Topic: If you were the government, how would you fight against bitcoin? - page 3. (Read 970 times)

Because I never had a government plan that was too complicated on every order. What's the point of the government banning the use of Bitcoin by every citizen as long as Bitcoin can be a solution for them.
There are several countries that clearly and unequivocally prohibit their citizens from getting involved with all types of crypto but their citizens are still looking to be able to engage in crypto activities amidst the severe sanctions that are imposed if caught.

As long as the internet still exists in a country, then during that time crypto activity will continue.

Nobody knows how to proceed with the regulation of bitcoin as it is a very difficult task, as the ever-increasing interest in bitcoin increases, regulators will surely go to great lengths to try to enforce laws on this decentralized protocol.
and bitcoin will go up or down on its own, and nothing will stop it other than shutting down the internet or making tough laws against the people involved even if it doesn't matter to them. Because they will continue to try to use it in various ways, so I don't think there is a really effective way yet and do we know if there is a government that prohibits it, do we know 100% no one uses it

And how can you tell that these people owned BTC or other cryptocurrencies? People these days are clever enough to hide their digital assets and with the information that the government will give heavy punishments to those people who are holding crypto, they will surely do everything they can to just to prevent the government from knowing. And in this time and age, there's so many ways to evade the government from knowing. Just like China, I don't really expect that all people in the mainland China doesn't hold any digital assets anymore just because their government is banning it.

Newbie asking the Bitcoin community what they fear the most about the Government.  Pretty suspicious!  Just kidding.

I think once Bitcoin becomes big enough, they will be willing to sacrifice a lot to make sure Bitcoin is at least partially in their control or that Bitcoin loses credibility.  Considering current society, there are a few things they can do.

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.

Second.  While keeping the Bitcoin narrative going for months, 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.

From there on, it gets much simpler.  Just use these two narratives to make sure a significant percentage of the population gets scared away.  Bitcoin, the nonexistent currency when you have no more Internet!  Bitcoin, the currency empowering crime!  They would love such articles to exist, would they not.

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Regards,
PrivacyG

As an individual I have good vission for Bitcoin to be used as a form money and investment wise. However, for a democratic system of Government like in my country, government affairs are not run only by one entity, there are other players involved which includes the Senate, the Federal excutive council and other arms of government to actually take some decision, but in this case I will ensure good policies are in place which will help Bitcoin thrive in my country.

If I happen to be in the coridor of power in government I wouldn't stop or ban bitcoin rather I will formulate a policy that won't affect our local currency or monetary policy after adopting the use of bitcoin, of course some government officials are scare of the decentralized feature of bitcoin and how it will affect their banking operations or system if people are given a free will to use bitcoin for payment purposes especially for goods and services, how will government impose task in bitcoin transactions? how will bank staff retain their jobs? if people no longer use bank e.t.c if any government can proffer solutions to those problems I believe bitcoin can be adopted.

And it seems that your idea has been widely implemented in several countries that are friendly to cryptocurrency and bitcoin. tax policy does make more sense. because it can bring benefits to countries that implement these policies. increasing income into the state treasury and of course by increasing the money in the state treasury, this money can be used for the needs of the state in building a prosperous country.

Most countries still debate about crypto, but some countries already consider crypto assets as commodities and not as a means of payment (except El Salvador). but it is also considered a positive thing. as an example, in my country Bitcoin and Crypto have been considered as commodities by the Commodity Futures Trading Regulatory Agency (Bappebti). Sourch (klikpajak.id)

So that in Indonesia the crypto tax has been legally enforced. even some government officials are interested in building crypto projects with several universities in my country. however I will not name the project. and it goes to show that government and crypto shouldn't always clash. as if every government in a country is like anti-crypto. when in fact it is not like that.

and even if i was in a government position i would do the same as you and what my country has done.

Bitcoin was born shortly after the 2008 crisis and so far, this is the first time bitcoin has faced an inflationary economic crisis. Until now I think bitcoin has not fully exerted its anti-inflation feature as it was also hit hard during the last economic crisis and even more unlucky, this time coincides with a bitcoin bear cycle. If we hold bitcoin from now on and the next economic crisis, then I think bitcoin will really come into play. This time, it still doesn't work.

This is because despite their propaganda and how powerful it can be they cannot deceive people forever, especially now when people are suffering through massive inflation and governments have no solution at hand they can offer, so in that scenario is natural for people to begin to look for answers by themselves, and they found out that bitcoin is a tool that could allow to them to avoid or at least reduce somewhat the impact that inflation has on their savings.

Since Bitcoin is a decentralized currency and it is very popular worldwide, it is not a wise thing to fight against it and it is not possible to fight against it because even if the government of a country outlaws and bans Bitcoin in its country, still Bitcoins are traded through various third parties.  Lovers will use Bitcoin in any way.  Which cannot be prevented by the government so if I were the government I would focus more on how to better use Bitcoin instead of fighting against it.

Simply put, no one, including the government, can stop Bitcoin. But for most people, Bitcoin and other digital currencies are tools for making money and reasonably protecting their property. If I were the government, I would cancel the cash flow channel, close the exchange, and prohibit the transaction of digital currency. It is possible to make digital currency transactions illegal.

But they are taxing cryptocurrency without any hassle.

For example I can say, In my country, it is not possible to buy Bitcoin by using fiat money from an exchange unless I pay taxes to the government.

