It seems that everyone here has said their mind on this thread, though most of the replies are quite incoherent it's nice to see the outside view of some people's minds about Bitcoin.
To, if I have to be the adviser to my president I will want or tell no legalize Bitcoin but people should not trade with their local banks because the bank's network systems are not strong satisfactorily
Topic: If you were the government, how would you fight against bitcoin? (Read 953 times)
December 29, 2022, 07:08:14 PM
Giving punishment to anyone who adopts bitcoin is actually too much if indeed this is enforced in my opinion because in this case bitcoin is not a crime. As for later, there must be excuses about money laundering, fraud and supplying terrorists, for example, that obviously doesn't really have an impact because of course bitcoin isn't wrong because they are just objects, so in this case I still feel that the action to give punishment, let alone severe punishment, has been definitely can't be done.
On the other hand, I actually still feel that a ban like this won't have a real impact no matter what happens and it won't be very useful.
On the other hand, I actually still feel that a ban like this won't have a real impact no matter what happens and it won't be very useful.
right, that's too much even if for example there is a penalty like that I don't think it will reduce bitcoin enthusiasts. it could even be that if such a punishment is imposed, bitcoin lovers will not remain silent and oppose the government.
don't blame bitcoin, if bitcoin is used for malicious purposes. because, what is wrong is that people who commit crimes are not because of bitcoin.
December 29, 2022, 06:00:10 PM
I would do exactly what FATF is doing right now. Regulate the whole crap out of fiat money, slowly remove anonymous cash and implement travel rule,
And if someone wouldn't comply and explain the origin of their money, their regulated CEX accounts would get frozen. Then i would remove BTC trading pairs from cexes, because of reasons like PoW is taking too much energy and we have an energy crisis, or stuff like that.
This would most likely move people to p2p trading, but institutional investors would be gone with lots of liquidity with them. And people couldn't trade bitcoins against cash because there wouldn't be cash money. Only digital money, and that would be tracked and every transaction over $1k would need a proof of origin or it would get frozen by banks. This would make people need to lie that they got their money for other transacions and whole thing would already be so difficult that it wouldn't be a big problem anymore.
And if someone wouldn't comply and explain the origin of their money, their regulated CEX accounts would get frozen. Then i would remove BTC trading pairs from cexes, because of reasons like PoW is taking too much energy and we have an energy crisis, or stuff like that.
This would most likely move people to p2p trading, but institutional investors would be gone with lots of liquidity with them. And people couldn't trade bitcoins against cash because there wouldn't be cash money. Only digital money, and that would be tracked and every transaction over $1k would need a proof of origin or it would get frozen by banks. This would make people need to lie that they got their money for other transacions and whole thing would already be so difficult that it wouldn't be a big problem anymore.
December 29, 2022, 05:08:39 PM
Governments can’t ban bitcoin but they can make it difficult for people to use. They can slow adoption & suppress price in many ways. Luckily for me, I don’t live in an anti bitcoin country. We all get affected by issues like what happened in China where they outright banned it (again). That definitely watered down the last bull run & stopped the price going as high as it would have done.
As long as you have working internet you can use bitcoin. F**k the government(s).
As long as you have working internet you can use bitcoin. F**k the government(s).
This is important, the internet is a window to the world to open anything even though the government prohibits and blocks Bitcoin. They only think of the profits to be made, imposing a morning tax on the founders of the crypto industry and making things difficult. Even selfish governments are reluctant to accept the new technology of bitcoin and prefer to make their own and want to emulate it.
I live in a country that still accepts bitcoin, although not completely, but there is still a positive side for crypto users, although there are many pros and cons that end up happening.
It would be difficult to give up Bitcoin. The simplest way for the government to get rid of Bitcoin is to shut down the internet; if there is no internet connectivity, people will be unable to access Bitcoin, which will have a negative impact on the country as well.
