Topic: Unaddressed Bitcoin FUD - page 2. (Read 183 times)

1. The government wants to make full use of cryptocurrencies and control them completely.

2. The government hates decentralized systems, and if they can't master them, then they definitely want to destroy them.

3. No one knows, because bitcoin can go up or down with its development, and how much people like and hate it.

I'm not saying it has to replace a country's currency 100% for it to be successful. But the more Bitcoin is being used as a store of wealth, the less power the government has in the sense that one of their main tools (money printing and currency devaluation) is now less effective. What are some reasons for governments to be pro-bitcoin?

The mainstream global payment you mean here is not necessary before Bitcoin will be a store of value, but it will help in its adoption. What that matters most is for people to see the real fact about Bitcoin and buy it. Know that Bitcoin is not only a payment means, it is also an asset on its own with its limited supply which makes it deflationary and appreciative in value as it is adopted.

I do think about this at times, like if the whole world just go against Bitcoin, this may lead to even mining industry to collapse, forcing all miners not to mine again, ASICs manufacting companies can be mandated no to produce the mining machines again, and the likes. This can lead to crypto extinction generally, but this will significantly affect people negatively, I believe the governments will not want that.

Some people do not like cryptocurrencies, some people really like it, this can not make crypto ban possible. We have seen in some countries as opposition party succeeded for the presidential seat and crypto that was banned were legalized again.

Like in Nigeria, the opposition party leader that contested as the president even supported cryptocurrencies. If he has been the president by now, I believe cryptocurrencies wouldn't have been banned by the CBN. This is just the politics that is going on in the world, people are not the same, countries are not the same, the reason Bitcoin and other cryptocurrencies can not be banned. So, there won't be anything like governments coordinating together to ban cryptocurrencies. As some will ban, some will accept, and countries that even support Bitcoin are far more than those than ban it.

This is even the best way to go if seeking for privacy, there are decentralized platforms that people do meet to exchange cryptocurrencies like Bsiq, Hodlhold and Localcryptos. There are even platforms like Bitcointalk we can easily trade cryptocurrencies, people that are into crypto for long even know more people they can directly trade crypto with without even using any platform.

Different governments do see things different. Most probably for some will not be a threat at all.
There are already politicians who want/allow to accept bitcoin and I think that there are some who want to even replace their currency with bitcoin, just they're too few for such moves yet.


First mistake: most rely on devaluation of their currency, not necessary dollar.
Second: Bitcoin doesn't have to replace a country's currency in order to be successful.
About unfavorable laws, those can happen, at least temporarily, but again, not everywhere. Especially where democracy works, they can't do much more than overly tax it (if they know that you hold it!), but even that is not likely. If you read the news, the countries evolve in the opposite direction of what this FUD tells. In various places you can pay your tax with Bitcoin already.

Agree they are not all coordinated in their ideologies but wouldn't Bitcoin be a threat to all of them if Bitcoin becomes sufficiently big?

And since governments rely on the devaluation of the dollar as an indirect tax, doesn't this mean it's in the interest of the government to introduce unfavourable tax laws or other negative incentives that can achieve similar outcome to what a direct Bitcoin banning was set out to achieve?

The governments are not all coordinated and will probably not be able to stop all exchanges. Keep in mind that there are also decentralized exchanges over there, not only the bigger and most known centralized ones.
So all that can happen would be a lot of noise and maybe a few businesses relocating.


They cannot. They are not coordinated. And they would need to filter all internet packets and also ToR. Globally.


Just think, Bitcoin is not yet a success as global payments, but it already works pretty good as investment and store of value, imho. So they don't go together.

I've been trying to educate myself on Bitcoin and there are a few issues I'd like to understand more about. Not looking for hopium or to create additional FUD, would appreciate just a level headed discussion.

1. What would be the implications of governments banning trading on crypto exchanges?
2. If all governments coordinated to ban crypto trading on exchanges, would Bitcoin survive? What is stopping governments from doing this?
3. If Bitcoin does not succeed as a global payment solution, how likely is it to still be a store of value?