The U.S. Government Tried To Shut Down Bitcoin - page 4.

South Park

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Quote from: TheUltraElite on October 20, 2019, 05:18:50 AM

Quote from: fullhdpixel on October 18, 2019, 03:18:39 AM

If bitcoin system was possible to shut down, I am sure that even countries like China and France would have joined hand with the United states to do so, but I think they have already seen it as something that is impossible which they will never even think towards that angle of shutting it down again.

It more or less points to the direction that bitcoin is not going to be stopped but people are going to be punished for laundering money through it. I believe that is a good thing for the future. Let people use crypto as they wish to but punish those who try to use it for wrong purposes. There is still the problem of governments snooping on your transaction and that how would happen is still a question mark.

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

It is possible that governments are looking for ways to try to filter the bitcoin traffic from all the other traffic that happens on the Internet, if they are somehow capable of doing this they could shut down bitcoin without shutting down the Internet, I do not know how likely this can be since I am not an expert on the topic, but that could be another way in which the governments could try to shut down bitcoin, but I'm sure the developers could find a way around it if they had to.

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Of course they have "looked into it", I mean we wouldn't expect anything less from the US government to be honest with you, it takes power from the rich and gives power to poor, why would they want something like that.

Rich people bribe the politicians, politicians do something that makes rich people richer, and rich people keep paying bribes to politicians with the money they make, that has been like that for years. There are few politicians like Bernie Sanders and now AOC that doesn't take big money and bribes but the generally almost all of them does take it, it is just how it is in USA.

So, when bitcoin made other people rich politicians tried to save their buddy rich people but since bitcoin is decentralized there is no way they could have closed it.

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Quote from: 7788bitcoin on October 20, 2019, 05:56:14 AM

Quote from: TheUltraElite on October 20, 2019, 05:18:50 AM

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

On a different idea what happens if all the big mining farms are forced to shut down by the governments around the world, it is possible as it is easy to identity the big farms easily and if the governments around the world takes a collective decision to shut all these big farms then it will be easier for the government to manipulate bitcoin and take complete control. This is just a hypothetical situation but it is possible.

Today, many countries have a different attitude to cryptocurrency, and in particular to Bitcoin. As an example, the US negative attitude to Bitcoin, but nevertheless in some States, cryptocurrency was recognized as digital assets. In Germany, for example, startups are held at the official level, with the help of which blockchain will be introduced into the economy and use cryptocurrency on an ongoing basis. Japan in general is practically a leader among countries that are positive about cryptocurrency. Well, if countries forbid mining, then in any case there will be rebellious countries, for example, from the sanctions list, which will be able to provide better opportunities for miners.

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Quote from: TheUltraElite on October 20, 2019, 05:18:50 AM

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

On a different idea what happens if all the big mining farms are forced to shut down by the governments around the world, it is possible as it is easy to identity the big farms easily and if the governments around the world takes a collective decision to shut all these big farms then it will be easier for the government to manipulate bitcoin and take complete control. This is just a hypothetical situation but it is possible.

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So anyway, I applied as a merit source :)

Quote from: fullhdpixel on October 18, 2019, 03:18:39 AM

If bitcoin system was possible to shut down, I am sure that even countries like China and France would have joined hand with the United states to do so, but I think they have already seen it as something that is impossible which they will never even think towards that angle of shutting it down again.

It more or less points to the direction that bitcoin is not going to be stopped but people are going to be punished for laundering money through it. I believe that is a good thing for the future. Let people use crypto as they wish to but punish those who try to use it for wrong purposes. There is still the problem of governments snooping on your transaction and that how would happen is still a question mark.

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

Mometaskers

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Who knows if they still weren't trying to kill it... or worse, coopt it.

About Libra though, I don't feel sorry for it. It's an idea worth killing in the crib.