The government will never shut down the internet, it will not only affect bitcoin but all sectors. Currently, the digital world is more important and provides many advantages for the government. If the internet is shut down, the world will end communication there will be no one connected and this Forum will also disappear. December 29, 2022, 01:07:36 PM
It would be difficult to give up Bitcoin. The simplest way for the government to get rid of Bitcoin is to shut down the internet; if there is no internet connectivity, people will be unable to access Bitcoin, which will have a negative impact on the country as well.
December 29, 2022, 09:49:55 AM
Governments can’t ban bitcoin but they can make it difficult for people to use. They can slow adoption & suppress price in many ways. Luckily for me, I don’t live in an anti bitcoin country. We all get affected by issues like what happened in China where they outright banned it (again). That definitely watered down the last bull run & stopped the price going as high as it would have done.
As long as you have working internet you can use bitcoin. F**k the government(s).
As long as you have working internet you can use bitcoin. F**k the government(s).
December 29, 2022, 04:03:07 AM
If I were the government, why would I fight against bitcoin if I can always take advantage of the good things it can possibly do to my country. Embracing it and adopting it while learning from it will be huge leap towards success and this fighting against bitcoin is purely nonsense. For me, it's like your putting your own people to prison because you are blocking their rights. India and China have their own set of reasons why they are fighting against it and banning all sorts that is connected to bitcoin, one of those reasons are bitcoin is still an unexplored water for them (which is true) and they cannot really control it because of its nature that is decentralized.
Government doesnt really like for those things which cant really be controlled nor they could get a good hold of it or totally trying out to control and this isnt surprising on why they do hate up that much.Although there are some corners of the world which did really make out some considerations and thinking that it wasnt really that a bad thing after all.Some do remain neutral and most of them are really that banning it.
You could only count into your fingers on how many did really make out some positive step towards it.Its really pointless if you are trying to
fight against Bitcoin and there's no sense into it.
The problem is they don't follow, they only react. They discard any context when making their decisions, which paired with political/business lobbying results in what we can see or have seen up until today.
I'm always surprised how the lack of knowledge in combination with ignorance can be vicious for any sensible progress.
December 06, 2022, 06:44:27 PM
If I were the government, why would I fight against bitcoin if I can always take advantage of the good things it can possibly do to my country. Embracing it and adopting it while learning from it will be huge leap towards success and this fighting against bitcoin is purely nonsense. For me, it's like your putting your own people to prison because you are blocking their rights. India and China have their own set of reasons why they are fighting against it and banning all sorts that is connected to bitcoin, one of those reasons are bitcoin is still an unexplored water for them (which is true) and they cannot really control it because of its nature that is decentralized.
Government doesnt really like for those things which cant really be controlled nor they could get a good hold of it or totally trying out to control and this isnt surprising on why they do hate up that much.Although there are some corners of the world which did really make out some considerations and thinking that it wasnt really that a bad thing after all.Some do remain neutral and most of them are really that banning it.
You could only count into your fingers on how many did really make out some positive step towards it.Its really pointless if you are trying to
fight against Bitcoin and there's no sense into it.
December 06, 2022, 07:06:27 AM
First, make sure Bitcoin is seen as the bad guy everywhere by everyone. How hard is it for the FBI or CIA to pretend Bitcoin has been found to empower one of the largest criminal network in the world? Ensure mainstream media coverage all around the globe. This is enough for Bitcoin's Market Cap to already drop substantially.
As far as I know, they have done it including the Fed, government efforts to fight Bitcoin in any country have always failed, with various FUDs being carried out, ranging from regulatory issues, mining bans, trade bans, environmental issues, CBDC, and other news to fight Bitcoin including What do you say. It was only effective for a few months, and I've noticed that after the crash bitcoin always bounces back and more and more people are using it after the news wears off.
I don't think there has been an organized FUD covering the whole country to boycott Bitcoin because if that is done it will be a boomerang for the government itself, because ordinary people will know about it and will certainly raise curiosity about what Bitcoin is, and as I said it will only be effective a few months and surely Bitcoin will rise again.
Quote
shut the Internet or Electricity grid for a matter of minutes. Yes, minutes of national Internet shut down or power cut I think could have a very serious impact on Bitcoin's credibility.
