Topic: Discussions about digital currencies in some countries. What future for bitcoin? (Read 2315 times)

Thanks for your intervention DeepMix and Ashour.

Can you comment more about what it will be the future of bitcoin if it will be banned from most or the majority of the countries because of introduction (if it will be so) of their national digital coin currency? Naturally if you want or have something to write .    

This is the main aim of this thread. It is written even in its title.

Well. For all you three I have a bad news. One of the countries about which is written in the main post has already banned bitcoin. This is Russia, which, without waiting for the creation of its bitruble has banned our coin. What are your comments about this news which is in opposite with your convictions?

For more not only Russia but even other 7 other countries has banned as well bitcoin. Those are: Bangladesh, Bolivia, Ecuador, Indonesia, Kyrgyzstan, Thailand and Vietnam. And its status is "restricted" in other three countries (on of them with the same importance as Russia). Those are China, Taiwan and Iceland. If every country will follow those (especially later and when they probably will or can have its national digital coin currency) what will happen with bitcoin? Give me your opinions.

There are signs that even China is prompted to regulate it. There is a thread in this section about this: For more: https://bitcointalksearch.org/topic/what-if-bitcoin-is-regulated-in-china-1207161

For more about the legal status of bitcoin in some other countries (the countries where is allowed) everyone can read here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

It is supposed that the other countries which are not in the list of above link ignore bitcoin. Are absolutely the majority of the world countries. Only other 31 country have and give data about it. In those country bitcoin is allowed and is regulated. This situation can give an idea in which points is the known (and the real "power") of bitcoin in all the world.

Yes but mainstream people who are not tech savvy can't tell the difference between bitcoin a government issued cryptocurrency.

In essence Bitcoin was 'banned' already before it became more well accepted and adopted by others.

Makes more sense for governments to introduce their own alternatives to undermine Bitcoin.

I don't want to deviate the aim of this thread so I will be very short about this theme. But I cannot stay without writing something about it because it is an clear case of corruption and cheating that merit some words.

I don't know the Cyprus case but I know very well the Greek case. You are in big wrong about the crisis in Greece. The money of the Greeks are all money have from Europe and not money of the Greeks. They have live for the years you mention not with their hard work but with the credits taken from the Europe. They cheat (giving false financial data) to enter in Eurozone only to have the possibility to have credits without limits and without conditions. And so it was. They entered in Eurozone and had money without end as credits. Their level of life was increased with those money. No one person in Europe (maybe even in the world) have the retirement at 57 years like the Greeks. No one have 14 or 15 monthly salaries in one year. No one church in Europe have such privileges and money that have the orthodox church from the Greek state. I can continue with to many privileges that the Greeks benefited with the money of the others. The only resource of Greece is tourism and with tourism no one can have such life. And at the end this is a long story. It is not the first time that Greeks are in such situation. During their story are other stories like this. Read here for more:

http://finance.yahoo.com/news/a-brief-history-of-financial-crises-in-greece-214114194.html

And the shameful problem they have is that they don't want to give back the money to the owners. For this has voted more than 60% of those. This is the maximum. Then accepted (after the referendum) a plan much more severe than the previous one for which has voted to not pay. Why? Because were in wrong and no one forgive its money. Europe want its money given to them.

I can find other sources more detailed about the Greeks crisis and their habits but as I told in the beginning this thread has another aim. So I will not answer more about this problem here. You can learn more if you have the patience to do a search in my posts. Or create another thread yourself about this topic.

I don't think Bitcoin will be banned as well, in any country. I was just speaking figuratively, what if...!!! If they would ban Bitcoin, they could have as well banned Internet 20 years ago!

Agreed. The real issue is trying to really fight the case for  Bitcoin being a serious alternative.

Not that I think a ban will ever happen, but who would want a form of money that can't be spent or accepted? Bitcoin isn't drugs. It's not fun or addictive or profitable regardless of legality. It serves a purpose. Banning it stifles that purpose and people will move on. They're not short of alternatives right now.  

You need to ask Cyprus people is it good when you government takes care of your money. More than half of their money gone. Also you might ask Greek people (the hard working Greek people that have worked over 40 years and woke up one day with half of their savings gone or heavily controlled by their government and unavailable to access to them).

