What if governments make Bitcoin centralized? - page 4.

Dhaniii

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Quote from: Mahanton on November 25, 2021, 03:59:19 PM

Quote from: temple on November 25, 2021, 03:57:21 PM

Quote from: Finestream on November 25, 2021, 03:42:14 AM

Quote from: Abiky on November 19, 2021, 09:00:55 AM

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

And I don't even trust that move by the Chinese government. Do you really think they don't possess any Bitcoin? I just can't believe that. China is a big player in literally any important game all around the world and just think about the idea that they gobbled up loads of Bitcoin when it was between $500 and $5000. 200k BTC at $5000 is just a billion USD. That's pocket money for them. Now think about the idea that they started way earlier than that. There is a real possibility that they own enough Bitcoin to certainly not miss out on the incredible potential it has financially and perhaps even geopolitically.

Lots doesnt have that trust on the government specially on banning something but they do actually possess something which it isnt really that surprising for that kind of behavior.
You couldnt really trust up on any decisions that they would make and of course they would do actions that they would benefit them out and wont really be tending to go
to the path on which they do seems that it will really be a disadvantage to them.
Making bitcoin centralized? We know it is technically impossible thats why they do focus on platforms that is attached to it.

I think, not all countries can think like the country of El-Salvador which legalized bitcoin as a legal currency. every country has strong fundamentals and of course every country has a different philosophy. so to become one world currency, it is really impossible except to make bitcoin a legal digital business in every country and not as a legal currency to be transacted.

songchunlai

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I think you are saying that more than 200 countries are uniting to control Bitcoin's computing power, which is hard to imagine.

Ryker1

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Well, though there are too many countries trying to do that it has been always contradicting to the bitcoin nature, the decentralized nature of bitcoin will hardly become a centralized one. Government has its own centralized currency and I don't think this is necessary that they will have to pursue centralized bitcoin which is heavily regulated by them. However, in fact, bitcoin can be regulated by the government but not directly on it, they can do that on their citizen.

Gyfts

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Quote from: Abiky on November 24, 2021, 11:45:21 AM

Quote from: LogitechMouse on November 23, 2021, 08:25:34 AM

I'm thinking of any way that the governments can centralized Bitcoin but I can't think of any (or just that I'm not that good at thinking Cheesy

).
Anyway, first they didn't create the coin. Second how can they get all those 18,881,100 BTC that are in circulation right now because if you want a currency to become centralized, you must have a full access to it and to start that you must have all or if not most of the coins.

I don't think that this is ever possible but they can try if they want to. I mean companies are using a huge portion of their money just to mine crypto coins and get profit so the government can do it too.

With how centralized exchanges are holding large amounts of Bitcoin, it's easy enough for governments to centralize the Blockchain in its entirety. There's unequal distribution in Bitcoin's supply as we speak. At least, Bitcoin's mining hashrate is widely distributed thanks to China's full government crackdown. The more miners we have from different areas of the world, the better it'll be for Bitcoin's decentralization. El Salvador already announced a Bitcoin mining initiative using Volcanoes as a source of power. As long as governments don't control more than 51% of the hashrate, Bitcoin will do fine for many generations. Just my opinion

With wider adoption the mining system becomes more robust, so in the event of mass adoption, I wouldn't be concerned about miners being centralized to one area, theoretically there'd be more around the world. Using volcanoes as a power source sounds like some PR strategy oppose to a legitimate source of energy, but nuclear energy technologies are rapidly being developed and I expect nuclear powered mining facilities to be a real thing in the future.

Wipeout2097

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I belive that Government won't and they can't do such a thing to form bitcoin centralized, there will be much more and vitality and control for it and that's what they do not have, the as it were thing they can do is to keep attempting to ket control over their useless fiat monetary forms and keep these monetary standards centralized something else they can just trying running absent from bitcoin by forbidding bitcoin a bit like we take case What they do in most dveloped contries but since they are beyond any doubt that they cannot make it centralized or take control over it which is still inconsequential.

V-t.Ester

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How governments can make decentralized system centralized? To make this they perhaps need to have one center. You know, if a conspiracy theory about one world government and “golden billion” will embody than BTC really can become one world currency of one huge country on the Earth controlled by center by some law. Can you imagine such huge reconstruction of the world? As for me, it sounds fantastic but no one (among ordinary mortals) knows what is really planned.

