Maybe governments can stop bitcoin after all - page 18.

Victorycoin

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Quote from: wolfgang56 on September 28, 2017, 12:38:58 AM

Quote from: OmegaStarScream on September 05, 2017, 03:49:41 AM

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.

Governments can't stop bitcoin yes they might control it but they will never stop it just because of the laws. We know that law should be a law but you can't follow it just because you are told so. They can't control their own jurisdiction so how can they control the internet or online community? It might happen that government discover and control the bitcoin but they can't stop it especially now when bitcoin's popularity is increasing even its value is fluctuating.

It should be understandable how an ICO is not a cryptocurrency and neither are they decentralized, so all that needed to be done to dislodge one, would be to identify the companies, locations and entities behind an ICO and the rest would be history. With a cryptocurrency like Bitcoin however, it is not possible to successfully stand in the way of a coin because they are decentralized and not tied to anyone country.

The only reason banning of ICOs had some toll on Bitcoin was because the tokens were denominated in Bitcoin or Ether and when the ban led to a massive or huge sell-off, if follows that excess supply would push price down.

Natural Perm

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No one can stop bitcoin, I think it wouldn't be happen. Because we all know that no one can control bitcoin. Even the government can't able to control bitcoin. Actually, people earning money here in btc for their needs. So nobody wants to lost this big opportunity in their life. So I hope that goverment won't banned this bitcoin.

akablackhat

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there are very less chances for this to happen.
cause company like genisis had invested almost everything to mine bitcoin.
every projects and events is introducing cryptocurrency. in every college schools in india is introducing the concept of cryptocurrency to there students.
govt. of India is convincing the citizen to give up the note system nad come to digitel mode of currency.
crypto will be our future.

AlphaWolf

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Not really. What makes you think of that?
There is too much miners and investors that cannot be left just like 0.
Bitcoin getting deeper in population of earth every day.
Why would someone even think about that? No. Simply no.

jamesdean35

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Yes you are so right but i afraid they can stop bitcoin not after all.it can be quick.Because this market affects real markets and country economies so badly

youdacapt

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Quote from: gigatron on September 28, 2017, 08:41:57 AM

Governments can't control Bitcoins because of its decentralised nature. However what powers the transactions are the massive mining farms which consume huge amounts of electricity.

If the decision to ban BTC is made, I would think the way to stop it would be to go after the mining farms first, next find a way to stop the biggest gateways which allow users to convert fiat money into cryptocurrency.

Once the transaction time (and cost) goes high up and users are unable to easily convert fiat to crypto - we are in serious trouble!

The possibility exists but I think the government is more concerned with the potential of bitcoin, this coin can actually be invited to follow the taxation rules given every bitcoin is converted into fiat, the government is not easy to make illegal bitcoin because they will be left very far when bitcoin legalized by other major countries

just_Alice

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Quote from: Ronaldcoin2017 on September 21, 2017, 04:33:32 PM

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Governments prohibit a lot since hundrets of years and never ever were they able to stop anything of it!

Their action can only lead to a decrease of its use and maybe of the revenue, but nothing more.

yes i agree on that bitcoin is not really a probblem in a community in fact it is verry helpful to tbose people who really suffer from poverty and it is basicaly now an another source of income and it really work.so then why government stop bitcoin after all if the case is that it is verry helpful?

Because the system of the government isn't to help people but to draw the money out of them and transfer it to few rich man.

It doesn't work this way any more. Even if they want to act like you said, they can't because of the fear of revolution. They are bound to provide normal life for their citizens otherwise they will face resignation. Governments used to have a lot of power in the far past, but not now and that's why bitcoin is out of their control whether they want it or not.

Palmerson

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Quote from: Bionicgalaxy on September 28, 2017, 08:49:18 AM

Quote from: OmegaStarScream on September 05, 2017, 03:49:41 AM

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.

In my own opinion, the government can really stop or shutdown bitcoin for a long term because they are the one's who makes the rules which we need to follow. But i hope that the banning of bitcoin in some countries would stop because the price of bitcoin will continue to decrease.

Probably you wanted to say increase? Governments can't stop bitcoin. The most that they can to stop the exchange of bitcoins for currency which is subject to that government. It won't stop bitcoin but it can create significant problems for users. As soon as bitcoin will no longer need conversion we will be beyond the reach of governments.

Bionicgalaxy

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Quote from: OmegaStarScream on September 05, 2017, 03:49:41 AM

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.

In my own opinion, the government can really stop or shutdown bitcoin for a long term because they are the one's who makes the rules which we need to follow. But i hope that the banning of bitcoin in some countries would stop because the price of bitcoin will continue to decrease.

gigatron

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Governments can't control Bitcoins because of its decentralised nature. However what powers the transactions are the massive mining farms which consume huge amounts of electricity.

If the decision to ban BTC is made, I would think the way to stop it would be to go after the mining farms first, next find a way to stop the biggest gateways which allow users to convert fiat money into cryptocurrency.

Once the transaction time (and cost) goes high up and users are unable to easily convert fiat to crypto - we are in serious trouble!

