Topic: Rich people causes cryptocurrency ban - page 6. (Read 1339 times)

It's right. The more influencers and business structures invest in bitcoin and other cryptocurrencies, the more support it will have in the face of possible government attacks. Therefore, we need to attract more institutional investors to this market and we need more companies like Tesla to invest in cryptocurrency. Bitcoins and other will  be enough for everyone.

It is possible that rich people can cause of bitcoin ban, just like what the author said if the rich people invest big amount of money in the crypto then, the government will feel bewilder because they cant collect taxes if millionaire people will invest only online so the government has no incime that situation will happen, in that way the government will make a plan on how to intercept crypto transaction or will leads that situation to ban crypto currency.

I would like to disagree with the OP. The vast majority of the Bitcoin investors (at least until 2020) were from the middle class. And Bitcoin made many of the investors "rich". And this has caused a lot of aversion among those who are already rich. Some of the billionaires have spoken against Bitcoin, because of pure jealousy. Take the case of Warren Buffet for example. It took many decades for him to become a billionaire. And now before his eyes, individuals in their 20s and 30s are becoming millionaires and billionaires in just 2-3 years after investing in Bitcoin. He just can't fathom this and on a regular basis he derides cryptocurrency in his statements.

Another example is that of investor Rakesh Jhunjhunwala in India. Recently he realized that he has missed the boat. A couple of days back, he asked the Indian government to ban cryptocurrency. The reason is very simple - he said that he doesn't like cryptocurrency and therefore the government should ban it. Obviously you can't expect people like Jhunjhunwala (who has a shady past) to be as modest or humble as people like Warren Buffet. But these are just some examples of billionaires, who have recently lost their sleep due to the rise of Bitcoin.

The logic is very simple. Vast majority of the uber-rich not just want to increase their wealth, but also want the others to remain poor. Now Bitcoin is upsetting this equilibrium and it is creating a new group of rich people. 

I don't agree that the reason the government has banned cryptocurrency is because many rich people are investing in Bitcoin. The government
banned crypto for fear of not being able to control the finances of its population, because as we all know the government wants to control everything.
While crypto cannot be controlled, so if many people start using cryptocurrency a lot then the government has difficulty controlling it, crypto could be
used for illegal activities. And also other things that make the government not support crypto are considered to threaten the existence of fiat.

Yes sure, because they are losing the control

Old adults really believe that cryptocurrency is a scam but with the level of advert of crypto I think some of the young adults is compromising to cryptocurrency, the only challenges now that will likely make them to dislike crypto or believe that cryptocurrency is a scam is the rate government is handling any issues concerning bitcoin especially in African continent and other countries in some continent, obviously bitcoin has gone far to the extent people in rural area started developing interest.

One reason, they can't control Bitcoin thus, the ruling class fears that Bitcoin may affect their authority in a negative way.


Possible a single group or identity will control the economy of a nation that will use crypto as currency.  (Assuming it is not created by the government)



Authority believes that Bitcoin is used for fraud so to avoid that, they regulate Bitcoin and if they fail in regulating BTC, they will ban Bitcoin. 

Many reasons to this in my own feeling.
It is a wicked world , you remember that? Many individuals don't want you to get to a level they are. So having that as a view, the ruling class always like to oppress. Study the theories of Karl Marx to understand the class system and capitalist.

The reason is that they don't wish to see more wealthy people and they believe that you need to labour physically to get rich.

They believe that bitcoin is easy for people to instantly getting to wealth without staying under the sun.

Apart that they think of bubble on bitcoin and trying to stop investors, they have hidden selfishness because people who are taking risk in bitcoin should be an individual decision.

Well, if so, --and how about China?
They banned cryptocurrencies before but now they lifted such a ban because they saw a potential used of bitcoin and also they are planning to have their own cryptocurrency. I don't think rich people cause a crypto ban, in fact, those like big institutions are influenced government to be friendly on cryptocurrencies. Perhaps, not all cases of rich people can cause of a ban.

The government generally hates bitcoin so they would take any slight chance they have to place a ban on bitcoin transaction, just like in Nigeria the government complained about money laundering and also about how the Nigerian naira keeps losing its value in terms of USD, in places like India i heard crypto was banned due to the rate at which their citizens got scammed after they invested in so many ponzi schemes,the government would ban it for many stupid reasons, but they can't stop it cause the citizens will keep using crypto more and more no matter the restrictions they place on it.