If it is turned off only in one country, it will be useless, considering that Bitcoin has an international scale. It might be more effective if the scope of the blackout had to be done on an international scale, then it would affect Bitcoin's credibility. And I think it is impossible to do because it will have an impact on the stability of the order of other sectors.
I think if the Internet still exists and electricity is still used around the world, there is no way to fight Bitcoin other than adapting to it.
December 06, 2022, 03:02:12 AM
If I were the government, why would I fight against bitcoin if I can always take advantage of the good things it can possibly do to my country. Embracing it and adopting it while learning from it will be huge leap towards success and this fighting against bitcoin is purely nonsense. For me, it's like your putting your own people to prison because you are blocking their rights. India and China have their own set of reasons why they are fighting against it and banning all sorts that is connected to bitcoin, one of those reasons are bitcoin is still an unexplored water for them (which is true) and they cannot really control it because of its nature that is decentralized.
December 06, 2022, 02:32:12 AM
Hm, this is interesting, actually, reverse engineering and predicting the potential problems in wide adoption.
I think we pretty much saw everything, more drastic measures are probably behind us, but one thing that comes to mind is spreading misinformation and "uneducating" people.
I think we pretty much saw everything, more drastic measures are probably behind us, but one thing that comes to mind is spreading misinformation and "uneducating" people.
December 06, 2022, 02:14:25 AM
I've often heard that nothing can stop bitcoin.
While this may be true, I would like to make a list of all possible ways in which banks and governments will try to fight against BTC. So we could find ways to anticipate against it.
Some ideas:
- Prison sentences for people getting caught owning BTC, trading it or selling goods in BTC. Penalties so severe that most people will back off. I often hear local media associate BTC holders with criminals and money launderers, and expect governments to treat them as such. Local banks in my country can face penalties if crypto profits are transfered to a local bank account.
- Regulation for exchanges getting so tough that they can never comply, which will cause them to be shut down, which would generate a run on crypto with a similar effect to FTX bankruptcy.
- Liquidity crises of the exchanges. In case of a bank run, banks can pay about 3% of their account holders. I wonder which amount of liquidity an exchange should have to be solvent. FTX behaved like a bank, but the difference is that FTX' bankruptcy can cause a crash of BTC price while a bank run just leads to the bank being bailed out by the IMF, without the currency getting destroyed.
If you think that none of these things is a realistic threat to the system, let me know.
If there are other threats, likewise.
While this may be true, I would like to make a list of all possible ways in which banks and governments will try to fight against BTC. So we could find ways to anticipate against it.
Some ideas:
- Prison sentences for people getting caught owning BTC, trading it or selling goods in BTC. Penalties so severe that most people will back off. I often hear local media associate BTC holders with criminals and money launderers, and expect governments to treat them as such. Local banks in my country can face penalties if crypto profits are transfered to a local bank account.
- Regulation for exchanges getting so tough that they can never comply, which will cause them to be shut down, which would generate a run on crypto with a similar effect to FTX bankruptcy.
- Liquidity crises of the exchanges. In case of a bank run, banks can pay about 3% of their account holders. I wonder which amount of liquidity an exchange should have to be solvent. FTX behaved like a bank, but the difference is that FTX' bankruptcy can cause a crash of BTC price while a bank run just leads to the bank being bailed out by the IMF, without the currency getting destroyed.
If you think that none of these things is a realistic threat to the system, let me know.
If there are other threats, likewise.
Nice try Mr Government
Jokes aside, you can just ban every trading from fiat to crypto and will make 90% of people loose interest in short term.
December 06, 2022, 01:15:02 AM
Bitcoin was banned because people called it a "Ponzi scheme". The reason why they choose Bitcoin is because the address is difficult to check, which can help them escape well. But scams are not limited to cryptocurrencies, there are many scams in other industries as well.
If governments want to fight Bitcoin they first have to regulate people's cell phones and not allow fiat currencies to be exchanged for cryptocurrencies. But this approach will certainly cause dissatisfaction among the masses.
