GOVERNMENTS CAN CONTROL CRYPTOCURRENCY - page 2.

BitcoinPanther

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Quote from: pat4cryptoreal on March 14, 2018, 08:39:16 AM

Cryptocurrency was meant to be decentralized, give access to unlimited money possession, unable depositing and withdrawal without third party interference, but the rate at which KYC is require everywhere means government have started controlling cryptocurrency already.

Nope it is not meant to be decentralized, I believe they can be both centralized and decentralized. And I believe the government can control cryptocurrency if they try harder. It is hard but for a normal person to encash cryptocurrency, they need to pass exchanges and there where the government can control the process.

bitart

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Quote from: just_Alice on March 17, 2018, 09:08:56 AM

Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

...

They can't control cryptocurrencies directly, but they can implement rules, that may affect cryptos spreading and their price. We have a lot of examples which prove that: taxes, banning by countries and by media, spreading of false stories, market manipulation, etc.

There's no need to control it directly, it's enough to control the entry and the exit point of money to/from blockchain. When it's about to exchanging the existing coins to fiat, there's the point when the tax authorities are interested in the transaction. This is enough, as long as the acceptance of cryptos are remaining in this state. As soon as people will accept crytos for p2p trades (like they will accept bitcoin when selling a second hand laptop, PC or anything else) than it will be harder to the authorities to manage the whole process. As long as the merchants won't accept bitcoin because of the uncertain law situation, governments have the time to think about the necessary steps to handle cryptos...

butcherme

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Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

There have been a lot of arguments concerning this topic. Again, there have been a lot of pronouncements from governments officials pertaining cryptocurrency control and people actually reacted to them.

Even though some governments may want people to think they control and regulate cryptocurrencies, that is far from the case, as cryptocurrency cannot be regulated or controlled by default. Companies providing solutions related to this new form of money, on the other hand, are subject to existing guidelines which apply to other financial service providers as well. The flow of money in the cryptocurrency world is not controlled by any central authority, nor will it ever be.

What is your own thoughts about this?

They cannot actually have power over it since cryptocurrency is decentralized. However, government can really affect the market demand. They have control over banks, credit card companies, and exchanges where they can actually regulate it and limit it. So, this has a direct impact on the market demand. So, just imagine if the government may not even care or regulate cryptocurrency, but instead they prohibit credit card or financial institution from getting involved with it.

markj113

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When you control the fiat money printing press you can control everthing else.

Washball

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Governments will come with regulations, to prevent criminal activities like f.i. money laundering they say. They are pushed by banks and financial institutions, because these entities fear cryptocurrencies. They cannot control cryptocurrencies and that's scary to them. But with the regulations, governments can control exchanges and track information of their clients.

EugeneJanet

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Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

There have been a lot of arguments concerning this topic. Again, there have been a lot of pronouncements from governments officials pertaining cryptocurrency control and people actually reacted to them.

Even though some governments may want people to think they control and regulate cryptocurrencies, that is far from the case, as cryptocurrency cannot be regulated or controlled by default. Companies providing solutions related to this new form of money, on the other hand, are subject to existing guidelines which apply to other financial service providers as well. The flow of money in the cryptocurrency world is not controlled by any central authority, nor will it ever be.

What is your own thoughts about this?

I don't think so. Cryptocurrencies are anonymous and decentralized. It is not issued by the government, and the government will not be able to control the cryptocurrency. Governments can only influence cryptocurrencies by controlling exchanges, but they cannot control them.

just_Alice

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Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

There have been a lot of arguments concerning this topic. Again, there have been a lot of pronouncements from governments officials pertaining cryptocurrency control and people actually reacted to them.

Even though some governments may want people to think they control and regulate cryptocurrencies, that is far from the case, as cryptocurrency cannot be regulated or controlled by default. Companies providing solutions related to this new form of money, on the other hand, are subject to existing guidelines which apply to other financial service providers as well. The flow of money in the cryptocurrency world is not controlled by any central authority, nor will it ever be.

What is your own thoughts about this?

They can't control cryptocurrencies directly, but they can implement rules, that may affect cryptos spreading and their price. We have a lot of examples which prove that: taxes, banning by countries and by media, spreading of false stories, market manipulation, etc.

Mudah_rezeki

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I think the government is unlikely to control it. unless the government can introduce taxes from bitcoin. the bitcoin color is advanced in every country state. the government can only control the bank for bitcoin

BelieveInBTC

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Quote from: boranes on March 14, 2018, 06:00:43 AM

No, they can't, but they can control exchanges, credit card companies and money which is exchanged from crypto.

No one can control crypto itself.

It won't be a problem soon when decentralised exchanges (which already work) become popular. We won't have to exchange cryptocurrencies to fiat if they become accepted all around the world. We are not that far from achieving that. It only requires us to stop using normal exchanges and worrying about governments whose aim is to kill cryptocurrencies before they will expand more and start to be used in our daily life.

charlotte04

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Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

There have been a lot of arguments concerning this topic. Again, there have been a lot of pronouncements from governments officials pertaining cryptocurrency control and people actually reacted to them.

