Cryptocurrency will always be threat to government

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Quote from: Masplanc on July 05, 2021, 07:24:18 AM

The government always go against things when they are not fully in charge and having control over it. Government can partially or not at all accept cryptocurrency because cryptocurrency is a threat to the government. Already many people knows about the benefits of cryptocurrency and if it's not challenged by the government many people won't be willing to do their savings or business with the central bank ,instead they would prefer to invest their money into cryptocurrency because of it interest they will gain and other benefits.
Government will always be against it, but it can't stop the existence of the cryto world

It is worth distinguishing that there are generally two different types of government - those that are authoritarian who want control at all costs and governments that are generally benevolent with a light touch. Depending on where you are brought up you might not be able to consider that a government can work with somewhat low levels of corruption and is able to function for the benefit of citizens most of the time. An authoritarian government is the most dangerous type and what every leader with psychopathic tendencies would love to rule over - however history has proven that they all tend to fail over a large enough time period. Sadly this type also ruin the trust between the average person in a country and prevent competent institutions from functioning properly, which makes it very hard to fix when they go. A general free society should allow cryptocurrency, but because it can be abused by criminal means it should be closely watched and some actions against it might be perceived as banning (e.g preventing leverage trading) - when it is just intended to protect the least educated from scams.

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Quote from: Masplanc on July 05, 2021, 07:24:18 AM

The government always go against things when they are not fully in charge and having control over it. Government can partially or not at all accept cryptocurrency because cryptocurrency is a threat to the government. Already many people knows about the benefits of cryptocurrency and if it's not challenged by the government many people won't be willing to do their savings or business with the central bank ,instead they would prefer to invest their money into cryptocurrency because of it interest they will gain and other benefits.
Government will always be against it, but it can't stop the existence of the cryto world

The actual threat is not cryptocurrencies like bitcoin but what the government fear is loose of control in their hands as they can manage and print crypto accordingly but they can't control btc and anything which they don't have authority over fears them.They don't like to give them freedom of funds and think that banking system can collapse with its usage and people will prefer to use these digital coins only and that's why introducing these CDBC but that cannot compete with decentralised bitcoin.But in the end they have to support it.

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Quote from: Masplanc on July 05, 2021, 07:24:18 AM

The government always go against things when they are not fully in charge and having control over it. Government can partially or not at all accept cryptocurrency because cryptocurrency is a threat to the government. Already many people knows about the benefits of cryptocurrency and if it's not challenged by the government many people won't be willing to do their savings or business with the central bank ,instead they would prefer to invest their money into cryptocurrency because of it interest they will gain and other benefits.
Government will always be against it, but it can't stop the existence of the cryto world

Just with the fact that cryptocurrencies offers financial freedom to many considering that it is decentralized makes it an enemy of the government already. Since they cannot get a hold on it or control over it means they couldn't put tax or gain any benefit from it. That would lead them to think that it should be stopped and be restricted since none of them are able benefit from it and the citizens are recieving much money where they couldn't get a part from it. But later on, crypto will dominate and the government wouldn't be able to stop it so let us take advantage of the moment while we still can.

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Quote from: Welsh on July 09, 2021, 05:15:04 PM

Don't get me wrong, it wasn't the exchanges choice that they did that, it was more than the law dictated their decision, and forced their hand because the government are becoming increasingly strict on KYC.

What happened if all government bodies have a mutual decision over those privacy coins? So the only way we want to trade those are thru dex? Some of these coins have own blockchain and only few got crosschain supported. This is just an assumption scenario, but could be in the futurr if the government decided and join hand in hand to battle those coins.

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Quote from: GreatArkansas on July 08, 2021, 06:46:38 PM

Quote from: boyptc on July 08, 2021, 05:25:04 PM

Quote from: RILWAN on July 07, 2021, 02:13:43 PM

Since you already know that because of the decentralized nature of cryptocurrency, the government is always against it, and at that government will constantly make policies that will affect the use and development of cryptocurrency.

That's for sure.
But we saw some governments despite that they know decentralization is against to their advocacy, they're able to benefit from it by supporting it and giving a go signal to continue its support by not banning it.

I appreciate governments who are doing it. Maybe they can see what is the better future, that's why they will start supporting it, there are a lot of cases like this like at first -> they don't support, ban it -> but after a short period of time, they changed their mind and start supporting it.
As what famous quote says, "If you can't beat them, join them".

