Topic: Governments attempt to destroy crypto (Read 1015 times)
yes i think that government has attempted to kill the crypto but it couldnt stop the crypto currency the govt is willing to stop the crypto because the transaction done by the crypto currency cannot be hacked and get the transaction details
I personally think that the idea that the world governments would attack cryptocurrencies is somewhat of a conspiracy theory but it seems that it is possible. Recently I read an article that was stating that bitcoin could be destroyed by governments who buy up a large amount of bitcoin over time and then sell all of the coins they own at the same time. This would cause a panic and even more people would sell their coins. The governments would then buy up these coins and do this over and over till they owned enough bitcoin to absolutely destroy its value.
While I think this is extremely unlikely I found it very interesting and would love to hear what others think.
What would stop governments from doing this?
Is crypto safe from governments who want to destroy it?
May be it can be true for the cryptocurrency but I don't think that they can get success to access bitcoin technology , Because bitcoin have technology which is more better than another technology in the banking system , As we can understand that money should be at priority safety , so how much the security is better of the banking sector and how much the technology of the bitcoin can be , we can understand easily .While I think this is extremely unlikely I found it very interesting and would love to hear what others think.
What would stop governments from doing this?
Is crypto safe from governments who want to destroy it?
So here we should put the factor of destroying bitcoin by the government at another side , and also we should put the factor that government will hack and sell again and again and make dump , it is not possible because people knows that what is the potential of the bitcoin and if they can make buy of the bitcoin at low rate then how much they can make in the future easily , so people will also buy bitcoin and in that case bitcoin can't be dump easily. .
I don't think in such way government can destroy bitcoin and by buying large quantity of bitcoin will only trigger the value to increase even much higher for me there's no way government can destroy bitcoin permanently it will stay in the market no matter what and all they can do is to prevent their people in supporting bitcoin which is as today is impossible to happen, the market is growing and the demand will continue to increase in the future.
They won't reach that point since Bitcoin community members have considerably enough consciousness and while bitcoin is getting more popularity and support from people , governments can just stay far and look to this high powerful currency getting stronger and stronger . I think Bitcoin is so strong to be destroyed by governors
The increasing mass support will definantly prevent bitcoin from such attacks, may be some government will be in favour of bitcoin and they will have such evil thinking about bitcoin, but i am sure that they will not be succeeded in such attempts, I think some countries are also giving support to bitcoin and their number is now increasing from time to time. In future i am hopeful that all the countries will accept bitcoin as legal currency. 
why do you think that the cryptcurrency could somehow bypass the government? it's like for some kind of experiment that the government is doing to see the reaction of the people...no rulers would allow anarchy...it's too dangerous now
I don't know how can they do that. I think the thing they can do is either regulate it and/or ban it. I think there are 8 or 10 countries that banned bitcoin and there are also numbers of countries where Bitcoin is legal and regulates cryptocurrency accordingly to protect its users.
Technically, I don't see any power in the hands of governments that could destroy Bitcoin or any blockchain based currency but if they really want to destroy it then they have to delete it from each and every computer at a time on which blockchain exists.
However, governments can try to regulate the BTC/Fiat currency conversions by asking for the KYC database of the users to the exchanges. If it is trying to completely ban Bitcoin/fiat conversion then there is a possibility of the rise of the black market.
However, governments can try to regulate the BTC/Fiat currency conversions by asking for the KYC database of the users to the exchanges. If it is trying to completely ban Bitcoin/fiat conversion then there is a possibility of the rise of the black market.
That logic or theory is flawed because government don't work that way. Rather, the target of governments usually is to protect their citizens and their investments and it is common knowledge that citizens of most countries are investing in bitcoin or at least buying it. There absolutely is no incentive for any government to want to attack or destroy bitcoin. Even countries like China and Russia that rolled out anti crypto policies did it to protect their investors from loss. Japan did the same but later rescinded on that decision after they have studied the pros and cons of adopting the crypto market. Today they are hailed as trail blazers in crypto regulation.
