
And because they can't control it, it is a bit hard for them to figure out a way to effectively regulate and tax crypto holders, so they hate it
To them, bitcoin and cryptocurrencies in general is a threat to that which they control and have power over, and that is banks and paper money(fiat), so because they can't have power over bitcoin and it's supply, they hate it for being a threat to that which they have power over

The above and many more are the reasons why government hate bitcoin, but you what,? There hate can not change what has been ordained to be, for what must be must be, no man can stop it.

Flexystar

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That’s the thing, we don’t want Government to control our assets and tax whatever the heck amount they want every year. That’s why we are in the universe of crypto right now. You me or someone else on this forum is just here because they are on the same page as bitcoin is or Mr. Satoshi ever though of. We can not forget the very first principle behind the creation of crypto currencies, -> self control, no involvement of banks, unlimited transactions and 24*7 running market. With the public ledger the security of data and it’s integrity is always an added advantage. I’m sure this is why most of the government hate crypto.

fiulpro

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Reasons they might hate it:

- They cannot control it
- They think this might give people more power
- This might give people a whole deal of freedom, to fund a whole revolution as seen in history
- They need them to make investments in their country so that they can get their profits
- They think this might cause increase in the illegal activities as well

All of these things are quite absurd and the government wants absolute control many times therefore at the end of the day I don't think it's a big deal since they cannot ban it 100%

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Quote from: glendall on March 05, 2022, 11:23:33 AM

if the government has its own coin , they will control everything when the price goes up and when the price goes down and of course the people will always experience material / financial losses , and only benefit the government . I think it's enough that the government regulates taxes, not crypto too

If that so, no one will gonna try to trade on that coin, it will be pushed down and become shit coin later on. Government-related coin should always be backed/pegged digitally of its local currency or CBDC nothing else coz what I said will happen.

Quote from: Bitstar_coin on March 05, 2022, 12:43:13 PM

I don't think the government hate crypto or btc per say, they just don't like the simple fact that this particular technology is out their control, government is all about control and anything outside that jurisdiction is not acceptable to them

That's why they hate it coz its already widely used a currency, millions or billions of USD transfers done everyday yet they can't do something to control it or to monitor it and make profit/tax of it.

boyptc

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Anyone can make it for sure.

Even you're not a developer but you have money, you can have your own token and you just have to pay the developer to make it and maintain it. And that's why many projects are just coming out of nowhere because of how convenient it is to make.

The government has already the CBDC and that's not the same as the usual cryptocurrencies that we know.

Bitstar_coin

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I don't think the government hate crypto or btc per say, they just don't like the simple fact that this particular technology is out their control, government is all about control and anything outside that jurisdiction is not acceptable to them, reason why they have been against it for so long, and if what the op is implying is true, then how come the government are not very friendly with crypto? i doubt this tech was made by them, their attitude towards it is enough to clear that doubt.

Quote from: sifprod on March 05, 2022, 10:14:42 AM

...But what if governments make these coins? The verse may turn.

PrivacyG

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Quote from: glendall on March 05, 2022, 11:23:33 AM

if the government has its own coin , they will control everything when the price goes up and when the price goes down

I kind of get what you mean, but I also do not. With enough monetary resources or influence, the government can control the price of any asset. See Russian sanctions, or check out what the United States has done in the past three years to hide the inevitable hyperinflation. They are already controlling prices, it is just more evident in some areas than it is in others. China has influenced Bitcoin's price multiple times. Musk has influenced Bitcoin and Dogecoin's. You do not need to be in control of the coin, you only need to have enough influence and power.

When we say the government would be in control of everything, we usually say that because with a CBDC you have no more privacy, no more financial freedom, no more control. They can freeze, seize, move, receive and send your funds or even close down your access to finance. Bitcoin allows you to be financially free by eliminating all these issues and giving you the handle.

-
Regards,
PrivacyG

glendall

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as we know every government hates crypto because crypto is decentralized and cannot be controlled for sure.
if the government has its own coin , they will control everything when the price goes up and when the price goes down and of course the people will always experience material / financial losses , and only benefit the government . I think it's enough that the government regulates taxes, not crypto too

Ryu_Ar1

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The system that is different from what is expected is still an obstacle for them. besides that it is difficult to control can also be one of the strong factors there.
Actually most of them are probably just buying time because the longer I see more and more people are here and not even a few countries are starting to recognize

BitcoinGirl.Club

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Quote from: acener on March 05, 2022, 10:22:13 AM

I think the government hate crypto because it is decentralized and they couldn't control it.

When you will to control the finance of a nation, you will be able to control them. But if you can not control their finance system then they will not care about your existence which means governments are less powerful.

If you look at world politics then you will understand why the nations do not want to mess with USA LOL

acener

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Quote from: sifprod on March 05, 2022, 10:14:42 AM

Can anyone make digital coins? I don't know. What's its circulation mechanism? And who's her guarantor? I don't know.

That's how a pedestrian says on a street in Cairo, echoing questions that many might think of. But what if governments make these coins? The verse may turn.

In general, most countries in the world deal with popular digital currencies, such as Bitcoin and Ethereum.

https://www.nwscoin.com/2022/03/bitcoin-and-her-sisters-why-do-most.html

I think the government hate crypto because it is decentralized and they couldn't control it.
Why would the government create a decentralized crypto? They wouldn't gain anything from it unless they would be whales that could control the flow or events.

Topic: Bitcoin and her sisters: Why do most governments hate her? - page 2. (Read 432 times)