Topic: The Government Could Shutdown Bitcoin? - page 4. (Read 705 times)

I also read this article fully but some point was very ridiculous in my point of view. How government able to stop the BTC or Cryptocurrency industry? My answer in a word it's just not possible never and ever. Because in any single people can not control this crypto space. Government can banned Bitcoin for in the specific country it's the highest power adopt by government.

The price is such a stupid metric, we had Bitcoin markets when the price was below $100, why someone things that going below $1,000 would somehow "stop" Bitcoin? People who use Bitcoin to get full control over their money don't really care that much about the price. And it's impossible to make Bitcoin go to zero, it has inherent value, so no matter how hard you try to crash it, someone will pick it back up.
Governments can disrupt Bitcoin by banning it, and it would quite annoying if they do, but they can't stop it, everyone knew it from day one.

I just laughed

Since when government has the possibility to do that. Only if they would sell every satoshi.
And government doesn't even have those kind of big amounts....

It's funny that people continue to make these type of topics just because of a price drop, you serious?
Stop the panic attack already it's and will always be like this.

Also Bitcoin a.k.a. crypto is decentralized meaning it's not controlled by a single entity.

Exactly, people are really fooling to panic when bitcoin like loosing 1k or 2k$ in just a few days, I meant I bet that there's a lot of people who didn't deserve to be here and they're just dumb who only invest in bitcoin and then they're just starting to panic and even exchange their bitcoin to fiat again when they're seeing that bitcoin's price falling again. I meant that's should be expectable because we know that bitcoin always fluctuating during the years.

because every government in the country has different thoughts, maybe those who accept it because they see the potential of existing technology or other things. bitcoin does receive a lot of opposition but I'm sure there will be a place for bitcoin to develop its technology

Governments always have a close look over the change in the market of bitcoin. Every government isn't against cryptocurrency or bitcoin which means just those countries can't join together and ban the usage. Maybe this will get banned on those specific countries and not on the entire world or rest of the countries where governments support the usage of bitcoin.

its really simple to said than done. in my opinion, the government can only ban bitcoin in their country by not using it but stoping bitcoin is nearly impossible even they ban it in their country. bitcoin transactions will continue as long as there are some miners and some people using it in another country.

They could do that but it would take a lot of resources, the way i see it is that they could impose some huge taxes on the people who are investing on crypto and the exchange company, so that it becomes unprofitable with how the market and the price change, but as i said that requires a lot of resources and a lot of effort, and how governments already tried to shutdown bitcoin when it went to the moon is by setting regulation and influencing the media to give a bad reputation for bitcoin.

Let's start by saying that even if the govs succeed with keeping the price below $1k, it would not mean the shutdown on Bitcoin. The community would shrink, sure, but Bitcoin would still be alive. Shutting down Bitcoin is impossible because it's decentralized. That's one of the reasons people value it. Now, let's turn to the article. It's basically based on a tweet, and it does not make much sense to me. First, to dump the price so low, a lot of money would need to be used. Is it worth it for governments? And I am not even sure someone would succeed anyway, because if they try dumping the price, there will be people buying it as well. It's a free market, it's not that easy to manipulate it. Finally, there was a thing about miners it's the article. I think it's nonsense. Some miners will leave the business if the price goes down, surely, with the difficulty rate will simply adjust and the rest of miners will be fine.

In my own opinion, government could really shutdown bitcoin if they really wanted to stop bitcoin and other cryptocurrencies because they are powerful enough to control the world of internet and shutdown everything related to crypto. But for now, there is a low chance that bitcoin will be shutdown or be banned all over the world because there are a lot fo countries such as US, UK, Switzerland, Australia and so on who legalized crypto transactions.

Government want to shut down bitcoin as legal currency transaction because to keep many people not invest with bitcoin and altcoin, they afraid when many people move money from bank to bitcoin assets, although bitcoin can increase people assets investment but government looks not agree bitcoin become legal currency payment in their country and try how to make their people dislike with bitcoin.

If the scenario above, then the way the government must also hold a huge amount of bitcoin, then will have to sell off. I wonder which government in the world wants to lose billions of dollars to stop BTC, and what is the benefit of that. Moreover if the government holds BTC will make investors more interested in btc.

The governments wouldn't give that much time and attention towards bitcoin since they have to focus on more serious problems their country is experiencing. As you can see, most countries still don't see cryptocurrency as a big deal and an issue. So how can they'll be going to shutdown bitcoin? Maybe in the future if bitcoin becomes a major threat to the government and banks.

The problem is the government has no control on bitcoin, so they can't dictate its price, if bitcoin will stay below $1,000, that would be bad for investors who both during its peak and until now but people will still be interested since we have been seeing adoption on crypto.

Personally, I use crypto to pay bills and of course use it in gambling regularly, so there are still demand from people like me, and that is regardless of the price.

I think government cannot shut down bitcoin why because bitcoin runs in internet and also in computer so no one person can stop bitcoin. Maybe if internet all over the world will shut down bitcoin can stop. And the price of bitcoin cannot manipulate because its base on how many investing in bitcoin and also how many can used it.

 They can manipulate the price of the bitcoin to the $1000 price and it will only encourage experienced investors into buying more when dip but I don't see them gaining anything from such act and the last time they have many important issue to handle rather than focus on bitcoin which will also cost them billions of $.

The answer to this is simple: Can the government shutdown internet? See them try.

They can become annoying and block access to it, but they cannot truly shut it down.

To manipulate bitcoin's price, you'd need an ever increasing amount of money, you would be effectively burning your reserves, and no government could sustain this, not even a coalition of governments (or all of them), and they know, therefore they won't ever attempt this. Its suicidal, the only result of this would be: collapsed economies, and Bitcoin happily running alone.

Btw bitcoin doesn't care how much fiat is exchanged for it, its an "out of code" thing. To bitcoin it matters not what price it has, it still works perfectly fine. The value is given by the free market. Rich people (even sovereign States) can try but they would be overwhelmed.

The sole goal of "keep it at 1000" is unfeasible. Go ahead, see them try, let them dump all coins they have, that fluctuation would correct itself faster than their whole effort sacrifices their entire economy. This is why socialist style "command economy" mindset in the end always fail, you just cannot govern the market by executive decree. Its exactly like when Mugabe made inflation illegal in Zimbabwe, i don't need to tell you what happened to their national coin after that. They tried the same thing in Venezuela with identical results.

In fact, here is a nice book you can read for free: Forty Centuries of Wage and Price Controls: How Not to Fight Inflation The common denominator in all the history of humankind rulers is, when they try to govern the market it always results in the same: failure.

One would think humans learn from their own mistakes, but alas...

The government cannot regulate the price of bitcoin because the crypto market price cannot be regulated by anyone, I just assume the government only gives FUD news so that many investors no longer trust it and it is reported that bitcoin will be closed.
Remember the development of technology continues to grow so that in the future bitcoin will always be used in any transaction, including the government will use it.

They will not be able to do this because bitcoin does not depend on any particular country.

I thought it was completely pointless. When one person sells a bitcoin, another will buy it. Through the timeline of bitcoin we can see that there were two large price drops that were at $ 1200 in 2013 and $ 20,000 in 2017, but then bitcoin continued to increase. Currently, bitcoin has been accepted in major countries around the world, the education program of major countries has put bitcoin and blockchain technology into the curriculum, a number of television channels showing movies on bitcoin and blockcahin. That means it is impossible to kill Bitcoin.