Topic: Bitcoin cannot be banned - page 3. (Read 1190 times)

As far as I know Vietnam does not ban bitcoin.
Some of my friends in Vietnam still hold Bitcoin as an asset and it is completely legal, they only ban the use of Bitcoin as a means of payment.
In Vietnam, there are still many active exchanges, such as remitano and bcnex.

I don't think governments care much about the minority that uses Bitcoin and they can't trace. I'm pretty sure that even without Bitcoin this generally more adapted minority would be impossible to trace for governments. It's something they already accepted.

Regulations are a very effective measure to track the majority of the users. Exchanges have to comply with regulations and they will do everything to not break any laws. Coinbase is an example of how a very strict exchange can function as a massive honeypot for governments to figure out who owns what amount of Bitcoin, and what people do with their coins.

Due to Bitcoin's transparent nature, every step after the withdrawal to one's personal wallet can be followed. Coinbase already deploys such tactics to boot users off its platform in case they have used a gambling site, or a service their banking partners don't want users to do business with. Once you sign up to an exchange and verify yourself, gone is your "anonymity".

While Malaysia, Singapore. Japan or other near Asian countries even Philippines doesn't have say on banning or putting restrictions but more plans in adaption for blockchain and crypto easy transaction, its sad that they are not still open for adoption as they don't want to accept any payment thru bitcoin but there are no news whether exchanges and other activities are allowed. If so lucky are those Vietnams who still mine, trades as once it's allowed they already saved allot. .

To be honest, I wouldn't compare the treatment bitcoin gets as something that goes through the seven stages of grief. There's no universal sentiment in my opinion. Afterall, bitcoin is something anyone could use for his own purposes. To me, you don't have to be a capitalist, communist (or anything in specific for that matter) to appreciate bitcoin, or to hate it even. The truth is that it can not be shut down, but to pretend that everyone thinks of it the same is also a fallacy if you ask me.

I would add Indonesia as one of the country that banned bitcoin but indonesia has it's own cryptocurrency exchange but not regulated by the government. I think people on those all country still having and trading bitcoin freely but they just cannot buy something in their country with bitcoins.

I always find it quite interesting to see the list of the countrys who officially banned Bitcoin:

• Afghanistan
• Pakistan
• Algeria
• Bolivia
• Bangladesh
• The Republic of Macedonia
• Saudi Arabia
• Vanuatu
• Vietnam

That's the source: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

I'm really surprised about Vietnam though.

The society is like a human body, its first reaction to an unknown entity is to deny it. thus. just like Bitcoin as it was new to people and since it is not created by an established government, people will have a strong rejection towards it but most of these rejections or denials only fuel Bitcoin and its community to strive harder and prove these people who are skeptical, wrong.

That was a good speculation, the CIA created bitcoin is a speculation and that has some steam but what ever the situation is i am sure the CIA have all the information and all the data and communication that is taking place online and if they want to find the real person they can even if you hide behind any TOR and the domain is registered by Satoshi and i am sure those details will be available and there is no way he could hide those transactions.
The reason why the government is not banning bitcoin is because they will open up the dark market, it is better to allow trades in the open than forcing the market underground.

This is not something we didn't really know before. I mean there are two ways to approach what a "ban" is.

One is, there is nothing really stopping you from buying/selling bitcoin even if your government deems it illegal, killing a person is illegal as well but there are people who still kill other people which means you can't really stop people from doing something but you can at least make it illegal so you can jail them later when they are caught.

Same idea for bitcoin, they can make it illegal but you can still trade it and if you are caught there would be a fine probably, I doubt it would be jail but it would probably be cash fine where you have to pay a certain penalty for it. The other way is governments can't even ban it because it is anon and they don't have proof of who owns which coins if we all store it on our computers, how could they track it?

It's funny, but that's exactly what I thought about bitcoin when I first heard about it, when I didn't understand how it actually worked.  Years before bitcoin was created, there were some "internet currencies" like Flooz that failed and I didn't realize that those weren't decentralized in the way that cryptocurrencies are.  It took me a while to realize what the advantages of bitcoin are.

There's always been this question of whether bitcoin could be banned, and while it certainly can't be stopped entirely it could be legislated out of existence--but it would take a coordinated effort on the part of all the governments of the world in order to do it.  If bitcoin mining suddenly became illegal around the world, or if possession of it became illegal, do you think people would still be using it like they are today?  I don't think so.  It might find use for criminal activities, but that would be about it.

But I've long suspected that bitcoin was created by some government agency anyway, and that the US government at least isn't going to make it illegal.  The US banks kicked off the 2008 crisis, and if the banks and financial system had failed, bitcoin could have been the savior.  I think the government realizes this and that's why they haven't regulated bitcoin more than they have.

A bubble.
That is what I always hear.
But as of now, it is still not proven.
This aint the US mortgage anymore.;
They have that kind of though because of the 911 too,.

They are afraid to risk now, But I have my own idea. Just waiting for it to be passed.

That is the cue. It is backed by nothing.
The real question is who would bring it down? Of course it would just be the government who loves equality over them.
They dont want anyone getting rich without a joib which is like them.
With what to do? Nothing.
Directly it is the contol. If you are one of the richest group in this world you want control with everything which cannot be achieved by a mere farmer.

They know this and some government are already give up on dreaming to control bitcoin that what they started to adopt it. If they will ban bitcoin in your place, you can always go travel and use bitcoin to a friendly country where allows you to enjoy the money you have work for without experiencing any delays. Bitcoin will always survive, no one can stop bitcoin and banning bitcoin is not a good way stay away from this era.

But behind all the curiosity of people, bitcoin continued to catches the attention of many new users. Unlike the old days, we can't hear any good news about crypto due to it wasn't popular that time. Banning issues only erradicates when FUD spreaders tried to create chaos, because they thought that would divert everybodys mindset on holding bitcoin as a strong asset.
For now, adoption grows heavily despite of market value declination which was considered as stable price fluctuations.

It would take an entire country worldwide to effectively ban Bitcoin and it's Bitcoin mining industry but that's just too impossible to happen, not in a million years would happen. Therefore, the government cannot ban Bitcoin and that's what makes it unique up to this day. The government can make a lot of regulations but they can't effectively ban Bitcoin alone.

Yes no one can Bitcoin as its not centralized and moreover how can a government ban something which they don't have control over all they can do is just threaten and warn people to avoid bitcoin and as far as Chinese influence is concerned whatever they do has a hidden business motto so we cannot consider them serious when it comes to crypto.

Because why? In a Bitcoin with cartelized mining, who actually secures the network?


Ban all mining all at once? That's not very realistic.

Exactly, and the attack vector of those skeptics doesn't hold grounds long term. That's why bitcoin still survives this day. It is so resilient that critics will have to evolve as well, otherwise their whole argument won't take effect anymore.

And we might find skeptics turns into believers for all we know because they know that bitcoin is the future no matter what kind of attacks they're going to throw in our direction.

many countries are friendly to mining activities, China has even become responsive to prohibitions they have ever done, this is also always related to business, the fact is like that. Bitcoin moves decentralized and does not depend on reserves of certain fiat, impulsive restrictions only have an unstable effect on their own fiat, many people will choose bitcoin as a companion currency.

yes i agree with you. no one can stop bitcoin because bitcoin is decentralized and moves freely. bitcoin will continue to grow even though there are some countries that refuse and ban bitcoin I think it's no big deal and can't stop bitcoin. in fact, I see that every year the number of countries receiving and bitcoin users is increasing. because they are aware of the potential of bitcoin which can provide huge benefits for humans. and I am optimistic that as more countries and companies adopt blockchain, then they will also adopt bitcoin.