Topic: IF Trump via Executive Order Banned Bitcoin, what are consequences if any? - page 3. (Read 716 times)

If so, then most likely everyone will be engaged in trading clandestinely

No matter the way they order through executive to ban bitcoin  ... the result would'nt much affected cryptocurrency especially bitcoin in the long term, the cryptocurrency ecosystem been built too strong and nobody/ institutions can break it down to the dust easily.

I would glad to follow the dumping till the last dip if this scenario happened, as everyone else speculated and predicted here ... about it will only become a shock therapy temporarily.

Won't be a serious threat for me , it's become an opportunity instead 

anything can be happen if this man bad mouth bitcoin and other Altcoins. He is just not thingking. every nation that come across his guts is a worst country so he have them sunctions.
lets not hope that he will get eye on our bitcoin if he does i'm afraid that the consequences could be brutal.

Well, the immediate affect would be a massive dumping of coins, because most speculators react quickly on any negative news that might affect their investment. The price will drop with almost 80% again, until people realize that they can still "hoard" bitcoins and use them in other countries where Bitcoin is not banned.

It will also spark new black market markets and platforms to buy and sell bitcoins for the Americans and people will just resort to illegal means to protect their wealth.

The result of a ban for the USA, will be less tax income and also less Bitcoin tourists and more people taking bitcoins out of the country to use it in countries where it is legal.    (There will also be significant job losses, because there are MANY people employed in Bitcoin businesses now.)  

I bet there would be huge pump. This is not common opinion, because most of the people here are commenting from states, but think about that. How many of you would love to have that one btc? That small dump would follow huge pump.

no arguments there. US citizens will be affected for sure but bitcoin will continue on since the rest of the world isn't crazy! majority of countries in the world have already accepted bitcoin with some of them letting it be used as a currency (like for paying taxes in Germany, a legal currency in Japan,...). and it would be their own fault for electing such a crazy person for the office

As much as I agree that Bitcoin cannot be interfered with, plenty of users will be affected. Even if you ignore the price dumps, losing access to exchanges is a big blow to a lot of people. It's also going to affect the way it's used as a currency, as deals are going to have to be done in secret, and under threat of prosecution.

Some users can choose to be resilient, which I suppose is the beauty in it, but we have to acknowledge that authorities still have a high degree of influence over Bitcoin's ecosystem, even if they can't really touch the network itself.

the only thing that nonsense like this can affect is the price. otherwise bitcoin is designed in a way to be resilient to these things. in case you have forgotten that is exactly what being decentralized means and that is exactly what bitcoin was designed to be. if it were to be affected by some government's decision then it meant that it were a failure.

The president can intervene in economic matters. Gold was banned for a bit in the USA. Trump can by executive order to tariffs.

So he could 'ban bitcoin' on national security issues rather than economic to get around this.

Again, all this is unlikely and could be challenged in court, but lately, anything is possible in the USA if legit refugees are being separated with their children and kept indefinitely apart.

There is a wide world of silliness under Trump, so I'm sure, he could try to ban bitcoin on a whim, depends on how folk take such a threat. Either he'd be laughed at or in the short

term ignored or he could get away with dumping the price down to 100 USD and drive institutional investors away.

The way the world is lately in denial in the USA with electing trump and denial of climate change etc, no idea...its all beyond the scope of me trying to keep track of.

utterly befuddled

brad

There's going to be a short-term dump in price in my opinion. While "banning" bitcoin is really impossible, making it illegal to have ownership of bitcoin is definitely possible, and would no doubt spread fear to those bitcoin holders that doesn't even understand that it's impossible to ban bitcoin. Pretty much the speculators that leave their funds on exchanges like Coinbase I'm guessing. In the case of a banning, I expect them to panic and dump their bags. Long term though? The price movement caused by the ban probably wouldn't matter. And of course, the more knowledgeable people would just continue to hold their bitcoin on their non-custodial wallets.

President moves can't be accurately predicted, he acts and later reviews his actions for necessary management or damage control, he is whom he his, that you can't take from him. On bitcoin, I am, certain he won't give any executive order on it. If peradventure it mistakenly happens, bitcoin will see a temporarily dump in price and spring massively almost immediately. The truth is that: USA is a very great nation but does not control the bitcoin network.

