Topic: The Authorities Are Not Smart Enough to Do This (Read 567 times)

While I might be in on your second option, I’m not so sure the first one isa case here.

I don’t think the issues with traditional currency being lack of transparency with financial institutions and inflation is much of the issues here to have lead to more and more crypto adoption.

I think cryptocurrency adoption has been about having an alternative to traditional means of finance, the privacy it provides, the ease of having to send funds across time and space in an instant, less fee and having little need to worry about the government. This is just but a few but yeah, it goes far beyond those reason as stated in the first instance.

Talking about Nigeria, I agree that the government have failed its people and you have everyone looking out for a means to survive, some of those means are found in Bitcoin but yeah, it’s by far means to transact and survive in a nation where majority of the population are below the middle class and not employed.

most governments work on might makes right.

Oh they can wrap it with fancy words. My Country USA 🇺🇸 plays the role of freedom fighter for the world’s oppressed countries. Who the fuck believes that any more.
So smart is not the correct word but I am searching for a better way to say it.

I will post back later. If I can word it better.

in time, people will understand more about bitcoin and crypto market in general. even if the government is saying negative towards this market, they can't stop people from learning what is the truth behind this technology. do remember, almost everything can be found or asked now over the internet.
in my opinion, the better route is to educate its people and leave the decision for them on how they will manage their funds.

Ignoring something never sounds like the what politicians would do. At least in my country the government would rather spend a few millions, creating a dozen working groups to overregulate a topic that should be better left alone. I think that it’s the fear politicians have, when the voters realise the country would also function and work well without all those regulations. Instead of doing nothing the government would always do much more than is necessary, only to seem important and to show how hard they are working. Regulations to a certain extent are fine, but once you limit your citizens too much, they will find other ways to solve their issues outside of the law. That is also why bans are not going to work forever. Some people might follow the rules of the government and not engage in crypto currencies anymore, but the black-market will grow over time, especially if the value of bitcoin and other crpyto coins is increasing.

There will be no financial freedom as long as it is still faced with the government, they want to have full control over the finances we have.
One of the real financial freedoms is with Bitcoin or crypto, which is not controlled by anyone, including the government.

Looking at the facts that have happened so far, financial freedom has always been taken away by the government.
They want to have complete control, otherwise they will fight back and say that anything that provides financial freedom without a government role is illegal and will be banned.
Like Bitcoin, which is the same as Fiat, but the treatment is certainly different.

Bitcoin does have a high volatility risk compared to Fiat.
Bitcoin is decentralized, has a limited amount, while fiat can be printed any amount and is fully controlled by the government.

“It is not a bug, that is a feature.”

The economy is working as intended, we often talk about how high inflation is bad for the people, but you know who benefits? The government of course, they get to spend all of that recently printed money and buy whatever they want with money they just created out of thin air, if a person does that then they call it counterfeiting, but if they do it then this is called monetary policy, so what government will give up the right to print as much money as they want? None, which is why they attack bitcoin instead.

I don't see how that would work. Their aim is to stop people from using Bitcoin since Bitcoin provides people the opportunity to be their own bank and keep their wealth with themselves instead of giving it to them in traditional financial institutions like banks, and if they simply ignore Bitcoin, don't ban it or put any sort of regulations, they know that the people within their countries will be free to use it however they want and that is what they don't want happen.

So, I don't think they are this dumb to not have thought of such a thing but they know this isn't going to work and in the long run, people will start getting attracted more towards Bitcoin than traditional currencies not only because of the existing problems of the financial systems but because of it's volatility which provides people the opportunity to grow their wealth.

I always frowned at seing this when the governments are making a repeated retereition on it that bitcoin is used to perpetrate scam, what about fiat the grandfather of scam, but because all of them in governments has the right to make use of fiat and control the financial authorities and regulations under this which also covers all their own financial scams, they wouldn't kicked against fiat or refer to it financial scam accusations since they are the masterminds, but why bitcoin, when the target is for the poor and masses, they are indirectly fighting us and not bitcoin because they don't want us to have financial freedom.

