Can Government Really Ban Crypto? - page 3.

usekevin

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Quote from: Fivestar4everMVP on February 01, 2022, 02:56:43 AM

I personally don't think so, the shot above says it all, Any government banning crypto is like Nokia and Android, if you know the story, then you understand what I mean, but for those who don't know the story, I will Share a little about.

When Android came out and major phone companies like Samsung, Tecko, Infinix etc, started producing Android powered phones, Nokia being one of the biggest(if not actually the biggest) phone company at that time(was even bigger than Samsung) being over confident in herself refused to switch to Android powered phones, instead they opted for windows phones which close to no one uses.

This singular decision did not only cause Nokia to loose its number 1 place in the phone industry, the owner(s) of the company later lost(sold) the company to Microsoft.
And you all can agree with me that Nokia isn't doing well today as they did back in the days.

This same thing will happen to countries that refuse to embrace crypto today.

It's just an myth and can't happened in all the country.In developing country people try to inverse in crypto for the upliftment of their life.The developing country now started to legalized the bitcoin.Even India had started to legalized, the people should inverse their money in India.They have to pay tax of 30 percentage for their crypto investments.Seems it will have positive move towards the price of bitcoin.

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For me, the adoption of cryptocurrency for every country is depends on the government on how they look at crypto. Maybe for now other countries banned crypto on their places but I don't think that it is final and forever. Every year or more, there is a new technology created and because almost all people adopt this new technology, the country will adopt it as well. Also even a country banned crypto, their people always find a way how to use it because they know they can earn to it and it will be a great help for their daily live. We can't deny the fact that through cryptocurrency many people lives has changed and have now a good lifestyle. So I think later on Government will understand how important crypto in the lives of the people.

TelolettOm

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In my opinion, yes Government can ban cryptocurrency, but it will be limited in the country in which the government bans the crypto.
The government is power, they have the official ad full power to decide any laws in the country. And once the government has banned crypto, they may also make some punishment related to people who are still in the crypto actviities.
But once more, they can ban crypto, but they actually cannot limit every single activity done by the citizens. Because sometimes, some citizens still concern with crypto industry, but of course, it will not be released or revelaed. Because if they notify themselves in the crypto activities, they may get some punsihment.
As long as government or other people don't know that we are doing in the crypto world, it may be safe.
But exactly, this ban officially will limit the activities in the cyrpto world.

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Quote from: Cornia on February 02, 2022, 01:08:57 PM

Quote from: Gozie51 on February 01, 2022, 03:10:01 PM

I hope hindering that you mean is giving the adoption a slow pace and that is what I think can happen for those countries banning or making such bars around bitcoin. In real fact it will be difficult for a stop in bitcoin. It has stayed above 10 years despite the challenges and yet it kept moving beating ATH

It is not possible for any government to stop the movement of Bitcoin. For example, the Chinese government banned Bitcoin. But now the government has experimentally allowed bitcoin transactions in some large cities. In this way Bitcoin will only spread day by day, it is not possible to stop it.

"Bitcoin banned" if they want to be effective then they have to turn off the internet, and turning off the internet will never happen again. i saw many countries that declared their country a war against cryptocurrencies and would not admit it but many of their citizens are still able to transact crypto, so they are just saying rubbish.

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Quote from: Zanab247 on February 02, 2022, 09:10:01 AM

No because crypto is a decentralized currency that no government or official have the power to control. The government can ban their citizens not to have access to cryptocurrency within the country because the government is the highest authority in a country.
Those countries that banned crypto some years ago in their country really have some challenges on their economy during the pandemic that took over 1 year and some mother last year. They have learnt lesson from other countries that allow bitcoin in their country so that many unemployment can have some things doing in the community. Those that banned crypto in their country are trying to accept crypto back to reduce high rate of poverty and unemployment in the country.

Talk about the decentralized ones, there are centralized ones that could be banned. Like for example USDT (tether) is centralized, it is VERY centralized and it could be done in a way that is totally bannable. Governments could block all of their accounts, freeze all of their assets and in that case they won't be able to pay you and that USDT would be gone. That is the situation would be causing the collapse of it and it would technically be banned and gone. XRP for example is the coin of a company, that company could be gone, owners jailed basically, and every asset would be frozen, could coin go on without it? Sure technically it could, but we all know it won't.

So, we are talking about centralized projects everywhere around the crypto world and it could be banned that way. Bitcoin is not like that, but not every coin is like bitcoin neither.

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Quote from: Gozie51 on February 01, 2022, 03:10:01 PM

I hope hindering that you mean is giving the adoption a slow pace and that is what I think can happen for those countries banning or making such bars around bitcoin. In real fact it will be difficult for a stop in bitcoin. It has stayed above 10 years despite the challenges and yet it kept moving beating ATH

It is not possible for any government to stop the movement of Bitcoin. For example, the Chinese government banned Bitcoin. But now the government has experimentally allowed bitcoin transactions in some large cities. In this way Bitcoin will only spread day by day, it is not possible to stop it.

