Topic: The Authorities Are Not Smart Enough to Do This - page 3. (Read 383 times)

In any way that really affected adoption of bitcoin such information came and secondly it makes people devalue bitcoin, in nigeria most of the people are very supportive in something that concerns centralization than decentralization and they have been making use of centralization system of currency before now and anything that concerns decentralization is like foreign thing that they are not aware of it, so I believe that bitcoin adoption happens base on the environment you find yourself and the kind of policy that been innate in the geographical environment. People have known bitcoin and theirs nothing you can do that will make someone who knows bitcoin very well to try to avoid bitcoin or ignore, even though the country lift a sanctions about adoption of bitcoin their is some people who will embrace bitcoin with another system of manipulation.

Do you think it is even possible to fix fiat currencies in the way you imagine? If the criterion you are talking about is only a bad/weak national currency, then how do you explain all those who invest in Bitcoin in countries like the US or the EU - unless their currencies are also bad like your national currency?

The problem of your country is not actually what the majority thinks, it is the corrupt and incompetent politicians who create an atmosphere of financial instability and a bad economic environment. This leads people to look for some kind of alternative, but not in the sense that you are trying to fix the financial or political system, but that you are trying to make a financial profit for yourself by investing in Bitcoin.


I don't see that Bitcoin is a threat to the financial system anywhere in the world, especially not as a decentralized currency considering that most people use it exclusively as an investment to make a profit, so I wonder where the danger is for fiat and any central bank? The biggest danger for bankers and their servants (politicians) are the so-called stablecoins. If most of the powerful countries of the world were to unite in causing serious damage to Bitcoin, all they would have to do is ban all CEX and declare all transactions illegal.

Those who buy Bitcoin seek profits and consider it as an investment rather than peer-to-peer money or a currency in which it is necessary to have support for privacy. Therefore, you will find that many have no problem providing identity verification data, even to parties far removed from regulatory regulations, in exchange for obtaining some profits and some services. Decentralization bans users because they are from a specific country or against a specific policy, so regulating cryptocurrencies will not be difficult.

As much as we might want to blame the authorities for the poor performing economy and dwindling currency when it comes to the first strategy, I think as citizens in a privileged position that have access to all this information thanks to the internet and newspapers etc have a duty to explain some of the factors affecting a country as these are things beyond their control such as oil prices on the global  market are going up which always affects everything as when it comes to costing transport will be factored in and this in turn pushes price up and demand too pulls price!

Tbh, the real problem in all this is politicians make promises they know they cannot keep and have to say it anyway to get into office and we can not blame them because citizens never want to hear the truth, it's almost as good as trying to get a girl and you sell all these lies to her for you to win her heart , otherwise the truth would make it easy for everyone  

Btw, people are smart enough to know how to get their crypto with or without strict regulation and we have seen this happen over the years...best approach is let the element of choice exist to avoid unnecessary waste of tax payers money of taking people to court when the money can be redirected towards more pressing issues.

That's their only way to stop people from using Bitcoin and that's through banning Bitcoin itself on their countries and giving sanctions to the citizens that will be found to be dealing with it. But that's the reality that they can't stop Bitcoin no matter how hard they try it, they can see the broken system on their financial system especially on your country where there's a massive and quick adoption rate that increases over time. Eventually, like what we're seeing for some countries that they have been vocal about Bitcoin and starts to give some hint that they're about to adopt it, maybe that will also happen there in no time.

They will fail as they have already failed many centuries. It relates not only to economics but also politics and politicians prioritize their career than benefits of citizens and they have power to use central banks for it. It's naturally for politicians to use such power to print more money as temporary nurture for economy but in a long term, it is harmful. Their national fiat currencies will lose purchasing powers but politicians usually don't think longer than 4 years or 8 years.

They can create more laws, regulations and barriers to prevent Bitcoin adoption growing more. They are more seriously to control centralized exchanges, Peer-to-Peer marketplaces and they also are trying to create a kind of competitive currency (CBDCs - Central Banks Digital Currencies) to get money flow of citizens into their controlled flow.

They will somewhat succeed with the efforts with power they have but I have rights to make my decision from many choices and I believe technology will be developed more. Governments will always go behind their citizens in technology developments.

Unfortunately,  what you are suggesting is akin to the authorities handing over their power, their authorities and the very thing that enable them decide "who gets what, when and how". Imagine government allowing Bitcoin to flourish,  lifting all restrictions and limitations placed on it and allowing citizens to decide what they prefer. Do you think many will not choose Bitcoin? Do you think that their is much the authorities can do stop inflation? If there was anything to be done to stop it, some countries would have done it and inflation will not be happening across all currency. As long as they have the power to print unlimited supply of fiat currency, inflation is bound to become a recurring decimal.

The authorities thrive by the control they have over the financial system and anything that threatens that power will be resisted or at least forced to conform to their terms and conditions.

Ignoring Bitcoin is like ignoring someone who comes to take your land, resources and even your wife. How can you ignore something that you cannot ignore? There was a time my country threatened to ban Binance because they complained that the money people have in Binance was bigger than what they have in their bank accounts. People were practically saving their funds in Bitcoin and USDT rather than in the banks and this was affecting the banks in terms of lending power.

Bitcoin cannot be ignored even if they try.

It's not that the authorities aren't smart, but they're just don't want to completely fight it.

If Nigeria is known as one of country which has a really high Bitcoin adoption, it means many of Nigerians aren't really protect their privacy. The authorities can just caught or threat their citizens, however this will give a bad effect to them and it's not that important to seize someone who don't have a lot coins.

I bet you they are definitely smart enough to think this, in fact I will say smarter but one prevents them from doing it which is greed. Do you think the government aren’t aware of the inflation problem associated with fiat currency and the problem to solve it? They do but they use this inflation to either weaken people’s business growth and to boost there’s through other means.

Another advantage bitcoin has over fiat is the freedom and privacy that comes with. This one is the most powerful thing the government or say politicians do not want its citizens to have. A free man is seen as a threat to their ambitions and with the privacy bitcoin overs they wouldn’t be Able to place surveillance on the citizens which is something they can not afford to lose

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it. In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin. I say this with utmost certainty because, in my country Nigeria, one of the major reasons why we are ranked among the top 10 countries in the world with the highest rate of crypto adoption is because of the instability of our national currency, high inflation rate, poor and deteriorating economic conditions, and lack of transparency in the financial systems leading to distrust in traditional financial institutions. If they can fix these shortcomings in traditional financial systems, Bitcoin will be less appealing to us. I know this is not exclusive to my country only.

In the second approach, by simply ignoring Bitcoin or avoiding direct confrontation through over-regulation or restriction of its use, Bitcoin would just remain in a corner and not emerge as a significant threat to the financial systems. For instance, the authorities in my country, through the Central Bank, placed a ban on Bitcoin transactions and ordered the banks to freeze the accounts of individuals transacting business with Bitcoin. Did this stop Bitcoin adoption and increase? No way.

But I doubt that the authorities are smart enough to do this. Please leave a comment.