Government policies help to grow the price of bitcoin - page 5.

jaberwock

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Quote from: bitgolden on April 22, 2021, 02:36:56 PM

when something is completely out of their control then they must work on all the possibilities of finding methods to make use of.

There are only 50% chances as everything could be done under P2P which means governments and their central bank will lose all the control because P2P may evolve like decentralized exchanges and decentralized marketplace. Still in marketplace, I guess governments may innovate new ideas to monitor and control for taxation hence if they ban then no benefits and if they stay neutral or positive then there are possibilities for generating revenues.

Quote from: Darker45 on April 22, 2021, 08:57:28 PM

they better try to milk Bitcoin by way of putting up tax regulations

Overall, it seems governments left only with that option against cryptocurrencies. It would be "accept or die" kind of situation for governments.

Darker45

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Quote from: bitgolden on April 22, 2021, 02:36:56 PM

Quote from: Darker45 on April 20, 2021, 09:46:49 PM

Governments may not necessarily push the price of Bitcoin up, but if they will ban it they are simply making it more expensive to their own citizens. It is futile. After all, their citizens won't stop from having it.

Yes, by the scenario governments are indirectly helping bitcoin value appreciation on their own country. Moreover, governments must work on milking out of all crypto involved business rather than prohibiting it. Because, when something is completely out of their control then they must work on all the possibilities of finding methods to make use of.

I believe most governments will go for studying on the consequence of banning bitcoin and other cryptocurrencies and then they will either stay positive against cryptocurrencies or at least neutral.

By seriously studying Bitcoin, governments will eventually realize that it is futile to even attempt to control it. And you don't exert effort against an innovation you cannot stop.

Just recently, Commissioner Hester Peirce of SEC was asked if there is a step taken or a plan by the fresh Biden administration to put a ban on Bitcoin. And she responded, "It's really difficult to ban a technology that's peer-to-peer."^[1]

I agree, they better try to milk Bitcoin by way of putting up tax regulations however elusive it may of full taxation.

[1] https://video.foxbusiness.com/v/6249902610001

bitgolden

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Quote from: Darker45 on April 20, 2021, 09:46:49 PM

Governments may not necessarily push the price of Bitcoin up, but if they will ban it they are simply making it more expensive to their own citizens. It is futile. After all, their citizens won't stop from having it.

Yes, by the scenario governments are indirectly helping bitcoin value appreciation on their own country. Moreover, governments must work on milking out of all crypto involved business rather than prohibiting it. Because, when something is completely out of their control then they must work on all the possibilities of finding methods to make use of.

I believe most governments will go for studying on the consequence of banning bitcoin and other cryptocurrencies and then they will either stay positive against cryptocurrencies or at least neutral.

LUCKMCFLY

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Quote from: Ebede on April 19, 2021, 12:19:29 PM

Crypto currency round the world has come to stay, to foster growth in business and build trust among its users but most world leaders are head bent on tackling bitcoin by making difficult policies to affect its stability, but little do they know that this policies of theirs make bitcoin to become more influential among other crypto ,making it scarce and the most sought after crypto currency thereby making the few people that have it to hod and inflate the price to which ever amount they wish to sale on peer to peer bases...what do you think

In the particular case of Venezuela, things are different, although the activity of cryptocurrencies and bitcoin is not regulated, there is a certain regulation in the mining of Bitcoin, since it makes them register in SUNACRIP (National Superintendency of Criptoactivos and Related Activities) to have a control data and those who do not, are in danger of suffering certain threats and intimidation by the State security forces. So far the trading activity is not regulated, the government manages Bitcoin because it is the only way to evade the different blocks that exist with respect to the economy with other countries.

It is normal for governments to try to take control, although for the business model that Bitcoin implements it turns out to be favorable for the government of Venezuela, which has a totally uncontrollable economy and a regulation for those who operate, it does not apply, in this case Venezuela is to be a tax haven for Bitcoin and cryptocurrencies, because their local currency is really worth nothing, that is why this type of exit is well seen so far.

nicecrypto

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Quote from: Ebede on April 19, 2021, 12:39:47 PM

Quote from: jackg on April 19, 2021, 12:27:35 PM

Quote from: Ebede on April 19, 2021, 12:19:29 PM

what do you think

You're going to have to offer some examples on this. I'm not sure what you're getting at, there are too many ambiguities. Perhaps you could link to some direct legislation and explain their effects?