Unfortunately, in the eyes of the government crypto is a threat to their financial capabilities because they can get taxes from its holders. They claim that it increases fraud and scams but they never think that there are more fraud and scams happening using paper money.
And just like @mk4 said, it is all about of lose control. They can't ride over crypto and they can't take benefit from it. They'll think banning is the best idea but they are totally wrong and so unfair.

To tell you frankly, they aren't people of what you think that have a threat to bitcoin.

*1 - Any country has nothing to do with having bitcoin transactions, everyone has the freedom to use bitcoin even though it is heavily banned in any country you are. But the problem is when it comes to a local exchange where you will hardly enough to exchange your crypto into fiat, alternatively, using P2P exchange.

*2 - Possible is money laundering, but for now, most of our law enforcers that assign cybercrime are very intelligent. Also, if you will make bitcoin for daily transactions will I guess you will have a problem charging the fee which is quite expensive.

*3 - Possible country I guess will usually ban bitcoin is the reason they had a fear that bitcoin will become their big competitor of fiat currencies and there is a price inflation increase.

The rich does not by chance cause the eradication of cryptocurrency, they only support/join the movement but it the government that find it difficult to deal with since they are going to loose their power and control of their people.
The rich people did not hijack crypto either and what we are seeing now is the birth of mass adoption we prayed for.

The government operated in centralization system and most cryptocurrency that are widely used are decentralized crypto so they are using if you can not beat them ban them strategy.

Absolutely no negative than the market volatility in nature.

No harm but to help common people to be financial freedom. It the government that want to power to rule over their people than allowing them to have liberation.
We are in modern slave era.

The statement about cryptocurrency being used for scams cannot explain everything. even Fiat can also be used for fraud, depending on how to use it. The existence of cryptocurrency was initially not wanted by some governments, but over time cryptocurrency was well accepted even though there were some who disagreed and it was still illegal. Many conspiracy leaders have been planned, cryptocurrency remains strong and is increasingly recognized by many people.

* Government does have that common reason on why  they do hate out or tend to ban crypto or generally Bitcoin and thats because of decentralization and anonymity.
  These characteristics are the most hated things by centralized things like the government.Theyre trying to get rid of those things that they cant control on.

* Some said it would be a main currency but to think that nothing still beats out fiat when it comes to that.Crypto would really be just as an alternative but not would
  play out the entire role.

* Just like those typical news or events, due to anonymity where it do increases out criminal rate which is just a bullshit reasoning.

But people are still disputing the fact that rich people are not the problem we are having with cryptocurrency network, while I'm emphasising on rich people is because their the government and government is the rich, so any of them wants to oppose each other they will look for possible way to bring each other source of incomes down, so more going into cryptocurrency more their opponent is attacking them with government power.

Indeed, it has become more and more obvious lately that rich people are interested in ordinary people not being able to buy cryptocurrency, or simply getting rid of it altogether. They themselves are buying up crypto assets in large quantities while releasing news in which they do not recommend buying cryptocurrencies. Information about new bans on cryptocurrency is also spreading very quickly and apparently the rich want to completely control the entire crypto sphere and make it so that ordinary people cannot make money on it.

OP thinks otherwise, the only one that hates cryptocurrency is the ones that are going to be replaced. Rich doesn't care that there is cryptocurrency, as long as they still have their luxurious lifestyle they do not have a problem with it, the only time that the rich are going to take action is when you hit their lifeline which is the financial institutions like the Gamestop short squeeze and real estate. I do agree that it is politicians that hates cryptocurrency but don't you think that there is a far more powerful person behind the scenes that are making these puppets ban crypto?

I agree. Today there is evidence that more than a million dollars of bitcoin are stored on 94,000 wallets.
https://twitter.com/glassnode/status/1361948460061237249


It is generally assumed that the owners of such wallets are institutional investors. These are not ordinary people without fame and influence. Smart executives insure their assets against inflation by buying bitcoins. Others are hesitant to buy bitcoin, fearing regulators and bitcoin volatility. Regulators will certainly try to create barriers to the adoption of cryptocurrencies, but it is also difficult to prohibit what is popularized with such great force.

* The rich bankers would not want bitcoin interfere with the current system, because that's the way how they earn. If that would be interrupted, they would not want that the stable process would be hindered by some currency that's decentralized.
* Main negative effect that I know would be that volatility. I think that's one of the reasons why the government still not use it for their country and make it official.
* I have seen some posts regarding doing illegal things and the transactions are made through bitcoin. No one would want that, of course, there is a law in a country and of course once they will found out that the criminals used bitcoin, there's a chance that there will be a discussion about it.