Maybe governments can stop bitcoin after all - page 33.

Mometaskers

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This mainly targeted ICOs and I'm somehow ambivalent with them anyway. After all, some just pull out value from thin air and then dump.

For bitcoins though and the already established currencies like ether, I think it's too late for the governments to do anything now. In fact more and more countries are legalizing it. South Korea and Japan in East Asia for example and Philippines and Vietnam in ASEAN.

Quote from: markj113 on September 05, 2017, 06:38:30 AM

They dont have to completely stop bitcoin to kill it.

Introduce a new law where anyone caught using bitcoin gets 20 years in jail and watch the userbase shrink overnight and the price plumet as the majority dump.

You would always get the few that continue to use but but not enough people to maintain current price point.

They can't even catch all the druggies. Surely crypto buffs would find a way to use their coins. The more you prohibit something, the more people want to use it.

NRF

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Quote from: joromz1226 on September 05, 2017, 05:05:54 AM

No, that's not gonna be happen. We all know that government was categorize in centralization system while Bitcoin was categorize in decentralization were obviously the government can't able to control bitcoin because of this wonderful and great features of bitcoin.

but government can control or large bitcoin miner pool. If they can control enough pool they can control everything

xaviervilla

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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.

I must say, you got a pretty good argument there pal.
But to be honest, i think what you are saying(alrhough can be a possibility) is something that is close to impossible to happen. Because when we look at how bitcoin stand now? I think lot of big personalities are holding big amounts of bitcoin. That is why it maybe hard for the banks and governments to stop it. Because if they force to, it will be bloody. That's one thing I can be sure of.

HAARP

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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 theory, they can, but there is no enough condition to do this. They have to proove something before act and take an action against bitcoin. Despite the rumors, bitcoin is not used for criminality and terrorism funding. Governments also know this and they just can't start this now.

webtricks

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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.

There is no doubt that 95% of Bitcoin users will abandon it the day it get banned. But Bitcoin and Blockchain technology aren't much threat to country's economy or laundering.
Whereas ICOs are unregulated form of crowdfunding where government has minimum control over cash inflows/outflows. So there is need that ICOs should regulated or banned, else people will be scammed more often.

babsjoe

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Bitcoin is distrupting failed economy all around the world . All i know is the very nature of bitcoin should prevent it's assummed control

qwertyup23

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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.

I really don't see the government controlling bitcoin soon due to its nature being decentralized and if it does, it probably would have a negative impact in terms of its price on the market due to imposing regulations and taxes from it. Though one disadvantage coming from its nature is being hard to track-down, and this became an avenue for illegal transactions. Due to that reason, some countries ban the usage of bitcoin but in my opinion, the various opportunities it provide to people overshadow the disadvantages of it. It really depends on the country on which poison they are willing to choose.

lonelygrimm

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no the problem is not with them, but the real trouble in here is people in crypto world. As we know bitcoin phenomenon make more joining in here like for trading, but there is so much of them really don't understand how system in here works, so if they hear about FUD news and the graph got in hand by the whales, it's easy to make this people panic.

So the problem is with the bitcoin user mind, not the government

agentx44

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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.

I truly believe that the government can shutdown and stop bitcoin, i have heard that there are some countries that there are no bitcoin because it is banned and not allowed in their country. I hope that one day the government would realize that bitcoin shouldn't be banned because it has many uses and can help anyone who are in need of money for them to live.

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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.

If you look back as far as three years ago, you can find almost instant correlation of Bitcoin price and negative news. The Chinese government in December 2013 banned Bitcoin transactions when price was peaking at over $1,000. It almost immediately lost $200 and when the ban took effect, and Baidu stopped accepting Bitcoin, it went all the way down to $500. It took a while to recover, but take a look at the dips of this year alone (which is still only eight months old). Every "negative news" took its toll... from the ETF decision to the hard fork. But the following rebounds happened with equal speed, even surpassing previous highs.