ScriptYoYo

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Theoretically, governments can prohibit bitcoin completely and thereby stop it forever, but it is not profitable for them. Bitcoin gives an opportunity to earn even those who are in power.

e-coinomist

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Quote from: wolfgang56 on September 28, 2017, 12:38:58 AM

Quote from: OmegaStarScream on September 05, 2017, 03:49:41 AM

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.

"got dumped badly" because of the mining centralisation. If china would not carry any relevant hashrate, the markets would not have reacted at all.
Partially these chart moves have been artificially, even by dumping lend money. Hence the rebound at the end of the effect.

Monnt

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Quote from: Konthol Ngaceng on September 24, 2017, 09:40:53 PM

Actually the government can do it anytime, but of course they have special analysis and consideration so the government let bitcoin. if one day there is a special regulation about bitcoin, of course, aimed at protecting the regular currency.

This is a very long debate but no one knows exactly what will happen. I think there is hardly any reason due to which any Government stop the usage of Bitcoin. In fact, I think the Government might be in tested in legalizing this Bitcoin and other Crypto Currencies by looking the interest of their people and by looking at the way Bitcoin is making its reputation.

Batmain

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Quote from: OmegaStarScream on September 05, 2017, 03:49:41 AM

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.

It is possible and we must be ready for this, no matter what we do if all of the government agencies like SEC and the alliance of governments will ban Bitcoin then we have no choice but to move on. Bitcoin can still be used again but on the under the table trasactions. I don't know how people.
But in my opinion it is unlikely to happen because it is the most trusted desentralized network and the most stand alone banks. It would be obvious if the government ( banned something without proper explanation) that they are just afraid of losing control of money.

wolfgang56

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Quote from: OmegaStarScream on September 05, 2017, 03:49:41 AM

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.

Governments can't stop bitcoin yes they might control it but they will never stop it just because of the laws. We know that law should be a law but you can't follow it just because you are told so. They can't control their own jurisdiction so how can they control the internet or online community? It might happen that government discover and control the bitcoin but they can't stop it especially now when bitcoin's popularity is increasing even its value is fluctuating.

BitcoinCommodor

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Quote from: Wittycoin on September 13, 2017, 02:34:34 AM

Quote from: OmegaStarScream on September 05, 2017, 03:49:41 AM

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.

Ofcourse it is not impossible for people to stop in bitcoin specially when the government really want to stop bitcoin and make it illegal, we can not do something about it. As of now, not all countries really accept bitcoin thats why almost all of the people there are not subscribing or using bitcoin because it has no exchanger at all. So we can see that if the government will forbid bitcoin and force us so stop it, we will be really forced to stop it.

Yes it will happen. We all are bound to our government laws and regulations. If bitcoins are going up like this, either government feel it useful and make it legal or might think it as a danger to economy. In second case, we will be forced to stop it and we would be else we will be rebels.

tapunan

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Yup - governments can stop bitcoin - just outlaw exhanges and make it a crime punishable by death to own them and people will stay away Grin

But then you have to ask yourselves which countries have cultures where they can easily ban Bitcoin and actually do it. It's easy to say that governments will ban it and use China as an example but China is not a free country - this is a country that's banned Facebook - sheessh, Facebook for crying out loud, Instagram, Youtube and so on.

Just ignore China and think of other countries - do you imagine Switzerland, France, Australia, Japan, Korea, Germany and so on actually blocking bitcoin.

I mean think about it - Japan has accepted it. Australian senators are pushing for bitcoin bec they're afraid to get left behind this technology, even Russia is warming up to Bitcoin.

Right now, just ignore anything related to China - Bitcoin may still dip due to them but other nationalities will just scoop those cheap Bitcoin up.

Actually I'd rather they come out with more FUD again as I need to buy more cheap coins.

The Cryptologist

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No. They have tried it multiple times a long time ago. They tried to kill bitcoin and hundreds of news and reviews declared it's dead but you can see it still manage to survive. Government can't stop bitcoin now.

clip123

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One country alone can not stop it but China will have huge impact on price of cryptos.

Close of exchanges next month + hard fork coming up = great opportunity to buy!

supercanada1

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Quote from: Mpamaegbu on September 25, 2017, 08:55:46 AM

Quote from: @prashant on September 24, 2017, 10:01:48 PM

government can not do anything ,they have to take proper notes of different economy,first of all cryptocurrency is decentralised and government cant control over it.yup price dumps we have seen due to recent ban on ico but its only new holder who got impatient of selling it and nothing else,back in 20110-2011 ,bitcoin was consider as illegal still price soar to great height.

Let us just hope that the governments of the rest countries of the world do not tow the line that China has taken against Bitcoin. If they do, Bitcoin and the other cryptos will all be gone no matter what we rationalise. Yes, we believe Bitcoin is decentralized but that has not prevented China outlawing it and succeeding. I really don't want to see Bitcoin made illegal. If that happens, this forum will cease to function too.

I am very sure no one is going to support china in this regard because the popularity of the bitcoin is much higher than the power of the china. Big and the powerful countries are accepting bitcoin and they are investing in bitcoin. No government is going to stop bitcoin and they will never support the bitcoin enemies ever because bitcoin is good for the economy of their country.

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