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Quote from: lalabotax on February 02, 2022, 10:02:54 AM

Quote from: Zanab247 on February 02, 2022, 09:10:01 AM

No because crypto is a decentralized currency that no government or official have the power to control.

The government may have no ability to control crypto but they can stop all activities related to crypto in their country. Stopping all crypto activities can bring big influence, people are worried to have crypto coins because they are afraid of the future. We also can see the bad impacts on crypto market, usually most crypto coins can free fall once we have an issue about crypto ban in a country. So, the government has the power to affect crypto world.

The government is unlikely to be able to stop all cryptocurrency activity in the country, but it is quite capable of suspending the legal circulation of cryptocurrency. The government cannot control the circulation of cryptocurrency between citizens, therefore, settlements in cryptocurrency between citizens are quite possible even with its complete strict prohibition. Of course, the prohibition of cryptocurrencies in China and the possibility of such a ban in Russia was the main factor in the current fall of the cryptocurrency market, so the influence of the government on the cryptocurrency market is still huge.

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Crypto experts say that there is no way to completely ban or stop cryptocurrencies including the government, and the government can only prohibit or restrict the trading, mining of cryptocurrencies and their use as a means of exchange or payment.
using cryptocurrency does not violate human rights and there are good benefits for those who use it, and banning cryptocurrency is the same as banning the internet which is impossible because the internet has a very big influence in the country even in this world.

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Quote from: Fivestar4everMVP on February 01, 2022, 02:56:43 AM

I personally don't think so, the shot above says it all, Any government banning crypto is like Nokia and Android, if you know the story, then you understand what I mean, but for those who don't know the story, I will Share a little about.

This same thing will happen to countries that refuse to embrace crypto today.
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Such an interesting story you got there if we apply the story on the current situation. Almost all countries right now are like nokia that still uses an old operating system and only few countries like El Salvador are like alcatel because they are the first to adopt crypto. For those who did not know alcatel was the first mobile phone manufacturer that adopts android OS and later on followed by Samsung, vivo, oppo and others. If we can see, many mobile phone manufacturer follows the step done by alcatel because they also saw the potential of android OS.

We can expect the same thing on countries that have not adopted cryptos yet.

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Quote from: Zanab247 on February 02, 2022, 09:10:01 AM

No because crypto is a decentralized currency that no government or official have the power to control.

The government may have no ability to control crypto but they can stop all activities related to crypto in their country. Stopping all crypto activities can bring big influence, people are worried to have crypto coins because they are afraid of the future. We also can see the bad impacts on crypto market, usually most crypto coins can free fall once we have an issue about crypto ban in a country. So, the government has the power to affect crypto world.

Zanab247

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No because crypto is a decentralized currency that no government or official have the power to control. The government can ban their citizens not to have access to cryptocurrency within the country because the government is the highest authority in a country.
Those countries that banned crypto some years ago in their country really have some challenges on their economy during the pandemic that took over 1 year and some mother last year. They have learnt lesson from other countries that allow bitcoin in their country so that many unemployment can have some things doing in the community. Those that banned crypto in their country are trying to accept crypto back to reduce high rate of poverty and unemployment in the country.

Leviathan.007

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Quote from: Fivestar4everMVP on February 01, 2022, 02:56:43 AM

I personally don't think so, the shot above says it all, Any government banning crypto is like Nokia and Android, if you know the story, then you understand what I mean, but for those who don't know the story, I will Share a little about.

You are can kinda right and by saying a government cannot actually ban bitcoin I agree with you because even if they can completely suspend cryptocurrencies in their countries which is impossible to better the progress of cryptocurrencies cannot be stopped yet because the world of cryptocurrencies is evolving everyday and cannot be stopped only by one single government also this would try much hard to control everyone their country can make them stop using cryptocurrencies.

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Quote from: TheEconomists on February 01, 2022, 04:11:23 PM

If government want be serious about banning Bitcoin it can do that it will all successful as they have all it take within their power to do so. And the issue of banning Bitcoin cannot in any way be related to that Nokia and the rest of them that you have mentioned.

1. Government don't really have that power except all the governments in the entire world come together as one, which I don't think is possible, think of it like as a broom, you can easily break a single stick of broom, but when they gather together to become a bunch of broom, you can't break it, so it is with our governments today, if they can gather themselves together in one page and fight against crypto, then they have a small chance of winning, but as long as they continue to stand as each man for himself, they will never be able to ban crypto.

2. Learn to read to understand and not just to read for reading sake, I didn't mention anywhere that the Nokia story I shared is related to crypto in anyway, the story was only an illustration, it's like a proverb, something to think deep of and learn from, a government banning crypto is shooting itself on its foot, just like Nokia refused to embrace technology and technology left it behind.

And besides, the Nokia story isn't the full story, I just cut the whole story short in order not to waste your(the reader) time reading.