Mahanton

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Quote from: temple on November 25, 2021, 03:57:21 PM

Quote from: Finestream on November 25, 2021, 03:42:14 AM

Quote from: Abiky on November 19, 2021, 09:00:55 AM

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

And I don't even trust that move by the Chinese government. Do you really think they don't possess any Bitcoin? I just can't believe that. China is a big player in literally any important game all around the world and just think about the idea that they gobbled up loads of Bitcoin when it was between $500 and $5000. 200k BTC at $5000 is just a billion USD. That's pocket money for them. Now think about the idea that they started way earlier than that. There is a real possibility that they own enough Bitcoin to certainly not miss out on the incredible potential it has financially and perhaps even geopolitically.

Lots doesnt have that trust on the government specially on banning something but they do actually possess something which it isnt really that surprising for that kind of behavior.
You couldnt really trust up on any decisions that they would make and of course they would do actions that they would benefit them out and wont really be tending to go
to the path on which they do seems that it will really be a disadvantage to them.
Making bitcoin centralized? We know it is technically impossible thats why they do focus on platforms that is attached to it.

temple

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Quote from: Finestream on November 25, 2021, 03:42:14 AM

Quote from: Abiky on November 19, 2021, 09:00:55 AM

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

And I don't even trust that move by the Chinese government. Do you really think they don't possess any Bitcoin? I just can't believe that. China is a big player in literally any important game all around the world and just think about the idea that they gobbled up loads of Bitcoin when it was between $500 and $5000. 200k BTC at $5000 is just a billion USD. That's pocket money for them. Now think about the idea that they started way earlier than that. There is a real possibility that they own enough Bitcoin to certainly not miss out on the incredible potential it has financially and perhaps even geopolitically.

herurist

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Activity: 1680

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Quote from: Shasha80 on November 24, 2021, 04:23:10 PM

Quote from: herurist on November 24, 2021, 03:43:59 PM

Quote from: usekevin on November 22, 2021, 03:40:53 PM

Quote from: herurist on November 22, 2021, 11:41:20 AM

I don't think something like this will ever happen, the price of bitcoin is now too high even though it will be even higher but there is only a little left because most of it has been mined and of course the government doesn't want to bother making something like this happen right now.
on the other hand I feel that bitcoin will still be bitcoin like now there will be no system that supports the government to make btc centralized

It will bring huge impact in the price of bitcoin. It will became trusted a by many of the governments. The price of bitcoin is not purely on adopted altcoin.Can the centralization will bring new people to the investments of crypto tradings.If more people get into investments,the price of bitcoin will increase automatically and gives you more profit.

If I had to trade instant government trust with bitcoin being centralized then I personally would reject things like this because I really think when they become centralized it means it's the same as fiat today and bitcoin won't be anything unique anymore.
but this is my opinion which is what i feel will be.

on the other hand now the bitcoin adoption rate is getting better from year to year and there is no need for government intervention to make it happen because from the start without any government intervention bitcoin can become what it is now

It's true that if the government wants to make Bitcoin centralized, it makes Bitcoin no different from fiat. This means that Bitcoin's original purpose
as a decentralized currency has changed, and I don't think that's what Bitcoin users want. After all the government will not be able to make
Bitcoin centralized, the government may only limit the use of Bitcoin, by not legalizing Bitcoin completely. Then governments will create their
own cryptocurrencies, which makes the most sense, rather than centralize Bitcoin. Although there are still many rejections of Bitcoin from
several countries, the Bitcoin adoption process continues and Bitcoin is increasingly expensive. So Bitcoin really can't be stopped by anyone,
and will get bigger in the future.

That's right, even without government intervention bitcoin will still be green and will continue to do so, so why force them to accept bitcoin in the near future, especially by making bitcoin centralized this is something I can't accept.

even though we still need legality, but to do something like that is a loss for me personally because I am very sure that sooner or later adoption will continue to go in a better direction and like it or not if the government does not want to be left behind they must be able to make regulations on bitcoin legalization and I'm sure it will happen

Vaculin

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Winding down.

Quote from: Finestream on November 25, 2021, 03:42:14 AM

Quote from: Abiky on November 19, 2021, 09:00:55 AM

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

Yes, they have leave bitcoin behind and end up creating their digital yuan that is fully centralized. Just like China, if other countries will also try to adopt bitcoin and make it centralized, i doubt if they will succeed on it. Bitcoin has been here for a decade being decentralized and that people have seen its value and worth already as a decentralized coin so probably, they won't also let such governments to make bitcoin centralized as they will lost their full control on their bitcoins and eventually, lost their expected profits too as everything will be fully credited to the government.

