No One Can Shut Down Bitcoin - page 2.

Anonylz

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Quote from: swiftbits on June 21, 2021, 12:15:59 PM

The only long-term threat I know of is quantum computers, but it is still impossible to crack crypto right now.
Shutting down is a much bigger challenge; the worse I could think of is the idea of bitcoin losing its credibility due to manipulation.
No such information provided that killing BTC is possible.

And I really doubt btc can lose credibility over market manipulation, many people already know the reason why market is been manipulated, whales do this to create panic and weak hands will sell their coins away cheaply, this has nothing to do with btc reputation,
And as for government, they can only try to ban and that is as far as it goes, even when they ban trading still go on in the background, government can really do much because people will always find alternatives.

swiftbits

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The only long-term threat I know of is quantum computers, but it is still impossible to crack crypto right now.
Shutting down is a much bigger challenge; the worse I could think of is the idea of bitcoin losing its credibility due to manipulation.
No such information provided that killing BTC is possible.

flyer88

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Quote from: 20kevin20 on May 28, 2021, 04:18:13 AM

They tried to scare us off it, but they couldn't. Now it's unstoppable. They obviously can't do much about it anymore, so they're coming up with various excuaes to try scaring us off it again. Energy consumption, terrorism funding, illicit activity in general, money laundering.. these aren't real reasons but just excuses, and a fair amount of people do take the bait!

i agree with what you say , they just scare , only ban but they still can't stop its existence . The proof is now bitcoin is still standing strong, even though we never know what the future will be like. Many governments have fully supported the existence of bitcoin in their countries. So you don't have to worry about this. Just enjoy the ups and downs of the market.

S4VV4S

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Quote from: ConnerDalfino on May 28, 2021, 03:52:22 AM

Binance CEO Changpeng “CZ” Zhao said it’s impossible for a single entity to kill bitcoin and its underlying blockchain technology. “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people's heads,” he added. Binance is the biggest cryptocurrency exchange by volume.

Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.

Your opinion?

The government banned but could not stop the existence of bitcoin. Especially now that the bitcoin trend is growing rapidly. I don't know how long bitcoin will last, but I'm optimistic that bitcoin's future will be better than it is now. In fact, many countries have openly supported bitcoin, even making it a legal medium of exchange in their country.

Paisleyvn

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True in theory, but regulatory bodies and governments can severely limit access to and redemption of Bitcoin for goods and services. While the network will always be usable through an internet connection, and Bitcoin will always have value, there is a question of what happens if the use and custody of BTC is heavily regulated or straight outlawed due to Governmental fear of losing their monopoly on the money supply. Sure at a fundamental level, governments and regulatory bodies cannot control who or what you send your bitcoins to, and from where you might receive them. However, it can be made extremely difficult logistically to spend your Bitcoin on goods and services which is ultimately what you will hve to spend it on if you’re going to live off of it.

Chathusand

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The shutdown of bitcoin became a big topic years ago, with many people talking about it, and it is still a hot topic now, especially owing to the hype surrounding bitcoin in recent months, where people are talking about the shutdown of bitcoin, which will never happen. Shutting down bitcoin is like to declaring that the world will be without electricity, which will never happen.

Issa56

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I started cryptocurrency few years ago but from the experience am having I don't think there is anybody that can shut down bitcoin currently because of the mass adoption of bitcoin the only thing I believe can happen now is to dump the price of bitcoin will will definitely increase again I don't really panic about shutting down bitcoin because I know is not really possible there are lot's of institutional bodies adopting bitcoin there are lot's of new people beginning to know about bitcoin.

angrynerd88

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As we all know ,Bitcoin is decentralized,Its uniqeness and major strenght of the Bitcoin.There may well be facilitated assaults from governments, but i highly doubt that they will do it.There is government and central banks big entites to brek the Bitcin but they have no formal platform to stop the Bitcoin.But so distant nations are still separated with respects to crypto and bitcoin,younger generation knows crypto is best way to support family and live life with freedom.

Nightz

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Quote from: ConnerDalfino on May 28, 2021, 03:52:22 AM

Binance CEO Changpeng “CZ” Zhao said it’s impossible for a single entity to kill bitcoin and its underlying blockchain technology. “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people's heads,” he added. Binance is the biggest cryptocurrency exchange by volume.

Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.

Your opinion?

That would require a united global approach because otherwise certain countries will take that opportunity and do the exact opposite: make it legal tender.

Let me ask you this: when in the history of planet earth did the countries around the world successfully collaborate in order to achieve one and the same goal collectively, in particular when money is involved?

Keep also in mind that old politicians are soon to leave and younger politicians with kids who are into crypto will follow. I have heard politicians talk about their kids and how they are into digital assets. Such an action would be of temporary success only, for sure.

Rajamuda

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Basically this is like trust on each person in bitcoin, the more people are believe in it.. of course it will last a long time, but if worry is greater than trust, it will only make bitcoin weaker. It's like the movement of something naturally towards human life.
Bitcoin's destiny is still good I think, it seems to be successfully supported by various things, conditions and situations from time to time.

lepbagong

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Quote from: oemar bakrie on June 05, 2021, 09:50:00 AM

bitcoin is very difficult to lose, because many people already know bitcoin is a good asset or investment.
bitcoin will be lost if transactions in the market, especially for crypto stop and can no longer be done by people in the world..

Currently, in an era that has advanced, the need for digital money is very important, plus it's time to reduce the use of fiat because it is indicated that fiat is one of the means of transmission from Covid-19.

so with bitcoin, this is an era that has made progress, of course it must be used, because apart from trading, bitcoin is very reliable for long-term investment and daily trading.

whether crypto can be lost, the possibility is always there if there are not many who use it and there are other alternatives, but we know that every time the use of bitcoin is increasing, it can be seen from the ever-increasing market cap which indicates that people actually need bitcoin.

