Topic: If governments block Bitcoin, does Bitcoin have no value? - page 3. (Read 565 times)

I really have no idea where you got the data from. Is that only your own calculation and imagination? Based on what analysis or data did you take so that you can conclude the numbers and also statistics? Well, no reason to believe your data here because there is no enough to prove this.
And if the government blocks Bitcoin, which government? there are so many countries in the world and many countries allow and legalize Bitcoin and other cryptocurrencies. So, if BTC is blocked in one country, it doesn't matter because most countries will accept BTC and the community of BTC is very high, impossible to make it of no value.

It's true that crime doesn't only happen in Bitcoin, it can even happen in fiat too. So it is not wise if we blame Bitcoin because there are some
crimes that use Bitcoin. Criminals can use anything to do evil, not necessarily through Bitcoin. Then one country will not be able to make Bitcoin
dead or worthless, so any country banned Bitcoin, will not harm Bitcoin. As long as there are people who use Bitcoin, of course Bitcoin will always live.

OP" is too dramatic to write this like a journalist cornering news to sell. we all know bitcoin is not like that, crimes happen everywhere and on anything...!!! a ban in one country won't turn bitcoin into priceless maybe only down for a few months and back

I don't normally jump into these discussions, but... well, jeez 

I agree with many of the responses - especially bringing up numbers without sources. We all know that while 97% of the information on the internet is accurate, 74.2% of statistical claims are made out of thin air or from nuthouse hypotheses, and 68.8% of noob comments (including my own) are unresearched or validated.

HOWEVER, I do want to step in and say 2 things about the OP post.

#1 Bitcoin is not the only currency used with criminal activity. US dollar bills (cash) and many other currencies were used for criminal activities far before Bitcoin came along. In fact, criminals are still using cash... and the government hasn't made using cash illegal.

#2 Bitcoin is not managed by any government and since it is decentralized, they can't block it either. They can only block it by blocking access to the internet. Sure, they can make it illegal. They make the possession and use of many drugs illegal, but it still continues.

and a bonus comment... there are no international criminal police. Interpol is an organization that coordinates international law enforcement cooperation, they don't independently enforce or investigate crimes. (But that would be funny to see... a jetboat being pulled over in international waters for speeding in a 'no wake' zone and getting tickets for possession of contraband and not enough life jackets on board.  )

To be honest these numbers don't make any sense because first of all how will anyone know what the transactions are used for, the government has no control or a way to monitors the bitcoin transactions and track the bad ones from the good ones, and the truth is you can't blame bitcoin for people using it for the wrong purpose, with every thing you will find people that abuse it, and if it was the case money has been used for decades for drugs murder and all the bad stuff, instead of banning it governments could use it for their own good to catch criminals, since it totally anonymous for the criminals it is anonymous to the governments as well.

What do you mean by 76 billion illegal activities? I think this is a false claim. What else do you say half of the btc transaction is illegal. I think this statement is false and not true. and for the problem if the government blocks bitcoin it doesn't matter tough.and I don't see any point why that would happen.

In my opinion, Bitcoin or cryptocurrencies will not be banned or blocked by all governments. Few governments don't like cryptos but countries like El Salvador will be there.
There are few countries that thought of blocking it but they are now thinking to consider it as an asset rather than a currency.
People also tend to find a way to use Bitcoin even if it is blocked. For example, P2P was a hit when once it was restricted in our country where financial institutions cannot work with exchanges related to crypto.

That's right.

Bitcoin was banned in China many years ago and since then it's grew to be much more popular and more valuable. Chinese exchanges moved abroad and kept functioning anyway.
Now they are trying to ban mining and miners are already moving out. That's all this is going to achieve. They'll make people temporarily lose money and panic and then they find a way around it and keep going.

Uhmm no, OP. You know that Bitcoin can be traded personally right?
Whatever the means of the government try to use to stop the usage of Bitcoin, it cannot be stopped. ISP could ban it but people can still be able to use VPN in the end.

"Blocking" bitcoin, while doable with legislation, is not practically possible. There would be no way to enforce a crypto ban... an effort to ban crypto would be as successful as one trying to ban the internet.

Bitcoin is unstoppable financial freedom for the world... quite a beautiful thing.

Of course not. Bitcoin has been block for some countries and yet we are seeing that the bitcoin still have an value. Bitcoin is independent wherein if all the government block bitcoin or all of the country ban bitcoin there will be still an operating for it because there are exchangers that will still accept bitcoin and cryptocurrency and that exchangers will be the one who will be in front to make it become a fiat. The thing is that, no matter what happens bitcoin will increase and government will have nothing to do about it.