Even if any one government or an alliance of governments try it. Buying up all the bitcoin in circulation will be a tough call. The effect rather would be pushing the coin prices to record high. And there won't be any assurances that bitcoin won't be able to recover from a major dump such as that. It may only just affect prices temporarily. Considering that most holders view bitcoin as a long term investment, I do not see how that is going to change the situation much. Dumping will cause the less confident in bitcoin as an asset to panic. The long termers will continue holding it even after a slump with the hope of correction and recovery.
Another reason that logic is flawed is that there are people in government and positions of influence who are aware that Blockchain is a technology that cannot be waved aside. They know that this is not just all about bitcoin but something bigger and perhaps better that what many of us have known in a long time. Blockchain is as big as the internet and no sane government wants to be left behind.
Even if any one government or an alliance of governments try it. Buying up all the bitcoin in circulation will be a tough call. The effect rather would be pushing the coin prices to record high. And there won't be any assurances that bitcoin won't be able to recover from a major dump such as that. It may only just affect prices temporarily. Considering that most holders view bitcoin as a long term investment, I do not see how that is going to change the situation much. Dumping will cause the less confident in bitcoin as an asset to panic. The long termers will continue holding it even after a slump with the hope of correction and recovery.
Another reason that logic is flawed is that there are people in government and positions of influence who are aware that Blockchain is a technology that cannot be waved aside. They know that this is not just all about bitcoin but something bigger and perhaps better that what many of us have known in a long time. Blockchain is as big as the internet and no sane government wants to be left behind.
I personally think that the idea that the world governments would attack cryptocurrencies is somewhat of a conspiracy theory but it seems that it is possible. Recently I read an article that was stating that bitcoin could be destroyed by governments who buy up a large amount of bitcoin over time and then sell all of the coins they own at the same time. This would cause a panic and even more people would sell their coins. The governments would then buy up these coins and do this over and over till they owned enough bitcoin to absolutely destroy its value.
While I think this is extremely unlikely I found it very interesting and would love to hear what others think.
What would stop governments from doing this?
Is crypto safe from governments who want to destroy it?
While I think this is extremely unlikely I found it very interesting and would love to hear what others think.
What would stop governments from doing this?
Is crypto safe from governments who want to destroy it?
The only case to my knownledge is China, they shutted down millionare exchanges, so ... seems it was affecting CHina's economy by that move.
I personally think that the idea that the world governments would attack cryptocurrencies is somewhat of a conspiracy theory but it seems that it is possible. Recently I read an article that was stating that bitcoin could be destroyed by governments who buy up a large amount of bitcoin over time and then sell all of the coins they own at the same time. This would cause a panic and even more people would sell their coins. The governments would then buy up these coins and do this over and over till they owned enough bitcoin to absolutely destroy its value.
While I think this is extremely unlikely I found it very interesting and would love to hear what others think.
What would stop governments from doing this?
Is crypto safe from governments who want to destroy it?
While I think this is extremely unlikely I found it very interesting and would love to hear what others think.
What would stop governments from doing this?
Is crypto safe from governments who want to destroy it?
Maybe they tried, but stopped, because they learned, that buying large amounts drives the price up like crazy.
I have also seen a lot of them, and they are afraid of people being cheated and risky, they want us to not pay much attention to bitcoin and the market.
I think what the reason the government spend a lot of money to destroy crypto currency.. many things more important from that, the government should to be more concerned on their country and improve the problems in their country..
Your view of this is very short sighted. Yes bitcoins market cap is a minuscule fraction of all fiat money. But bitcoin is only in its infancy. What happens when bitcoin is worth several trillion and it is no longer something to be ignored?
Deutsche Bank has 46 trillion of derivatives on its book.
Assets of the top 100 banks go over 100 trillions.
