What if Bitcoin mining becomes illegal world wide? - page 6.

rodskee

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Quote from: franco123 on August 31, 2017, 06:37:00 AM

Hello! I have always thought and shares my opinion that one of the risk of Bitcoin is it is being banned by the government of a specific country. But with this idea, given that it is actually possible, then it will just be a big lost to ever Bitcoin holder. But I don't think that this will happen just in one click. If this will happen, it will happen country by country and nation by nation. With that, my suggestion and what most probably people will do is will sell their Bitcoins if we are already seeing that it is starting to be banned in other countries.

thats wise move decision but don't panic all problems facing of bitcoin right now i believe bitcoin escape and resolve of all trials, i think the purpose of china banned the bitcoin because china want to handle the control of bitcoin.

iluvpie60

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Quote from: TheBitcoinBoy on August 24, 2017, 01:46:10 PM

Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?

Lets discuss

if mining becomes illegal in one country, people will just use enctryped systems to hide their activies. I seriously doubt that a ton of countries would ban bitcoin mining.

if they banned bitcoin mining why not ban people from using bots in video games who bot for earning gold and items. they sell those items and gold for real money or trade it for goods and services.

same thing(although not secure and not public and not enctryped hehe0

DoublerHunter

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If bitcoin mining will become illegal world wide then it is all game over for bitcoin because there is no miners that will mine bitcoin and support the network and that is the time where bitcoin will not be useful anymore because the life of bitcoin is depending on the network called blockchain so if there is no miners will strengthen the network then all of the things that we worked for bitcoin will be pop out like a bubble.

Fatemablabla

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I'm Matured Now

Bitcoin is a strong community.so it will never happen for sure

coinzoid

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If bitcoin mining becomes illegal worldwide, then it would be a nightmare for miners. They would have to find alternatives to btc to mine, but not sure the alternative would be profitable as bitcoin. The nightmare would be equal for bitcoin owners, creating panic sell orders on exchanges.

ROT13

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You'd see the end of massive farms but there's plenty of other alternatives. I know an IT admin who was secretly using his company's servers to mine Bitcoin. botnets can be effective when deployed at scale. You are only really limited by your creativity.

Wouldn't be that hard to shift to proof of stake. Ethereum will probably be there long before anything approaching the majority of the worlds countries could get their shit together enough to do something about mining. Then they're really powerless.

Renampun

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you're not sure if that's going to happen, our community is strong, let alone all tech lovers have been much involved in Bitcoin, if to illegal Bitcoin, then ready to be ready the anonymous will act ..

stompix

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Blackjack.fun

Quote from: Daimon88 on September 14, 2017, 06:33:24 AM

Quote from: TheBitcoinBoy on August 24, 2017, 01:46:10 PM

Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?

Lets discuss

Making bitcoin illegal is just going to make the prices rise in little time, since there is little or no miner left
to confirm transactions on the network, then the miners left can hype their transaction fees to make much.

First, even the Chinese have made transactions between cash and coins subject of regulation and have concluded that a ban it's the easier way. They never spoke of a mining ban or possession ban.

And even if mining would somehow become illegal the network only needs one miner to run.
If the remaining miners will raise the transactions people will switch to another form of crypto.
Just like people have run from expensive wires to mg and wu and now are coming back because of sepa.

Wipro

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Quote from: humanCNC on September 21, 2017, 10:26:10 AM

That may be a nightmare for btc users. If that really happened then maybe that would be the end of btc. And in the present circumstances it is worrying us, but there is still the belief that it will not happen. There are also some countries that claim to accept btc, along with bar acceptance. math btc by large companies in the world in many fields.

Why you feel it is nightmare for btc users. There are many official press releases from many countries and corporates started investing on bitcoin based projects. First country which made bitcoin legal in their country, Japan also invested on mining projects worth of millions of US dollars to it. Till these adoption take part on bitcoin till that mining will never die. If bitcoin is not in use also some other alts will take that role.

bololord

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Quote from: TheBitcoinBoy on August 24, 2017, 01:46:10 PM

Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?

Lets discuss

I think if bitcoin become legal to all country i think the value of bitcoin is going increas so much high becuase of the popularity and many investor invest in biitcoin so i hope bitcoin become legal in all country.

TracyTStump

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Bitcoin Mining Hardware is probably the only way Government will know you own them anything once it becomes illegal, it becomes extremely desirable of the people. Strategy to achieve your goal because it simply is not legal anymore. They will simply see on the power consumption knowing that energy miners hungry and desire to consume more will be for a typical electrical consumer. So, I'm sure the bitcoin network will still be alive, but the hashrate and difficulty will decrease dramatically.

humanCNC

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That may be a nightmare for btc users. If that really happened then maybe that would be the end of btc. And in the present circumstances it is worrying us, but there is still the belief that it will not happen. There are also some countries that claim to accept btc, along with bar acceptance. math btc by large companies in the world in many fields.

LuffyD.Monkey

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Quote from: romec1701 on September 12, 2017, 03:47:58 AM

I dont think mining will be mande illegal in countries like the UK and the USA. However, more regulation in excahnges and in ICOs will be inevitable. We shall see and have to keep our fingers crossed!

You are absolutely right. I can hardly find any reason that can make mining an illegal activity anywhere in the world. I think this is not possible at all. Mining is something with which lives of the most of us is attached with. This will never be in the favor of those who earn using this technique if this happens.

Denies

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Quote from: TheBitcoinBoy on August 24, 2017, 01:46:10 PM

Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?

Lets discuss

I dont know for sure what caused the ban. but I do not think that will happen to the whole country. because some countries are not a problem with bitcoin. and each country has different laws on bitcoin.

kondor1030

newbie

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Easy. Mining datacenters will have to shut down and sell their BTC. This will drive the price down. With the time the mining difficulty will decrease and people will be again able to min BTC on their laptops. You can see that banning mining is impossible. It will hurt the price though....

Sir Legend

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Nobody will care, of course everyone will continue mining bitcoin regardless of legal or illegal, this is because they feel getting profit with bitcoin mining.

Flomo

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at this time I have never heard of the government banning bitcoin mining, but if it happens maybe the government will apply the rules and will receive income tax from miners.

gesdan

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how about mining cryptocurrencies? is it illegal too? if its illegal i think bitcoin price will increase like rocket to the moon, because no more supplies in public that can fill the market demand, if cryptocurrencies mining allow i think its better, and some other cryptocurrencies price will increase because many people will change from bitcoin mining into cryptocurrencies mining

Voice-Of-Reason

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Don't think mining could be made illegal, I think only fiat exchange part could be made illegal, or using it as a currency trade for goods or services...

kamikadze69

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I hope it will never happen, because later on the impact will be very harmful and not beneficial for bitcoin.

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