Quote from: South Park on October 19, 2019, 12:25:34 PM

It is likely that governments around the world are thinking about all the ways in which they can take control of bitcoin, and I'm sure that they have realized that the only way to do that is to try to do the same to bitcoin that they did to gold, they are going to do their best to begin hoarding it, this is a very slow method and it will likely rise the price of bitcoin but eventually they will end up with most of the bitcoin of the world just as is the case right now with gold.

This. Who knows who those whales are, whether they are actual people or institutions. It's like using one of bitcoin's fundamental virtue against it.

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Quote from: bitcoinst on October 15, 2019, 05:42:43 PM

Bitcoin is not subject to control, at least in the usual understanding of control.

It is foolish to think that the governments of other countries will be able to somehow block Bitcoin, for example, by making it outside the sign, imagine how the price rises.
In one of the African countries, there was already a precedent, the price of bitcoin there rose to $ 50,000.

However, the government can form a frightening negative image of cryptocurrency in society.

It is likely that governments around the world are thinking about all the ways in which they can take control of bitcoin, and I'm sure that they have realized that the only way to do that is to try to do the same to bitcoin that they did to gold, they are going to do their best to begin hoarding it, this is a very slow method and it will likely rise the price of bitcoin but eventually they will end up with most of the bitcoin of the world just as is the case right now with gold.

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Quote from: nelson4lov on October 09, 2019, 09:30:16 AM

The government has always been against anything that opposes them or they don't have control over. That have been their number one problem with Bitcoin as BTC seeks to put power back in the hands of the people thanks to its decentralized nature. What's more? In a decade alone, Bitcoin has made significant progress in terms of adoption with hundreds if not thousands of people joining every month. Not to mention lotta retail stores currently accept bitcoin as a means of payment. We even have bitcoin ATMs across several countries.

No matter what they do, They can't stop the decentralization movement!

Government want to control over with bitcoin if become legal, but when government can't control bitcoin they try for shut down bitcoin transaction and always fight with bitcoin become lower price, the power of bitcoin on investor hand and how ever many country banned bitcoin if investor trust and invest bitcoin will be on the top currencies, bitcoin have been banned in China but price bitcoin just down few days and back to higher again.

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It was still not that easy, you need only one person to keep it alive which means even when it was just 5 people using it you would have to find all of them and considering the US government failed to find just satoshi nakomoto himself, at worst case he would keep it alive himself, however that would have hurt the adoption and bitcoin wouldn't be what it is today.

It would be one of the failed projects of the past where they did tried to create something like bitcoin but failed, bitcoin would have been one of them. Leaving that aside bitcoin has created a system where everyone is the ruler of bitcoin, we are all equal in the eyes of blockchain so you can have as much power as you may think but as long as the general public doesn't support your idea it won't be changed at all, that is why decentralization is so important.

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Quote from: TheUltraElite on October 12, 2019, 10:48:28 AM

Quote from: jaocoincrypto18 on October 11, 2019, 09:07:35 PM

The source is legit so i think the US really want to shutdown Bitcoin but maybe by Donald Trump demand.

Wont do be so sure about it. Trump knows the current market scenario and though he may not accept bitcoin into the government mode of payment he wont try to stop it. They more or less know who and how are using bitcoin and though they dont attempt to stop it they wont punish you for it.

They might have tried that and after several failure, I think they now want to look for a way to actually incorporate it into their own system, and I think that they will only accept it as digital asset as against using it as currency, so everything they will do in their power right now too is to ensure that they changing people's mindset towards accepting it as digital asset which they think it is even more beneficial to them as they will be able to create platforms that will make it taxable.

If bitcoin system was possible to shut down, I am sure that even countries like China and France would have joined hand with the United states to do so, but I think they have already seen it as something that is impossible which they will never even think towards that angle of shutting it down again.

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Quote from: SummerBliss on October 17, 2019, 07:13:55 AM

It was easy to shut down the crypto market in the past when it did not gain much attention from the investors in sthe starting phase but now the market has grown vast and its impossible to decline the usage of these coins like bitcoin.The governments are really afraid of these decentralized coins on which they have no control and thats why they use different ways to nib it but they also want to implement blockchain technology in their system.But nothing can stop the growth and usage of bitcoin around the world even not the US government as they have tried earlier also and failed each time.So be positive.