If governments want to fight Bitcoin they first have to regulate people's cell phones and not allow fiat currencies to be exchanged for cryptocurrencies. But this approach will certainly cause dissatisfaction among the masses.
December 05, 2022, 10:35:48 AM
I think the only way to fight against Bitcoin is simply to turn off the internet in the whole country. Nowadays, this is close to impossible. North Korea is probably close to achieving it with their strict rules and laws, but even they fail.
I dont know if it is technically possible, but with internet ban, I would fly abroad, download core, and at my own country make hdd/sdd drives exchanges, as a way of transaction/trade/exchange. Which makes it impossible to fight or ban Bitcoin.
I dont know if it is technically possible, but with internet ban, I would fly abroad, download core, and at my own country make hdd/sdd drives exchanges, as a way of transaction/trade/exchange. Which makes it impossible to fight or ban Bitcoin.
December 05, 2022, 10:23:14 AM
Seriously, if I were the president of my country, I will never turn against bitcoin, especially at this moment when it is already becoming widely accepted and is worth hundreds of billions in market capitalization. Why will I deny an invention that can enhance my country and citizens? The best thing I can do is to regulate it to avoid fraudsters exploiting people that have zero to limited knowledge about bitcoin. I will make sure that bitcoin and blockchain be studied thoroughly and let it be known by becoming a part of the subjects and courses in schools.
In my country, bank accounts are insured to around $10k in maximum. I will also implement this as one of the requirements for exchanges wanting to cater to the local market.
In my country, bank accounts are insured to around $10k in maximum. I will also implement this as one of the requirements for exchanges wanting to cater to the local market.
December 05, 2022, 09:51:14 AM
It is basically impossible for the government of any country to control it alone, if the government bans Bitcoin and at the same time if the central bank fuses all types of transactions, then the use of Bitcoin can be controlled to some extent. But you can't control the handset percentage from the population. For example, in India, Parliament banning Bitcoin could not completely ban the use of Bitcoin among the people. Trading and use of Bitcoin is strictly prohibited in Bangladesh, but people are constantly using Bitcoin to evade the eyes of the government. So in the end I want to say one thing if the parliament has strict laws and if the central bank bans it completely and if the legal system in the country is strict then only some control is possible.
December 05, 2022, 07:21:47 AM
I've often heard that nothing can stop bitcoin.
While this may be true, I would like to make a list of all possible ways in which banks and governments will try to fight against BTC. So we could find ways to anticipate against it.
Some ideas:
- Prison sentences for people getting caught owning BTC, trading it or selling goods in BTC. Penalties so severe that most people will back off. I often hear local media associate BTC holders with criminals and money launderers, and expect governments to treat them as such. Local banks in my country can face penalties if crypto profits are transfered to a local bank account.
- Regulation for exchanges getting so tough that they can never comply, which will cause them to be shut down, which would generate a run on crypto with a similar effect to FTX bankruptcy.
- Liquidity crises of the exchanges. In case of a bank run, banks can pay about 3% of their account holders. I wonder which amount of liquidity an exchange should have to be solvent. FTX behaved like a bank, but the difference is that FTX' bankruptcy can cause a crash of BTC price while a bank run just leads to the bank being bailed out by the IMF, without the currency getting destroyed.
If you think that none of these things is a realistic threat to the system, let me know.
If there are other threats, likewise.
While this may be true, I would like to make a list of all possible ways in which banks and governments will try to fight against BTC. So we could find ways to anticipate against it.
Some ideas:
- Prison sentences for people getting caught owning BTC, trading it or selling goods in BTC. Penalties so severe that most people will back off. I often hear local media associate BTC holders with criminals and money launderers, and expect governments to treat them as such. Local banks in my country can face penalties if crypto profits are transfered to a local bank account.
- Regulation for exchanges getting so tough that they can never comply, which will cause them to be shut down, which would generate a run on crypto with a similar effect to FTX bankruptcy.
- Liquidity crises of the exchanges. In case of a bank run, banks can pay about 3% of their account holders. I wonder which amount of liquidity an exchange should have to be solvent. FTX behaved like a bank, but the difference is that FTX' bankruptcy can cause a crash of BTC price while a bank run just leads to the bank being bailed out by the IMF, without the currency getting destroyed.