Weawant

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Quote from: mk4 on May 28, 2021, 04:03:24 AM

Pretty much. They can outlaw it, but they can't ban it.

And yes, a country's government making the ownership of bitcoin illegal would definitely be unfortunate, but let's be honest here: how successful are governments going to be in banning digital things? They can't even ban digital piracy and drug usage, what more with a freakin decentralized asset?

I agree with this. It would be hard for the government to stop cryptocurrencies from being used by the people. And we all know that not even a single programmer can remove the existence of it. Comparing it to piracy and drug usage. Drugs are tangible enough to be stopped but still, it stays alive. The industry is still there and winning. Unless all of the nodes are removed and the chance is only around .01%.
And also, sooner or later people would put the Bitcoin to the space. At that point it would be harder for them to stop it. That's the truth.

pinggoki

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The shutdown of bitcoin become a hot topic way back years ago in which it talks by so many people and still the topic is being open again today especially due to the hype of bitcoin on the past few months wherein people start talking again about the shutdown of bitcoin that will never happen. Shutdown bitcoin is like saying there will be no electricity in the world in which will never happen. Let's just start talking about the largest exchanges in the cryptocurrency which is Binance, do you really think that CZ will let bitcoin to shutdown and if bitcoin will shut down then probably the whole market and cryptocurrency will follow also as we all know that Bitcoin is the king of all cryptocurrencies.

oemar bakrie

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bitcoin is very difficult to lose, because many people already know bitcoin is a good asset or investment.
bitcoin will be lost if transactions in the market, especially for crypto stop and can no longer be done by people in the world..

virasog

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Quote from: Tarin Hart on June 03, 2021, 10:26:16 PM

Bitcoin does not rely on third-party institutions and is decentralized.

Without central organization, this means that even if some nodes are closed, the development of bitcoin will not be fundamentally affected.

Individuals or individual countries can't ban it. They can only limit the development speed of bitcoin

For this to happen, all the bitcoin nodes needs to be closed which is not possible practically. No one can shutdown the bitcoin. If it was possible, governments would have closed the bitcoin nodes and mining by now, but that is something not possible.

perfect999

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Quote from: ConnerDalfino on May 28, 2021, 03:52:22 AM

Binance CEO Changpeng “CZ” Zhao said it’s impossible for a single entity to kill bitcoin and its underlying blockchain technology. “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people's heads,” he added. Binance is the biggest cryptocurrency exchange by volume.

Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.

Yup, the guy is right, and this is nothing new. I believe that everyone who has been around here for a long time and has taken time learn about Bitcoin already knows by now it cannot be shut down by anyone, not even the government can shut it down. And moreover, they can’t stop people from making use of bitcoin.

Of course I do understand that they can place restrictions in some ways, but that’s enough to stop the people who have decided to be making use of bitcoin. Since it is a decentralized currency, people are going to make use of peer to peer methods, which is the original form of Bitcoin, to carry out transactions without a single restriction.

Distinctin

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No dream is too big and no dreamer is too small

What you believe is right...
Bitcoin had come from nothing and a very questionable existence but it was a big surprise how the community adopts the system. This will just imply that Bitcoin will continue to grow instead of becoming dead.

We can see that some countries are banning Bitcoin/crypto, however, they are not enough to make it stop. And that is also because they don't have a reason why it should be done.

hannahB4

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Quote from: ConnerDalfino on May 28, 2021, 03:52:22 AM

Binance CEO Changpeng “CZ” Zhao said it’s impossible for a single entity to kill bitcoin and its underlying blockchain technology. “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people's heads,” he added. Binance is the biggest cryptocurrency exchange by volume.

Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.

Your opinion?

I can't agree more on this that no single individual and governing bodies can shut down bitcoin. Bitcoin has come a long way and we have seen many negative rises of bitcoin from governments of some countries here and there. In Nigeria, we witness one recently this year February but this can't stop bitcoin with internet access and miners doing their thing.

MCobian

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Quote from: d_fitrie on June 03, 2021, 11:25:01 AM

Quote from: ropyu1978 on June 03, 2021, 10:57:19 AM

bitcoin is very clear can not be turned off, as long as there are still many people buying and selling bitcoin, and the market is still operating, bitcoin must be difficult to turn off, even though many countries have started to ban bitcoin, for various reasons, such as iran, china, russia, iran, vietnam, turkey and nigeria, I'm sure bitcoin will be safe, because they have banned it for a long time, the proof is bitcoin is fine..

I agree, even though many countries have banned bitcoin, but bitcoin is still there today, even large investors are increasingly interested in investing in bitcoin, but what I'm worried about is that if the internet goes away, will bitcoin still exist?

Interesting fact that many people come from countries that have banned Bitcoin, but they can still own Bitcoin. This means that Bitcoin is
very difficult to shut down, and as long as there are people doing Bitcoin transactions, Bitcoin will not die. If the internet didn't exist,
of course Bitcoin could die, but that kind of problem wouldn't happen. Considering the internet has become an important part of human life,
because many activities have been carried out online. Humans are already very dependent on the internet for their lives, so it is impossible to
turn off the internet, which means as long as there is an internet Bitcoin will stay alive.

shadow123

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Now its impossible. The main reasons are already many bitcoins bought by leading business companies and their owners. Also the blocking technology is adding to the day today life works. So it is difficult to shutdown now. The wheals are handling the market using Good news and Bad news time to time and no one going to band the BTC.

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