Topic: New Body Of Control? - page 2. (Read 1187 times)

I am indeed one of those who want that bitcoin is legalized as a payment, but it is not possible to make bitcoin a 100% currency system.
Because the government does not want to lose control, fiat will always be the main currency. Bitcoin even though legalized will only become
alternative currency. That way the government can still control finances.

Fortunately this will not happen, why fortunately? Because most states receive huge revenues from printing their national currency, when the face value of banknotes can exceed the cost of production by hundreds, and sometimes thousands of times. And I'm not talking about taxes.

I do not agree, the government has full control, only by making the rule that cryptocurrency is prohibited then we cannot fully use it freely. In this case, the government cannot stop the widespread adoption of cryptocurrency, although it is full of pros and cons, the development of cryptocurrency has many benefits and can overcome obstacles in transactions and other matters related to the financial system. So the government controls it by providing certain policies.

That is the fact. We can only follow the rules. Limitations are not the end, we just need to adapt well and take advantage of this opportunity as much as possible.

Not unreasonably easy, banking and government are constantly attached to the buttocks. Without banking the state cannot effectively affect their accounts. While cryptographic money may be the most cash that will not be used, there will be the possibility that banks will similarly present their own crypto which will be determined by official guidelines. They see crypto as an innovation, rapid exchange innovation, cashless exchanges, and sustainability at a steady pace without meeting clients. Be that as it may, they are additionally considering such national innovation control rules.

My thought is that this kind of event won't happen.  The first major reason is, the government will never allow it.  I believe that physical cash will eventually be replaced by digital currency but to think that Bitcoin and other decentralized cryptocurrencies to take over the financial system is just an illusion.  The government may adopt blockchain technology and create their own cryptocurrency but it will be fully controlled.  Or probably a new type of financial system will be created that is far more advanced than the recent cryptocurrency system.  And if we are talking about nations, it will always be centralized and government as the central authority.

I have mentioned in one of my posts that there must be some kind of institution, which is of course regulated by creator of cryptocurrencies, that strictly implement rules and regulations that must be abide crypto enthusiasts. Thus, despite of the diverse countries, people, intentions, capitals, amount and way of transactions there are laws that are being followed in order to manage and maintain peace in the system. In my opinion, the bank and government cannot fully have the ability to control both physical money and digital currencies as these two are similar but also distinct from each other as well as the choices of actions how to save and spend them by the owners.

Imagine the concept of democracy, the power is from the people but with that power, they still need to select a leader that will maneuver their country. The same with cryptocurrency, even if we have all the power to regulate and serve as the new body of control, we will still consider having an entity to lead the way to organization and control. Basically, the regulation will be outside of our scope, thus, making transactions possible abiding laws and rules set by the constitution.

What is the backing behind this claim? There is no such thing happening thoroughly in the system. Maybe development is occurring in the IT firms but how much is still unknown. But claiming so without any backing is a wrong thing to do.

It is not really that difficult as we think it is. Bitcoin is pseudo-anonymous - using a good blockchain forensic service this can be traced back to a very likely wallet. Then KYC the wallet user for an exchange and you have their data.

They would not escape taxation again like what I said above. If bitcoin would become global the banking system is way more cunning enough to be the first proponents of who are going to take the power away from the users decisively before they even notice it by putting in hardcore KYC systems on every exchange.

I think  Government and banks will not allow  all control.  They do not know the transaction it will be very difficult to trace it. People will even escape from paying tax. it is difficult to handle Bitcoin can never be a global currency.

Some of you seem to believe that you are able to shape the world around you (politics, finances) - you don't. Bitcoin will never lead to the end of government controlled money. They will simply improve fiat to be less centralized, more transparent, faster, digital, but it will still be their fiat money that they can make as they please and if you make it you'll be imprisoned with murderers and rapists. Take a look at the law imposed in your country. Forgers get similar sentences to murderers. You can get 25 years for printing money! Why do you think these sentences are so high? The governments know that it undermines their power and they are ready to do anything to keep things as they are.