If you think that none of these things is a realistic threat to the system, let me know.
If there are other threats, likewise.
In a democratic country I don't think people can be sent to jail just because the use bitcoin. World leaders always try to shut down what they cant control but that doesn't mean the can just lock people us for not committing a crime.
Even at that, the only way a country can stop its citizens from using bitcoin is by shutting down the internet entirely because as long as the internet exists people will always make use of bitcoin. There are countries where owning bitcoin is not allowed but I'm sure there are citizens of the country, living in that country that own bitcoin.
December 05, 2022, 05:07:23 AM
This will only happen for sure in a dictatorial country where everything should be followed whatever the Leader of the country wishes without getting any second opinions from its people. It won't gonna happened because once they implement such kind of thing in a Democracy country, then it will become no less than a Dictatorial leadership. The government has its own limitations and people always come up with their own innovations when they want to own bitcoins. They cannot just add a law that is harsh to their people's freedom.
December 05, 2022, 04:57:26 AM
I would say the most effective way would be:
- to make it cumbersome to use due to every transaction being taxed no matter how small it is so that people dont want to transact with it
- promote the idea that bitcoin is bad, risky, scammy, and that mining us bad and wasteful
- keep crypto space fairly unregulated but with some rules applied but not clearly explained to users/companies and with no clear way to find out what the rules are, but make companies comply and sue them after the fact even though no rules were publicly given
- promote PoS altcoins over Bitcoin to hurt Bitcoin, knowing no altcoins will ever be able to compete with it so there is no alternative
- keep KYC rules heavy for centralized exchanges so some of the benefit of Bitcoin is lost and lots of tracking is done on people's money movements
The US, for example, already does all this and I think it works pretty well to try to keep usage low, participation low, and negative sentiment around Bitcoin.
The other option is to try to forcefully get rid of Bitcoin but that is much harder to do in free democratic nations and it would never totally work anyway as we see in China.
- to make it cumbersome to use due to every transaction being taxed no matter how small it is so that people dont want to transact with it
- promote the idea that bitcoin is bad, risky, scammy, and that mining us bad and wasteful
- keep crypto space fairly unregulated but with some rules applied but not clearly explained to users/companies and with no clear way to find out what the rules are, but make companies comply and sue them after the fact even though no rules were publicly given
- promote PoS altcoins over Bitcoin to hurt Bitcoin, knowing no altcoins will ever be able to compete with it so there is no alternative
- keep KYC rules heavy for centralized exchanges so some of the benefit of Bitcoin is lost and lots of tracking is done on people's money movements
The US, for example, already does all this and I think it works pretty well to try to keep usage low, participation low, and negative sentiment around Bitcoin.
The other option is to try to forcefully get rid of Bitcoin but that is much harder to do in free democratic nations and it would never totally work anyway as we see in China.
December 05, 2022, 04:14:01 AM
There is actually no realistic threat against Bitcoin. The reason is simply that Bitcoin is unstoppable. No government can stop it. Many have tried but look at where Bitcoin is now. It is up and running and growing and even adopted by governments themselves.
The very fact that we are now discussing about the possible ways to stop Bitcoin means that Bitcoin can't be stopped. But you can at least make it illegal. That wouldn't stop Bitcoin of course but at least you're instilling fear to the people.
Even if you make bitcoin illegal, it does not guarantee that people will stop from buying or using it. Although some may develop fear, but I think that’s only for those who are beginners in bitcoin, those who have been hodling or using bitcoin for long term will not be threaten anymore. Unless if you have control on the internet connection and shut it down like months, bitcoin will never exist anymore. But it will also affect the traditional money as well.The very fact that we are now discussing about the possible ways to stop Bitcoin means that Bitcoin can't be stopped. But you can at least make it illegal. That wouldn't stop Bitcoin of course but at least you're instilling fear to the people.
We all saw what happened with miners in China after the ban and the BTCitcoin network, imagine that replicated around the world.
Jump to: