Topic: Bitcoin will Be 1M$ if all countries Ban it - page 7. (Read 997 times)

It would be if they do not know that Bitcoin transaction can be traced.  If Bitcoin is banned globally, there is nothing for it to go, it will literally decline in demand because of the fear of being traced.  Black market users are far more intelligent than what you thought OP, they would rather use coins like monero and other privacy cryptocurrency to do their bidding than being compromised by a pseudo anon coin like Bitcoin.

It's impossible. The whole world can't even agree on what is pedophilia. Muslims are screwing 10 year old girls and it's not pedophilia, but when an 18 year old boy has sex with a 15 year old girl in the USA he can land in jail and have a criminal record. In one country you can smoke weed in another one you cannot. In one country you can drink at 18 and in another at 21.

Do you believe all countries would agree to ban Bitcoin together?

That would be nice, if all 200 countries banned it.

We wouldn't be able to pay $1M for Bitcoin though, I suspect. And then forget even p2p because all my bank accounts and all those of other buyers and sellers would all be watched.

Then what would I ask for BTC? Gold?

The explanation that follows OP are absurd and surprised on some supporting opinions. I beleive  the influence of SEC in recent months contribute to the markets struggle. Imagine the consequence of the whole world of all countries in the space. The sentiment will change among traders dump could start.

I think it's worth being conscious of how fragile the whole thing is. You don't need a 'ban' to put a major lid on things. All a government would have to do is make a handful of dirty phone calls to banks and that's it for several years.

Silvergate Bank serves Kraken, Coinbase, Bittrex, Circle, Bitstamp and Paxos in the US. They won't have many or any alternate options even if the 'ban' is totally informal. Same goes in most other countries. Most of them have burnt their way through all the local places and have wound up with a tiny number of banks willing to take a chance.

It's disappointing that it's still banks that are the choke point at this stage but that's the truth.

Wow, cool, so we will all be criminals pursued by governments. Let's become pirates and live in the Atlantic Ocean with McAfee. 

I'm not sure if this would be a desirable scenario...   

I don't understand why you didn't reply in the other thread, but no, not necessarily.

You see people here saying demand will go down which pushes the price down, and added difficulty in getting them would drive the price up, so you could even say it cancels each other.

1M$ is out of the question, unless the USD collapses, maybe from the recurring bubbles produced by the school of Chicago dogma in economy, or people simply figuring out what fractional reserve banking is.

All of this is a moot point, because there is no way bitcoin can or even would be banned globally.  Laws could be passed, yes, but not by all countries and not all at once.  It isn't as if bitcoin is heroin.

I can't believe all of these gloomy threads about bitcoin these days, all probably because it dropped from $10,000 to $8000.  Blows my mind how this kind of psychology works.  I can guarantee you if bitcoin started a significant move upward tomorrow, the entire mood would change and everyone would be predicting a moon shot. 

Demand would go down, because now it's risky to deal with it and there's less places to spend. What are you referring to as "less legal sellers" is reduced supply, but that's probably not the case, coins won't disappear, they will be dumped to people who will try selling them on darknets. For sellers to sell BTC and 50x price, there need to be buyers who would agree to buy at that price, so why would they do so? Drugs and other illegal goods are overpriced because their supply is lowered, but Bitcoin's supply will still be the same.

Bitcoin is a deflationary currency, not a delusionary one, and with your given scenario, people would certainly not risk it, or at least most of them won’t and the markets you can only spend it with are probably the ones that are not legal and are prone to hacks, thefts, criminalities etc. Also, all governments banning bitcoin per se is already an impossible thing to happen, so why dig deeper in the rabbit hole and make things even dumber?

It definitely wouldn't benefit it. It wouldn't kill it off either.

In most countries a 'ban' would involve what China has done - forbidding banks from serving exchanges or known crypto transactions. P2P would continue to thrive. I guess the only issue would be how you'd decide the price. I guess it would also massively accelerate properly decentralised exchanges which would solve that one.

This.
Bitcoin will get benefits from a world crisis or something like that, which would make it more valuable and even governments would see its valor.

Countries banning it is exactly the opposite, and would not benefit bitcoin at alll.

I also agree that million bucks sounds really crazy,
If it would be banned from all over the world and only the black market is using it then what made you so sure that the price would jump?
The demand? because I am sure that the demand would drop down since only few would dare to be involve in it.
And it would be really hard to turn it into Fiat,
It would only serve as a currency for black market and only those buyer would make the demand.

I don't believe that Bitcoin could get a global ban, there will surely be some countries that won't ban it, but support it and probably will influence other to convert to bitcoin-friendly country when they will see the efficiency of Bitcoin. However it is very unlikely that a ban will be implemented at scale as the infrastructure for institutional trading is already being built and the big boys that are accumulating have some influence in the financial world, no doubt about that.

Bitcoin has secured its place, if something happens out of prediction or countries impose ban over bitcoin there will be lack of demand. This will cause the drop in the value of bitcoin. Moreover we can't expect the entire set of countries to ban bitcoin at a time. As it is P2P, even if banned it is really usable.

If a few countries ban BTCitcoin then what you say is true as companies will be running P2P model to make the transaction possible but if all the countries decide one day to ban BTCitcoin then you risk going to jail for trading which majority of the people will not risk and BTCitcoin is not meant to do illegal activities and hence the risk are higher and your idea about the demand getting higher after that is a dream, these are hypothetical situations but then no one will risk going to jail and that is the fact.

I'm not sure how that'll work. If all countries banned it, your BTC wallets would become worth $0 from a legal pov as you wouldn't be able to use any of it legally anymore. That also means nobody else can be able to use BTC in a legal manner, and that means every transaction you make through BTC turns into a big legal risk for you.

No legal BTC = no ways of spending it except black markets. So even with a $1M BTC price it would still be worthless.

But now let's talk about price. $1M, you say? How would the price be driven so high if nobody could use it? In case of a global BTC block, everybody's interest would turn from investing&holding into selling, which as far as I know sends the BTC price into negative changes. If there's no use case except black markets, then we don't have any reason to soar the prices so much as there wouldn't be any legal interest in it.

The "BTC Death" probably isn't used with the meaning of a REAL death at all by many. Instead, it's being used as a term to talk about its usability. If it becomes illegal, there is no use case so it's "dying", as only criminals would continue to use it.

I know you're trying to prove a point here, but I have a question: how would a Bitcoin worldwide ban be an advantage to those holding it and, if somebody comes up to you and tells you Bitcoin will die one day, how will you be able to prove him wrong using this argument?

If you had 0 belief in something and I told you it'd never die because "even if it's illegal, criminals would still use it" I'm sure you wouldn't change your mind positively and be convinced of my words.

I also think that if bitcoin is banned in all countries, I am sure that global economy will not work because I see many large companies are now adopting blockchain for the future if bitcoin is banned. What will happen to us?

Bitcoin will continue to grow even though many speculations forbid it because of the growing interest in bitcoin.

If all countries ban bitcoin, then I also agree with you that it's value increases too much and then it can be used for bad works only like for killing people, drugs and etc. The citizen of the country stop investing in Bitcoin because of its ban they think that their money may go waste and the police may arrest them also.

if bitcoin were banned everywhere, why would demand increase? demand from who?

i mean sure, black markets could still exist, but prohibition greatly cuts markets down in size. all institutional investment would cease, mainstream retail investors would jump ship. its utility would be greatly reduced because cheap, legal fiat gateways would be gone and only expensive, black market exchangers would exist. miners couldn't operate in the open, reducing the value of the network's security as hash rate drops.

i don't think bitcoin would die but a million bucks? sounds like crazy talk to me.