Is it possibleTrump Will Prohibit Bitcoin? - page 5.

peter0425

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Quote from: Agios on June 22, 2020, 12:18:28 PM

President Trump's attitude, which tends to be anti-Bitcoin, has raised the discourse that he could forbid the ownership of Bitcoin for citizens of the United States (US) in the future.

This discourse is based on two possibilities, namely Trump's tweet in 2019, that Trump is not a Bitcoin lover and second is a recognition of Trump's similar attitude, as stated in the book by John Bolton, a former White House security adviser.

Responding to the discourse of a possible ban on Bitcoin ownership, many people say the most likely action is an aggressive step by the government in dealing with laundering crimes related to Bitcoin and other crypto assets. Direct banning seems impossible, because Bitcoin is practically outside the structure of the country.

If he really can do this there is no way that it will not be implemented by now but why?because he cannot and that is what reality here.

Being a president there is no reason for this not to happen yet nothing comes out.

and besides he has only few years before stepping down and he will not do this for the sake of their people.

sheenshane

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I heard this rumor that Mr. US President Trump didn't have a fan of cryptocurrency or in Bitcoin itself, this was last year and until now Press.
He has a tweet of his twitter account, " I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity...."

So I concluded that Mr. Trump didn't do anything about banning Bitcoin and probably that is only his statement that didn't exist because until now nothing happens. Because since the start we know that Bitcoin has decentralized and digital nature, so how it can possibly be banned. Yes, it can be banned but only by his words not on actual banning.

Wenbing

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There is gold in volatility..

Quote from: bitmover on June 22, 2020, 12:27:42 PM

He could prohibit, but he cant prevent people from making transactions.

Additionally, I doubt governments can win a battle against technology advances. It is better to work with new techs, which will.increase governments revenue and create new jobs.

.

The banning of bitcoin by Trump in the united states is possible but it cant extend beyond that geographic region. But, the banning of bitcoin in US may happened because of its decentralized system, if it is to be regulated who really owns bitcoin and who will comply?

where is the Satoshi Nakamoto, who is reputed to be the inventor of bitcoin? I believe this one of the questions that the government had not found an answer to yet.

fiulpro

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Quote from: Agios on June 22, 2020, 12:18:28 PM

President Trump's attitude, which tends to be anti-Bitcoin, has raised the discourse that he could forbid the ownership of Bitcoin for citizens of the United States (US) in the future.

This discourse is based on two possibilities, namely Trump's tweet in 2019, that Trump is not a Bitcoin lover and second is a recognition of Trump's similar attitude, as stated in the book by John Bolton, a former White House security adviser.

Responding to the discourse of a possible ban on Bitcoin ownership, many people say the most likely action is an aggressive step by the government in dealing with laundering crimes related to Bitcoin and other crypto assets. Direct banning seems impossible, because Bitcoin is practically outside the structure of the country.

He won't just ban the usage of Bitcoins in the upcoming years , he wants to take the investors of Bitcoins and divert them into a digital dollar .

It is not just trump , most leaders in many countries like China and India too , have stamped Bitcoins as an opportunity, an opportunity where they can easily diverge the investors once they cut off the market of one option.

It's not that simple , They view cryptocurrencies as a Threat.I do think there is likely some intricate plan going on where the officials have decided to ban Bitcoins not just in one country but in many more.

Plus added security in the wallets , demanding KYC is just providing the government with the names of people involved in it , so that they can somehow control the lot.

Quote

If bitcoins are received as payment for providing any goods or services, the holding period does not matter. They are taxed and should be reported, as ordinary income. 4 Federal tax on such income may range from a 10% to 37% marginal tax rate. 5 Additionally, there may be state income taxes to be paid.

This is taken directly from the investopedia. Now the reason they aren't banning it might be two :
1. They are a good source of Income for the government too .
2. They might themselves be made by the government ~
[ I do think the first one implies ]

They won't ban something till it's profitable for them.

Quote

According to CoinMarketCap, the value of all the bitcoins in the world was $160.4 billion as of March 4, 2020

Now this is a whole lot of money .

LbtalkL

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I guess he already did it, but he cannot forbid everyone in using bitcoin, it is accessible anywhere as long as there is an internet and people will always find a way. Also, there are big companies using bitcoin in US like coinbase its base are located in San Francisco and many more companies. Banning bitcoin completely is impossible, the government should have done that long time ago if they can but they cannot do anything about it.

seoincorporation

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If bitcoin becomes illegal in USA i think it only will get a higher price. Is it like marijuana, when does it have a higher price? When it was illegal or now when it's legal?