Governments have tried to block Bitcoin before, and in fact on numerous occassions China has tried to do it, in various ways. Even India, also tried to ban it altogether.

That's 2 of the biggest countries on earth trying to block Bitcoin.

Did that affect Bitcoin's value?

Indeed. El Salvador and the other countries already allow bitcoin for their people, which will not stop bitcoin from adopting in many countries. If most countries allow bitcoin, the country that prohibits bitcoin will think they need to change their regulation and start accepting bitcoin like the other countries.

I guess the government is still learning deeper about bitcoin before they decide to allow bitcoin. Maybe they will apply some regulations for their people if they want to use bitcoin. I am sure bitcoin will have a high value in the future, especially if many countries can accept bitcoin for the payment system and the investment.

From the day Bitcoin was born, it was ready to deal with the joint ban by governments of various countries. This is why blockchain technology and the idea of decentralization are important. But no matter whether Bitcoin and DeFi will be accommodated by the mainstream financial world in the future, or excluded, I believe the world will become better because of this. In this world, the power of justice is still very strong. Even if a centralized organization wants to suppress the development of Bitcoin and DeFi with selfish purposes, it must have sufficient and justified reasons. Then, as the game with Bitcoin and DeFi unfolds, those for just reasons will inevitably become the self-discipline standard of centralized organizations, and the value of Bitcoin will become higher and higher.

The Chinese government's ban on ico has not caused excessive burdens on the global Bitcoin and blockchain communities. There are also many people who applaud for this. Participants in the blockchain industry are more standardized and transparent. Avoid repeating the mistakes of p2p frantically collecting money in previous years. This shows that many people know that no matter how great innovation Bitcoin and blockchain are, it is necessary to have a basic legal and moral bottom line. At the same time, the blockchain community has always maintained a very positive attitude towards innovation. Many start-up companies have received funding that is unimaginable in the fiat world, but the behavior of fishing in troubled waters needs to be controlled and restricted. Self-discipline, tolerance, mutual trust, and democracy will definitely highlight the value of the blockchain more fully, and as mentioned earlier, as long as there is value, it is difficult to be banned.

Yes Way,

All the governments have to do is contact the companies that run the internet backbone.
https://en.wikipedia.org/wiki/Internet_backbone

Have these companies use detection software to block all miners from connecting to mining pools.
This freezes bitcoin mining, no new transactions can be added, so the network is frozen.

They can also use detection software to block the bitcoin nodes from sharing block data,
this means no one can sync the blockchain.

Plus anyone that persists in trying to evade the above restrictions home address will be turned over so the police can imprison them.

* Tor or VPNs will be no  protection as if the governments went that far, they will also block and make illegal tor nodes and VPNs.*

I am not saying they ever go that far, but don't be stupid and think they can't if they really wanted to.
 

"Regardless, the good news is two-fold: Cryptocurrency-related crime is falling, and it still remains a small part of the overall cryptocurrency economy."

That is from a Chainalysis report. The transactions associated with illicit activity is so low compared to any other fiat currency in the world that that is almost negligible to be discussed at all. There are unbelievable reports about hidden fiat currency all around the world, corporate entities hiding dividends from taxation and so forth, Bitcoin is not the issue some believe it is.

Seeing every news about banning is not new to us as most of the countries have to tried to ban bitcoin but never succeed. Bitcoin can never be controlled by any entity or group so it won't be possibly banned by any government as bitcoin users and investors will still find ways to access it no matter where they are as long as the internet connection is present.

And now that bitcoin has even gained more positive impact from its users so adoption might take place sooner and that banning will be very impossible now for government.

Where do you get this information?
If you just heard this from a rumor, please don't directly write it on the forum. Newbies may trust it although it is still debatable whether it is the fact or not. Personally, I don't believe this, how can someone know the transaction is legal or illegal. Even an institution announced it, I doubt if there is a political purpose to spread it.

It cannot effect if only 1 government in some part of the world will ban it but if majority of them declare bitcoin as illegal asset and every citizens who caught using it will be sued then for sure it can affect the price since the demand will decrease then possibly this could be the destruction of bitcoin.

But we  are so morbid for thinking  this way since  for government see bitcoin already as valuable asset that's why its impossible for us to see this happening.