Cryptocurrency is a Threat and BTC leads

RioBlemz

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Quote from: Blitzboy on October 22, 2023, 06:33:27 AM

Quote from: Japinat on October 20, 2023, 05:45:56 PM

Quote from: The Cryptovator on October 18, 2023, 04:16:36 PM

Most governments don't support Bitcoin since they don't want to lose the power to control the financial ecosystem. And the majority of the country's leaders don't actually understand Bitcoin. So they directly ban crypto. A government won't allow them to rule their financial system through Bitcoin since they can't control it due to decentralisation. They consider Bitcoin their fiat's enemy. But it won't prevent us from using Bitcoin. We don't need government help to accumulate and hold Bitcoin. It's called financial freedom, and it goes against government policy. The government never wants to give us financial freedom.

They refuse to understand bitcoin because they don't want to. That is the reality. They never see bitcoin as a real currency but they prefer to believe the wrong assumption that bitcoin is designed to back up the fraudsters and scammers, the reason why they need to protect their citizens from using it. But we all know that is not the main reason why they are against bitcoin. The reality is they were triggered by the potentials of bitcoin because they know for sure that once bitcoin will continue to exist and might promote adoption, their fiat currency will lost its power and when that happens, its value will certainly depreciate in value when no longer in use.

Its clearly an indication that the government do not want any asset that they cannot be controlled. And if bitcoin will never be centralized, then they will never come to control it and monitor all its transactions. If they can't benefit it, then they should put an end to it and banning could only be their best option.

All about control, right? Bitcoin's transformational power is overlooked by many because they're purposefully blind. Preconceived assumptions prevent them from seeing decentralized currency's revolutionary potential. And why? Due to threat. Bitcoin defies fiat currency domination. Its obvious that worries powerful people.

When power dynamics are threatened, leaders frequently dread. This goes beyond not understanding bitcoin to not wanting to. Bitcoin's power and decentralization threaten fiat currencies' dominance. Their objectives are so obvious when you delve deep. They prefer throwing away the whole pie if they cant take a slice. Its classic fear of the unknown and control obsession

When citizen decides to take their own fate by their hands I don't know why the elites are afraid. Bit coin gives the opportunity to the citizen to determine the trajectory of his/her own finance without super interference. Well I think people always try to keep others in check so that they may not rise to a height that they assumes too many power. Mind you Finance is power.

Blitzboy

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Quote from: Japinat on October 20, 2023, 05:45:56 PM

Quote from: The Cryptovator on October 18, 2023, 04:16:36 PM

Most governments don't support Bitcoin since they don't want to lose the power to control the financial ecosystem. And the majority of the country's leaders don't actually understand Bitcoin. So they directly ban crypto. A government won't allow them to rule their financial system through Bitcoin since they can't control it due to decentralisation. They consider Bitcoin their fiat's enemy. But it won't prevent us from using Bitcoin. We don't need government help to accumulate and hold Bitcoin. It's called financial freedom, and it goes against government policy. The government never wants to give us financial freedom.

They refuse to understand bitcoin because they don't want to. That is the reality. They never see bitcoin as a real currency but they prefer to believe the wrong assumption that bitcoin is designed to back up the fraudsters and scammers, the reason why they need to protect their citizens from using it. But we all know that is not the main reason why they are against bitcoin. The reality is they were triggered by the potentials of bitcoin because they know for sure that once bitcoin will continue to exist and might promote adoption, their fiat currency will lost its power and when that happens, its value will certainly depreciate in value when no longer in use.

Its clearly an indication that the government do not want any asset that they cannot be controlled. And if bitcoin will never be centralized, then they will never come to control it and monitor all its transactions. If they can't benefit it, then they should put an end to it and banning could only be their best option.

All about control, right? Bitcoin's transformational power is overlooked by many because they're purposefully blind. Preconceived assumptions prevent them from seeing decentralized currency's revolutionary potential. And why? Due to threat. Bitcoin defies fiat currency domination. Its obvious that worries powerful people.