You cannot fix fiat currency and no government in the world has the capability to do such. I say this respectfully. Every technology was built to be improve on and it is the imperfection in it that creates innovation. Computers have evolved over time and also look there is a big difference between Iphone 5 is different from Iphone 12. What I am saying is that the Idea about Fiat has not been revisited and improved on. What The Central Banks does is that they just bring more policies and regulates their currency. Even in Stable economies inflation is still a problem this is because we are not paying attention to production with the need to manage human excesses.

Your second point is valid because persecution create resolve and build community. Is the fight against Bitcoin that also lead to the spread of BTC. On the issue of ignoring Bitcoin my take is that Bitcoin can no longer be ignored. It has grown beyond boarders and as long as people still buy into it, it will remain forever valuable. I believe I said something

It is very unfortunate that the government treated Bitcoin as the reason for increasing illegal activities - scams and fraud. I'd see they are finding ways to prevent the issues but making crypto a huge contributor to this is somewhat not really good. They instead help the community to understand how scam and fraud works in order not to fall into it rather than making crypto an excuse. But for sure, it was not the reason why they are against crypto, their greed seems to be making it as they can no longer make money if people are only using Bitcoin. They will still fail in the end.

Allow me to respond to only this part: why would you even believe fiat currency is "traditional"? If we skip the barter economy, the gold standard is much more traditional than fiat money:
And a bit later:

Inflation is a terrible thing, and the main reason I'm into Bitcoin. No central bank will want to give up their power over BRRR.

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The authorities in your country mightn't be smart but others are and that's why they haven't put a banned on Bitcoin yet because they know that'll only increase the adoption of the currency instead of reducing it. Third world countries are used to doing things with authority instead of being civil so it's no surprise they went through that approach but the US are doing things differently and I just hope it doesn't work because it seems they're succeeding by cracking down on services promoting Bitcoin and arguably the face of the industry but they too won't succeed.

The government doesn't see fiats as a failure yet or it needing any improvement because it's a perfect tool for control and they can print new note into existence whenever they want. Fiats is giving them too much power so the first option will never be what the government will do.The government ignoring Bitcoin won't stop the adoption of the currency either and the government knows this, they have tried that as well but it didn't work.

They ignored or I'll say underated Bitcoin power and that's why they didn't kill the currency when they had a better chance of doing so when it hasn't gained this much popularity and acceptance by the masses. The government has realized that ignoring Bitcoin won't chase it away so they're left with their last attempt of killing Bitcoin by fighting it but they won't succeed too and finally they'll be left with no option but to accept Bitcoin.

The government can actually take some steps towards fulfilling what you are talking about; it's not them not being smart; it's them doing what they believe is the right thing to do. The government already knows that the rate of printed money is so high and that if they retract some of that money, it will add more value to the fiat currency, but the question is, how much have they retracted? No. IMO, Bitcoin and Fiat are not in any form of competition; even if Fiat is also fixed, like you said, people who still know about Bitcoin will continue to use it, and those who prefer Fiat will also use their fiat.

The government is after controlling everything in their country so that they can have everyone wrapped in their arms. The rich politicians are even after the peanuts that the poor gets through taxes and this is why they will never take their minds of controlling the citizens in every aspect so that the citizens wouldn't have their own freedom which bitcoin offers. Greed and corruption has made the politicians not to see anything wrong in their actions of messing up with the fiat currency because that is where they get their power and wealth from through the manipulation of fiat currency. This makes bitcoin to be a problem to them because they see it as some kind of currency that is independent to the government. The reason why citizens will never ignore bitcoin is that they see it more of an asset than currency.

LOL, you told you that majority of people here don't eat and how many times have you seen people dying on the street due to hunger strive. Nigeria is one of the country that is rich in natural resources but due to corruption and greed, the politicians and government are stealing our funds. Have you ever seen Nigerians protesting before due to the poverty in the country. The poorest man in Nigeria can afford one square meal per day. We are hustlers and we adapt to whatever situation or condition that we find ourselves and make a living out of it.

Do you think the authrotihries are concerned with issues realted to fiat currencies. If they were careful, there would have been no inflation in the first place. The point is that it is these government authorities , that are responibile for all this fiat inflation. They have printed excess paper notes only to fulfill thier own needs , making them more rich and the poor people more poorer.