Even though some governments may want people to think they control and regulate cryptocurrencies, that is far from the case, as cryptocurrency cannot be regulated or controlled by default. Companies providing solutions related to this new form of money, on the other hand, are subject to existing guidelines which apply to other financial service providers as well. The flow of money in the cryptocurrency world is not controlled by any central authority, nor will it ever be.

What is your own thoughts about this?

Honestly they can, if they buy a bunch of them. It is unlikely that they will take all the supply without mining it.

marcbitcoins

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Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

There have been a lot of arguments concerning this topic. Again, there have been a lot of pronouncements from governments officials pertaining cryptocurrency control and people actually reacted to them.

Even though some governments may want people to think they control and regulate cryptocurrencies, that is far from the case, as cryptocurrency cannot be regulated or controlled by default. Companies providing solutions related to this new form of money, on the other hand, are subject to existing guidelines which apply to other financial service providers as well. The flow of money in the cryptocurrency world is not controlled by any central authority, nor will it ever be.

What is your own thoughts about this?

Very true, the government can't really control the crypto currencies specially the processing that is why its commonly called decentralized but the government can 100% control the exchanges thru regulations but limited to imposing tax, monitor transactions, and most of all to ban it if they would like.

Xardasim

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Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

There have been a lot of arguments concerning this topic. Again, there have been a lot of pronouncements from governments officials pertaining cryptocurrency control and people actually reacted to them.

Even though some governments may want people to think they control and regulate cryptocurrencies, that is far from the case, as cryptocurrency cannot be regulated or controlled by default. Companies providing solutions related to this new form of money, on the other hand, are subject to existing guidelines which apply to other financial service providers as well. The flow of money in the cryptocurrency world is not controlled by any central authority, nor will it ever be.

What is your own thoughts about this?

If we think logically, governments can control everything, will not be able to control blockchain? If they can control the Blockchain, why don't they control? I was sending money through banks until I learned the Blockchain, now I sit in my house and i can send money to where I want, as much as I want, without third person knowing. If the States, the Banks know this, why do they give up their profits?

Crystacool

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Quote from: sirkings0003 on March 14, 2018, 05:56:03 AM

There have been a lot of arguments concerning this topic. Again, there have been a lot of pronouncements from governments officials pertaining cryptocurrency control and people actually reacted to them.

Even though some governments may want people to think they control and regulate cryptocurrencies, that is far from the case, as cryptocurrency cannot be regulated or controlled by default. Companies providing solutions related to this new form of money, on the other hand, are subject to existing guidelines which apply to other financial service providers as well. The flow of money in the cryptocurrency world is not controlled by any central authority, nor will it ever be.

What is your own thoughts about this?

I don't think the government can control the cryptocurrency. The cryptocurrency is decentralized and anonymous, and the government cannot control the transactions between cryptocurrencies. But governments can control exchanges.

rhea1715

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No, governments don't have any control and cannot control cryptocurrency for in this first place, no one knows who are the people behind or the people who really mandates cryptocurrency world. Government can only hear and say anything about crypto but never be able to hold it or do something about them.

dragoz11

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governments can not control crypto currencies but they can control their worth because if they make it illegal people won`t be able to cash it out and if their value decreases or becomes zero what is the reason to use them

btcmegastar

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Quote from: pat4cryptoreal on March 14, 2018, 08:39:16 AM

Cryptocurrency was meant to be decentralized, give access to unlimited money possession, unable depositing and withdrawal without third party interference, but the rate at which KYC is require everywhere means government have started controlling cryptocurrency already.

Yes, governments can find a solution for controlling cryptocurrency because there are many cryptocurrency opening by the community without any rules and regulation because to start rasing they need to have some criteria so that governments will accept according to it.

Crypdon

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Governments can only control the currencies that they create, nothing more than that. Bitcoin is already in the wild wild west, they can only control something like petro, or they can create some centralised crap like ripple. If they try to regulate it then people will switch to privacy coins like xspec or deep onion which are TOR integrated coins

Rahman11

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Yet to no way to control over bitcoin via any government, it's totally decentralized so government can't control it in future! it's my opinion.

peter1

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If the cryptocurrency is controlled by the government, then the cryptocurrency is not decentralized and does not conform to the essence of cryptocurrency.

1Referee

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Governments can't do anything other than controlling the centralized part of this market, and that's exactly where it stops. Bitcoin is its own regulation, and one that can't be stopped, unless governments shut down the entire internet, but that would result in far more negative consequences for the non crypto economy, and thus it's not a viable option. It's that I use a centralized exchange to trade on, but if I decide to distance myself from that at whatever point in the future, I will no longer touch one single centralized exchange ever again. The only centralized service I will keep using, is a mixer when I need to have my coins mixed, but I expect at some point that even this process will be decentralized.

Topic: GOVERNMENTS CAN CONTROL CRYPTOCURRENCY - page 2. (Read 327 times)