High possibility major governments will BAN Bitcoin in the near future - page 6.

A62662

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Quote from: hatshepsut93 on January 26, 2021, 09:47:45 AM

Quote from: A62662 on January 26, 2021, 09:11:28 AM

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Not really. CBDCs will be competitors to stablecoins and traditional payment networks, not Bitcoin. Bitcoin will remain volatile and hard to use, perhaps even still having scalability issues by the time CBDCs will launch, so CBDCs and Bitcoin will have very different users.

If governments wanted to ban Bitcoin because it's a threat to them, they would have done it a long time ago, when it was much easier to do so because there was less adoption and awareness. Sure, authoritarian governments like China and Russia can do it at any time still, but western democracies wouldn't be able to ban Bitcoin without backlash.

It would make much more sense to ban Bitcoin once they have a working cryptocurrency of their own, and that is coming.

hatshepsut93

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Quote from: A62662 on January 26, 2021, 09:11:28 AM

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Not really. CBDCs will be competitors to stablecoins and traditional payment networks, not Bitcoin. Bitcoin will remain volatile and hard to use, perhaps even still having scalability issues by the time CBDCs will launch, so CBDCs and Bitcoin will have very different users.

If governments wanted to ban Bitcoin because it's a threat to them, they would have done it a long time ago, when it was much easier to do so because there was less adoption and awareness. Sure, authoritarian governments like China and Russia can do it at any time still, but western democracies wouldn't be able to ban Bitcoin without backlash.

A62662

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Let me ask you this; have the major governments been in the endphase of having their own cryptocurrencies during the last 10 years. Well, no. But they might soon. That's what's make all the difference and why the BTC ban is probably imminent.

DannyHamilton

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Quote from: A62662 on January 26, 2021, 09:11:28 AM

. . .The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000. . .

Silly rabbit.

People have been saying this nonsense for more than 10 years.

I can prove that even you don't believe it.

Let's make a bet. You are CONFIDENT that this will happen in the "NEAR FUTURE". I assume that "near future" means less than 2 years?

So, how about a bet of $2000 USD? I bet that the U.S., Canada, Mexico, or any country in the European Union will NOT pass a law before Jan 1, 2023 which demands any jail time or a fine of more than the equivalent of $100 USD for any private citizen solely for the acts of sending, receiving, or holding Bitcoin.

Notes, this doesn't apply to:

"using Bitcoin to launder illegally acquired cash". That law already exists.
"Using Bitcoin in the activities of a Money Service Business without a license" That law already exists.
"Failing to report transactions of high value to the appropriate reporting agency" That law already exists.
"Using Bitcoin in the act of fraud or theft" That law already exists.
Or any thing else which is already illegal without Bitcoin

This bet specifically applies to a NEW law that applies not to a business or other non-person legal entity but rather to individual citizens.

Your click-bait subject line says that this is a High possibility, so this should be an easy bet for you to win, right?

EDIT: If you accept this bet, I'm happy to digitally sign a statement of agreement to the bet as well as place $2000 worth of bitcoin (or whatever smaller amount you wish if you aren't willing to bet $2000) into escrow with a trusted third-party member of this forum.

A62662

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The government can really ban bitcoin whenever they like but still, they cannot kill bitcoin, because bitcoiners will not agree if they suggest killing this bitcoin. Maybe they will ban bitcoin because there are so many illegal activities that the bitcoin is involved in although we all know that bitcoin isn't illegal, but still, people are exaggerated to this matter especially when it comes to legalities of everything.

It will have to be coordinated between the major powers of the world if it is to be effective, they are probably holding talks about this behind closed doors.

You are right, they cannot kill Bitcoin itself, but they can kill the price and most of the usage. After the ban you won't be looking at a price of $31,300, and not even $3000, but closer to $300.

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Quote from: A62662 on January 26, 2021, 09:11:28 AM

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Governments do not need to have a digital currency built on the blockchain inorder to ban Bitcoin, theyncan attempt to restrict its usage even if hey had no alternative, as some countries have already done. The reason they would want a CBDC is to give users an alternative to Bitcoin, which would give them the qualities it has (although, this would not be the case).

Quote from: A62662 on January 26, 2021, 09:11:28 AM

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening.

Control is really the only reason. Financial crime is mostly funded by fiat and Bitcoin does not facilitate it.

Quote from: A62662 on January 26, 2021, 09:11:28 AM

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.

I think it is highly unlikely, Bitcoin is still at its budding stage but has gained lots of adoption by individuals and businesses, an outright ban would not be very practical as it could negatively affect the integrity of the government as well as push holders to other regions. A more likely scenario would be government agencies seeking for more control by strongly regulating centralized platforms linked to bitcoin.

mk4

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Quote from: A62662 on January 26, 2021, 09:29:04 AM

It will matter for the price. AND it will turn Bitcoin into an underground and little used tool. You can also say goodbye to 100% of any institutional and large buyers, killing the price in the process.

Sure, and I'm pretty certain that has always been a possibility since forever; heck, anyone who tried to think about Bitcoin's potential downsides as an investment could easily think of that. The question is, to what extent can a certain government "ban" it? Knowing that some institutional investors(that has a crap ton of lawyers, even from Blackrock alone), are already in, and are continuing to get in.

A62662

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Quote from: mk4 on January 26, 2021, 09:21:52 AM

Sure, the government banning(or specifically, illegalization, because they can't really "ban" it) Bitcoin is definitely possible. But saying that bitcoin's price will get "killed completely"? Sure a crash is likely to happen, but "killed" is probably over exaggerated.

Quote from: A62662 on January 26, 2021, 09:11:28 AM

Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.

Yes, and it doesn't matter. It's decentralized vs centralized money, and Bitcoiners wouldn't move to a centralized cryptocurrency just because a government created one.

It will matter for the price. AND it will turn Bitcoin into an underground and little used tool. You can also say goodbye to 100% of any institutional and large buyers, killing the price in the process.

mk4

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Sure, the government banning(or specifically, illegalization, because they can't really "ban" it) Bitcoin is definitely possible. But saying that bitcoin's price will get "killed completely"? Sure a crash is likely to happen, but "killed" is probably over exaggerated.

Quote from: A62662 on January 26, 2021, 09:11:28 AM

Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.

Yes, and it doesn't matter. It's decentralized vs centralized money, and Bitcoiners wouldn't move to a centralized cryptocurrency just because a government created one.

A62662

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The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.

Topic: High possibility major governments will BAN Bitcoin in the near future - page 6. (Read 1040 times)