Topic: Rich people causes cryptocurrency ban (Read 1344 times)

Well, fortunately, or unfortunately Rich people will always or are always looking for what is the next viable Business venture to engage in to further increase their wealth and Bitcoin has proven to be that investment in the past years. So I don't see them as the problem to cryptocurrency and especially Bitcoin, however, the Government do understand what Bitcoin and the general cryptocurrencies stand for, Financial freedom from the Government and they don't want that to happen hence the constant attack on crypto.   

It's not about how rich people could buy the cryptocurrency but it's because rich people who influence other citizens and shares how they could got profit from cryptocurrency, this kind of act will lead to the people in a country starts buying crypto also and the government must be not uncomfortable if the people are moving their assets into digital assets which couldn't be track to cut thir taxes.
If i'm at the government, i also feel the same thing. So in the future we need some technology and a system which can track crypto ownership from it's people, but it's hardly to happen

For me, the main reason why the government has banned bitcoin is the fact that its decentralized. And there is no way that they will allow it knowing it won't be controlled by them.  And those reasons that it can be used for terrorism funds or any scam activities are only their excuses so that fiat will still dominate the market and won't lose its value in the long run. Rich investors has nothing to do with crypto ban, although they are mostly behind the market manipulation.

Bitcoin isn’t that bad. And from what I have seen so far, the governments that has banned cryptocurrency don’t really have an excuse that is good enough. Reasons they give are usually not enough good reason why they should place a ban on it. Some of them would say it is because it can be used to fund terrorism, which they don’t even have any proof at all for that.

Most of these terrorists attacks are usually being funded with fiat, and the government isn’t doing anything about banks that are letting these things slip through their watch, which is very bad. Now because they feel that bitcoin is uncontrollable, they now want to ban it.

Rich people are easy to become influencers for middle and lower class people, they are often considered an investment signal. Their influence (the rich) can be a threat to the government where fiat can erode the number of users.
In addition, because the rich are contributing a lot of state income from their corporate taxes. Cryptocurrencies have grown into thousands of alternatives, of course it is a good tool for relinquishing control and "hiding" assets to avoid tracking owner's wealth.

The purchasing of bitcoin of rich people does not cause the bitcoin ban because its purchasing increases its value. If more people and banks will involve in its selling or purchasing its graph will rise and credibility will be strong. The need of today is that its usage for crime should be stopped. That is very important for its survival. The framework of rules and regulations should be designed to eradicate its usage for crimes. Because its positive use is very fruitful for all communities of the world.

Lol, so, rich people should stop investing in Bitcoin? IMO, it's doesn't make any difference. Whether they stop investing or not, the ban that has been put can only be removed when the governement realizes how important Bitcoin is as a cryptocurrency.

They ban Bitcoin because they are jealous of how Bitcoin can make one operate anonymously!

The negative effect are the same effect as normal fiat. Anyone can use it as if it were fiat, so there's no special negative effect that it comes with.

Like I said earlier, they are just jealous. There's no special harm, after all, not everyone uses it, just some percentage so why does the government have hate/jealously? IDK.

However, when they see that they can't control it anymore, they will have to choice but to remove the ban.

Bitcoin is crypto currency the government cannot hold it unlike with the usual currency. I think that is one of the reason why a lot of country doesnt like bitcoin.

Not only that.  They don't want richer ones to hide their own money without them being involved nor have knowledge what's going on behind every traces of transaction.
Government has a lot of alternatives to make cashless transaction and crypto won't be able to just change the minds of the government to make them adopt crypto nor make crypto the "traditional" medium of transactions. They know that they don't have the control and that's why they're against it.

The rich are bitcoin whales, since they own greater percentage of bitcoin I don't see a reason why they will want to lose their investments by banning Bitcoin

I can't think that rich people causes cryptocurrency ban because it is modern and digital currency. Rich people can buy and trade Bitcoin which make them richer and it is big benifit.

Your point is valid right now they are completely controlling everything, and they don't want to lose their supremacy because they feel fear with this crypto and bitcoin if this is going to be adopted in high levels surely they are going to be in trouble with their lifestyles and their luxuries which are available just because of their own system which is controlling by them for many centuries.

Blockchain and Cryptocurrency is bringing few many good things for better and transparent life for common peoples and these rich never allow this, so just because of this they are using every shit way to stop this and having their strong hold on this hypocrite system.

I have said this previously, Those people in power right now don't want their traditional ways to be changed so they will do everything in their power not to change their present methods even if that means banning bitcoin or any other cryptocurrencies.

Mostly because they're comfortable in old ways.

Firstly I argue the line rich people highjacked cryptocurrency . You will definitely appreciate that rich people's investment grow cryptocurrency and they are the reason of green market cap because when they invest in new coin in the market the price grow and when they avoid any coin to invest that coin price don't grow up .this is the truth I give an example for better understanding . When Tesla car company agree to transection their money by BTC that time the price suddenly pump and then when the monster deny the BTC price gradually low so we can say rich people movement effect in cryptocurrency but not highjacked or ban

I don't think that rich people want the crypto currencies t be banned because they are the ones holding them. Basically the people in the government don't want crypto to grow as they do not want to lose the power of money. If they don't have control over money, they won't be able to rule the people.

greedy rich people, of course want to adopt bitcoin for their personal interests, they want to hoard all bitcoins, so those of us who are in the lower class are very difficult to invest in bitcoin, sometimes every post from millionaires, greatly affects the price of bitcoin, if they post negative things by itself the price of bitcoin falls, and vice versa,

Most of them of who are against are those who don't even know what crypto is and labeling it as a scam. Another thing is that they are afraid if most of its citizen is a crypto holder/trader because they cant control them. So that is why they are encouraging others too who are not knowledgeable but rich/ influential to criticize it too. But some of them are making crypto as a way to hold their assets.

To answer your questions,

First, the reason behind banning cryptocurrency in one's country is mostly because the government does not want its citizens to achieve financial freedom. They want their people to rely on them and to the opportunities, they are giving them. They don't want their constituents to patronize a digital currency more compared to their local currency. The government is threatened in every way crypto can take their people's trust and funds. Most of the politicians are greedy. They want the good all for themselves.

Second, using crypto as a currency will be quite challenging because right now, there are very limited establishments that are accepting payments through cryptocurrency. The legality of crypto and the taxation plays a great role in why it is disadvantaged. If you will use crypto as a currency most especially to those countries that are not open about it, you can experience some trouble. In addition, most transactions made with crypto are time-consuming and require a little more transaction fee than usual. You'll have to bear in mind the processing time it will reflect and the fee depending on the network and exchanger used. The convenience isn't much really felt, although they are looking into improving it for sure.

Lastly, some people use bitcoin and crypto, in general, to make their way out to money laundering. This is one of the things the authorities are avoiding to happen as much as possible that is why most centralized exchanges require KYC to verify their clients' profiles and to secure that they are not doing some illegal activities. It's easy to money launder when your transactions aren't really monitored because it is decentralized. Hence, some countries decided to ban bitcoin to avoid such conflicts.

Well they call it the Big Finance. Bankers and Financial experts who are still tied to the old school way and see Bitcoin as a threat to their power. I don't know their real motives though. We all saw that non-bankers somehow made news that made Bitcoin price so low, they bought lots of it, then made some hype to increase the price, and possibly sold their assets at a profit. Big profit that is. So if you think of it there might be attempts to make the price lower so that they can also enter the market.

They may or may not but the fact is that they can influence pretty well.

It's not all about that they can own all the bitcoins or other cryptocurrencies but they can manipulate each market at their own will. And for them to do that plays a big amount out of their pockets or corporate budgets.