Yes, many will say why we need to use the exchange? Just use p2p system. It is true that using p2p does not incur tax but there is some risk in using p2p.
So, I think Bitcoin should be legalized even if the government pays a little taxes. At first we need vast adoption.

It’s nearly an impossible task to completely stop people from using bitcoin. The government would have to spend a lot of resources and time to make it work. The most effective way which the governments have been using to prevent mass adoption of bitcoin is bad media representation of bitcoin. Bitcoin has been tainted by the media and called many bad names, a fraud, a Ponzi scheme, KGB tool, anything and everything has been said in the media to present bitcoin in a negative space. It worked for a while but now people are beginning to see through their BS

No, I do not think that the government will succeed in taxing Bitcoin, yes, they can implement taxation on cryptocurrency, that is easy but the challenge is collection of taxes.  They won't succeed because government is already a failure in collecting tax on their own currency.

By the same analogy, similar decisions could never be applied to digital assets that people can use without their governments knowing. Comparison with gold is not permissible because the entire gold market is monitored and cannot be hidden, unlike Bitcoin, which preserves the privacy of users.
People can use bitcoin as a meaning of exchange even without converting it into fiat. People today in many societies that suffer from financial and economic crises use USDT, for example, to carry out small buying and selling operations peer-to-peer, without the need to convert it into fiat, but only give it a value according to the value of the dollar in the market.
When countries legalize use, it does not mean that they will actually be able to monitor the movement of bitcoin among their citizens, they simply cannot do anything in front of it, and this is what makes bitcoin a real safe haven.

Around the world many government and countries hate with Bitcoin adopted as legal currency transaction except El Savador have made it legal, I don't think easy if our position in government and want to make Bitcoin as legal currency transaction because need all parliament agreement vote. Have little funny in my country because Bitcoin is illegal transaction currency and we can't use Bitcoin for transaction on real market, but each trade we made always cut off for paying taxes.

If I were government one day later, I will try give solution and talk about what positive side from Bitcoin and why have to make it legal, need to give clearly explaining how to make people understand about Bitcoin and have positive impact when Bitcoin adopting.

I don't know where you live, but I doubt that it is possible to sell (or buy) properties without some kind of taxation. No matter what form of payment you use. If your strategy to avoid taxation is buying/selling with cryptocurrency, you cannot avoid paying taxes. You can try to evade them, but that is illegal and I would not recommend it as you will most likely fail.

The government hates BTC and other cryptocurrencies because they can't control them. They want to control everything and make sure they get their cut, but Bitcoin is a decentralized currency that cannot be controlled by any one entity. This is why many governments around the world are cracking down on cryptocurrencies, but it is also why more people are using them. The more the government tries to control things, the more people will look for alternatives and seek out ways to protect their privacy when using digital currencies like Bitcoin.

After regulation, do you believe that the government will succeed in taxing bitcoin?

I will give you a realistic situation. My parents own 3 properties, with a total value of 1 million dollars.
The government loves stealing money from citizens, so they have invented an inheritance tax. If my father passes away, I have to pay roughly $300 000 of inheritance taxes for those properties. It's like getting expropriated.

Obviously I do not want to pay these taxes. I can ask my father to sell the 3 properties while he is still alive. Then convert the revenue of 1 million dollars to BTC, and then pass it to my Ledger device. Now the government can not claim $300 000 of taxes. I will just own 1 million dollars of BTC with 0 tax. The government can not see my account. I can say I have made other transactions or got robbed. So they can't tax me and they lose their income.

Do you see why the government and the bank hate BTC?

I think that the arguments tax evasion and money laundering will cause them treat holders of bitcoin like criminals.

Lol, I really liked the idea,  

I believe no country's government is ignorant of Bitcoin right now. Governments of all countries have ministries of information and technology and have considerable knowledge of blockchain.

It is my belief that almost every country's government has an investment in Bitcoin. They know they can't stop people from using Bitcoin, but what they can do is create fear in people's minds. If the government can ever identify Bitcoin users, they present them to society as if they are the world's most feared criminals, they present Bitcoin as a taboo in the eyes of society. However, it is certain that they do not have the power to separate people from Bitcoin.

But they want the people to stay away from the decentralized system. For example, I can talk about Sri Lanka. Today, if the people of Sri Lanka had invested in Bitcoin and not deposited money in the bank, even if their banks were bankrupt, the people would have been freed from this curse.


regards

duke

While it is true that the government can't stop the internet, I don't think this means it can't stop BTC.

In 1971, president Nixon made a legendary speech in which he forbid all foreign nations to exchange their dollars for gold.
In reality this was because the US had made far more expenses in dollars than it could back up in gold. But in the speech, Nixon said that this exchange was now forbidden in order to protect the value of the dollar against speculators. And to protect the monetary stability of the USA.  The dollar would lose its purchasing power if everybody dumped them for gold.

By the same analogy, I think that governments can prevent the conversion from BTC to currency (USD/euro).
They can do this by regulating the exchanges. For example demanding that every transaction in BTC gets validated (no criminals involved) the way a regular bank validates payments or declines them.

At this point, your BTC has value because you can convert it to currency. Which you can then use to buy gas, groceries, real estate..
If governments succeed in prohibiting the exchange from BTC to currency, you can no longer pay.
Probably for some stuff in El Salvador where BTC is currency, but not in Europe.

Maybe a BTC holder would have to go to El Salvador to convert BTC, and then fly back home with the asset.