Topic: Governments attempt to destroy crypto - page 2. (Read 989 times)
this news is no stranger to me, it seems the government wants people no longer focus on bitcoin but rather focus on local government banks (in payments, investments, etc.). it may be that the government is also afraid bitcoin will dominate the world economy.
Please consider this as my own opinion,
Governments cannot destroy cryptocurrency, they would only attempt but it is impossible that they will shutdown bitcoin. Because bitcoin is secured. It is time consuming for them.
Governments cannot destroy cryptocurrency, they would only attempt but it is impossible that they will shutdown bitcoin. Because bitcoin is secured. It is time consuming for them.
Government here in our country are now warning us that they will shutdown bitcoin because of its risk to the people, I don't know what they are doing, all I know is that they are judging people without knowing it first, scammers online are the reason why the Government thought that bitcoin is a scam, but we all know that it is not.
According to this theory, governments will buy up bitcoins using their own money. In order to control the majority of the bitcoin market you have to spend a lot of money now. If governments then dump their coins to destroy it, then they are basically burning their own money. If they want to destroy crypto, they will try to do it via bans or restrictions, but not by buying the entire stock and then destroying it.
Are they really "burning" their own money? They can simply print more via the central banks. That's the essential problem with pricing extremely limited commodities like Bitcoin in fiat currencies. Those fiat currencies are and can be endlessly inflated.
Accordingly, it's theoretically possible that governments could collude to accumulate and dump the markets as the OP suggests. It seems very unlikely, though, because of geopolitical realities. Governments are in stiff competition with one another. Those governments that see the writing on the wall -- that cryptocurrencies are here to stay -- will do everything they can to facilitate commercial advancement in cryptocurrency sectors. If a government can't destroy crypto, their best option is to leech as much tax revenue from it as possible.
I get your point. Clearly realizing or I just slightly forgot how manipulating, taxing, banning and destroying are completely different from each other.
Do doubt that government can not destroy Btc.
Knowing that the decentralization involves every country allowing and starting to use bitcoin. A single government ( country) suggesting to destroy bitcoin is not enough to be equal with the number bitcoin users in the world.
Governments already control Banks and they supply the rules by which these financial institutions operate. Why would they want to bother with something as small as Bitcoin? The market capitalization for all Crypto currencies is currently at roughly $300.5bn. Of that amount, bitcoin's market cap represents about $158 billion.
This is relatively small in comparison to most entities that are controlled by Governments. JP Morgan Chase's capitalization amounted to around 311 billion U.S. dollars this year.
https://www.statista.com/statistics/264905/top-10-banks-by-market-capitalization/ < Bitcoin is no threat to them, while they have the Banks and the major companies in their pockets >
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? This is relatively small in comparison to most entities that are controlled by Governments. JP Morgan Chase's capitalization amounted to around 311 billion U.S. dollars this year.
https://www.statista.com/statistics/264905/top-10-banks-by-market-capitalization/ < Bitcoin is no threat to them, while they have the Banks and the major companies in their pockets >
Governments already control Banks and they supply the rules by which these financial institutions operate. Why would they want to bother with something as small as Bitcoin? The market capitalization for all Crypto currencies is currently at roughly $300.5bn. Of that amount, bitcoin's market cap represents about $158 billion.
This is relatively small in comparison to most entities that are controlled by Governments. JP Morgan Chase's capitalization amounted to around 311 billion U.S. dollars this year.
https://www.statista.com/statistics/264905/top-10-banks-by-market-capitalization/ < Bitcoin is no threat to them, while they have the Banks and the major companies in their pockets >
This is relatively small in comparison to most entities that are controlled by Governments. JP Morgan Chase's capitalization amounted to around 311 billion U.S. dollars this year.
https://www.statista.com/statistics/264905/top-10-banks-by-market-capitalization/ < Bitcoin is no threat to them, while they have the Banks and the major companies in their pockets >
Governments can easily control the supervision of bitcoins by controlling core nodes, so that bitcoin can't escape the fate of supervision by governments~ 
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This is what Banks, Hedge Founds do on stock exchange, commodities (mostly gold and silver contracts) and on currencies exchange(Forex)..