Yeah.

We saw some of them were against to bitcoin for some reasons but eventually, they've lifted it and started to support it. These countries sees the good from it and just forgets about what they've thought of it badly.

I guess the idea that they've thought of it badly is when everyone talks about bitcoin is the only money in the deep web/dark market and is only used for illegal transactions.

But as they've understood it correctly, they have adopted and supported it.

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Quote from: libert19 on July 08, 2021, 10:19:33 PM

The pseudo anonymous cryptos are rather boon to government as they can effectively track down the source, private cryptos - they might not like 'em that much.

Yeah, especially with the various laws around Know Your Customer (KYC). At least, when you use a non Peer 2 Peer exchange, they can track every movement of your money, and make sure you are declaring your taxes. However, the real issue for them currently is more, and more people are going to P2P exchanges, and using them for lower fees, and for improved privacy. They may well try, and disallow the usage of P2P exchanges in the future, since that wouldn't comply with KYC. The reason I think this might happen is they've already demonstrated that if cryptocurrencies can't comply to KYC, they'll be removed. For example, privacy coins being removed from exchanges. Don't get me wrong, it wasn't the exchanges choice that they did that, it was more than the law dictated their decision, and forced their hand because the government are becoming increasingly strict on KYC.

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The reason for the government’s opposition to cryptocurrency may be that it feels that it cannot control cryptocurrency and reduces the control of people in the government. If everyone uses cryptocurrency, the government feels dangerous. There is also the use of legal currency that has been stolen or deceived. The government can help to retrieve it. However, some countries set Bitcoin as legal currency because they want to get rid of the constraints of some major countries. However, no country has completely banned cryptocurrency.

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The pseudo anonymous cryptos are rather boon to government as they can effectively track down the source, private cryptos - they might not like 'em that much.

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Quote from: boyptc on July 08, 2021, 05:25:04 PM

Quote from: RILWAN on July 07, 2021, 02:13:43 PM

Since you already know that because of the decentralized nature of cryptocurrency, the government is always against it, and at that government will constantly make policies that will affect the use and development of cryptocurrency.

That's for sure.
But we saw some governments despite that they know decentralization is against to their advocacy, they're able to benefit from it by supporting it and giving a go signal to continue its support by not banning it.

I appreciate governments who are doing it. Maybe they can see what is the better future, that's why they will start supporting it, there are a lot of cases like this like at first -> they don't support, ban it -> but after a short period of time, they changed their mind and start supporting it.
As what famous quote says, "If you can't beat them, join them".

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Quote from: RILWAN on July 07, 2021, 02:13:43 PM

Since you already know that because of the decentralized nature of cryptocurrency, the government is always against it, and at that government will constantly make policies that will affect the use and development of cryptocurrency.

That's for sure.

But we saw some governments despite that they know decentralization is against to their advocacy, they're able to benefit from it by supporting it and giving a go signal to continue its support by not banning it.

Well, if all governments are like this. Every country is going to be a crypto haven.

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Quote from: traderethereum on July 07, 2021, 02:18:44 AM

Not all governments against crypto as we know some countries already accept crypto and allow their people to use crypto.
The meaning of against in this point is because they still need time to accept crypto and still learn about the advantage and the disadvantage of crypto to the government itself.
I am sure if they understand the benefits of crypto, they will not against instead, they will use it too like the others.
Even I think some of the government and banks officers who are open-minded about the new thing use crypto as an investment.

Its mainly third world countries, or lesser developed countries which have adopted this approach. Potentially banking on the fact that it could potentially spring them forward in terms of developing the country. There's also the possibility it could be politically motivated, since most countries are governed by similar types of government, and by that I mean they tend to want to control their citizens. China can be used as a drastic example where they are much more open about censoring their citizens, but I believe USA/UK are also following a similar approach, except in a different manner. Anyway, getting back to the point, most governments want to remain in power, and therefore they want to control the population, Bitcoin kind of goes against their objectives, as it gives a little more freedom, and power to its people.

I'm personally not reading too much into the implementation of Bitcoin as a currency in the announcements recently as I can't really determine the motive accurately. While it does seem they are supporting Bitcoin, it just goes against what I've come to expect governments to do, and therefore I'll reserve my judgement until later.

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Since you already know that because of the decentralized nature of cryptocurrency, the government is always against it, and at that government will constantly make policies that will affect the use and development of cryptocurrency.