Indeed, the U.S. government was too subjective and missed the opportunity to close bitcoin at an early stage when bitcoin and the system did not receive too many major investors or any attention but only for a short time, the system and the crypto sector have been overgrown, bitcoin being the most prominent figure in this field, the shut down will face many protests and face many traders that have a great impact on the economy. Instead of trying to tightly control this system, the U.S. government, even other countries, should be flexible with bitcoin to create an additional source of profits for the nation.

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It was easy to shut down the crypto market in the past when it did not gain much attention from the investors in sthe starting phase but now the market has grown vast and its impossible to decline the usage of these coins like bitcoin.The governments are really afraid of these decentralized coins on which they have no control and thats why they use different ways to nib it but they also want to implement blockchain technology in their system.But nothing can stop the growth and usage of bitcoin around the world even not the US government as they have tried earlier also and failed each time.So be positive.

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I don't think any country's power will be enough to destroy Bitcoin. But I understand why they oppose Bitcoin. Because cryptocurrencies prevent banks and states from exploiting people. That's why it's clear that they're deeply opposed to cryptocurrencies.

But cryptocurrencies cannot be shut down. We live in a free world under free economic conditions and no one can stop it.

Oneandpure

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US government want try to shut down bitcoin to raised their USD payment value, Government in the world want to allow how Unite State payment using USD, they have bilateral relations for each country with US for using USD as payment when paying for import and export product, if bitcoin have popular USD will left by investor.

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Bitcoin is not subject to control, at least in the usual understanding of control.

It is foolish to think that the governments of other countries will be able to somehow block Bitcoin, for example, by making it outside the sign, imagine how the price rises.
In one of the African countries, there was already a precedent, the price of bitcoin there rose to $ 50,000.

However, the government can form a frightening negative image of cryptocurrency in society.

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Quote from: ReiMomo on October 14, 2019, 02:41:46 AM

Quote from: ?? on ??

We don't need to pay attention about plan of those who want to try killing Bitcoin, because that can never happen. They tried it several times but still failed. So I think we should not be afraid of their threats, we will continue to give people a good understanding about Bitcoin so they can really accept it.

Well, in that case, the government is afraid to bitcoin the reason why they want it to shut down. They can shut it down as much as they want but I do believe that they won't succeed because the government has no access to bitcoin the reason why it's hard for them to shut it down because it is decentralized and no body's own. There are still many countries adopted and accepted bitcoin especially in south Asia.

Not only USA but many other countries are afraid of bitcoin because they cannot rule it. Bitcoin is not giving all power to governments rather it is giving power to common people, to those who make investment into coins. Bitcoin could not be shut down by anyone because of the reason you have discussed already. It is decentralized.

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Quote from: South Park on October 15, 2019, 04:17:26 PM

Quote from: Periodik on October 10, 2019, 11:00:29 PM

Quote from: South Park on October 10, 2019, 02:22:45 PM

I suspect this was the reason satoshi decided to release his project by himself and decided to not reveal his identity, anyone that tries to release their coin will become a target, and this is what caused bitcoin to thrive, it was created in a way that brought no attention from the governments and it was not given to it until it was too late, now governments are desperate, they know that bitcoin is not a threat to them now but it can be in the future and they have no power to stop it.

And since Mark is an open target unlike Satoshi, he is now invited to countless hearings. He has to appear in countless meetings and investigations and what not and not just within the US but also in other countries around the world. Satoshi was indeed a genius. He knew what is to come with his invention, and he was completely prepared for it right from the get-go. He was not someone the governments can easily track and identify.

This is why I have always believed that satoshi was a single individual instead of a team of people like some like to speculate, if bitcoin was created by a team one of those members would have talked already and revealed the identities of the rest of the group, the fact that has not happened tells me satoshi was composed of a single person working alone, which means that he is a genius and that he knew from the beginning that all of what it is happening now with Libra could have happened to him if he did not remained anonymous.