Big panic will be created as more investors see the US Government as the top regulating country which is normal. The price of bitcoin will taste another bottom and maybe the worst case will be dead for time. The market recession is coming so I don’t think Trump will make a bad decision like this, we need more safe place to put our money and that is for bitcoin.

It would be a bad move for trump because many Americans are Bitcoin traders and holders. It would lose him a lot of votes and make people feel betrayed. They were investing in Bitcoin like they were investing in gold and Trump's ban would make them outlaws all of a sudden.

I guess a ban like that would mean a crash early on until people would realize that it's not the end of the world and that a country banning a fiat currency hedge must be fearing for its fiat. For me it would be a sign to short USD.

Aren't those restrictions from exchanges already a view for a ban?
I mean, why go that far if there had been already like a regulation which is happening.
He just want to be on the news again.
This guy is like addicted to being seen on television and thinking he is good looking at it.

He better stop the non sense for there are too much who are hating him even those who sided with him in the elections.

The idea of banning gold would have seemed crazy in the 30s, but that's exactly what the FDR administration did. They banned private gold ownership beyond 5 troy ounces. Everything else had to be sold to the state. The ban wasn't lifted until the 70s. So the government could theoretically criminalize the act of owning bitcoins beyond specified small amounts just the same.

Obviously this couldn't be effectively enforced, but neither could the gold ban. The fact is that most people fear the government and respect the law of the land, so they disposed of their gold then and would dispose of their bitcoins now. Forcing Bitcoin into the black market would quickly cut the market down in size.

Well Thinking Trump can't ban it in the US would be a mistake.
By using an executive order, he could make it illegal for all US citizens to own it and transact in it.
(He already block the crypto called petro.)
https://www.investopedia.com/news/trump-block-venezuelan-cryptocurrency-petro/

While their are a small minority that would break the law and keep using btc.
The Majority including the Major US Firms would not.
The consequences is that he probably give a few months for everyone to sell before that criminal penalties went into effect.
So there would be a massive sell off, and bitcoin price would be in the shitter, most likely below $500.
Which would cause another rash of miner bankruptcies.

While odds are 50/50 on what Trump does,

China is more likely to ban all crypto coins 1st ,
as they are coming out with their own State sponsored crypto coin, (which they will control).
https://www.scmp.com/news/china/economy/article/2111456/why-has-china-declared-war-bitcoin-and-digital-currencies
https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#42a53c751a51

Many people believe bitcoin can not die, sorry to be the bearer of bad news,
but it most likely will die if all of the World powers turn against it.
With the production cost of creating new bitcoins in the thousands, a market price of below that is one of the scenarios that kills bitcoin.
Bitcoin lost it's ability to hide it's mining operations from government powers because of excessive power use.
Only staking crypto coins can hide well enough to evade government censorship, as they can be run on laptops behind tor or vpns.
The Power companies can not pinpoint their location like they can a bitcoin mining operation.

There are tons of business accepting bitcoin in US, and Trump is a businessman, so unless he really thinks bitcoin threatens the dollar or has serious impact on the interest of state, which is not the case now, he won't ban it. 

reserved for what?

and when I read this, "Tom Lee," I wonder what he is doing right now, a few months to go, and I wonder what argument he will use when his prediction fails:

Tom Lee: BTC Is Genuine Safe Haven, Potential New All-Time High by End of 2019

if bitcoin were banned in the US, the price would fall 50% and many other countries would follow the same path as the US and this would cause the price to fall further.

this isn't comparable to bitcoin at all. before the FDA finally acted, e-cigarettes were being banned by loads of cities because they've been found to cause severe pulmonary disease. people are dying---it's a public health crisis. that's why the trump administration is acting.

such a crisis is impossible with bitcoin.


it depends what form it takes. if it's like the executive order banning gold hoarding which forced citizens to sell their gold to the government, the market might recognize it for what it is: the USA treasury forming a pretense to take everyone's gold for their own reserves.

if it's a straight up ban, things will look different. outright bans by major world powers (especially if others follow the USA) will crush bitcoin's prospects as a legitimate investment asset, at least for a time.

We have to think about which kind of ban to know exactly what would happen

If we think about the worse kind of ban, if someone with BTC, trading, making transactions etc could be arrested, so it will be a disaster to BTC and the price obviously will sink, USA is a strong country to BTC
Can you imagine all north americans selling BTC at the same time to not be against the law?