Can bitcoin be frozen? - page 6. | Bitcointalksearch.org

youdacapt

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Quote from: bob123 on February 12, 2017, 08:36:50 AM

Quote from: dreamhouse on January 18, 2017, 09:15:57 PM

Frozen you meant banning? Of course government can ban bitcoin, that the bitcoin can only circulate in underground condition and will be illegal.

To be honestly, i dont think a government can ban (to be more precisely: has the right to ban) a "virtual currency" which isnt even a real currency..
Just because people treat it like a currency it still isn't one.
If a government could ban Bitcoin, they also could ban mathematic equations and hash functions.

But back to topic:
Bitcoins can't be frozen as long as there are enough miners with electricity Roll Eyes

Bitcoin can be frozen if there are too many crime reports of transactions in a country. This is also true if many bitcoin exchange market becomes insolvent, all members can pursue a lawsuit, and government can use financial laws. There is currently no state to do so, governments tend not responsible. But they continued to conduct surveillance.

Miners are not related to frozen, they are same as smartphone operating system developer. government only focuses on model, report, and level of market transactions.

rebel69

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btc is decentralised so im pretty sure its impossiblem, but yea i highly doubt btc is going to end up replacing fiat :/

chickenado

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Quote from: cryptoanalyzer on January 11, 2017, 08:36:56 PM

Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?

I don't know if bitcoin can replace fiat place. Because government not allow bitcoin to become currency, of course they can't get some tax if you use bitcoin instead of Fiats transaction. But if the bitcoin replace fiat, government will step in wiht new ideas that they gain more tax than fiat.

BitcoinGirl.Club

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Quote from: cryptoanalyzer on January 11, 2017, 08:36:56 PM

Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?

If you own the private keys to your wallet the government can't do anything about it but if a third party has control of the keys they just might get your wallet locked which is technically freezing your bitcoins
.

bob123

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Quote from: dreamhouse on January 18, 2017, 09:15:57 PM

Frozen you meant banning? Of course government can ban bitcoin, that the bitcoin can only circulate in underground condition and will be illegal.

To be honestly, i dont think a government can ban (to be more precisely: has the right to ban) a "virtual currency" which isnt even a real currency..
Just because people treat it like a currency it still isn't one.
If a government could ban Bitcoin, they also could ban mathematic equations and hash functions.

But back to topic:
Bitcoins can't be frozen as long as there are enough miners with electricity Roll Eyes

bitllionaire

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Quote from: LoyceV on February 02, 2017, 02:22:05 AM

Freezing Bitcoins requires a hardfork, which will destroy Bitcoin's credibility. Since it's the longest chain that continues, it requires miners' consent, which would destroy the value of their new blocks. So no, it can't be frozen.

But: I've read several times that exchanges and mixers may reject Bitcoins from the Bitfinex hack. This large amount of Bitcoins can be traced back, no matter how often it's moved to different wallets.
If this would happen, the 120,000 Bitcoins can't be spend. In a way, that's the same as being frozen.

i personally have no idea about this that either it is possible trace the lost bitcoins. and when they are distributed in different wallets. but it is possible then surely we are going to lose 120000 bitcoins from the system, i think we need to make the security system more tight so that in future we do not pass from such unexpected and worst situations. and so that to uphold the confidence of the bitcoin users.

mkmdoc

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Government has a right to frozen the bitcoin but block chain technology makes bitcoin still alive. Block chain technology make government to solve their complex problem in to easier, so government are not at all showing any interest to frozen the bitcoin yet.

chickenado

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Quote from: cryptoanalyzer on January 11, 2017, 08:36:56 PM

Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?

Bitcoin can't take Fiat's place, Fiat can buy anything around the world but bitcoin can too but need exchanger to convert it to Fiat. Government can step in accept this coin, but they can't stop this program because they don't have control on this program.

LoyceV

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Freezing Bitcoins requires a hardfork, which will destroy Bitcoin's credibility. Since it's the longest chain that continues, it requires miners' consent, which would destroy the value of their new blocks. So no, it can't be frozen.

