Could the Federal Reserve kill Bitcoin?

Kyraishi

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Quote from: PointHope on September 23, 2017, 02:53:49 AM

My only big worry about bitcoin:

The Federal Reserve; the people who own the US government(and the mightiest military), have much to loose when bitcoin goes global mainstream.
We are starting to see some possible tactics with recent statements by fraudster fed associate Jamie Dimon.

Asside from turning off the internet what else are these thieving pricks likely to do?

Don't worry. The government cannot shut down bitcoin the same way they shut down LibertyReserve because in order to do that they would have to shut down the entire internet, and that is impossible and unfeasible for the government.

Of course they could technically make bitcoin illegal in the country, or make bitcoin exchanges/trading illegal.

But then, who would comply? There is really very little way they're going to find out, especially if you are trading irl, p2p style.

Juggy777

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Quote from: PointHope on September 23, 2017, 02:53:49 AM

My only big worry about bitcoin:

The Federal Reserve; the people who own the US government(and the mightiest military), have much to loose when bitcoin goes global mainstream.
We are starting to see some possible tactics with recent statements by fraudster fed associate Jamie Dimon.

Asside from turning off the internet what else are these thieving pricks likely to do?

I don't think the Fed is considering Bitcoin as a threat, if it would Bitcoin would have been banned long time a ago, and if the US Federal bank were to ban it, would cause lot of pain to Japan and South Korea it allies that use Bitcoin as revenues. I feel post trump Bitcoin is finding favors in the Fed and maybe that's why that Jamie is running scared. They can't kill Bitcoin, it's cannot be destroyed, however they may consider to regulate it, as many countries are planning to do so.

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Quote from: pawanjain on September 25, 2017, 04:52:29 AM

Quote from: DoublerHunter on September 25, 2017, 03:57:37 AM

They can kill bitcoin if they will ask the governments in different parts of the world to completely ban bitcoin because if they will ban bitcoin then it will become impossible for bitcoin to receive demands and also get transactions from people and since demand is one of the major foundation of the life of bitcoin so it is easy for bitcoin to die.

Exactly !! One could not just kill bitcoin. Since bitcoin is not backed by any government or an individual it is very tough for anybody to completely disable bitcoin transactions. Unless every government bans bitcoin completely , it is not possible for anybody to kill bitcoin. I don't find any reason for the federal reserve to kill bitcoin because they are the one's who are making profit in some way since we need fiat to convert it into bitcoin.
So bitcoin will be there, now and forever.

Maybe they don't really see bitcoin as a threat but a helping hand when they surely need it, or they are the one that taking credit in bitcoin technology that is why they don't interfere with certain bitcoin relative topic, well I think some of them, well like you have said they can't do something about bitcoin because maybe some of them are earning with it.

jorneyflair

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Quote from: PointHope on September 23, 2017, 02:53:49 AM

My only big worry about bitcoin:

The Federal Reserve; the people who own the US government(and the mightiest military), have much to loose when bitcoin goes global mainstream.
We are starting to see some possible tactics with recent statements by fraudster fed associate Jamie Dimon.

Asside from turning off the internet what else are these thieving pricks likely to do?

They have vested interest in seeing bitcoin fail.

Therefore they are going to attempt to do whatever they can to halt people from getting into bitcoin. If they were desperate then they could definitely terminate all bitcoin exchanges just like the Chinese government did. However, they can't do the same to bitcoin itself because it is indeed decentralized.

They could shut down bitcoin related businesses as well. But as i said, no way of 'shutting down' bitcoin itself, so there is no way the Fed can kill bitcoin entirely.

timerland

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Quote from: PointHope on September 23, 2017, 02:53:49 AM

My only big worry about bitcoin:

The Federal Reserve; the people who own the US government(and the mightiest military), have much to loose when bitcoin goes global mainstream.
We are starting to see some possible tactics with recent statements by fraudster fed associate Jamie Dimon.

Asside from turning off the internet what else are these thieving pricks likely to do?

There isn't a whole lot that they can do against bitcoin.

As bitcoin is a decentralized ledger there is no point of failure that they can attack. As you said unless they shut down the internet there is really no way of getting every single node to stop operating on the bitcoin network.

They absolutely hate bitcoin though and are going to come up with measures to slow or attempt to stop its growth. For instance, shutting down all bitcoin exchanges could be possible. But then, trading could simply move to localbitcoins or other p2p trading sites.

VanDeinsberg12

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They likely could, don't know how much exactly the federal reserve's power could extend around the world but if they just could affect this world and making governments forcefully restrict the usage of bitcoin or forbid it, then bitcoin would be doomed.
many people thinks that bitcoin will never could be defeated by any instituion or government but they might be wrong.

dreamer81

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Yes they could indeed. Any country could kill bitcoin. It would just be too expensive to justify the result. It's very easy to buy 51% of the network mining power, if you have trillions, and the FED does that. But they still think bitcoin is a gimmick, so they wont spend money on it (yet)

pawanjain

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Quote from: DoublerHunter on September 25, 2017, 03:57:37 AM

They can kill bitcoin if they will ask the governments in different parts of the world to completely ban bitcoin because if they will ban bitcoin then it will become impossible for bitcoin to receive demands and also get transactions from people and since demand is one of the major foundation of the life of bitcoin so it is easy for bitcoin to die.