I'm not saying this pattern is sustainable. I still think a long correction is way overdue. But Bitcoin has reached a point of maturity it didn't have three years ago and as a result is a lot more resilient. If anything, the ICO ban's outcome is somewhat muted, not the cataclysm that one would expect from such news.

Gaaara

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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's gonna be hard for the governments to make bitcoin illegal, because as of now in our country there is lots of people who is joining signature campaigns and bounties as their jobs, basically it contributes when it comes to economy. We can withdraw the amount of bitcoin into our standard currency so we somehow getting money from other country, it somehow helps the economy so if a third world country will ban bitcoin then they will miss their only hope of raising their economy with cryptocurrencies.

FlightyPouch

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Quote from: NY-city on September 05, 2017, 06:40:42 AM

The government wants to control bitcoin and soon if several more countries ban it, the price may drop significantly. Bitcoin has grown very well and is a huge competition for the banking system.

I don't know why people say this things like government will control bitcoin etc. You think bitcoin will be decentralized and stay decentralized all this years if the government know this will happen? And now that they know that, why aren't they having any movement about it? It is a huge threat to the banks but government don't really cared about it. They are happy collecting taxes so they are all good.

goldade

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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.

What is really happening is a form of set back and short lived victory for government because deep down within, they will start rejoicing that a policy like this a go a long way in crashing the price but little did they know that this is another one of their arsenal let out of the bag and the fall in price is a form of retreat in other to come back stronger against gimmicks like this.

ikilledcobain

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I think that the governments can put pressure on bitcoin and other crypto's, but it's too late to stuff the genie back in the bottle.

People are losing faith in their governments, and thus fiat, and need something to put their money in to try and preserve wealth. Precious metals are an age old safe haven, but they're not nearly as practical as crypto when it comes to trade.

The crackdowns may slow bitcoin down, but people will just find other, more secure/anonymous coins to preserve their privacy. See my signature for one upcoming example - Deep Onion.

grermezter

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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.

This is just a minor setback and mind you that it's only the ICO's that were deemed illegal by the Chinese government and not Bitcoin or other cryptocurrencies themselves, I really believe that these ICO's should be regulated like other securities just like the SEC said the last time because most people can raise money for GOD knows what with all these ICO's.

Dontme

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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.

I think that will never be happen. Bitcoin are much convenient to use that other remittances. I think they are going to implement when the government already know how to transact bitcoin and how to deal with it. They will never implement it until the government not learn it. Maybe, you are right too because there is possibilities that government will not accept bitcoin. If that so, those holders will going to sell their bitcoin. Because government has the right to do that if they are not going to accept and embrace bitcoin.

hase0278

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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.

I agree with you somehow OP that this is not a laughing matter and not that far from reality. It is very possible for governments to stop bitcoin but most probably governments will not do this in the near future. Even if everyone says that government could not stop bitcoin completely, that remnant of bitcoin would be only like a shitcoin or a coin with a very low value. Even if that is the case, I think this is not the time to think about it because it is not our concern for now.

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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.

Im have the same thoughts too.For those people who do said that it wont happen then i would say that nothing on this world would really remain forever and there would really be a time on which government would really make some actions into cryptoworld.After the News in China it did really made an impact to the coins and if that kind of banning implementation would happen on other countries then dips will really be seen and might possible to see a real panic selling of their stashes.

joseafonso123az

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The truth is some ICO's really end up being scams or not worth the investment made leaving people with a loss. I think the banning is a good thing, might have decreased a bit of bitcoin's price, but I believe it was something that he cryptoworld needs to sit and see, and provide better ICO's in the countries that it isn't banned. The bitcoin continues decentralized so the governments can't control them, and I don't believe they will stop bitcoin, because they might win something with them.

xSkylarx

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Governments can definitely stop bitcoin because they have the power to command all its citizen and there is nothing can prevent that and the only choose of the citizens in their country is to obey on what the government says so it is really possible for the government to stop and eliminate bitcoin and other cryptocurrency.

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