But: I've read several times that exchanges and mixers may reject Bitcoins from the Bitfinex hack. This large amount of Bitcoins can be traced back, no matter how often it's moved to different wallets.
If this would happen, the 120,000 Bitcoins can't be spend. In a way, that's the same as being frozen.

Amph

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Quote from: Blitzboy on January 27, 2017, 10:43:09 PM

Quote from: cryptoanalyzer on January 11, 2017, 08:36:56 PM

Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?

It is really hard to stop bitcoin. I mean, it kinda an impossible job since Bitcoin is created based on algorithm and Bitcoin has no connection with the centralized system. In general, you can not control Bitcoin. It is created for the freedom and no government or individual can take over it. Therefore, I doubt that the Government has some solutions for this issue

it can be stopped in one country easily, but it will keep grow in the other, still you can destroy easily any big farm, or seize it, this might put a serious dent on the network and make it vulnarable to attack, which result in destroy the market also

RussiaIsBest

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No never it will not happent Tongue

we dont want that and also bitcoin is created to run away from govrements laws only if it become ilegall but there is ilegall market also for buying bitcoins.

divyam_94

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yes! bitcoin can take fiat's place and the government will involve in this as to stop corruption it is avery drastic step but the government should make some rules & have some obligation on different transaction so that no one bother very much. Also it is a very huge step take by the government as to digitalized the country and increase the country welfare.😊

Blitzboy

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Quote from: cryptoanalyzer on January 11, 2017, 08:36:56 PM

Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?

It is really hard to stop bitcoin. I mean, it kinda an impossible job since Bitcoin is created based on algorithm and Bitcoin has no connection with the centralized system. In general, you can not control Bitcoin. It is created for the freedom and no government or individual can take over it. Therefore, I doubt that the Government has some solutions for this issue

ImHash

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Absolutely, in fact it's very easy to freeze bitcoins or rather burn them to ashes, nuke every single hard drive a full node(core wallet) is running in.
Impossible to do that because they'd to destroy the planet first.
If the core decides to change something in the protocol due to a government's pressure we could easily fork and dump the core wallet.

btcdiggingmaster

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Quote from: dreamhouse on January 18, 2017, 09:15:57 PM

Frozen you meant banning? Of course government can ban bitcoin, that the bitcoin can only circulate in underground condition and will be illegal.

If the government becomes greedy then they will surely ban the bitcoin because bitcoin is not in government control like gold. Bitcoin is completely ruined by the people so without opening any bank we are transferring out bitcoins easily. So there are chances that bitcoin is going to ban by the government.

the rise

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The government could freeze bitcoin, if too many massive crimes that occur, such as the purchase of drugs that can't be controlled anymore, or too many cases of fraudulent use of bitcoin.

Very easy, the government only a block sites like blockchain wallet provider, or all business sites using bitcoin. It doesn't freeze completely, but prevent ordinary people to gain full access in public. As long as the government doesn't prohibit the use of bitcoin (ensnared by the law), we can still access it easily.

Snorek

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Quote from: dreamhouse on January 18, 2017, 09:15:57 PM

Frozen you meant banning? Of course government can ban bitcoin, that the bitcoin can only circulate in underground condition and will be illegal.

But can they prevent people from using Bitcoin network? No. Can they access your software wallet and purge, froze or take your coins? No.

All they can do is ban official satellite bitcoin services from operating. Harming bitcoin network is out of their reach.

Furthermore what will be arguments they use to facilitate ban of BTC? Other than: "it is bad, as we can't control it fully"?

Mr.grin

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I feel it is not possible at this time, but there may be an opportunity for it. bitcoin is always used as a means of transaction, and if bitcoin is used by all people in the world, then most likely, bitcoin fiat can take place in some time. Well, I think the government in one country can stop this, by making it a rule to use bitcoin for obvious reasons.

dreamhouse

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Frozen you meant banning? Of course government can ban bitcoin, that the bitcoin can only circulate in underground condition and will be illegal.

oktana

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Freezing bitcoin by government could happen if majority of exchange market in a country becomes chaotic and uncontrolled inflation, so many are closed abruptly. will be many customers who will report to financial services authority. And that is where the government law will run. But this is very small possibility.

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