Fx markets are doing 5-7 trillions day.
The bitcoin market cap is irrelevant here.
Take a look on how it went up and down by 30 billions with a trade volume 1/4 of that.
No government (if we exclude NK as god knows what's in their head) is planning anything against Bitcoin.
The moment one will make a direct move against bitcoin, trust me, you're going to know it. Just pray it won't be a G7 member.
If government really want to destroy Bitcoin they ban Bitcoin. But buying all Bitcoin and then destroy is not a good idea it is just waste of money and time.
I personally think that the idea that the world governments would attack cryptocurrencies is somewhat of a conspiracy theory but it seems that it is possible. Recently I read an article that was stating that bitcoin could be destroyed by governments who buy up a large amount of bitcoin over time and then sell all of the coins they own at the same time. This would cause a panic and even more people would sell their coins. The governments would then buy up these coins and do this over and over till they owned enough bitcoin to absolutely destroy its value.
the thing you first need to think about is that what would be the purpose of the government for this?
generally those who spread this "conspiracy theory" or as i like to call it "FUD", say government wants to destroy bitcoin. but buying and dumping so the price drops will only affect the price. so lets assume they did that. the price crashes. and then what? bitcoin won't disappear. it will still go on. crash it again? bitcoin will still go on. of course it will damage it but it will still go on. meanwhile that will cost a LOT of money!
not to mention that bitcoin is not the only thing out there! if we assume by any chance they do really crash bitcoin price, altcoins will rise. and besides government is not concerned with bitcoin price, they are concerned with where crypto currency is being used. and things like anon coins are being used anonymously and illegally. they are more focused on them than on bitcoin.
that is why i say this "theory" is more of a "FUD" for price manipulation than having any reality to it.
i can't believe this idea government attempt to destroy bitcoin i think this is punch into the moon have many country in the news want to destroy bitcoin like the idea of banning but bitcoin still now ontop as first digital cryptocurrency as i heard if i'm not wrong have one country want to accept again the bitcoin in their country after few months of banned it means bitcoin are have an important rules in every nation accpeting bitcoin because have a big help to economy, the government official of the country realized the important of crypto's.
I wouldn't put anything pass them. It has been their trait, from the begin of time, to manipulate their citizens by any means necessary to ensure they remain completely reliant on them. In that way they can twist and turn them to their liking because in the end it is all about maintaining power.
They will and they are doing it,government see this cryptocurrencies as threat on the money,banking and other stuffs connected on financial issues concering government.They see this threats becasue people are avoiding taxes specially if they are doing business
That is the reason the government, they do not want the chaos of the economic system in the country. but if they do the right regulation then Bitcoin can improve the welfare of many people. This is being discussed now, how important a regulation to be able to implement Bitcoin to be a safe and comfortable to use by various parties. The government must do a task force and form a team to be able to analyze the impact of Bitcoin use legally. sooner or later, this should be done immediately. Our era already has a wide range of sophistication and Bitcoin is a growing form of technology owned by humans.
They will and they are doing it,government see this cryptocurrencies as threat on the money,banking and other stuffs connected on financial issues concering government.They see this threats becasue people are avoiding taxes specially if they are doing business
The world governments have already tried their best to destroy bitcoin
Really? Do you have an examples? I mean yes there have been some bumps along the road caused by governments (Such as China) but I haven't seen any governments set on destroying bitcoin. They simply disapprove.Well, I think that depends on how you would take government bans. They clearly want to destroy Bitcoin in their own country. Their jurisdiction ends there so we don't really know if they want to quash Bitcoin for good.
One thing to note is that with the birth of state-backed cryptocurrencies, they may want to destroy Bitcoin for good. It's competition, and it has such a huge lead that the only way to beat it would be to destroy it. We'll see though. Bitcoin has been incredibly resilient and bans don't really affect its value anymore. I doubt it can be taken out entirely at this point.
Jump to: