What if governments make Bitcoin centralized? - page 5.

tokyohd

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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.

I agree with you bro. I also think it is never possible. Because if we want to centralize a coin we must have full access to that coin. I think the government will never be able to have full access to Bitcoin.

zaesvlas

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It is interesting, of course, what will happen in this case. I think that traders will still bypass this control.

LogitechMouse

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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.

carrigan

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It is a difficult thing if not impossible if the government will make Bitcoin centralized. Bitcoin cannot be controlled by anyone, including the government and the state. Banks are also the real enemy of Bitcoin. Bitcoin gives us monetary freedom that the government has not given us so far. It is therefore impossible that the government will interfere or take part in the development of Bitcoin.

Maslate

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The government can only make bitcoin centralized through their regulation, if they will implement strict rules on bitcoin, then eventually people will feel that bitcoin is no anymore decentralized as a payment method and digital currencies made by the government is easier to use.

Bitcoin has only become an investment haven, but due to its popularity, the government might be forced to make their own digital coin so they will still dominate and bitcoin users will be mostly the investors who are just trying to hedge their money on the possible hyper inflation.

Kasabus

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Quote from: n0ne on November 22, 2021, 07:00:08 PM

Quote from: dupee419 on November 22, 2021, 06:57:03 PM

Quote from: Sled on November 22, 2021, 05:48:37 PM

Quote from: DanWalker on November 22, 2021, 04:10:51 PM

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

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.

What will you do your profit if you don't have any control of it? do you know what decentralized actually is? Decentralized system means no one has control of your funds except you. If govt able to freeze your coin and seize your profit and take unnecessary tax then what you will do with your profit? Investors will never trust such kind of centralized system.

It doesn't mean that once we are in a centralized market we don't have control of our funds, it has been said that the government will take control of the price where they can pump and dump if they want. The only advantage of being in a decentralized state is that the market moves freely but because of the whale's participation, we are no longer that fully decentralized status, price can still be manipulated by them.
But in terms of security, it is too weak than being back-up by the government.

True, decentralized or centralized it may still be controlled, and currently, the government may not have the authority to centralize Bitcoin but it is definitely backed by whales, therefore, regardless whether if it is centralized or decentralized, the market and Bitcoin is still owned by the whales, I'd still go for a decentralized system but you can never rely on a single currency, the market is as huge as the ocean.

Yeah, the whales of the market holds a big volume of the entire bitcoin mined. This gives them the authority to have control over the market. At times the Whales manipulation makes the market look like an centralized platform. However beyond certain limit they weren't able to make big impact. The whales create disturbance, but it is the users who make the market go down or up based on the level of panic at times.

There will be big whales that are capable to manipulate the market, but the price of crypto coins will greatly depend on the community that are supporting it. And i don't think government will waste their time on controlling on such coins that are fully decentralized. It will never really happen because in the first place, bitcoin is decentralized so it will never come to the point of making it centralized.

However, bitcoin may be less decentralized in the future because of its massive adoption, but it will never be fully centralized in the making. Satoshi had made bitcoin for the sake of freedom that people don't have when it comes to controlling their own money.

dvndr007

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if its possible they will do it and bitcoin will crash that's it nothing else.

n0ne

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Quote from: dupee419 on November 22, 2021, 06:57:03 PM

Quote from: Sled on November 22, 2021, 05:48:37 PM

Quote from: DanWalker on November 22, 2021, 04:10:51 PM

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

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.

What will you do your profit if you don't have any control of it? do you know what decentralized actually is? Decentralized system means no one has control of your funds except you. If govt able to freeze your coin and seize your profit and take unnecessary tax then what you will do with your profit? Investors will never trust such kind of centralized system.

It doesn't mean that once we are in a centralized market we don't have control of our funds, it has been said that the government will take control of the price where they can pump and dump if they want. The only advantage of being in a decentralized state is that the market moves freely but because of the whale's participation, we are no longer that fully decentralized status, price can still be manipulated by them.
But in terms of security, it is too weak than being back-up by the government.

True, decentralized or centralized it may still be controlled, and currently, the government may not have the authority to centralize Bitcoin but it is definitely backed by whales, therefore, regardless whether if it is centralized or decentralized, the market and Bitcoin is still owned by the whales, I'd still go for a decentralized system but you can never rely on a single currency, the market is as huge as the ocean.

Yeah, the whales of the market holds a big volume of the entire bitcoin mined. This gives them the authority to have control over the market. At times the Whales manipulation makes the market look like an centralized platform. However beyond certain limit they weren't able to make big impact. The whales create disturbance, but it is the users who make the market go down or up based on the level of panic at times.

dupee419

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Quote from: Sled on November 22, 2021, 05:48:37 PM

Quote from: DanWalker on November 22, 2021, 04:10:51 PM

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

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.

What will you do your profit if you don't have any control of it? do you know what decentralized actually is? Decentralized system means no one has control of your funds except you. If govt able to freeze your coin and seize your profit and take unnecessary tax then what you will do with your profit? Investors will never trust such kind of centralized system.