When power dynamics are threatened, leaders frequently dread. This goes beyond not understanding bitcoin to not wanting to. Bitcoin's power and decentralization threaten fiat currencies' dominance. Their objectives are so obvious when you delve deep. They prefer throwing away the whole pie if they cant take a slice. Its classic fear of the unknown and control obsession

Cryptomultiplier

full member

Activity: 770

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Eloncoin.org - Mars, here we come!

I have always considered or imagined that for these countries where crypto currency is banned, the users who know its worth and can invest in it, should be meant to live in their own community. It should bear a semblance to China Town in New York or any where in the world where the Chinese are being recognized.

The government no matter how much it may try, will only do much to restrict its use or users, but with the way the future of tech, that's in regards to AI innovation and the web3 that has been developed on the Blockchain technology, it is only a matter of time before crypto enthusiasts and investors are allowed to enjoy the decentralized money, because like it or not, crypto transactions can be tracked and monitored these days under the watchful eyes of the SEC regulatory agencies.

BTC sure leads as the most trusted coin till date and may not be as much a threat to fiat no matter how much it cost currently or how many users have adopted it for use or investment purposes.
When an idea reeks of excellence, a time will come for it to claim dominance and then the issue of supply and demand will tremendously increase.

Japinat

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Quote from: The Cryptovator on October 18, 2023, 04:16:36 PM

Most governments don't support Bitcoin since they don't want to lose the power to control the financial ecosystem. And the majority of the country's leaders don't actually understand Bitcoin. So they directly ban crypto. A government won't allow them to rule their financial system through Bitcoin since they can't control it due to decentralisation. They consider Bitcoin their fiat's enemy. But it won't prevent us from using Bitcoin. We don't need government help to accumulate and hold Bitcoin. It's called financial freedom, and it goes against government policy. The government never wants to give us financial freedom.

They refuse to understand bitcoin because they don't want to. That is the reality. They never see bitcoin as a real currency but they prefer to believe the wrong assumption that bitcoin is designed to back up the fraudsters and scammers, the reason why they need to protect their citizens from using it. But we all know that is not the main reason why they are against bitcoin. The reality is they were triggered by the potentials of bitcoin because they know for sure that once bitcoin will continue to exist and might promote adoption, their fiat currency will lost its power and when that happens, its value will certainly depreciate in value when no longer in use.

Its clearly an indication that the government do not want any asset that they cannot be controlled. And if bitcoin will never be centralized, then they will never come to control it and monitor all its transactions. If they can't benefit it, then they should put an end to it and banning could only be their best option.

gunhell16

sr. member

Activity: 1666

Merit: 453

In my opinion they are doing that so they can push what they really want, and their reason for saying this is to teach people that we need cbdc or it will be the only key to help us, and of course when it happens they will have control over everything that buys or uses money under cbdc.

Right now, because they can't do 100% of what they want because Bitcoin or cryptocurrency is alive and well among people all over the world, it's actually in the early age of Bitcoin or cryptocurrency right now and because of decentralization they can't control them.

el kaka22

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"Left" as in china? Russia? Bangladesh??? These are not leftist, where did you learn that dictatorships are leftist? The whole point of socialism and leftist political behavior is to give the power to people, equality, if there is a dude at the top that makes you do whatever he wants, how could you consider that equality? Just because they call themselves left, you believe them? By that logic I would say North Korea calls themselves fair and USA bad too, so we should believe what they say too? That makes no sense.

In any case, I do not think that bitcoin is banned in any of the free nations, and you could just keep on using it the way you want to use it, I am free to buy and sell and use it however I want for example and I am quite happy about it. There is no need for my government to try to save me, it is not going to end up with anything good and we should try to avoid angering our governments with bitcoin by doing anything silly with it in our nation.

wallet4bitcoin

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I don't think it is a threat but a strong influence over the global finance. Bitcoin, being the flagship of the technology has always taken the lead in the market capitalization of the crypto space therefore its taking the lead. Its most adopted and also most secure, in terms of security.

Bitcoin has left the global financial systems asking questions and looking out for ways to even emulate but still with control measure (CBDC) but it's still not enough competition.

goxcraft

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Activity: 583

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Quote from: Z-tight on October 20, 2023, 09:44:55 AM

Quote from: goxcraft on October 20, 2023, 08:48:12 AM

Fiat or crypto, they are all the same. The only only difference is fiat can be controlled or manipulate by the government and crypto can't be. Meaning it is decentralized. My perspective is crypto won't destroy fiat. Crypto is only a upgraded form of traditional currency system.

This is not true, it is important to note that crypto refers to both Altcoins and BTC, and there are a lot of centralized altcoins that can be controlled and manipulated by their owners and the government too, these coins have a single point of failure and they are not decentralized. If you meant BTC only, then it is truly decentralized and doesn't have a single point of failure.

When I said crypto, I was referring to BTC. Although altcoins are also part of crypto, they don't hold as much potential as BTC. Not saying they are totally useless; they can be useful, but only for a short period of time. It's my personal opinion. On the other hand, I consider BTC as the one true coin. That's what I meant.

Z-tight

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Only BTC

Quote from: goxcraft on October 20, 2023, 08:48:12 AM

Fiat or crypto, they are all the same. The only only difference is fiat can be controlled or manipulate by the government and crypto can't be. Meaning it is decentralized. My perspective is crypto won't destroy fiat. Crypto is only a upgraded form of traditional currency system.

This is not true, it is important to note that crypto refers to both Altcoins and BTC, and there are a lot of centralized altcoins that can be controlled and manipulated by their owners and the government too, these coins have a single point of failure and they are not decentralized. If you meant BTC only, then it is truly decentralized and doesn't have a single point of failure.

Poker Player

legendary

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Quote from: RioBlemz on October 18, 2023, 02:59:59 PM

In-fact, Bit Coin is highly restricted if not ban in Russia, China, Algeria, Bolivia, Nigeria, Bangladesh and many countries that are left wing.

You've made such a potpourri of these countries that to consider them all left-wing is too simplistic. But well, seeing in that mix countries that still retain characteristics of communism of the twentieth century, others that would be left-wing and others that I am not clear, it is more logical for a left-wing government to put barriers to bitcoin than a right-wing one.

It is also too simplistic to lump Bitcoin and cryptocurrencies together, as you have already been told.

In the end, what happens is that governments implement regulations on Bitcoin claiming it is to protect their citizens when it is mostly to defend their interests.

goxcraft

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Activity: 583

Merit: 271

Fiat or crypto, they are all the same. The only only difference is fiat can be controlled or manipulate by the government and crypto can't be. Meaning it is decentralized. My perspective is crypto won't destroy fiat. Crypto is only a upgraded form of traditional currency system. Another thing you mentioned, crypto is harming fiat, making government go bancropt, which I think is wrong. Thousands of people uses crypto everyday. It is not only helping to provide for his family but also making the economy strong. People daily covert crypto to fiat to cash out their money and spend accordingly. And bonds are not the only way for the government to generate income. You should know that well.

Give me one country where the government went bancropt because of crypto. I don't know if there are any. If the government is corrupted, the country go bancrupt anyway. You won't have to involve fiat or crypto in this.

bitzizzix

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Activity: 2366

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Maybe the right reason why the government considers cryptocurrency a threat is because if many people use cryptocurrency or Bitcoin, then the government cannot control the movement of crypto or Bitcoin and also cannot be regulated by them.
And perhaps banks are at the forefront of rejecting cryptocurrencies, and I don't believe that governments, banks, or other parties don't understand Bitcoin and its developments, especially blockchain technology. But I am very sure, sooner or later they will use blockchain in their banking system and it is only a matter of time.

Helena Yu

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Using Bitcoin isn't make you to stay private, if you're using Bitcoin to pay everything, the government notice it and they will try to regulate Bitcoin. So if you think Bitcoin can ruin fiat and banks, I don't think it's possible since the government will take any action when they don't get a lot money.

We as an individuals might able to use Bitcoin to pay everything (as long as the seller accept it) but it a minority, not vast majority.

Z-tight

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Only BTC

Quote from: RioBlemz on October 18, 2023, 02:59:59 PM

My question is are they trying to protect their citizens or what?

