Can the government hijack Bitcoin? | Bitcointalksearch.org

Ebede

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Quote from: Masplanc on April 13, 2021, 01:14:05 PM

Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

Bitcoin can not and will never be hijacked by government or its policies because the more they make policies to hinder the growth of crypto is the more relevant they make bitcoin to be,because it becomes scare for its users and those who have it treasure it and even inflate the price and exchange rate in peer to peer thereby making more money from it

sapnu

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It doesn't actually matter if they can or they cannot, what matters is the fact that they will not benefit if they would do so and they may benefit from it if they wouldn't get theirselves involved on it. There are a lot of possibilities that this would happen and for the longest run of bitcoin, we never seen it occur and maybe the reason behind that is because they are secretly storing up some of the country's money on it as they watch it go high and they would sooner collect of the benefits they got which may become detrimental for bitcoin. Even with that threat, we shoud still have faith on bitcoin, it will surely be able to make it through with the help of huge organizations that are currently supporting or planning on supporting it.

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Quote from: 2double0 on April 18, 2021, 03:11:33 PM

Yes they can do it. In fact, there are several countries where the governments have asked their citizens not to mine bitcoins and not even trade in cryptocurrencies, but the governments are plotting solar plants to mine btc because they think that btc can be good for their country's economy. Isn't that a clear hijack?

But even if some governments undertake bitcoin mining on such a large scale and restrict the mining of citizens in their own country, that is still not enough to prove that they can usurp bitcoin too easily, it just proves that they have an advantage when making transactions with bitcoin in the future. And you should know that the rules for bitcoin are just theories that are not too binding, it is almost impossible to prevent people from participating in bitcoin with current access to software, Bitcoin has too many victories and remains free in front of the government

Oasisman

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The OP wasn't so clear with his questions, I hope he'll get back here and clarity his question.
Hijack by common definitions is to take over the control forcefully.
Well, government cannot do that as Bitcoin and blockchain technology has no central authority. The least they can do is to regulate crypto through local exchange.
There has been an attempt to this from several local governments, but it didn't turn so well.

MCobian

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The government could not possibly hijack Bitcoin, and the government has failed several times to kill Bitcoin too. Because Bitcoin is very difficult
to beat, eventually the government let Bitcoin run, but the government was only able to make Bitcoin illegal. But fortunately not all countries hate
Bitcoin, in fact there are some countries that legalize Bitcoin. So I hope all countries can accept Bitcoin, because there is no point in rejecting Bitcoin.
There are countries that reject Bitcoin can lag behind its technological development. Because it is proven that Bitcoin has succeeded in helping
the economy of a country.

bosede1

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It is not possible that the government will be in total control of bitcoin if that is what you meant by hijacking and which government are we talking about, of which country, continent, or place or is it that we are going to have a centralized government in the whole world before this could even come close to happening.

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Yes they can do it. In fact, there are several countries where the governments have asked their citizens not to mine bitcoins and not even trade in cryptocurrencies, but the governments are plotting solar plants to mine btc because they think that btc can be good for their country's economy. Isn't that a clear hijack?

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Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

No, government cannot hijack bitcoin, but they can feel the positive impact of bitcoin. Since the government has no access to control bitcoin in any way, show that the government can only enjoy the benefits attached to bitcoin.

Why not hijack anyway if they can benefit from bitcoin? Government cannot destroy what had bitcoin has reached today even if they are capable of banning or even impose restrictions but users of bitcoin will still find ways to make transactions. The government has got all the chances to benefit from bitcoin like in form of tax which can contribute to more successful government projects but still they see bitcoin in a more negative way.

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I believe that only hackers can steal your Bitcoin, and this is only if there is a leak of secret data. The government cannot act illegally. If Bitcoin is banned in the state or is the subject of legal proceedings or Bitcoin is involved in some kind of legal proceedings, the government can seize or confiscate Bitcoin from the user. But the government will be able to receive this Bitcoin only when the user himself voluntarily provides all the secret keys to these assets.

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Quote from: blckhawk on April 17, 2021, 08:05:58 AM

I think is number one already, anyway if the government can hijack Bitcoin then they've already done it because they won't let any currency runs without them holding it or any control over it.
Government can ban or take charges on some exchanges but it would not enough to manipulate Bitcoin because there are many ways to transact with everyone like peer-to-peer. They can interfere with transactions though but it would take a lot of effort to do so like terminating internet access which is impossible to pull off. Besides, there's been a lot of institutions and countries who already accept it so it would be a huge consequences if they try to hijack it.

That's the key there, "if government could have, they would have already" and people do not realize that unfortunately. Bitcoin could be regulated, there are nations that ban bitcoin all together, but it can't be controlled, it can't be changed, if any nation could have done that, they would have already. You know what is the funny part about it?

If you could technically find a way to take control of all bitcoins, literally every single one, one government having 21 million bitcoins (even though it is impossible) you would still have people dumping bitcoin to government, not caring about it, and start making ethereum the first one, if government gets their hand on ethereum, they would move to bnb, and then to ada, to dot, to xrp, to anything really, the more governments try, the more we will move, there are thousands of crypto, it will never be fully hijacked, no way.

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Quote from: Masplanc on April 13, 2021, 01:14:05 PM

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

Governments cannot "hijack" bitcoins based on authority and regulation. They have standards to regulate people who don't use bitcoins, but "expropriation, confiscation" would never have been if they didn't want a worldwide riot to take place. Bitcoin is not a crime, people have their own freedom. I am sure they understand and seriously think about this aspect.

Princejebs

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Quote from: peterpanda on April 15, 2021, 12:52:52 PM

It is impossible to hijack bitcoin for government but why government will hijack it? Bitcoin isn't centralized coin that government will handle it with sweet well. It is a decentralized crypto currency and not possible to hijack without private information/wallet seed.

There are several reasons why government of her country hijack or seized bitcoin especially from hacks and theft attempt from another persons. These bitcoins are not theirs anyway, so they auction th out to the public and in return, gave it back to economy as tax since the real ownership cannot be trace though, its bad in my opinion.
There are were also some news how government close trading accounts of some users when they find out some illicit transactions. FBI is one of the government agent that loves this kind of jobs.

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Quote from: Masplanc on April 13, 2021, 01:14:05 PM

Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

No, that's kind of the point. It's decentralized, there's no one point where you can control it. The only way to control it is to have a significant majority of the hashpower which at this point would be nearly impossible, or to break the encryption that secures the blockchain, which with the present level of technology is also nearly impossible.

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Quote from: Masplanc on April 13, 2021, 01:14:05 PM

Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

I don't think that someone can just take and steal Bitcoin, especially when the keys to your wallet are only with you. However, depending on what is meant by the word "steal". You can, for example, lure you out, force you to sell your BTC, and then anyone who wants to become a manopist will be able to redeem all BTC. As for the governments, I don't think they are interested in BTC at all, in terms of taking possession of it. BTC is currently out of the system and this prevents it from being used all over the world. But the system itself is now on the edge, which means you just need to wait and see what happens.

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Quote from: Snappycoco on April 15, 2021, 11:28:03 AM

Quote from: Masplanc on April 13, 2021, 01:14:05 PM

Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

Hijack in other words steal? I don't think so. Unless government could access your hard earned private keys then nobody can ever access your cold wallets besides it is a crime. Furthermore, governments would probably be implementing regulations to cryptocurrencies and that would probably be worth something to them.

I really think that what the person that began this thread means is if governments can take control of bitcoin and even if it is unlikely the possibility of that happening is not zero, this is especially true because this market is based on freedom so governments are free to participate in it and try to perform all kind of strategies to take control of the network, they can make thousands of attempts but they have only to succeed once in order to get their goal.

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We never know and we can never predict, ngl. From a simple case scenario, the governments can actually declare dictatorship and we the common people can practically do nothing "physically' but only whine on online platforms. And then they might siege computers, hardwares which are used to mine these currencies and can take as much miner rewards as possible? Who can stop them? World is very dangerous place and scary since it's very unpredictable.

zeuner

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Quote from: Snappycoco on April 15, 2021, 11:28:03 AM

Quote from: Masplanc on April 13, 2021, 01:14:05 PM

Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

Hijack in other words steal? I don't think so. Unless government could access your hard earned private keys then nobody can ever access your cold wallets besides it is a crime. Furthermore, governments would probably be implementing regulations to cryptocurrencies and that would probably be worth something to them.

As of today, there are goverments that strive for access to terminal equipment connected to the internet because they want law enforcement to be able to eavesdrop end-to-end encrypted communication. If society permits this kind of access, then there wouldn't be much to keep them from also using other cryptographic keys stored on the devices, including cryptocurrency private keys.

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Quote from: Masplanc on April 13, 2021, 01:14:05 PM

if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?

I think is number one already, anyway if the government can hijack Bitcoin then they've already done it because they won't let any currency runs without them holding it or any control over it.
Government can ban or take charges on some exchanges but it would not enough to manipulate Bitcoin because there are many ways to transact with everyone like peer-to-peer. They can interfere with transactions though but it would take a lot of effort to do so like terminating internet access which is impossible to pull off. Besides, there's been a lot of institutions and countries who already accept it so it would be a huge consequences if they try to hijack it.

Luqman

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Quote from: Masplanc on April 13, 2021, 01:14:05 PM

can it be hijack by the government?

Which Bitcoin to be hijacked by the government? All Bitcoin? Or all Bitcoin in a country?
If you mean all the Bitcoin in the world, it should be impossible. How can they do it? Huh

Anyway, remember that not all governments hate Bitcoin. Some countries even are friendly with Bitcoin as it has a contribution to improve the economic sector. They mustn't try to hijack Bitcoin because they know it will give a bad impact on Bitcoin.
Also, Bitcoin is a digital asset and decentralized, it will be rather difficult to be hijacked by the government.

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Quote from: mu_enrico on April 13, 2021, 01:58:28 PM

You are not asking a specific question mate, hijack what aspect? How do you know government does not create it in the first place? You can find many scenarios from conspiracy theorist, but they cannot prove it.

Also, don't underestimate the power of a tyrannical government. Let's say Kim Jong-un banned Bitcoin, 99% of North Korean won't be dare to touch it. However, from the technological aspect, it depends on hash power.

I agree, this is all what they can do about it but not like totally hijack bitcoin internally, I meant, to hijack and make it stop working and devalue it, they can not do that because they don't have the power to do so. Even hackers can just steal Bitcoin in an exchange, but they can never play the codes inside Bitcoin to alter it's purpose etc. The Government could do is to only watch it grow and grow until they wanted to invest on it as well like what other countries already did.

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