If the powerful governments wanted to, do you think they could stop Bitcoin? - page 19.

Skyshark

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

I think the government could really do whatever they want, if they want to stop bitcoin then they could do it. Government is just so powerful that they could be anywhere, any business, any people's life as long as they would want to. So I guess stopping the bitcoin would be the same for them, its gonna be as the way they want it to be.

Ilegendph

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Quote from: Indrawan77 on October 27, 2017, 11:22:54 PM

Actually government has the power to eliminate bitcoin if all of the governments agree to banned it together, it's mean that all country must banned bitcoin then bitcoin will slowly die, one government banning wont effect anything on bitcoin there are so many ways to bypass the banning and bitcoin has helped some people to have a better life and decreasing unemployment rate, so some of the government won't stop bitcoin

But not all the government of every nation have the same sentiment about bitcoin, for example Indonesia warns its citizen to stay away to cryptocurrency while Japan embrace it and it promotes to its citizen that they should accept bitcoin. So , I doubt that bitcoin would be totally eliminate, and I think if the second example is done by other nations, the countries that have negative impression about bitcoin would change their mind.

waynechong1995

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With ease i believe, but on the public scale only. This means public conference/meeting regarding cryptocurrency would be restricted to a point where prices or related activities went underground again. Still the blockchain technology would persist as there are not geographically limited, new coins would grow. Passing a law which disallow citizen to own bitcoins is unlikely though as that is really unhelpful in anyway as it's not like the entire world would follow. Exterminating Bitcoin existence is laughable though, maybe banning national ISP would help in this context.

Bestpromoter

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some of the people here are getting the right answer but me i don't really have the right answer because for me the bitcoin cryptocurrencies is tallied in the internet, what i mean is if there is internet there will be bitcoin, they can't stop it unless they shut the internet.

cafucafucafu

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

They could definitely disrupt a lot of the norms for bitcoin trading, for example they could pressure exchanges to shut down or even censor bitcoin related sites. China is a primary example of this happening right now, so it is possible.

However, let's get this clear. Not all countries are going to ban bitcoin, even if they ban bitcoin, the network will still thrive, and businesses will just move to countries where bitcoin has been legalized such as Japan.

Indrawan77

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Actually government has the power to eliminate bitcoin if all of the governments agree to banned it together, it's mean that all country must banned bitcoin then bitcoin will slowly die, one government banning wont effect anything on bitcoin there are so many ways to bypass the banning and bitcoin has helped some people to have a better life and decreasing unemployment rate, so some of the government won't stop bitcoin

UchihaRukawa

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

I think there is nothing that the government can't do, if they wanted war, they could easily get it, if they wanted change, they could easily do it, so if they wanted to stop bitcoin and the cryptocurrency, I think its gonna be easy for them. There are people who are gonna do against them, but I think, they will win, unless they see something in bitcoin that could benefit them.

squatz1

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Quote from: hatshepsut93 on October 26, 2017, 09:12:59 PM

They couldn't kill it completely, but they can prevent mass adoption by simply outlawing it. Most people wouldn't risk getting fined or imprisoned just to use an alternative payment system, so Bitcoin community wouldn't be able to grow to any significant size. And the second problem is mining - right now it's relatively centralized and draws huge amounts of electricity - together it makes it easy to shut it down. Without mining Bitcoin's price can't freely grow, because mining protects the network from double-spending attacks, so when hashrate is low the network becomes less secure, meaning it's cheaper to attack it, so it can't sustain above certain amounts of value.

Well this is my thinking, I'm not saying Bitcoin would die completely and lose the dedicated user base that it has built so far. I just think that it would not be able to grow and stuck here, as what it is today, if governments decided that's what they wanted to happen. A lot of people on this forum don't understand, or try to understate the amount of power that the government really holds.

Quote from: cpfreeplz on October 27, 2017, 10:13:39 PM

If every country really started cracking down, sure bitcoins would be put into a choke hold VUT that's not going to happen because so many cou tries fully support it. Even if bitcoins where a japan only currency, they would still hold huge value. Keep them no matter what happens in your county.

Ok this isn't true, no country supports Bitcoin.

cpfreeplz

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If every country really started cracking down, sure bitcoins would be put into a choke hold VUT that's not going to happen because so many cou tries fully support it. Even if bitcoins where a japan only currency, they would still hold huge value. Keep them no matter what happens in your county.

romecheo

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

Government and Banks are having there own agenda on suppressing Bitcoin. What every they planned or how strong may they be, they can only slow down the progress and development of Bitcoin, however, they cannot stop Bitcoin.

This is not the first time that strong and big country tried to stop Bitcoin. but they all failed.

olushakes

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

All this could happen and yes they can go that extreme but the issue is that in as much has government wants to exercise it's power, they need a reason to back whatever decision they would be taking and because every government in the powerful countries operate with some freedom for it's citizen, it becomes difficult to go that extreme as it would mean punishing some set of people who prefer to see new ways of doing things and not even hiding it because they have no ulterior motive to doing that.