This approach may be sucessful in the short run where the people will be discourage to use bitcoin. Many will not use it simply because it is illegal and not everyone want to keep illegal things with them. Others who are more wise, will have to keep them hiddenly with them until the stance of the government changes regarding bitcoin and crypto currencies.



Authorities  are more smarter than we think. They are not in the favor of the common man and also they do not want that people become finicial independent or they start using currecny such as bitcoin on which the government has no control. ( the government can't print and cannot control the supply).

I do not accept much from the  government and finincial authorities to work for the beneifit for the common public. They are here to keep thier control and rule over the people.

Even if your country's government bans the use of Bitcoin, I don't think people from African countries will stop using Bitcoin. There are many countries in the world where Bitcoin is banned outright but still people are using Bitcoin in different ways. Nigeria countries are generally much poorer than other countries and most of the people there do not eat, if the citizens can live well by using Bitcoin then why would the Nigerian government ban it. Your ban is appropriate when you can employ the unemployed and when the people of your country are financially well off. You cannot create employment for people through the government of the country but if people do something on their own, you are obstructing it, it is not called proper governance of the country.

The economic system of the world is complex and dynamic. The government don't know how to fix the fiat currency problems, if they had the solutions they would have solved all of them. Many politicians have lost elections because of inflation, currency loss of value, unemployment, etc, if they knew what to do, they would have done it to remain in power. In my country, they government copy economic policies from different countries without considering the peculiarity of our nation. They keep on applying different policies and it is now clear that they are confused. The economy is also dynamic because new economic problems are emerging. No country predicted the devastating effect of COVID-19 or the pressure the Ukraine-Russia war brought to the global economic space.

The government cannot also ignore Bitcoin because it is a threat to them. They want to control the financial life of everybody in the country. They want to know how much you own and how you are using the money. They also claim that it is difficult to carry out economic or financial plans because of the decentralized nature of Bitcoin. I have heard some government officials claim that allowing Bitcoin to flourish could affect the monetary policies of the government. There are also claims that cryptocurrencies are used to facilitate payment from criminal activities. Until the government can regulate the activities of cryptocurrencies through centralised platforms, I doubt if they will ever allow Bitcoin to be freely used.

For the first strategy, fiat is not a problem to be solved. It can't be remedied. You simply can't give absolute power over money to human beings. It won't work. The only solution is to replace it. If you replace the ruling people, the performance of a certain fiat may improve, but it can't stay like that forever. It's only a matter of time before downfall ensues. Power corrupts. Money corrupts. Power over money corrupts even more.

For the second strategy, it's not actually how you treat Bitcoin. However you treat Bitcoin for as long as it remains relevant due to whatever factors, it will always attract. Like if fiat is performing so poorly that people's hard work is rendered useless because of hyperinflation, whether you completely ignore Bitcoin or declare a blanket ban on it, Bitcoin will always be interesting to many.

What needs to be said in bold is that Bitcoin is different from fiat except for the issue of its value being pegged to fiat. Yes, as you said, Bitcoin and fiat are on different paths at best and no matter how bad the fiat system is, it will not dampen or sink the intention to use or invest in Bitcoin. Moreover, if Bitcoin itself did not exist, then investment in sectors other than fiat would still be number one (gold, property, shares and various other investment sectors). Someone investing does not only refer to the goodness of the system, but someone will invest because of their interest in the income % of investment for the next 1 - 5 or even 10 years.

I highly agree with Lucius on this, it is not the currency that is the problem in your country but the corrupt officials.  Every nation has an almost identical financial system but different countries have different output on their financial performance.  It is because some countries have incompetent and corrupt officials who take advantage of their authority.  The fiat currency had been in existence for many years and the system had been established together with that.  I believe fixing the system means changing the fiat system itself which I think will not be entertained by those who are in power because they will lose their authority if they follow the system Bitcoin wanted to implement.

Since Bitcoin is decentralized in nature, centralized institutions obviously will not ignore Bitcoin because it is the opposite of what it wanted to implement, centralization to have full authority on the finance system.  This centralized financial institution will surely make a move and will try to nullify the effect of Bitcoin decentralization by imposing regulations and laws that will limit the decentralized nature of Bitcoin through various centralized platforms.