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The world of cryptocurrency is free, and I prefer it to be a technological revolution, which will bring more freedom of imagination to future life. For example, in the past, the company’s stocks had to be approved by various institutions to be listed, but now every Individuals can issue digital currencies, some to raise funds, some to facilitate payment and orderly output of value, and some to do illegal things. For countries, legal currency, as the mainstream currency, will definitely affect the economic order it builds. It is considered a great threat and affects the stability of the economic order. Some countries regard Bitcoin as their country’s legal tender. Some countries seem to repel the digital currency-Bitcoin, but they are still actively hoarding Bitcoin. But it is undeniable that we have begun to enter the digital age, and there will definitely be a financial and monetary system that matches this era. So, you think it’s not important to be a threat, it’s just a matter of accepting time。

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Not all governments against crypto as we know some countries already accept crypto and allow their people to use crypto.
The meaning of against in this point is because they still need time to accept crypto and still learn about the advantage and the disadvantage of crypto to the government itself.
I am sure if they understand the benefits of crypto, they will not against instead, they will use it too like the others.
Even I think some of the government and banks officers who are open-minded about the new thing use crypto as an investment.

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Some countries have chosen to stand on the opposite side of cryptocurrency, while some countries have chosen to accept cryptocurrency transactions or even use them as the country's legal currency. I guess the most fundamental reason why most countries do not accept or prohibit crypto transactions is that the government cannot supervise it. It is decentralized and has impacted the traditional domestic financial model. The government will think that some people with bad intentions will launder money through cryptocurrency. , This is possible, but I think most governments are also aware of the innovative and revolutionary nature of the blockchain, and are also studying the blockchain themselves. Only created by the government, it will be a regulated currency system that uses blockchain technology, but is essentially a centralized currency system. They always want to control what is in their hands.

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Quote from: sheenshane on July 05, 2021, 10:29:39 AM

~

That "money laundering" stuff was the one I read when I was being KYC'ed in my own custodial wallet. They're trying suppress that scheme.
It is obvious that government just saw Bitcoin and other cryptocurrency as a way to do those schemes, while in reality it is not and yes, even fiat does the same thing. It will go the same for the scams happening around the crypto space.

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Quote from: GreatArkansas on July 05, 2021, 10:33:39 PM

<…> a lot of people already started talking about Central Bank Digital Currency (CDBC), which is very huge once become implemented in most countries.

Yes, but not necessarily for the right reasons, or “right” in accordance to our own individual freedom and privacy. For example, these days I was going over a proposal made by the ruling political party in Spain, calling for the Spanish Government (which it is part of) to look into the potential implementation of the digital Euro (as it there is likely going to be much of a choice eventually).

Part of the favouring arguments included within the proposal (https://www.psoe.es/media-content/2021/05/210528-PNL-euro-digital.pdf - in Spanish) state that (translated):

Quote

<…> The fact that today we can use digital payment methods, alongside the possibility to trace the operations, and with that, providing control to the fiscal authorities, has moved countries such as Sweden to discourage the use of cash money in relation to digital payment methods, with the goal of ending the use of physical coins and bank notes, or that these become extint. With that, fiscal fraud and informal economy would be seriously hampered.

The threat comes, in any case, obviously from decentralized or private payment methods, but it also provides an opportunity for control, as stated in the above quote.

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To an extent, yes, but they are not really worried about crypto per se, but they just hate that they are not getting a cut out of it, just like the mafia Cheesy

Governments are trying to adopt different forms of cryptocurrencies to try to bridge the gap, but I think we have a distorted view here. We are in a crypto bubble and it seems to us that everyone is using or will start using nongovernmental cryptocurrencies, but that's just not the case. The usability percentage is still very low and crypto being a real threat to governments is still really really far away.

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I am curious if cryptocurrency is a threat to the government, why some countries or governments are starting to look about cryptocurrency,
and if you heard recently, a lot of people already started talking about Central Bank Digital Currency (CDBC), which is very huge once become implemented in most countries.

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I think you need to move this post in the economics or bitcoin section because the post would be more likely to fit in those section being mention. Anyway, the best thing about cryptocurrency is more likely to balance everything that is centralized more likely to the government. However, I do not consider cryptocurrency as a threat to the government or any agency it will all depend on how they will adapt.

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