For instance, Nigerian government made a recent policy that band crypto currency and its usage in the country,they even went to the extent of blocking all accounts that have ever engaged in crypto transaction but what did that lead to,it made it to be scarce in the country and all those who had it inflated there prices by adding additional amount to it and it became the most sought after crypto and its only sold on peer to peer level now

Yes the government made that move to stop Banks and other financial institutions from dealing with cryptocurrencies but I wouldn't say that this lead to it been scarce and increase in the price. Firstly, most Nigerians deal their crypto in exchanges and I strongly believe Binance is one most Nigerian deal on and even had a local currency pair there so if all bitcoin and other Alts been traded on exchange how was there a scarcity of crypto? because I never read any thing relating to scarcity.

Secondly, I also didn't read or hear about increase in bitcoin price because of the Nigerian government policy. Even though the policy was in place, some people were already use to using p2p and just became the go to option since the announcement.

The only thing that the policy changed was just your ability to do a direct withdrawal to your back account from the exchange nothing more.

Darker45

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The big problem when governments try to stop Bitcoin is that they cannot do it. They will always fail because Bitcoin is no company or organization or anything which they could just disintegrate. Moreover, the people are very much aware of this. And since they know that Bitcoin is here to stay, they will do their best to still have access to it despite their government's prohibition. This leads to Bitcoin being some sort of an illegal yet highly coveted precious asset or store of value. This leads to a rising premium.

Governments may not necessarily push the price of Bitcoin up, but if they will ban it they are simply making it more expensive to their own citizens. It is futile. After all, their citizens won't stop from having it.

Oceat

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Quote from: sapnu on April 20, 2021, 12:17:59 PM

At some point, we can somehow say that the government is playing dirty when it comes to bitcoin. They make sure to buid a facade that would make people believe that they are against the use of it and would never support it when in fact, they secretely storing the country's money because they are aware of the potential that bitcoin has. Though not all the government in a global scale has this kind of strategy since as we can all see, there are countries that are really against the use of bitcoin as they see it as an economic threat. On the other hand, maybe some of their policies are a part of their routine on how they can gain more benefits from bitcoin in the future.

How can a government store money when in fact these money are from the taxes of all people they have collected. They may make lots of money but the aftereffect of that is they will suffer from the inflation in the end. And you know what disaster could bring with that inflation to their economy.

Let these government make their new rules and regulations it still can't touch Bitcoin since it's decentralized and I'm aware that they are after to those who used crypto to convert fiat and that was the exchanges. Without these exchanges people wouldn't be trading crypto to fiat but that's not the end since everyone can use crypto currency for buying stuff if these exchanges offer something and of course, they will offer something since they knew that fiat is losing its value soon due to inflation.

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In this case, IMO, policies and regulations for Bitcoin by the government can make or break it. As per your example, I don’t see any reason that it would benefit Bitcoin to go high. It actually has a negative effect on the Nigerian user on which they had to transact peer to peer and be considered as illegal traders well in fact that it’s not.

Not all people would risk their lives to be sued because of using cryptocurrencies. And peer-to-peer transactions are too risky, especially with greater numbers. If not risky, it might also be very complex and you had to build a profound system in order to clean your cryptocurrency and that requires a lot of work, indeed.

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Quote from: Ebede on April 19, 2021, 12:19:29 PM

Crypto currency round the world has come to stay, to foster growth in business and build trust among its users but most world leaders are head bent on tackling bitcoin by making difficult policies to affect its stability, but little do they know that this policies of theirs make bitcoin to become more influential among other crypto ,making it scarce and the most sought after crypto currency thereby making the few people that have it to hod and inflate the price to which ever amount they wish to sale on peer to peer bases...what do you think

I do get what you’re trying to say here, that when government bans bitcoin that a lot of people who owns then starts selling to for a higher price. Well, I won’t really say that applies much to what the market price of bitcoin and other cryptocurrencies are going to be. Whether the government is doing what they are doing or not, the cryptocurrency market will always be growing as it has been doing for a very long time.