The "big whales" play in this way, they collaborate buying in the same time and selling in the same time to re-buy. Almost all the times when this happens the small fishes on the market are moving in the opposite direction. (check gold price and Silver price after Brexit and you will notice that something "weird" happened with Silver.... These are the big whales, but that doesn't mean that will destroy Bitcoin. Maybe in the future they enter strongly in Bitcoin market to move the market in the direction that they want (Buying a lot BTC and then Selling all to create panic and to sent price in very low levels) but this is life... last thing: From this big fluctuations that may happen in the future we can also earn , buying BTC with a low and under-estimated price.
The only way that Governments can harm BTC is by regulations... In my opinion has almost 0 chances to happen that. Even JPMorgan that publicly was against Bitcoin calling it a fraud is investing on it.
The "big whales" play in this way, they collaborate buying in the same time and selling in the same time to re-buy. Almost all the times when this happens the small fishes on the market are moving in the opposite direction. (check gold price and Silver price after Brexit and you will notice that something "weird" happened with Silver.... These are the big whales, but that doesn't mean that will destroy Bitcoin. Maybe in the future they enter strongly in Bitcoin market to move the market in the direction that they want (Buying a lot BTC and then Selling all to create panic and to sent price in very low levels) but this is life... last thing: From this big fluctuations that may happen in the future we can also earn , buying BTC with a low and under-estimated price.
The only way that Governments can harm BTC is by regulations... In my opinion has almost 0 chances to happen that. Even JPMorgan that publicly was against Bitcoin calling it a fraud is investing on it.
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?
Crypto is kind of safe from the Government trying to shut it down because there is people that are hosting nodes for Bitcoin transactions to flow smoothly.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?
@OP, they are accumulating right now, I just need everyone to know something, when wall street fuckers dumped Bitcoin in a day back to @$6000
And pumped Bitcoin cash up to @$7000 if you follow their example, Bitcoin is destroyed then. if they are printing paper money to buy all of your coins
You should buy gold, if price of gold increased suddenly, it means they have no real gold to back their paper money.
According to this theory, governments will buy up bitcoins using their own money. In order to control the majority of the bitcoin market you have to spend a lot of money now. If governments then dump their coins to destroy it, then they are basically burning their own money. If they want to destroy crypto, they will try to do it via bans or restrictions, but not by buying the entire stock and then destroying it.
Are they really "burning" their own money? They can simply print more via the central banks. That's the essential problem with pricing extremely limited commodities like Bitcoin in fiat currencies. Those fiat currencies are and can be endlessly inflated.
Accordingly, it's theoretically possible that governments could collude to accumulate and dump the markets as the OP suggests. It seems very unlikely, though, because of geopolitical realities. Governments are in stiff competition with one another. Those governments that see the writing on the wall -- that cryptocurrencies are here to stay -- will do everything they can to facilitate commercial advancement in cryptocurrency sectors. If a government can't destroy crypto, their best option is to leech as much tax revenue from it as possible.
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?
Crypto is kind of safe from the Government trying to shut it down because there is people that are hosting nodes for Bitcoin transactions to flow smoothly. 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 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.
The world governments have already tried their best to destroy bitcoin by other ways.But i think that no government would try to buy huge volume of bitcoins paying such a huge price.
Even if they suddenly dump those bitcoins after buying,there is no guarantee that the bitcoin price would crash since more people through out the world know about bitcoin's potential and there is a huge buy wall which stopped bitcoin's crash earlier.
So,that would be a stupid idea to implement.Instead,they could imply very strict regulations over the bitcoin exchanges which would slow down bitcoin progress.
Even if they suddenly dump those bitcoins after buying,there is no guarantee that the bitcoin price would crash since more people through out the world know about bitcoin's potential and there is a huge buy wall which stopped bitcoin's crash earlier.
So,that would be a stupid idea to implement.Instead,they could imply very strict regulations over the bitcoin exchanges which would slow down bitcoin progress.
It really depends. Some governments do not want multiple currencies that compete with the currency it controls. It threatens the governments financial control. On the other hand, some countries could care less, especially the ones that are not tecnologically advanced.