And it's fun to see he is trying to make it illegal because part of the money to his campaign came from bitcoin donations.

winterlemon912

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Quote from: Agios on June 22, 2020, 12:18:28 PM

President Trump's attitude, which tends to be anti-Bitcoin, has raised the discourse that he could forbid the ownership of Bitcoin for citizens of the United States (US) in the future.

This discourse is based on two possibilities, namely Trump's tweet in 2019, that Trump is not a Bitcoin lover and second is a recognition of Trump's similar attitude, as stated in the book by John Bolton, a former White House security adviser.

Responding to the discourse of a possible ban on Bitcoin ownership, many people say the most likely action is an aggressive step by the government in dealing with laundering crimes related to Bitcoin and other crypto assets. Direct banning seems impossible, because Bitcoin is practically outside the structure of the country.

Since it doesn't affect the whole economy of America then trump has no reason to ban it and it can also be the reason of America's financial system improvement because we all know that crypto currency already helped a lot of country and make it a rich country especially on the countries of Europe. Europe already legalize crypto currency in their country that makes them have a better financial system and it is the reason why their countries gets richer than ever.

Ridwan Fauzi

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Yes he could, but he has to reveal a reason why he bans bitcoin. But I don't think he will ban bitcoin, as you may know, he has revealed many times that he doesn't like bitcoin but so far he hasn't banned it whilst he can ban it anytime. Also, you have to remember that bitcoin's user has been wonted to face this issue.

There are several countries that have done it, banning bitcoin in their country and threatening if they still use bitcoin then they are considered to have committed a crime. But who knows? until now they still use bitcoin, they still make bitcoin as a payment system although their countries still ban it. And the last, bitcoin still has a value although many countries try to ban it which means there is no way to prevent people for using it and there is no way for those people who don't like bitcoin to destroy it even though he has great power.

Saisher

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The United States is not India or China that they can order anything and it will be implemented right away, there will be a lot of deliberation that will be going on, and besides Trump position is still in the hang because of the coming election, so we can talk that if he wins the election, I don't like Trump to win again because of how he handle so many things like this pandemic.

NotATether

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Quote from: Lucius on June 23, 2020, 06:06:14 AM

If such a ban really does occur (and the possibility always exists) then the implications are much bigger and more serious than it means banning transactions that are actually impossible to control, but banning the largest crypto exchange Coinbase and all major crypto companies located in the USA. Far from such a decision would completely destroy Bitcoin, but it is an indisputable fact that a good part of the world behaves very submissively towards the decisions made by American politics.

Not by banning Coinbase, but simply prohibiting bitcoin to be owned by Americans will prevent every US exchange, casino and crypto service from operating legally, and many of them already have services restricted due to stringent regulations. The reverberations of that will also be felt by international users because they won't be able to use the services either because the entire company will have to shut down. It may even affect mining giants if their offices and/or mining farms are located in the US as they will neither be able to take block rewards nor pay their employees with bitcoin.

Harlot

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Quote from: meanwords on June 23, 2020, 07:42:03 AM

Quote from: bitmover on June 22, 2020, 12:27:42 PM

He could prohibit, but he cant prevent people from making transactions.

Additionally, I doubt governments can win a battle against technology advances. It is better to work with new techs, which will.increase governments revenue and create new jobs.

That's what I thought. Considering that Trump was a business man before his presidency, then it's likely that he will use Bitcoin in order to prosper their technological advancement which might help America financially. To be honest, I've never seen his public post a serious one.

I think what he hates is the fact that there's a lot of fraud and scams happening in the cryptocurrency space and that is the reason why he is someone who dislike Bitcoin. He might just tighten regulations but I doubt that he will completely ban Bitcoin or cryptocurrency.

I doubt that this will ever happen, Bitcoin is a very volatile cryptocurrency and the US government is not known to create money in risky trades like this, they always invest in stable assets like Gold with their Federal Reserve. Like what I have said in my earlier post this could still go either way with no clear news of where crypto will be heading in the US but this is just about a matter of legality rather than Bitcoin being use as an investment in the US.

Kez1817

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I don't think Trump can prohibit bitcoin since it was already a decentralized digital currency. He can't control it unless he shut down the internet connection nation wide.

ethereumhunter

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It could happen, even for every president in all countries, but the president does not rule for a long time. There will be a time to replace the president with the new one, and that means, the crypto will have more chance to be accepted by that president, especially if the president really cares and have a concern with the growth of the technology.

