What happen if US ban cryptocurrencies? - page 13.

Abiky

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Quote from: SophiaZ on June 30, 2021, 08:46:45 PM

Do you guys think one day USA may ban cryptocurrencies? If yes what would happen? I think it's not totally impossible and that would be a global crash on prices.

The chances of the US banning cryptocurrencies are very slim right now (especially, when the US is enforcing taxation of crypto income). With centralized exchanges dominating the market, taxing crypto becomes a no-brainer. The American government can tighten regulations if criminal activity on crypto increases at an unprecedented rate. Things would've been different if the entire crypto/Blockchain space was completely decentralized (especially crypto exchanges). The United States know that cryptocurrencies are more beneficial to the US Dollar than harmful. Stablecoins pegged to the value of 1 USD proves this. Companies and businesses are adopting crypto at a fast pace, so it's best for the US to continue to support crypto than go against it. Some countries which "banned" crypto some time ago, are now starting to embrace it (like India, recently). Unless, every single cryptocurrency adopts privacy mechanisms to preserve anonymity, the revolution won't be going anywhere soon. Just my opinion

eaLiTy

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Quote from: Ziskinberg on July 01, 2021, 06:39:02 PM

Okay, let us put this into a sort of possibility. USA and China are big countries that support crypto but when China banned the crypto industry it causes a huge decline in the market. And if that going to happen that the US will do the same, it gonna be the same effect or it is worse as the major crypto users are in the US.

The market rally we had last time happened after China banning the exchanges, if you want the timeline, the news about China banning ICO and exchanges came out in September 2017 and we all know that the all time high valuation of $19k plus was achieved in December 2017.
So there is momentary downside but the market was able to come out of that and touch an all time high.

Then you need to understand the difference between US and China, one is a democracy while the other is a totalitarian and US always protects their investors and business.

aditasetia123

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personally i could not imagine the effect if USA banned cryptocurrency. In china banning maybe we still could survive and price maintain like current condition. But if USA come and start it , alot of giant company that have bitcoin on their balance will sell it immediately. The effect really very huge and last for long time.

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Quote from: SophiaZ on June 30, 2021, 08:46:45 PM

Do you guys think one day USA may ban cryptocurrencies? If yes what would happen? I think it's not totally impossible and that would be a global crash on prices.

Okay, let us put this into a sort of possibility. USA and China are big countries that support crypto but when China banned the crypto industry it causes a huge decline in the market. And if that going to happen that the US will do the same, it gonna be the same effect or it is worse as the major crypto users are in the US.
But, this kind of speculation couldn't make it happen IMO. It is just because cryptocurrencies are now growing and placing a huge impact on our life. If the other countries made it legal, that more it encourages them to act the same.

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China has banned cryptocurrencies and we've seen what's happened. The prices have come down at a high rate. But I'm not sure if the news only by itself did affect the prices that deeply. If the US does the same, I think that the same thing might happen again.

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Quote from: Dave1 on June 30, 2021, 10:26:32 PM

Quote from: SophiaZ on June 30, 2021, 08:46:45 PM

Do you guys think one day USA may ban cryptocurrencies? If yes what would happen? I think it's not totally impossible and that would be a global crash on prices.

I don't think that the US will ban crypto, but for the sake of your argument, I think it will have a drastic impact on the market, we might see the price crashing because of this news. However, no country is bigger than bitcoin or the rest of the crypto. We might suffer a crash, but definitely it will grow again given sometime. We have seen how crypto's resiliency is, so no doubt that we can bounce back but it might take time, or until everything settles down after the ban.

i think that's far from happening. some countries are already making bitcoin as legal tender, why will the US follow the path of China & other countries which are banning the use of crypto? i believe they will focus more on how to regulate the crypto market rather than prohibiting the existence of it in the market.
but yeah, for the sake of argument here, definitely it will have big impact in the crypto market if they will ever ban crypto, but crypto will bounce back as there are many countries that are already supporting it openly.

Mihawk

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I think from a commercial point of view the ban would drastically affect prices because they are naturally based on the USD and the fact that the biggest economy in the world is out means that things are not going very well, but it would quickly recover because there is other strong economies, even without the US and China, I don't think cryptocurrencies would die, I think that would just accelerate adoption. People would find alternatives to submit and make deals with cryptocurrencies.

Vishnu.Reang

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Quote from: Gozie51 on July 01, 2021, 08:57:04 AM

Quote from: Vishnu.Reang on July 01, 2021, 06:53:05 AM

It is not possible for a government to ban cryptocurrency, because it doesn't exist in physical form. Despite the name "coin", cryptocurrency exists in the form of codes written in various computer languages such as C++ and Haskell. It is not possible to destroy these codes, once they are written. And in order to access the coins, the user needs another set of codes (private key). Once again, the government can't ban or seize these codes, since they exist only in digital form. And unlike bank accounts and demat accounts, these codes don't have any direct link with the user.

Yes you are saying based on the title of ops post. Op should say maybe banning of exchanges in there jurisdiction like UK have announced on binance. Definitely it won't be possible to ban cryptocurrency and no government can do such. They can only restrict users in there home or country not to indulge but people will still find means to it. cryptocurrency can't be banned only exchanges.

They can ban the exchanges. But how much practical is that going to be? There are dozens of P2P exchanges, which doesn't require any KYC verification. Such sites may not be as reliable as the mainstream exchanges, and the chances of getting scammed may be higher. But that is not going to deter most of the users. Now if you are going to argue that the authorities can simply track the bank transactions, then the users may rely on physical cash, or gift cards. In the end, the government will lose out on tax money. There will be no other impact from the ban.