That was the case with the Venezuelan government when they decided to crack down on those that were mining bitcoins in the country, even with all their efforts, people are still mining bitcoins, nothing can really bring down completely even in the case where they ban it and the value plummets, it sure to rise up again.I only started this topic to see what others thought of this idea.
It all depends on the kind of community bitcoin has. Bitcoin has reached $10.000 and is hitting headlines on all finance media. It's not just YouTubers that talk about bitcoin, or specialized news sites like Coindesk or Cointelegraph, we have CNBC, we have Forbes, we have Financial Times, etc. This causes FOMO (fear of missing out), and a lot of shaky hands will now get into bitcoin. If the majority of the bitcoin community is build with panic buyers, then of course we can see panic sells. I love adoption, and I'm glad people are getting into bitcoin, but I hope they understand what bitcoin is. Otherwise what you said could be true, and it doesn't need to be governments doing it. Anyone who is rich, can try to influence the market and cause panic sells.
Of course that if our community is strong, and well informed, then that cannot happen. They buy and we appreciate, they sell and we just keep holding and don't really care, because we know the potencial of bitcoin, and we still want to use it.
Well said, if the bitcoin community is educated it would make price manipulation much more difficult/impossible. Of course that if our community is strong, and well informed, then that cannot happen. They buy and we appreciate, they sell and we just keep holding and don't really care, because we know the potencial of bitcoin, and we still want to use it.
It really depends. Some governments do not want multiple currencies that compete with the currency it controls. It threatens the governments financial control. On the other hand, some countries could care less, especially the ones that are not tecnologically advanced.
That was the case with the Venezuelan government when they decided to crack down on those that were mining bitcoins in the country, even with all their efforts, people are still mining bitcoins, nothing can really bring down completely even in the case where they ban it and the value plummets, it sure to rise up again. 
You're missing the incentive. Governments have no decent incentive to attempt to "destroy" a cryptocurrency.
would love to hear what others think.
The only incentive which a government possibly could have to try and "destroy" a cryptocurrency would be to prevent its use on darknet markets, but a decrease in price would not prevent this use much at all, so they certainly would not do this.What would stop governments from doing this?
That hypothesis is irrelevant, but if they wanted to attempt an actual attack (like a 51% attack for example), it would be extremely costly and time-consuming for something so trivial. That's the purpose of the PoW system - to make it economically unfeasible for any single entity to attack the network.Well op I agree with you. PoW system do prevents such events to happen. And even staying for months here in the forum you have enlightened me.
But what's bothering me was the big manipulation that just happened recently. Even though I have read about systems protecting Bitcoin it is still confusing. Leaving questions about what just happened. But grateful that I have strong hands.
Governments can attempt to destroy crypto all they want, but they will never destroy them. Maybe they can take down the centralized ones, but it will be harder to take down Bitcoin because it is decentralized. Truly decentralized in every sense of the word. All other networks have a centralized aspect to it and this is always a point of failure in the long run.
It all depends on the kind of community bitcoin has. Bitcoin has reached $10.000 and is hitting headlines on all finance media. It's not just YouTubers that talk about bitcoin, or specialized news sites like Coindesk or Cointelegraph, we have CNBC, we have Forbes, we have Financial Times, etc. This causes FOMO (fear of missing out), and a lot of shaky hands will now get into bitcoin. If the majority of the bitcoin community is build with panic buyers, then of course we can see panic sells. I love adoption, and I'm glad people are getting into bitcoin, but I hope they understand what bitcoin is. Otherwise what you said could be true, and it doesn't need to be governments doing it. Anyone who is rich, can try to influence the market and cause panic sells.
Of course that if our community is strong, and well informed, then that cannot happen. They buy and we appreciate, they sell and we just keep holding and don't really care, because we know the potencial of bitcoin, and we still want to use it.
Of course that if our community is strong, and well informed, then that cannot happen. They buy and we appreciate, they sell and we just keep holding and don't really care, because we know the potencial of bitcoin, and we still want to use it.
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.
It really depends. Some governments do not want multiple currencies that compete with the currency it controls. It threatens the governments financial control. On the other hand, some countries could care less, especially the ones that are not tecnologically advanced.
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