Russia / China Ban and strict US Regulations - Impact - page 2.

Gargulan

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Quote from: maku on May 04, 2015, 05:43:38 AM

Even if China and US ban bitcoin there are still many countries in which you can use btc (almost whole Europe). And I don't know if US government will be able to block every bitcoin transactions, you can always use foreign services to use btc. or exchange it for dollars.

Btc will not be competitive without local bank support.

maku

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Even if China and US ban bitcoin there are still many countries in which you can use btc (almost whole Europe). And I don't know if US government will be able to block every bitcoin transactions, you can always use foreign services to use btc. or exchange it for dollars.

deisik

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English ⬄ Russian Translation Services

Quote from: Kprawn on May 04, 2015, 02:15:49 AM

Quote from: Alley on May 03, 2015, 03:23:40 PM

China wants to be the next world economy. I have a hard time believing they will concede bitcoin to the united States.

I doubt if they trust the dominance that the USA have in the development of the protocol. I acctually would have thought that they would have already created a Alt coin that would be the Bitcoin competition in China, with their own development team.

They already "copy" about everything in Shen Zen that are being created in the west, why not Bitcoin? Tongue

They should have a large enough economy and population to sustain their own crypto currency. The question is, will the people use it willingly or will they be forced?

China like to be in control of everything, and I can see a future where they will create their own crypto currency and break away from Bitcoin, and even Ban it totally in their country.

I see no reason why the Chinese government (or any government, for that matter) would want to create their own cryptocurrency. It is like dropping the money they already have and setting up a new currency, the step for which there is neither technological not economic grounds. In a sense, a modern fiat currency already has all the cryptography it needs built in by the central bank (being mostly a digital money)...

Kprawn

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Quote from: Alley on May 03, 2015, 03:23:40 PM

China wants to be the next world economy. I have a hard time believing they will concede bitcoin to the united States.

I doubt if they trust the dominance that the USA have in the development of the protocol. I acctually would have thought that they would have already created a Alt coin that would be the Bitcoin competition in China, with their own development team.

They already "copy" about everything in Shen Zen that are being created in the west, why not Bitcoin? Tongue

They should have a large enough economy and population to sustain their own crypto currency. The question is, will the people use it willingly or will they be forced?

China like to be in control of everything, and I can see a future where they will create their own crypto currency and break away from Bitcoin, and even Ban it totally in their country.

I would suggest, opening up the development to a global team of people, including China, to increase trust world wide. {Yes, a hard fork cannot be implemented without concensus, but the perceived threat of single dominance in development, could cause countries to turn their back on Bitcoin}

sdmathis

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AKA The Rubber Monkey

Ironically, regulating Bitcoin might actually help it gain acceptance by the general public. For some reason, much of the public has misplaced their trust in the government and would feel more secure about Bitcoin if it is regulated and controlled. Of course that would destroy Bitcoin as far as its original intent goes and basically make it the equivalent of electronic fiat.

Alley

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China wants to be the next world economy. I have a hard time believing they will concede bitcoin to the united States.

Kprawn

legendary

Activity: 1904

Merit: 1074

I am not talking just about mining... The biggest amount of nodes are run from these areas and the majority of the merchants and Bitcoin users come from these areas.

Will we have a big enough user base to sustain a viable currency..?

Will Smart contract be developed to it's full potential? ....Will the Blockchain and innovation surround it, be developed by other Core developers from other countries, other than the USA guys?

We say the Blockchain is decentralized, but most of the development for the protocol, is centralized in the USA.

What is Plan B for a scenario, like this?

Amph

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Quote from: lonelybitcoin on May 03, 2015, 11:54:44 AM

China and The US are the biggest bitcoin markets. If bitcoin would get banned in china, all the mining power from china and the companies would shut down(Bitmaik for example).
If they do it. Bitcoin will probably die...

i don't think so, by the time the diff will reduce, new machines will take the place of those china farm, many from casual miners hoping for a greater return in that short time, the price should drop a little because of the panic

you need much more than that to kill bitcoin(i do think that you truly cannot kill it in the more deep meaning of the word)

Quote from: madken7777 on May 03, 2015, 11:57:42 AM

Quote from: Amph on May 03, 2015, 11:54:26 AM

couldn't they just keep using exchange(only those that don't require id) via vpn/vps, for avoiding being tracked back? it would be a solution to the ban, but for the taxation i don't know(there definitely a few, but i'm not sure...), you need another kind of subterfuge

Bitcoin is still a currency that is depended on the banking industry. It isn't a standalone currency like gold or other metal.

this only because we keep dumping it on fiat instead of bartering it with goods

madken7777

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Quote from: Amph on May 03, 2015, 11:54:26 AM

couldn't they just keep using exchange(only those that don't require id) via vpn/vps, for avoiding being tracked back? it would be a solution to the ban, but for the taxation i don't know(there definitely a few, but i'm not sure...), you need another kind of subterfuge

Bitcoin is still a currency that is depended on the banking industry. It isn't a standalone currency like gold or other metal.

lonelybitcoin

newbie

Activity: 23

Merit: 0

China and The US are the biggest bitcoin markets. If bitcoin would get banned in china, all the mining power from china and the companies would shut down(Bitmaik for example).
If they do it. Bitcoin will probably die...

Amph

legendary

Activity: 3248

Merit: 1070

couldn't they just keep using exchange(only those that don't require id) via vpn/vps, for avoiding being tracked back? it would be a solution to the ban, but for the taxation i don't know(there definitely a few ways, but i'm not sure...), you need another kind of subterfuge

Kprawn

legendary

Activity: 1904

Merit: 1074

We have seen some of the bigger countries turning their back on Crypto currencies.

How will a complete Bitcoin ban by China / Russia and very strict regulations in the USA impact the viability and existence of Crypto currencies?

These are some of the biggest economies in the world and their exclusion will have a huge impact?

Do you feel the remaining countries could make it viable?

Topic: Russia / China Ban and strict US Regulations - Impact - page 2. (Read 1902 times)