Now your second question. I don't think these governments will ever ban Bitcoin even if they develop their own centralized tokens. Why? This is not how it's done in the real world. If you ban Bitcoin, then Bitcoin will become forbidden fruit and people will want it even more in my opinion. This will just give a sign to the world that we are doing the right thing. What they will do in my opinion is that they will try and beat us with their centralized solutions. And they will have an advantage in my opinion until their whole debt system doesn't fall apart, which is inevitable!

Thanks for the comment Q7.

You think that, whatever will be their new invention, it wouldn't be a risk for the bitcoin. This could be true (according to you) even this new invention will be followed by most of the world countries and bitcoin will be banned from all those countries in order to protect their invention (which maybe is not at all similar to bitcoin but is a peer to peer technology product)?

The ultra-advanced, superior technology of the digital currency Bitcoin and it's Blockchain public ledger system are in danger of being co-opted.

Taking a quote from your post, a true bitcoiner will be able to differentiate between a real crypto and something which is not, so I don't think in any way these cryptos (whatever they decide to name it) controlled by a central banks will ever become a threat. If centralization means anything, it has to be the first priority on why we chose to move away from fiat going to cryptocurrencies.

MikeyB thank for your comments.

Before asking something to you I want to tell that I don't see the world such "black" as you.  Even I live in a country which is not to much developed. Our level of corruption here is very high and our politicians (according to me and with few exclusions) are probably the most irresponsible and corrupted people in the world. But I think again that there is good that our money are regulated by our Central Bank and the control of money exist, is managed and controlled by the Central Bank and with other Governmental Agencies. Otherwise all the "black" money will destroy everything here.

Anyhow, I wanted to know from you the answer of the main aim of this thread. What it would be the future of bitcoin if the countries of the main post (and other ones which might follow those in the future) will adopt as a national currency a digital based coin currency and will ban bitcoin to protect their new digital based coin money?

Thanks for your thoughts. I invite you (if you find interesting) to continue your participation in this thread making free interpretations about the opinion of the others (or even mine).

I completely agree with you. Let me add that banksters and governments are a bunch of greedy idiots. They will not stop. They will realize that their digital tokens give them much more possibility of control than paper money as we know it at the moment. When they realize this, they will go all in and they will make people complete slaves. If ever, people will realize at this moment that their governments are there only to rip the skin off of their backs.

First is not Government which have to do with the money but the Central Bank of the country or a similar Authority (which regulate and manage this regulation). But even if it will be Government the Authority which regulate and make the rules of the money you want to tell that in a normal and developed country there is no need to have at all control about the money?

It's a big "if", but if a large number of countries decided to ban Bitcoin, it would largely depend on what's happening in the economies of those countries.  If it's a strong economy and people feel secure in that system, it could potentially spell bad news for Bitcoin.  But the more likely scenario is that most nations continue with their current (stupid) trend of inflating the money supply in their hostile little race to the bottom and people become increasingly disillusioned with government controlled money and start looking for an alternative to protect their wealth.  If remaining within the confines of the law means you get wiped out financially, there's little incentive to obey.

The more the authorities prove themselves to be financially illiterate, the stronger the case for Bitcoin becomes.  The debt monster feeding charade won't last forever. 

Everything clear what you want to tell. I want to know one last opinion from you. If those countries ban bitcoin to protect their national digital coin currency (and if this practice can be followed in time from most of the other countries; it is normal to be so because the other countries normally follow the countries named at the main post because those are the most developed and leaders in the world) what future can be for bitcoin?

Does the wolf care about the sheep that it eats? Not really.

The governments only purpose is to achieve total control over the population, and they are doing a very good job about that, you have to admit.

I never said they can't create something similar, just that they won't be able to make something on par with Bitcoin, let alone better than.  Their interest is in building something that they can control.  That single, unwavering goal is their immediate downfall because it sends them in a direction that leads to a sub-par service/product.  They will create something that doesn't have has a fixed supply so they can keep printing money out of thin air.  They will create something that has a central point of failure and collects mountains of personal information which will be leaked or hacked at some point.  They will create something that can block or freeze transactions.  For example, something that permits us to donate to wikileaks is clearly not in their interest, so they're not going to allow that.  All of these things and more become an immediate downside compared to Bitcoin because they won't surrender control.  I don't care what they're going to make or how dissimilar it might be to Mintchip, because it's still going to be inferior in every way, shape and form.  There's no contest.

Thanks for the comment.

Clear words, full understanding (at least for me) of what you want to tell but not fully "correct"  with the main aim of this thread. What it will be with bitcoin if it will be banned (as you write in your post) from most of the countries (or the majority of those)? How and what it will be its future?