So, I don’t think the actions that the government is taking is going to be affecting the market that much. It’s even going to make people to be a lot wiser in how they’re trading their cryptocurrency.

iv4n

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Quote from: Gheka on April 20, 2021, 01:06:55 PM

Quote from: mrongoz22 on April 20, 2021, 12:29:38 PM

In my opinion bitcoin will continue to grow in its market, although without government intervention, bitcoin will continue to be sought and used as an investment for people who already understand bitcoin, government policies want to help grow the price of bitcoin, which is good for driving growth in business. and builds trust among its users ..

Hard to say that the policies of the government are helping Bitcoin, most of the policies I see are trying to limit the size of bitcoin and increase the collection of user information for a major government purpose, for each such policy, this is always an opportunity for whales to destroy the market according to their wishes, the government is probably also more vandalizing than helping bitcoin. On the other hand, without the need for government policies, Bitcoin grew more evenly on a user base that was rapidly expanding in the face of government silence

A bigger picture... governments are doing things that people don't like, people will look for alternatives, for example, decentralized systems, such as Bitcoin (for example).

It's how I saw this headline and where it's heading, and I can agree with this! Governments with their policies are helping people to decide what to choose, and I am guessing (I have reasons for that) people are choosing crypto over fiat, at least people who are introduced with crypto, and what is offered by crypto!
In some way, governments are pushing people into crypto, probably unintentionally, but when they figure it out it will be probably late! Crypto future is what is coming!

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Quote from: mrongoz22 on April 20, 2021, 12:29:38 PM

In my opinion bitcoin will continue to grow in its market, although without government intervention, bitcoin will continue to be sought and used as an investment for people who already understand bitcoin, government policies want to help grow the price of bitcoin, which is good for driving growth in business. and builds trust among its users ..

Hard to say that the policies of the government are helping Bitcoin, most of the policies I see are trying to limit the size of bitcoin and increase the collection of user information for a major government purpose, for each such policy, this is always an opportunity for whales to destroy the market according to their wishes, the government is probably also more vandalizing than helping bitcoin. On the other hand, without the need for government policies, Bitcoin grew more evenly on a user base that was rapidly expanding in the face of government silence

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In my opinion bitcoin will continue to grow in its market, although without government intervention, bitcoin will continue to be sought and used as an investment for people who already understand bitcoin, government policies want to help grow the price of bitcoin, which is good for driving growth in business. and builds trust among its users ..

sapnu

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At some point, we can somehow say that the government is playing dirty when it comes to bitcoin. They make sure to buid a facade that would make people believe that they are against the use of it and would never support it when in fact, they secretely storing the country's money because they are aware of the potential that bitcoin has. Though not all the government in a global scale has this kind of strategy since as we can all see, there are countries that are really against the use of bitcoin as they see it as an economic threat. On the other hand, maybe some of their policies are a part of their routine on how they can gain more benefits from bitcoin in the future.

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Quote from: Kakmakr on April 19, 2021, 01:13:13 PM

Government policies actually "boost" Bitcoin adoption in some countries. It works like this.... A government will start to clamp down on Bitcoin (Crypto) use, by implementing strict regulations or even banning it. Now, this is the trigger for developers to innovate... because they immediately start to develop decentralized (Peer2Peer) markets for Crypto to enable people to use the currency on the "Underground" markets.

This is very similar to what happened with "Prohibition" in the United States when they implemented a ban on the production, importation, transportation, and sale of alcoholic. People just started smuggling alcohol on a underground network and the USA government lost millions of Dollars in taxes! Grin

Yeah, you're right! People are really amazing in terms of being so smart and easy to think of ways just to pursue their goal and avoid government rules and regulations. That is why, the stricter government policies, the more people become rebellious. On the other hand, bitcoin will continue to grow more and adoption will continue to increase despite government policies and regulations or prohibitions.