States will never allow anyone to give control of the financial system to anyone. Finance is an inevitable attribute of state power, and the state will not voluntarily give power to anyone. And in us there is no other organization of social structure, except the state. In the period of the emergence of cryptocurrency, when it is not yet regulated by states, it seems to some that it will continue to develop freely. However, it is not. So far, states have determined that cryptocurrency does not pose any threat to global financial stability, and therefore they are loyal to it. However, this does not mean at all that they let this process go by chance. In the future, they will strictly control, as far as possible, the cryptocurrency circulation. Anything that cannot be controlled will be prohibited. On this our fantasies will end.

Peer to peer systems have advantages over conventional ones as they are today. there is no third party in a transaction, so as if breaking the transaction chain, and this is what makes it faster. so no one can control it

That's a bit hard to implement IMO. Bitcoin is created as a peer to peer purposes where Satoshi's original purpose is to not let anyone control over people's asset. That's why btc is the most controversial digital currency until now. There's hope for the crypto industry as long as those who are reigning in power wouldn't mind controlling it.

Government and Banks are the least people who can expect a change for the current system. What do you think investors will do if they have been restricted to many of those rules by the government. Taxes? Oh no! Maybe they would just leave this market and find other ways of gaining profits. Taxes are responsibility but abusing it that's what most avoiding here.

First and foremost, blockchain technology will be the new system that will be running the financial ecosystem. And moreover, the decentralized nature of blockchain technology do not really need a body or institution to be in charge of how transactions are made. Everyone will be in charge of the financial activities in the financial ecosystem if bitcoin and blockchain technology take over the financial space.

Nope, governments can exist without messing with the money. But of course they are forced to be more transparent, as they cannot cover their overbudgetting and corruption with printing money anymore.

This is not unlike a country that is using another country's money. Ie. Ecuador can do nothing to the USD, they are slave to whatever the American politicians do to it (including its destruction).

There is no need for any system. the money is the money and that's none of the business of the State, just like religion got separate from it earlier in history, now its the money.

Banks can still exist sure, and financing, but they are simply much less important, and pretty much optional. So there will be less of them.

No control is precisely what this is. The State can keep fighting crime, just not by manipulating the money or freezing it. Money will flow around the way people owning it want to, and that's the end of it.

Back when Satoshi still talked, one of the first media scandals was the fact that after the US Gov ordered VISA/MC to block donations to Wikileaks, people kept doing it with Bitcoin. Oh the outrage, even Satoshi came to say they have nothing to do with them. Still, nobody, not even Satoshi had a say on the flow of this money, which i'm sure kept flowing there, maybe even today.

This is the beauty of Bitcoin, and one reason its so valuable, vs. other forms of money that can be intercepted, and frozen on the whim of a few.

in my opinion, the system that has been used by bitcoin is good and in accordance with the current era, but still vulnerable to theft, while banks are no longer vulnerable to theft, maybe that should be corrected.

The government would still exist it just wouldn't be able to print money. It would have to ask people for donations for various tasks and do something to get money. Now they can take money from us in taxes and then decrease the value of our fiat by increasing the supply and robbing us once again.

If Bitcoin was used widely they would have to work to get paid like everybody else and would not be able to promise something and not do it because they would be paid for the results.

This is particularly what could happen if we take into account bitcoin's current stature in the economy wprld and how the global economy fares so far. That being said, bitcoin might be an alternative currency people can use especially those countries that are struck with hyperinflation because those countries are specifically the ones that will benefit the most from bitcoin.

the financial regulatory authority bridges for the type of payment using bitcoin and converts to use FIAT in the country of the shop where it sells.
the government can still control.

If this will be a total set of new system to be adopted, considering that we will quit the existing we have such as banks, it depends if it is the cryptocurrency to be considered as the new system. But I don't think it could be properly called as Control, as control means regulation for me, and in order for cryptocurrency to be regulated, it should be created mainly by the government, where they could set the protocol they want, because in terms of cryptocurrencies that are already well established in the market, it is far too impossible for a strict control for making the country in good shape to happen as people will achieve complete freedom to their financial life, living in a 50/50 condition of having positive and negative impacts.