Satoshi knew he could even be killed if he reveal himself during that time when he was actively communicating with the team and so he didn't after all he seem to have no intention to be famous, he knew privacy is more important. i suspect he was actually a well known man from the start that is why he knew all these could happen. Mark will soon just be spending all his time attending to all these hearings. there may be more projects to be shutdown if the government will really be pursuing to stop crypto.

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Quote from: Periodik on October 10, 2019, 11:00:29 PM

Quote from: South Park on October 10, 2019, 02:22:45 PM

I suspect this was the reason satoshi decided to release his project by himself and decided to not reveal his identity, anyone that tries to release their coin will become a target, and this is what caused bitcoin to thrive, it was created in a way that brought no attention from the governments and it was not given to it until it was too late, now governments are desperate, they know that bitcoin is not a threat to them now but it can be in the future and they have no power to stop it.

And since Mark is an open target unlike Satoshi, he is now invited to countless hearings. He has to appear in countless meetings and investigations and what not and not just within the US but also in other countries around the world. Satoshi was indeed a genius. He knew what is to come with his invention, and he was completely prepared for it right from the get-go. He was not someone the governments can easily track and identify.

This is why I have always believed that satoshi was a single individual instead of a team of people like some like to speculate, if bitcoin was created by a team one of those members would have talked already and revealed the identities of the rest of the group, the fact that has not happened tells me satoshi was composed of a single person working alone, which means that he is a genius and that he knew from the beginning that all of what it is happening now with Libra could have happened to him if he did not remained anonymous.

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Quote from: MathGame on October 14, 2019, 07:12:00 PM

They must be foolish for doing that. how can you shut down something that is fully decentralized? someone should please tell those geniuses that are trying to shut down bitcoin from anywhere around the world that bitcoin has a peer-to-peer decentralized network that cannot be shut down.

Yeah they have tried it several times but all failed without any results. Bitcoin will continue to grow over time and even I predict that Bitcoin will become future king of world currencies. Now is not the time to kill Bitcoin but time to learn how to get Bitcoin because if you don't have Bitcoin, then you will be the poorest person in the world.

No matter what the US government tried to do and even make lot of restrictions just to shut down bitcoin, it won't still happen in the end. There are already numerous businesses all about crypto that can be found in US and i'm sure all those investors will find a way just to make bitcoin stay. There is no way that a government can destruct bitcoin and shut it down except if the people or the bitcoin users themselves refuse to use bitcoin anymore and so it will die naturally.

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Quote from: electronicash on October 15, 2019, 11:46:39 AM

Quote from: bitgolden on October 14, 2019, 02:56:54 PM

There are ways to regulate something without shutting it down tho. Like they are doing KYC for example, which means if terrorists or people who just want to launder money needs to find bunch of ID's from people and also have bank accounts of those people and send money to those places and then somehow cash them out to their own places. Its literally much simpler to just own a place and make it look like its more successful than it is, car wash comes to mind (thanks to breaking bad).

Bitcoin is already heavily regulated if you want to commit a crime using it, hell you can scam people out of their crypto and be fine but if you scam governments and evade taxes using crypto you will be caught and that is why people won't be using crypto for illegal activities when there are easier methods.

banks have limitations when it comes to how much one could withdraw. different countries may have different laws regarding this but in my country we are only allowed to withdraw about less than $10K a day and banks will probably be alarmed when suddenly one person will withdraw such amount every day, probably even every month.
if someone don't want to raise suspicions he'd rather make it gradual stay stealth under the radar.

But don't you think $10K a day is too much for a common man like us. Why would one want to withdraw so much amount of money and risking himself by holding cash?
This limit can also protect customers from fraudsters as they can't empty someone's account completely.

Topic: The U.S. Government Tried To Shut Down Bitcoin - page 4. (Read 1086 times)