Finestream

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Quote from: Abiky on November 19, 2021, 09:00:55 AM

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

Zilon

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Let's assume it was really possible for bitcoin to get centralized maybe an adoption as a one world currency and government taking over mining pools. Did you consider the amount of bitcoin already mined by the decentralized miners ?. Its just obvious bitcoin can't just go centralized at the moment the government are handicapped and all the can do for now is try to stop further mining or ban bitcoin in their country and also impose their centralized digital currency on their citizens and nothing more

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Quote from: btc2marspro on November 22, 2021, 03:27:06 PM

even centralized, it will still be the BTC! BTC continue to live on!

If bitcoin becomes centralized it will be hand cap, because a lot of artificial and external authority will come up by the government and it will be overwhelming by government also, i dont think it is acknowledgeable to agree that bitcoin should base under centralized currency like fiat, yes bitcoin will get it value but it won't be strong like before.

Rengga Jati

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Quote from: Abiky on November 19, 2021, 09:00:55 AM

Have you ever thought about Bitcoin becoming centralized someday?

Never.
Bitcoin cannot be centralized.
The government will only be able to regulate other parties related to Bitcoin like the exchanges and other platforms. They can make centralized systems of the exchanges, but not for Bitcoin. It is too complex to centralize Bitcoin.
Although some government don't like with this condition and force to regulate Bitcoin, in fact so far, they cannot do it directly.
but, let's see later how they will make some regulations related to Bitcoin again. But not meaning for centralization probably

freedomgo

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Quote from: AbuBhakar on November 23, 2021, 12:34:13 PM

Quote from: LogitechMouse on November 23, 2021, 08:25:34 AM

I'm thinking of any way that the governments can centralized Bitcoin but I can't think of any (or just that I'm not that good at thinking Cheesy

).
Anyway, first they didn't create the coin. Second how can they get all those 18,881,100 BTC that are in circulation right now because if you want a currency to become centralized, you must have a full access to it and to start that you must have all or if not most of the coins.

I don't think that this is ever possible but they can try if they want to. I mean companies are using a huge portion of their money just to mine crypto coins and get profit so the government can do it too.

It’s impossible now, they can make their own coin to centralized in their government but not to modified bitcoin as it already build it’s name and its truly just made for decentralization. Governments main reason of not fully legalizing it in many countries is due to this feature and some were banning it and just implementing their own coin since they see the potential of crypto.

They can create centralized virtual currencies as much as they want but never in the case for bitcoin. Being decentralized for bitcoin is what makes it more appealing and makes the people to stay in it away from the hands of the government.

I know they can still pursue in making bitcoin centralized but I don't think if it will succeed in the long run. Probably, most of the people still prefer bitcoin to stay decentralized.

Shasha80

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Quote from: herurist on November 24, 2021, 03:43:59 PM

Quote from: usekevin on November 22, 2021, 03:40:53 PM

Quote from: herurist on November 22, 2021, 11:41:20 AM

I don't think something like this will ever happen, the price of bitcoin is now too high even though it will be even higher but there is only a little left because most of it has been mined and of course the government doesn't want to bother making something like this happen right now.
on the other hand I feel that bitcoin will still be bitcoin like now there will be no system that supports the government to make btc centralized

It will bring huge impact in the price of bitcoin. It will became trusted a by many of the governments. The price of bitcoin is not purely on adopted altcoin.Can the centralization will bring new people to the investments of crypto tradings.If more people get into investments,the price of bitcoin will increase automatically and gives you more profit.

If I had to trade instant government trust with bitcoin being centralized then I personally would reject things like this because I really think when they become centralized it means it's the same as fiat today and bitcoin won't be anything unique anymore.
but this is my opinion which is what i feel will be.

on the other hand now the bitcoin adoption rate is getting better from year to year and there is no need for government intervention to make it happen because from the start without any government intervention bitcoin can become what it is now

It's true that if the government wants to make Bitcoin centralized, it makes Bitcoin no different from fiat. This means that Bitcoin's original purpose
as a decentralized currency has changed, and I don't think that's what Bitcoin users want. After all the government will not be able to make
Bitcoin centralized, the government may only limit the use of Bitcoin, by not legalizing Bitcoin completely. Then governments will create their
own cryptocurrencies, which makes the most sense, rather than centralize Bitcoin. Although there are still many rejections of Bitcoin from
several countries, the Bitcoin adoption process continues and Bitcoin is increasingly expensive. So Bitcoin really can't be stopped by anyone,
and will get bigger in the future.