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Quote from: Lorence.xD on April 20, 2021, 05:58:12 AM

Quote from: iamsheikhadil on April 19, 2021, 10:23:13 PM

Governments have no shame to do everything to safeguard their own corrupt interests, even at the expense of their own citizens and their rights or benefits Grin

but, human history has a big golden period of fighting against such oppressions and I am very optimistic that we will come out of these type of anti-crypto laws as well and shine!

If you were in their position, I am pretty sure that you are going to do the same, this is all just a matter of perspective. I hope that we can see that thing from happening but we all know that this politicians will only play on our side if they are going to get something out of it.

Depends on which country you are on since some of politician is just adopting the good changes made by technology since blockchain is really bringing up a good potential to the system. Lets forget about corruption since if bitcoin will successfully adopted for sure it can help to build a organic growth and demand.

Although we cannot erase the possible corruption but I think it will be minimize on crypto since they don't have any control on any of it.

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Quote from: Ebede on April 19, 2021, 12:19:29 PM

Crypto currency round the world has come to stay, to foster growth in business and build trust among its users but most world leaders are head bent on tackling bitcoin by making difficult policies to affect its stability, but little do they know that this policies of theirs make bitcoin to become more influential among other crypto ,making it scarce and the most sought after crypto currency thereby making the few people that have it to hod and inflate the price to which ever amount they wish to sale on peer to peer bases...what do you think

Its good that some countries wants to utilize Bitcoin but not every country views Cryptocurrencies that way. There are some recent news regarding the Korean Government trying to place surveillance mechanisms on bank accounts that suddenly transfers huge chunks of money. Its a bit extreme because every people has the right to earn money in their own ways but this just shows that they are scared of something that they are not expecting that some people are trying to earn so much money internationally.

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The more they regulate bitcoin, the more investors are interested into it. Governments have somehow impact with bitcoin's price movements. Like for example government imposing some controls over bitcoin probably make the trend go down.

If you'll notice, when one particular country exposed restrictions about bitcoin with of course well coordinates efforts, this might be a good reason to change the crypto market.

Lorence.xD

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Quote from: iamsheikhadil on April 19, 2021, 10:23:13 PM

Governments have no shame to do everything to safeguard their own corrupt interests, even at the expense of their own citizens and their rights or benefits Grin

but, human history has a big golden period of fighting against such oppressions and I am very optimistic that we will come out of these type of anti-crypto laws as well and shine!

If you were in their position, I am pretty sure that you are going to do the same, this is all just a matter of perspective. I hope that we can see that thing from happening but we all know that this politicians will only play on our side if they are going to get something out of it.

kingkhan99

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There are many countries that have been banned by Bitcoin investing. Many people cannot invest this bitcoin because they have officially banned bitcoin investing. Many people in many countries earn bitcoin by practicing bitcoin but they cannot invest because of their government and it is seen in the country that the government has illegal in the country. And in a country where bitcoin is legal, people from the country can earn bitcoin and invest very easily

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Quote from: Ebede on April 19, 2021, 12:19:29 PM

Crypto currency round the world has come to stay, to foster growth in business and build trust among its users but most world leaders are head bent on tackling bitcoin by making difficult policies to affect its stability, but little do they know that this policies of theirs make bitcoin to become more influential among other crypto ,making it scarce and the most sought after crypto currency thereby making the few people that have it to hod and inflate the price to which ever amount they wish to sale on peer to peer bases...what do you think

I have seen these many times. When one crypto exchange is not liquidate with the rest of the exchanges then people need to pay extra for the same cryptocurrency. It means there should be regular flow of money to be maintained so that the prices will be even everywhere when there will be a bottleneck then people will start inflate to make use of the demand.

For example, after Nigerian Central bank bans making use of cryptocurrencies, people started P2P trading but they were enforced to pay more than 25% for bitcoin and other reputed coins.

Topic: Government policies help to grow the price of bitcoin - page 5. (Read 857 times)