So that is what will happen with Trump. If he doesn't like bitcoin, he will prohibit bitcoin, but he can not do that forever. I am sure in the future, there is a president who will allow people to use bitcoin and altcoin, and he will allow people to transact with using crypto.

Spaffin

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I believe that Donald Trump has a lot more problems today than bitcoin. Moreover, if we talk about money laundering, as well as the financing of terrorism, then all over the world it is the dollar that is the money that finances all the crime of the world. therefore, before Donald Trump takes up the ban on bitcoin, Let him put things in order with American dollars.
I want to give an example of one quote that says almost everything: “the likelihood that Trump will try to ban Bitcoin is not zero, but it is much less than the ecosystem’s benefit from an increased interest in cryptocurrency.”

meanwords

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Quote from: bitmover on June 22, 2020, 12:27:42 PM

He could prohibit, but he cant prevent people from making transactions.

Additionally, I doubt governments can win a battle against technology advances. It is better to work with new techs, which will.increase governments revenue and create new jobs.

That's what I thought. Considering that Trump was a business man before his presidency, then it's likely that he will use Bitcoin in order to prosper their technological advancement which might help America financially. To be honest, I've never seen his public post a serious one.

I think what he hates is the fact that there's a lot of fraud and scams happening in the cryptocurrency space and that is the reason why he is someone who dislike Bitcoin. He might just tighten regulations but I doubt that he will completely ban Bitcoin or cryptocurrency.

thesmallgod

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There are many things that is bordering trump for now. Even though I'm not disputing the fact that he doesn't like bitcoin but banning and ceasing bitcoin is out of it and I do not think he can do that for now. I understand American have huge influence in banning crypto especially those that have exchange on centralized web based platform hosted on .com but when things are getting intense I will advice american users of bitcoin to transfer their asset to decentralized wallet

Becky666

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The fight between the China and America won't make Trump do such stupid thing because the re-election of the United States President depends on this technology. Bitcoin won't be prohibit by Trump and for himself come back to the Whitehouse then he have to stand with bitcoin direct or indirectly. Still, those whales aren't me and you but those in higher places in governments, how will they prohibit what they have power to manipulate?. They need bitcoin as they need their fiat currencies.

vapourminer

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what is this "brake pedal" you speak of?

trump needs bitcoin. after all how much fiat and gold etc can fit in that underground bunker he is so fond of inspecting.

use a paper wallet, presto, lots of room in there for his big macs and such.

davis196

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Quote from: Agios on June 22, 2020, 12:18:28 PM

President Trump's attitude, which tends to be anti-Bitcoin, has raised the discourse that he could forbid the ownership of Bitcoin for citizens of the United States (US) in the future.

This discourse is based on two possibilities, namely Trump's tweet in 2019, that Trump is not a Bitcoin lover and second is a recognition of Trump's similar attitude, as stated in the book by John Bolton, a former White House security adviser.

Responding to the discourse of a possible ban on Bitcoin ownership, many people say the most likely action is an aggressive step by the government in dealing with laundering crimes related to Bitcoin and other crypto assets. Direct banning seems impossible, because Bitcoin is practically outside the structure of the country.

That's not true.The US government can ban crypto trading and mining.It doesn't matter if Bitcoin is "outside the country".HODLing,trading and mining can become illegal.However,I think that the US supreme court can appeal such ban.
Anyway,Bitcoin isn't Trump's biggest problem and I don't think that he really cares about cryptocurrencies at all.The next presidential election is coming,so he will try to get more support,instead of creating more enemies.

Lucius

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If such a ban really does occur (and the possibility always exists) then the implications are much bigger and more serious than it means banning transactions that are actually impossible to control, but banning the largest crypto exchange Coinbase and all major crypto companies located in the USA. Far from such a decision would completely destroy Bitcoin, but it is an indisputable fact that a good part of the world behaves very submissively towards the decisions made by American politics.

Any ban on Bitcoin in the US would have global implications around the world, especially in those countries that blindly comply with orders coming from Washington. While some think the Trump era is over in the next presidential election, I don’t see a single opponent who has a realistic chance of replacing him. But Trump should not be seen only in a negative light when it comes to Bitcoin - he can very easily change his mind if people around him are pro-Bitcoin enough.

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