Exactly !! One could not just kill bitcoin. Since bitcoin is not backed by any government or an individual it is very tough for anybody to completely disable bitcoin transactions. Unless every government bans bitcoin completely , it is not possible for anybody to kill bitcoin. I don't find any reason for the federal reserve to kill bitcoin because they are the one's who are making profit in some way since we need fiat to convert it into bitcoin.
So bitcoin will be there, now and forever.

nappoleon

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They might kill bitcoin but the idea is already out there. They can't kill an idea. If they shutdown the internet, a new one will always emerge and always find a way, as market dictates. Take meshnet for example.

DoublerHunter

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They can kill bitcoin if they will ask the governments in different parts of the world to completely ban bitcoin because if they will ban bitcoin then it will become impossible for bitcoin to receive demands and also get transactions from people and since demand is one of the major foundation of the life of bitcoin so it is easy for bitcoin to die.

ivrynx

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Federal reserve is not in the us constitution, it is a private bank, i think we should need to go back into our history lessons. The federal bank is also run by bankers, if i am not mistaken the rothschilds also holds the federal bank, and as we all know, thr rothschilds already bought their shares of bitcoins, why would they want to destroy something that they had already invested on. As of now, we are not hearing from the federal bank, probably because its owners are also investing in bitcoin, the federal bank may just continue on printing out money, and we may never hear from them, unlike other countries, their banks are in their constitution to print money, and that is the government's bank, so whatever they say will have an impact, just like what jpmorgan did, whatever they say will have an impact since they once paid the national debt of the us, in order to save it from poverty, the federal reserve has nothing to with it, but in any case the federal reserve made a statement, it will only be wise to watch and listen what will happen next, but one thing is for sure, it cannot kill bitcoin, what they can do is just bad mouth bitcoin.

PointHope

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Quote from: LeGaulois on September 24, 2017, 07:07:34 AM

Quote from: TheQuin on September 24, 2017, 01:50:45 AM

The Federal Reserve really are not concerned about Bitcoin yet. They still see it as too insignificant to be any threat to them. If they ever do become concerned it will be far too late at that stage for them to do anything about it.

Not so much insignificant since the FED sent a warning about digital currencies, not long ago. Some of its arguments were about security and privacy issues (https://www.federalreserve.gov/newsevents/speech/powell20170303a.htm).
If they were not concerned you couldn' see laws, regulations, etc about bitcoin exchanges, ICO etc. They wouldn' not even publish a 39 pages PDF about Bicoin

Very interesting article, and all the other comments good food for thought.

Bitcoin, and the other main crypo do seem to be the vehicles whicn will usher in this evolution of blockchain.
So yea it does seem unlikely the FED would cut the feet off of the vehicle of the future of commerce and currencies.

Cheers

Wind_FURY

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Quote from: PointHope on September 23, 2017, 02:53:49 AM

My only big worry about bitcoin:

The Federal Reserve; the people who own the US government(and the mightiest military), have much to loose when bitcoin goes global mainstream.
We are starting to see some possible tactics with recent statements by fraudster fed associate Jamie Dimon.

Asside from turning off the internet what else are these thieving pricks likely to do?

They have to take down each node around the world, which is impossible to do. Decentralized "financial" systems like Bitcoin are going to be hard to stop as long as there are a good number of users supporting it. When I say support I mean node maintainers who do it without any expectations of payment for their service on the network.

LeGaulois

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Quote from: TheQuin on September 24, 2017, 01:50:45 AM

The Federal Reserve really are not concerned about Bitcoin yet. They still see it as too insignificant to be any threat to them. If they ever do become concerned it will be far too late at that stage for them to do anything about it.

Not so much insignificant since the FED sent a warning about digital currencies, not long ago. Some of its arguments were about security and privacy issues (https://www.federalreserve.gov/newsevents/speech/powell20170303a.htm).
If they were not concerned you couldn' see laws, regulations, etc about bitcoin exchanges, ICO etc. They wouldn' not even publish a 39 pages PDF about Bicoin

bajing

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I'm sure, (the Federal Reserve; the people who own the US government) no have problem with bitcoin may be one of their members any using bitcoin. we never know about it, the only thing that can ban or kill bitcoin is the American government.

countryfree

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The Federal Reserve cannot do anything to BTC.
Only the US government can hurt BTC by regulating exchanges, and forcing US taxpayers to declare all their cryptocurrencies holdings.

Risktaker31

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We all know what bitcoin can do thats why may people is interested on it. I think federal reserve can kill bitcoin if it want too but they will need alot of law just to stop bitcoin because bitcoins industry is big now.

exstasie

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Quote from: PointHope on September 23, 2017, 02:53:49 AM

My only big worry about bitcoin:

The Federal Reserve; the people who own the US government(and the mightiest military), have much to loose when bitcoin goes global mainstream.
We are starting to see some possible tactics with recent statements by fraudster fed associate Jamie Dimon.

Aside from turning off the internet what else are these thieving pricks likely to do?

Nobody, including the Federal Reserve, can kill Bitcoin. Sure, the powers that be could shut down exchanges and ban possession of cryptocurrencies. They could actively ban the P2P network and crack down on VPN/TOR servers. They could even snip some wires and take down internet infrastructure.

But at the end of the day, different governments are competing with one another. There are upsides to Bitcoin: a new asset class (to pump up with printed money), lots of taxable revenue once it's regulated, and the ledger is even transparent and traceable. Some governments will embrace it, even if others try to prohibit it. Where it's prohibited, there will be a black market. Under these conditions, Bitcoin could still thrive.

wildet60

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Printing US dollar buying bitcoin and reserving as much as they can.

But then another altcoin will take bitcoin's place. The cycle will continue. Feds can try but I don't think they can.

Marileno

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The more popular BTC gets, the more incentive the fed will have to act. I have no doubt this will eventually happen and jamie Dimon agrees with me

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