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Quote from: Zlantann on February 01, 2022, 10:56:50 PM

Yes government can ban cypto. Some nations have complained that it can be used easily to perpetuate fraudulent activities. But banning crpto have many consequence. Some of these effects are:
1) It can scare away investors from that country.
2) It can even lead to more fraud because citizens will always look for ways to bypass government's restrictions illegally.
3) Since government is not involved, it might became difficult to track fraudulent transactions.
4) It would lead to brain drain and immigration. Most crypto specialist from that country would became dormant and some might immigrate to crypto friendly countries.
So, what's the need banning it? Government should regulate it.

Indeed. Instead of banning crypto, the government can regulate it, which can benefit them. They can control the flow of crypto in their country and get more taxes from crypto since crypto can be a big source that will contribute to taxes.

Once the government bans crypto, they will face more cases for the illegal as people who already benefit from crypto will want to continue using crypto secretly and will figure out the way to use it. The government can lose the chance to get more taxes if they ban crypto as when we realize the money from crypto is about a lot of money.

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Yes government can ban cypto. Some nations have complained that it can be used easily to perpetuate fraudulent activities. But banning crpto have many consequence. Some of these effects are:
1) It can scare away investors from that country.
2) It can even lead to more fraud because citizens will always look for ways to bypass government's restrictions illegally.
3) Since government is not involved, it might became difficult to track fraudulent transactions.
4) It would lead to brain drain and immigration. Most crypto specialist from that country would became dormant and some might immigrate to crypto friendly countries.
So, what's the need banning it? Government should regulate it.

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Quote from: Smitty Werben Man Jensen on February 01, 2022, 05:17:27 PM

Quote from: Cornia on February 01, 2022, 02:16:59 PM

I think the government can't ban crypto. Because there are many countries where the government has banned cryptocurrency but thousands of people are using crypto. Government can only hinder its spread.

What the government does is like a futile thing because basically many people can still use crypto,
maybe what is meant is that the government has not legalized crypto as a transaction tool and I think it doesn't matter as long as it's not banned as an asset or investment

It's true that there are countries that prohibit crypto just doing useless things, because a lot of evidence shows that there are still many people
living in countries that ban crypto, but can still use crypto. Any country that prohibits crypto will harm their own residents, so increasingly left behind
by other countries that legalize crypto. If government are still unsure about crypto, the government should be neutral by only prohibiting using
crypto as a means of payment, but legalize crypto as a digital asset. The government must make decisions that benefit the population, and
by not banning the use of cryptocurrencies, the government does not only provide benefits to its citizens. However, providing benefits to their
own country, because if the population of the economy increases because many get profit from crypto, indirectly the country's economy also increases.

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Quote from: coupable on February 01, 2022, 05:05:39 PM

Quote from: Silberman on February 01, 2022, 04:14:21 PM

I think we all get what you are trying to say but your analogy is not perfect, the main difference between the example you give and governments is the ability to make laws and enforce them, we know what happens when people live in a police state and a government determined to ban bitcoin could use those measures in order to do so, now can they ban bitcoin completely under those circumstances? No, but they can make life miserable for those that adopted bitcoin.

It's because of the nature of bitcoin itself. A decentralized product with no powerful entity controlling it ; this will surely make difficult (not impossible) for governments to control its use.
However, by the development by the tools for blockchain analysis, it becomes a little bit easier but this doesn't include other altcoins with different characteristics.

I like the photo of the OP, banning crypto is like bombarding itself. Grin

But yes, with the decentralized nature of btc and other alts, the government can't have full control even if we say they totally ban it because there are other options how to go around such ban. Since it is like a futile move, what the government can do is just create the regulation laws and get taxes from crypto businesses. They may not get the full transactions of their people but at least they are getting something from its existence. Better than letting this market operate underground without getting anything.

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Quote from: Cornia on February 01, 2022, 02:16:59 PM

I think the government can't ban crypto. Because there are many countries where the government has banned cryptocurrency but thousands of people are using crypto. Government can only hinder its spread.

What the government does is like a futile thing because basically many people can still use crypto,
maybe what is meant is that the government has not legalized crypto as a transaction tool and I think it doesn't matter as long as it's not banned as an asset or investment

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Quote from: Silberman on February 01, 2022, 04:14:21 PM

I think we all get what you are trying to say but your analogy is not perfect, the main difference between the example you give and governments is the ability to make laws and enforce them, we know what happens when people live in a police state and a government determined to ban bitcoin could use those measures in order to do so, now can they ban bitcoin completely under those circumstances? No, but they can make life miserable for those that adopted bitcoin.

It's because of the nature of bitcoin itself. A decentralized product with no powerful entity controlling it ; this will surely make difficult (not impossible) for governments to control its use.
However, by the development by the tools for blockchain analysis, it becomes a little bit easier but this doesn't include other altcoins with different characteristics.

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The government can only ban something that they can control. The last time crypto decentralization and autonomous in nature of crypto won't allow the government to control crypto or ban crypto. However, they seem to know cryptocurrency is inevitable ever since the IMF boss advised them to think about creating their own CDBC.
Just how Nokia missed the diamond chance presented by Android (According to the OP example).

Topic: Can Government Really Ban Crypto? - page 3. (Read 624 times)