Maybe governments can stop bitcoin after all - page 34.

hatshepsut93

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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.

They will never be able to stop it completely, because that was the design of cryptocurrencies, but governments can easily prevent mass adoption and just push crypto into black markets. This was always the risk for investors and users. But Bitcoin didn't get crippled by recent news from China - it was already correcting after reaching $5,000 ATH, the FUD caused a big dip, but now it's back on track - $4,350 is probably only a 3-5% lower from where we would have been without FUD. It's a short term damage, nothing special.

coin_1122

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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.

They are not banning the Bitcoin just they banned only ICO's because it may create lot of panics in the governments already there is big rumors about China. China is holding more Bitcoin in the market when compared to other countries so it may damage their countries by conducting the ICO's.

audaciousbeing

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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 felt the same way too and this has equally given an opportunity for them to expolit because the moment China makes this law and the crypto world felt the maximum impact, it shows they have the control of crypto and I am sure we are to see more of it in the coming days whether from China or another of their kind. I am still optimistic that maybe this is the correction we are all waiting for, for everybody to go back to the drawing board and understand what this is really all about and we can move forward from there.

talkbitcoin

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All I know is that I know nothing.

no they can NOT stop bitcoin.

first of all the government has never had anything against bitcoin. they have always have been against illegal things that is done with it. with bitcoin and any other cryptocurrency. this China ICO drama is the perfect example of what i just said.

secondly nobody can stop bitcoin. things like what happened can temporarily damage the price. and even if all countries announce bitcoin as illegal the price drops and that will be the worst part of it. but it won't kill bitcoin!

NY-city

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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.

markj113

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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.

thoham

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Yeah this is the true thing. No goverment can control or manage Bitcoin. Europeans used to try but it didn't work.

Hydrogen

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The price of stocks (and bitcoin) always decreases on bad news. Even if the bad news is something irrelevent like china illegalizing ICO's or the SEC disapproving a btc etf proposal, traders will always sell. When predicting market behavior, traders always follow the lowest common denominator in determining what will happen. The worst trader in the world will always sell after bad news & that's the worst case scenario precedent everyone follows.

The price decline isn't necessarily a bad thing. For those who were looking for an opportunity to buy btc they might pick it up at 20% discount from where it was a few days ago. Bitcoin price movements have had their ups and downs like this over the last 6 years. There have been much bigger price drops that were much worse.

eternalgloom

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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.

But the longer they wait, the harder it will be for governments to make Bitcoin illegal. More and more companies are now getting involved in Bitcoin mining, trading & other aspects, they also pay taxes.
I really can't imagine Bitcoin being made illegal in Europe, the US or Australia for example, there is too much support from within the governments in those countries.

I know it's just a hypothetical question, but I could never see this happening in real life.

sabbathhawk

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For now the easiest way to control bitcoin is through exchanges. They totally deanonymizes users. So, for now it is the weakest point of bitcoin.
As soon we will pass scaling problems anonymizing solutions will be implemented.
In Japan and Korea bitcoin is officially recognized, other countries planning to do their own cryptocurrencies. So, even some countries will ban bitcoin it will not have huge influence. Price does not matter at all, bitcoin became bitcoin only because of it unique properties. If you are considering bitcoins success through it price you are wrong. Market is very thin and it is relatively easy to dump or pump. What matters - decentralized properties, independence, security, immutability.
Forget about price, about governments and other bullshit, follow it development and properties that is what tell you what to do with it.

joromz1226

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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.

OmegaStarScream

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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.

Topic: Maybe governments can stop bitcoin after all - page 34. (Read 11342 times)