Btc and government, what does the future holds? - page 6.

Yuhee

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Quote from: Cult on August 29, 2017, 03:52:50 AM

Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Dude, "government" usually it's not one person, it's a lot of people, someone cannot simple push a ban on stuff and everyone goes with it, many people involved in "government" also have bitcoin and other crypto, they ain't gonna ban it.

There are many shitty countries where laws are like you said, the guy wakes up one day and simply ban stuff, but I think people there have more concerning issues than bitcoin.

Well for me, i think it would be better for a government to regulate it than ban it. Cause there are a lot of opportunities here, if they ban it, people would tend to find ways just to acquire btc if possible. Because btc is concidered a gold also. And not easy to ban those kinds of gold, the government eventually would have to make ammends to that law so that at least control its productivity.

Couve

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The regulatory environment will play a big role on how the cryptocurrencies/assets evolve in the long term. The industry started attracting some regulatory interests in 2014 but still not extreme attention as it was a relatively small market with basically no risk for the general economy.

We now sit at 150bn market cap, I would say that the risk for general economy is still fairly contained, maybe a lot of people get deceived and lose money, others make money, but nothing too concerning from a government point of view.

But now let's say in 1 year we are at 1 trillion, and growing. Fortunes being made, fortunes being lost due to hacks&scams, at some point the government will start to have strong regulations about it and wanting to control these money flows.

Tech developments like the Lighting Network also make it possible to monitor/control btc transactions differently than up to now, will some governments somewhere only allow transactions that meet some requirements? I could imagine this happening at some point, hidden behind a "terrorist protection act" of some sort.

Cult

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Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Dude, "government" usually it's not one person, it's a lot of people, someone cannot simple push a ban on stuff and everyone goes with it, many people involved in "government" also have bitcoin and other crypto, they ain't gonna ban it.

There are many shitty countries where laws are like you said, the guy wakes up one day and simply ban stuff, but I think people there have more concerning issues than bitcoin.

romero121

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As the growth of bitcoin is happening with more governments giving legal acceptance. In future too, there won't be big issues happening with governments making opposition against bitcoin. As the spreading happens through word of mouth surely the stabilized growth will happen.

phreakk

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The total market cap of all cryptocurrencies will need to double, not double, it would need to become 100 times bigger than it is now (160 billion USD). Right now we are still some geeks and we don't bother them too much. Big fish are still operating in an old fashion way, with classic money loundering, using tax havens and so on. Government need to fix then first.

But even if that happens, they will just tax all crypto -> fiat transactions but I don't believe they will try to ban cryptocurrencies alltogether.
However if that somehow happens in just two major countries like the USA and China or South Korea, this would have devastating impact on bitcoin.

matchi2011

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Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Far from happening though it's possible. Governments won't do such a thing and i think bitcoin and cryptocurrencies are far from their radar right now. Of course governments are aware that this is going on and that crypto is getting stronger following but sniffing their noses to it probably is the farthest they'd do. For now that is.

Absentis

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Quote from: Hasbro27 on August 29, 2017, 01:45:23 AM

I am not worried if the government forbids to transact using bitcoin, because the possibility is very small done. The government in my country only states that bitcoin is not a valid tool for tuna, and I keep bitcoin perceptions will continue to grow from year to year

It isn't a problem if governmenf will forbid transactions like that of bitcoin, the important is you can convert from current exchanges to fiat currency in order to purchase goods that you wanted. As long as you prefer good profit from bitcoin value, well you can easily exchange your bitcoin to cash money for your daily needs or whatsoever needed to spend for your money. Of course that idea of keeling bitcoins will be the most profitable aspects of an investment for future benefits for you and your family.

Hasbro27

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I am not worried if the government forbids to transact using bitcoin, because the possibility is very small done. The government in my country only states that bitcoin is not a valid tool for tuna, and I keep bitcoin perceptions will continue to grow from year to year

nidacoinlove

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I will not say that it is impossible but the government will never do this as far as I believe. I guess the time for government to ban BTC is over, right now the government's might be thinking of how to legalise bitcoin so that government could get it's share in the bitcoin. Or they might be thinking on to add the bitcoin share in the GDP.
Honestly government has many things to do, they could have ban bitcoin only when it was used for criminal activities.

Gozie51

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It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Topic: Btc and government, what does the future holds? - page 6. (Read 1548 times)