Swopon

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They can declare bitcoin as a illegal but they can't stop bitcoin.Because the more day will come the more bitcoin will be popular.If they really want to stop bitcoin they should buy 21 million bitcoin which they can't do in their total lifetime

jekjekman

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

Definitely if they want to stop it they can.

Yes they can't declare bitcoin as illegal without any basis but what government can do is regulate the use of it which may cause for people to stop patronizing bitcoin since it will just be another centralized currency. Another thing that government can do is they can declare mining as illegal which may cause to the stop on processing of the transactions for the coin and will eventually cause to people stop using it.

a4techer

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

Even the government official wanted to stop bitcoin i sure they cant do that because bitcoin is not for one country entire world know bitcoin so that they cant stop the spreading the knowledge and all about bitcoin absolutely right now continuously increasing the value of bitcoin so that no one can stop bitcoin.

BeGoods

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Quote from: ihsanskanzaone on October 27, 2017, 07:17:48 PM

I think not because bitcoin is a digital item whose function is the same as gold that the price is not set by the government so the government can not prohibit the circulation of bitcoin. The government also can not freeze the ownership of bitcoin and bitcoin is also very easy to move to another wallet or can be easily taken out of the country so to ban the circulation of bitcoin is very difficult.

Thats right. the government will not be able to forcibly shut down bitcoin because bitcoin is in decentralized network so the government will not be able to close bitcoin even with their power. perhaps what the government can do is to provide regulation and prohibition for the use of bitcoin and you know it's enough to have an bad effect on the bitcoin market

ihsanskanzaone

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I think not because bitcoin is a digital item whose function is the same as gold that the price is not set by the government so the government can not prohibit the circulation of bitcoin. The government also can not freeze the ownership of bitcoin and bitcoin is also very easy to move to another wallet or can be easily taken out of the country so to ban the circulation of bitcoin is very difficult.

stolendata

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Quote from: EXtremeAEX on October 26, 2017, 08:48:17 PM

Well, they can buy down 21 million BTC and keep all of them to themselves, essentially 'killing' Bitcoin.

On a serious note, no, I feel that it is difficult for them to do so. Even if countries like China tries to ban Bitcoin in their own country, they cant exactly do so to the whole world, and there will always be a use for Bitcoin somewhere else.

Bitcoin is still gaining popularity, and its community is growing, so unless all the governments team up and say NO to BTC, it would not happen (I hope).
Citizens > Government, and we need to believe this as well.

The governments have the power to run the whole country according to the rule of law so I think that it will be not a hard task for a powerful government to get the control of bit coin in their concern country. I would like to suggest that instead of discouragement every government should plan a strategy and introduce a new and modern technology for monitoring of all illegal activities regarding bit coin.

ArnoldChippy

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Quote from: squatz1 on October 26, 2017, 08:30:27 PM

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

i think they cant because bitcoin is spread all over the world so government cant kill bitcoin because we dont have world government i think they can ban bitcoin in their country but not all there so many country authorized bitcoin as money in different country so kill bitcoin is not easy because this is money

I think you are right up to some extent that bitcoin has gained too much popularity worldwide and now it will be a very difficult task for any government to stop bitcoin and as you mentioned that many countries have legalized bit coin because bit coin is becoming strong and after all it is money. Specially in modern countries where the users are more eager to use online currency and so bitcoin is the best choice with them to use for their online shopping or business.

hurain

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Quote from: maydna on October 27, 2017, 02:58:24 AM

i think government could kill and stop bitcoin if they want and they can do it as fast as they can because they have unlimited source to do this. but i think the government will thinking to not stop or kill bitcoin and i think they are now is study about bitcoin, they have many questions about bitcoin and they need the answer. so they let us to still use bitcoin because they know that they can learn bitcoin from many ways and they want to see how bitcoin in future.

Powerful governments are able to do anything so in my opinion they will be able to stop or kill bit coin if they want as they have unlimited powers but I don’t think that governments will take this step because bit coin is getting more popularity day by day and its prices are rising high which is very profitable for the investors and also for the economy of country.

Kidmat

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Quote from: _Dawid_ on October 27, 2017, 06:42:08 PM

Of course banks and strong goverments can stop bitcoin. Nowadays most crypto users buy and sell crypto currencies officialy. So it is obvious that if you make something official somebody can stop you because he knows about your movements.

There are a lot of things to consider before government could stop bitcoin. As of today, bitcoin has gaining popularity in terms of easy to use and easy to access and ofcourse this could also use as payment. I think even in other countries the're trying to stop bitcoin to people but it coudnt success because bitcoin has leading the most use.

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