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Quote from: SophiaZ on June 30, 2021, 08:46:45 PM

Do you guys think one day USA may ban cryptocurrencies? If yes what would happen? I think it's not totally impossible and that would be a global crash on prices.

Why would they? I mean I understand this is just a hypothetical question so there is no wrong answer, you could say it will ruin bitcoin or you could say it will increase bitcoin, well in fact it will just simply ruin bitcoin because every ban hurts bitcoin, look at what happened after china. However the question in itself is wrong, why would they ban it?

Right now, USA is making a killing on crypto profit taxes and they are allowing people to accept crypto as payment and that allows people to make profit from people who live in other nations, so crypto is getting bigger and bigger meaning giving USA more and more power. They even made Coinbase a legal company years years ago but also got its IPO recently which means regular people could actually own a piece of coinbase if they want to, would USA government allow something like that if they were thinking about banning crypto? No way they would ever do that.

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Well that will depend on US citizens if they will allow those that serve them to deliberately sabotage their hard earned money/assets stored in safe cryptocurrency system.. It will take lawless tyrants to force people to never use something that is helpful to them and society.
But if it's a simple ban that has no effect on people who control and use their coin in decentralized manner ,then i believe reasonable Americans will move to self-custodial wallets, and crypto network like Bitcoin will finally have more people from US fully controlling their assets like it was intended and helping to secure the Network
I believe no one is authorized to punish free people for controlling assets they earned honestly and through hardwork. It is their properties and must be protected.

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Quote from: SophiaZ on June 30, 2021, 08:46:45 PM

Do you guys think one day USA may ban cryptocurrencies? If yes what would happen? I think it's not totally impossible and that would be a global crash on prices.

This has been discussed many times across this forum and in latest, what I read is, USA have concluded like banning cryptocurrencies or any decentralized thing will not bring any effective results as people will go anonymous and do everything peer to peer way hence banning will result in losses in taxation rather than bringing up any positive impact in the end.

So, there would be very less possibilities for USA government to take negative stand against cryptocurrencies. Even they may delay in recognizing cryptos for being one of legal tender but never become against cryptos for sure as they are aware of final consequences.

DarkDays

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Quote from: pinoycash on July 01, 2021, 09:48:35 AM

Quote from: SophiaZ on June 30, 2021, 08:46:45 PM

Do you guys think one day USA may ban cryptocurrencies? If yes what would happen? I think it's not totally impossible and that would be a global crash on prices.

Not a chance, that's why its called land of the free, For as long as people keeps paying their crypto taxes, US wont care about banning or censoring bitcoin. They might regulate some crypto based services but banning it altogether is next to impossible.

They could, though, in theory rise against it and ban it but it just won't look good and the people will probably move else where. All in all, it will be a wrong political and economic move to do that while the industry will keep on booming else where.

Review Master

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Though possibilities of US ban on crypto is quite low, but it could create huge panic into the market which might give huge chance for those diamond hand hodlers to accumulate more. But it won't have that much effect for longer timeframe as market growth will start to increase again when liquidation from US investors will be done, IMHO. TBH, that could be a bear market because of US ban. Grin

tulusikhlas

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So far, it may still not be certain if the US closes the cryptocurrency space, but because every possibility always happens unexpectedly. and if the US bans cryptocurrencies, then a large-scale collapse will surely occur, because the US is the main key to the growth of world crypto, and if the parent has banned cryptocurrencies, other countries will also flock to follow US instructions.

and to avoid this, we must continue to encourage big countries to adopt Bitcoin more than the US. so that when the US bans crypto, we no longer have to worry about unexpected events in the future that will bring down the cryptocurrency industry that has been running for a long time.

devil2man

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it will never happen they will never give up on earnings through the side way taxes etc, indeed in a while the banks(in USA) will offer their customers to be able to buy crypto, even if absurdly it will happend could follow events the same way after the ban of China, that is a slight market downturn and then everything returns to normal

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Quote from: mobtc on July 01, 2021, 05:43:29 AM

If the U.S. bans Bitcoin, then virtual currencies will definitely collapse.
Now the price of BTC is consistent with the economic market of the United States, and it even indirectly affects the trend of the currency circle.

Yes, but will the collapse occur in a large size or only in an ordinary size? because now FUD and some bad news on cryptocurrencies are still happening in the crypto space so the market is still very difficult to bounce back.

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Quote from: bitzizzix on July 01, 2021, 10:23:02 AM

It seems very unlikely for the US to ban Cryptocurrencies, Almost impossible, and if that happens or if there is regulation, the price will drop.
If the US banned bitcoin and other cryptocurrencies, do you think people would buy more or sell more?
They will surely sell out of fear and Americans will sell to regain their value while others will sell out of fear and heavily influence the market.

if there's a ban imposed by the US, I think it's just better regulation of certain crypto assets. and the nature of the regulation will not be as strong as that of China.
I think the US will be more friendly with crypto than China. we never thought this market would collapse so quickly if all that happened. Obviously, there will be panic from everyone.

alevlaslo

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Btc will drop, tron will pump

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It seems very unlikely for the US to ban Cryptocurrencies, Almost impossible, and if that happens or if there is regulation, the price will drop.
If the US banned bitcoin and other cryptocurrencies, do you think people would buy more or sell more?
They will surely sell out of fear and Americans will sell to regain their value while others will sell out of fear and heavily influence the market.

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The US may prohibit the trading of some anonymous cryptocurrencies that are impossible or very difficult to trace (for example, Monero).
Bitcoin, Ethereum and other similar coins are very easily controlled through blockchain analyzers and many crimes have already been solved.
After the events in China, the United States may become the largest state that regulates major cryptocurrencies.

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