Centralized exchanges, lending and earning platforms and shitcoins have screwed up a lot of people, either through fractional reserve scam, unrealistic APY and scam coins or those that have no usefulness at all. So if the government is trying to regulate services like these and protect their citizens from them, it is worth doing. Anyway, BTC is different from all of these, it is decentralized and censorship resistant, so it gives you self custody of your funds and you would only screw up if you don't know what you are doing.

Quote

Hypothetically speaking, if every citizen in a country no longer use fiat or paper currency and they only use cryptocurrency then government can’t raise money by issue bonds and changing interest rate. What will happen is that government will go bankrupt.

This cannot happen in the first place, as long as there is a government in control, fiat money would still be in use. Take note that BTC is not going to replace fiat, and it was not created for that. It is worth mentioning that cryptocurrencies stands for both BTC and Altcoins, and too many altcoins are useless, so next time it is good to specify if you are talking about BTC or the many scam alts in the market.

vv181

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Uncontrollable third-party transaction mechanisms or even a currency surely twist out what governments could do to control their economy. A country is still able to control its fiscal policy, but not so much when it comes to cryptocurrency.

I do agree with your analysis. If it gains enormous and widespread adoption certainly governments would feel their sovereignty threatened. Cryptocurrency, especially Bitcoin is beyond their control, so the least they can do is to enforce the policy to limit or monitor the usage. Some countries affirm Bitcoin as a commodity, some restrict it for payment mechanisms. That is their defense mechanism, to prevent further obstruction of what cryptocurrency can do.

Yamane_Keto

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Cryptocurrencies have not reached the extent of being competitive with paper money and the economies of countries. All fears come from investors losing their money due to the bankruptcy of platforms or purchasing altcoins of low value, and from here some countries are tightening regulatory restrictions.
Imposing taxes is beneficial to governments, not individuals, and regulatory cover will not benefit you except that your money will be more money in platforms after they are licensed, but in any case, withdraw your profits from exchanges as soon as they occur.

Fuso.hp

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The government has several things to think about, they don't encourage people to use bitcoin because if people start using bitcoin then the use of paper money in a particular country will decrease and very few people will deposit money in the bank. People not keeping money in banks means that economic control is largely out of government's reach. As a result of depositing money in the bank, the bank lends that money in various ways and as a result of the loan, the banks receive interest at a fixed rate. But it doesn't matter whether the government approves Bitcoin or not because Bitcoin will become one of the most popular currencies at some point.

kryptqnick

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The op says that the EU believe that cryptos have no intrinsic value, but there are, unfortunately, no links in the post to back that up. I've tried searching for it myself, but did not find relevant examples coming from the EU authorities.
That being said, it's normal to believe that, as Bitcoin isn't backed up by anything else, and many people lose money when making investments.
Returning to EU, I've found out that the EU Parliament suggests treating cryptos as securities by default, which doesn't resonate with the op's claim, in my opinion.
As for reasons for restrictions, they can be different. Protection of citizens in often cited, and so is fraud prevention. But of course there can be lobbying from traditional institutions (in case of Western countries), and the desire to exercise more control over citizens (in non-democratic countries).

Obari

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Don't know why I'm just coming across this post and I've always thought that my country had a very serious ban on cryptocurrency bjt further investigation showed that, they only had some restrictions on the banks involvement with cryptocurrencies in bid to protect it's citizens from the untraceable transactions made through bitcoin and if this truly is the only motive behind the motive of the government in my country then, I must say that I support them because we've heard about alot of transactions carried out by this scammers and criminals online and you'll agree with me that the transactions are untraceable.

But just as alot of people have already proposed that government is afraid of bitcoin and cryptocurrency simply because they might not have absolute power over it and I think there are also some facts in this talk.

jeraldskie11

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Quote from: RioBlemz on October 18, 2023, 02:59:59 PM

My question is are they trying to protect their citizens or what?

Bitcoin, in my opinion, was created to defend people from the government. They can't simply regulate or track down a wealthy individual who uses Bitcoin. People have lost their lives as because of money. We'll never know if any authorities were involved. Decentralization is the key to feeling free and uncontrolled by the government, as well as making individuals feel safe because they don't know who is behind that large sum of money.

Topic: Cryptocurrency is a Threat and BTC leads (Read 298 times)