herurist

sr. member

Activity: 1680

Merit: 259

Quote from: usekevin on November 22, 2021, 03:40:53 PM

Quote from: herurist on November 22, 2021, 11:41:20 AM

I don't think something like this will ever happen, the price of bitcoin is now too high even though it will be even higher but there is only a little left because most of it has been mined and of course the government doesn't want to bother making something like this happen right now.
on the other hand I feel that bitcoin will still be bitcoin like now there will be no system that supports the government to make btc centralized

It will bring huge impact in the price of bitcoin. It will became trusted a by many of the governments. The price of bitcoin is not purely on adopted altcoin.Can the centralization will bring new people to the investments of crypto tradings.If more people get into investments,the price of bitcoin will increase automatically and gives you more profit.

If I had to trade instant government trust with bitcoin being centralized then I personally would reject things like this because I really think when they become centralized it means it's the same as fiat today and bitcoin won't be anything unique anymore.
but this is my opinion which is what i feel will be.

on the other hand now the bitcoin adoption rate is getting better from year to year and there is no need for government intervention to make it happen because from the start without any government intervention bitcoin can become what it is now

Abiky

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Quote from: LogitechMouse on November 23, 2021, 08:25:34 AM

I'm thinking of any way that the governments can centralized Bitcoin but I can't think of any (or just that I'm not that good at thinking Cheesy

).
Anyway, first they didn't create the coin. Second how can they get all those 18,881,100 BTC that are in circulation right now because if you want a currency to become centralized, you must have a full access to it and to start that you must have all or if not most of the coins.

I don't think that this is ever possible but they can try if they want to. I mean companies are using a huge portion of their money just to mine crypto coins and get profit so the government can do it too.

With how centralized exchanges are holding large amounts of Bitcoin, it's easy enough for governments to centralize the Blockchain in its entirety. There's unequal distribution in Bitcoin's supply as we speak. At least, Bitcoin's mining hashrate is widely distributed thanks to China's full government crackdown. The more miners we have from different areas of the world, the better it'll be for Bitcoin's decentralization. El Salvador already announced a Bitcoin mining initiative using Volcanoes as a source of power. As long as governments don't control more than 51% of the hashrate, Bitcoin will do fine for many generations. Just my opinion

dunfida

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Quote from: AbuBhakar on November 23, 2021, 12:34:13 PM

Quote from: LogitechMouse on November 23, 2021, 08:25:34 AM

I'm thinking of any way that the governments can centralized Bitcoin but I can't think of any (or just that I'm not that good at thinking Cheesy

).
Anyway, first they didn't create the coin. Second how can they get all those 18,881,100 BTC that are in circulation right now because if you want a currency to become centralized, you must have a full access to it and to start that you must have all or if not most of the coins.

I don't think that this is ever possible but they can try if they want to. I mean companies are using a huge portion of their money just to mine crypto coins and get profit so the government can do it too.

It’s impossible now, they can make their own coin to centralized in their government but not to modified bitcoin as it already build it’s name and its truly just made for decentralization. Governments main reason of not fully legalizing it in many countries is due to this feature and some were banning it and just implementing their own coin since they see the potential of crypto.

If its possible to be modified then they have done this a long time ago and would able to prevent on what it had attained or reached as of this moment when it comes to recognition and adoption.

They could make all coins that they do like but it would really just the same as fiat which is "centralized" as always as it should be and they wouldnt really be tending to create
things which is out of their control.

This is the main reason on why Bitcoin did really come this far because it cant be something be controlled nor be traced up.

AbuBhakar

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🇵🇭

Quote from: LogitechMouse on November 23, 2021, 08:25:34 AM

I'm thinking of any way that the governments can centralized Bitcoin but I can't think of any (or just that I'm not that good at thinking Cheesy

).
Anyway, first they didn't create the coin. Second how can they get all those 18,881,100 BTC that are in circulation right now because if you want a currency to become centralized, you must have a full access to it and to start that you must have all or if not most of the coins.

I don't think that this is ever possible but they can try if they want to. I mean companies are using a huge portion of their money just to mine crypto coins and get profit so the government can do it too.

It’s impossible now, they can make their own coin to centralized in their government but not to modified bitcoin as it already build it’s name and its truly just made for decentralization. Governments main reason of not fully legalizing it in many countries is due to this feature and some were banning it and just implementing their own coin since they see the potential of crypto.

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