Topic: No One Can Shut Down Bitcoin - page 8. (Read 1225 times)
I'm agree. Some countries can ban it but if you want you'll find a way to buy it. They can't just destroy the blockchain.
Different nations have different laws and regulations. The world is complex enough to find a consensus for all nations to ban Bitcoin mining. The entities they can ban are Bitcoin mining farms, not individual miners.
With the growth of Bitcoin, and if People's Republic of China (PRC) ban all Bitcoin mining and ASIC production, other nations will open the gate for it. What governments want are taxes from their people. Bitcoin mining and ASIC production can bring them money.
Have you ever thought PRC will ban all Bitcoin mining and ASIC production? They will be mad if they implement such policy.
With the growth of Bitcoin, and if People's Republic of China (PRC) ban all Bitcoin mining and ASIC production, other nations will open the gate for it. What governments want are taxes from their people. Bitcoin mining and ASIC production can bring them money.
Have you ever thought PRC will ban all Bitcoin mining and ASIC production? They will be mad if they implement such policy.
While the network will always be accessible through an internet connection
Nobody can directly shutdown Bitcoin, but they sure can for sure shutdown internet for some time and that could greatly affect how Bitcoin network is working and it would create big changes in hashrate.Before I was thinking this is impossible to happen but I see that some crazy people like Claus Schwab from World Economic Forum are preparing for this scenario and they are training and preparing for this.
They are calling this event cyber pandemic or cyber polygon and they claim it will have much bigger effect than corona pandemic.
Russian hackers could be blamed again, like we saw with Colonial Pipeline, and I even saw that Russian Prime Minister Mikhail Mishustin was part of this cyberpolygon show in 2020.
Purpose for this would be to have full control over internet (only place to find some free information) and I think this can have big impact on Bitcoin and everything else.
While I consider the statement of him true to a lot of extent, but as much as crypto concept has been in people's head, so did increase the government's eyes on it and I'm sure the government of different countries have frequent group talks about how to eradicate or fight against crypto/Bitcoin because this surely harms their monopoly and control a lot. So, in the near future am sure they will use everyway possible to tackle and the outcome is very hard to predicate.
We have been talking about this for a very long time and yeah, there is nobody who can simply shut down Bitcoin. Things don't work that way. As you indicated, governments can only restrict the usage of cryptocurrencies. But they cannot stand in their way.
Actually there is, that would probably be the Internet consortium that has seven members that are spread around the world and they have the rings that is going to access a backdoor for Internet that they use to have a maintenance for the Internet to keep it running for 3 more months so yeah there is an entity that can shut down bitcoin. 
We have been talking about this for a very long time and yeah, there is nobody who can simply shut down Bitcoin. Things don't work that way. As you indicated, governments can only restrict the usage of cryptocurrencies. But they cannot stand in their way.
There isn't anything to be shut down. That's why you can't shut down Bitcoin. Because it's a network of computers running a certain protocol. Shutting down Bitcoin is as wrong as saying that someone can shut down emailing.
It's not impossible but it would take a coordinated effort from governments and companies of different countries to attack/control the network then completely shut it down.
You shouldn't forget that if a government wants to shut it down, then another one may find the chance to protect it! It's beneficial to protect what others want shut down. Governments know the importance of Bitcoin and I'm pretty sure that they'll sooner or later play by the rules. They can illegalize its use temporally, but in the long term, they'll have to accept their “defeat” upon this. So no. I don't believe that every government will agree with each other for any purpose, not just for Bitcoin.
There are studies with reputative researchers that it is nearly impossible to shutdown bitcoin unless the community shut their nodes and I remember that space X has bitcoin node on one of their satelite. No institutions or government can shut bitcoin down. Only the community can kill bitcoin, still impossible IMO.
If the governments of the whole world can come together to ban it, they will be successful, but the governments of the world can not have the same say over cryptocurrencies, which is the reason bitcoin can not be banned. As one country will ban cryptocurrencies, the other countries will not ban but support cryptocurrencies as an opportunity. Also as some countries ban cryptocurrencies, some will later decide to legacy it back. Cryptocurrencies are difficult to ban which makes bitcoin hard to ban, in fact, bitcoin in this sense can not be banned.
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!
Again, bitcoin is decentralized, so how entities are going to bring it down. There could be coordinated attacks from governments, but i highly doubt that they will do it. What will be their point to bringing it down? There could be one compelling reason for them to collude with each other, ban mining, trading and everything about crypto. But so far countries are still divided with regards to crypto and bitcoin and we have more crypto friendly nation on our side.
It's not impossible but it would take a coordinated effort from governments and companies of different countries to attack/control the network then completely shut it down. It looks impossible because I doubt that anyone would spend billions/trillions/quadrillions of dollars for this. Why would they when they can easily benefit from it through regulations (taxes)?.
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?
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?
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?
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?
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