It doesn't mean that once we are in a centralized market we don't have control of our funds, it has been said that the government will take control of the price where they can pump and dump if they want. The only advantage of being in a decentralized state is that the market moves freely but because of the whale's participation, we are no longer that fully decentralized status, price can still be manipulated by them.
But in terms of security, it is too weak than being back-up by the government.

True, decentralized or centralized it may still be controlled, and currently, the government may not have the authority to centralize Bitcoin but it is definitely backed by whales, therefore, regardless whether if it is centralized or decentralized, the market and Bitcoin is still owned by the whales, I'd still go for a decentralized system but you can never rely on a single currency, the market is as huge as the ocean.

Sled

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Quote from: DanWalker on November 22, 2021, 04:10:51 PM

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

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.

What will you do your profit if you don't have any control of it? do you know what decentralized actually is? Decentralized system means no one has control of your funds except you. If govt able to freeze your coin and seize your profit and take unnecessary tax then what you will do with your profit? Investors will never trust such kind of centralized system.

It doesn't mean that once we are in a centralized market we don't have control of our funds, it has been said that the government will take control of the price where they can pump and dump if they want. The only advantage of being in a decentralized state is that the market moves freely but because of the whale's participation, we are no longer that fully decentralized status, price can still be manipulated by them.
But in terms of security, it is too weak than being back-up by the government.

DanWalker

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

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.

What will you do your profit if you don't have any control of it? do you know what decentralized actually is? Decentralized system means no one has control of your funds except you. If govt able to freeze your coin and seize your profit and take unnecessary tax then what you will do with your profit? Investors will never trust such kind of centralized system.

usekevin

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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.

Falconer

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OP, I just think that the government is only capable of controlling users rather than making bitcoin centralized. The thing that most support this assumption is that the government will not want to invest as much just to control bitcoin and make it centralized including controlling mining. They would rather create their own crypto than waste time in an endeavor that doesn't guarantee success, but I just believe that the government has been successful enough to control most users so far to comply with existing regulations with KYC and AML.

I won't worry about this in the future as I feel that the current government adoption and so on still won't change the decentralized nature of bitcoin but they could centralize its users.

btc2marspro

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

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Quote from: diahsw on November 22, 2021, 09:24:35 AM

I think it's good, even if it really happens I make sure everyone will make bitcoin a very promising investment in the future, everyone will buy bitcoin at an expensive price they will want to buy it. So it's a good step to invest in the future..!!

So this achievement you gain by using this forum and using Bitcoin? Very pathetic.
Although Bitcoin can never be fully centralized because more than 90% of Bitcoin has been mined and its spread has increased a lot. If Bitcoin will ever be centralized then can you tell me what is the difference between fiat money and centralized bitcoin? People can't rely on fiat money so look for alternatives so they can keep their assets safe. that's why they are investing in Bitcoin cause it is decentralized and safe heaven to store our assets.

BlackHatCoiner

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Quote from: witcher_sense on November 22, 2021, 06:34:12 AM

Naturally, they could print an infinite amount of money to acquire necessary mining hardware to perform an attack on the network

If you mean theoretically, then yes. They can do it. However that's one of their worst case scenarios. They don't need to print anything; they already have enough money to attack the network. It's not going to cost more than a billion dollars.

Quote from: witcher_sense on November 22, 2021, 06:34:12 AM

I don't think they will take such a risk if there is no guarantee of success.

There's no guarantee of success? Their success is you abandoning bitcoin and using a far more “secure” digital currency whose centralization is assured. If you ask me, I won't keep using it as a cryptocurrency if it got a 51% attack.

They don't have to retain it. They just need to empty all the past few thousands of blocks. That will be enough for the community to throw up their hands.

DarkDays

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Quote from: dkbit98 on November 19, 2021, 09:15:16 AM

This will never happen to Bitcoin and governments won't waste time mining and taking control over Bitcoin that is 90% mined already,
they can just create their own centralized digital junk currencies with infinite supply and with shutdown button for anyone who is not obedient.
Look what is happening in the world now and you will see that is the way they are going.

Yup, exactly. These reasons alone are sufficient to argue that centralization is not going to work. It will not work and it is because of exactly this that the cryptocurrency that drives away from centralization was born.

With such a large market demand and already setting off as a decentralized example, Bitcoin will never be controlled in a centralized manner no matter what governments try.

ven7net

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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.

I don't think BTC can become centralized. For this to happen, someone must buy more than half of all issued BTC, and if we are talking about the mass adoption of BTC, it turns out that it becomes even more decentralized, as the number of BTC owners increases. In turn, complete centralization occurs when someone alone owns an asset or most of it and thereby influences the market and its development. At the moment, many holders have BTC and it is available for purchase without restrictions.

herurist

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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

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Quote

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.

Since many countries are still against bitcoin because they are not the one controlling bitcoin which is try to be more popular than fiat money in the country. Bitcoin will remain decentralized currency that anyone can use to invest and start making profits from your investment. Bitcoin cannot become a centralized currency because the country to be the one to control the decentralized currency will be a challenges to the countries.

Topic: What if governments make Bitcoin centralized? - page 5. (Read 1084 times)