What if Most Centralized Exchanges are Banned? - page 2.

Marvell1

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Quote from: Helena Yu on June 22, 2024, 03:26:25 AM

It will be a good thing because eliminating centralized exchange mean encouraging people to use DEX or P2P.

I will be very happy if most country choose to ban centralized exchanges, this would strengthen the decentralization and the market will be mature because they will learn how to self custody their coins. There have been many centralized exchanges getting hacked or bankrupt, the victim will say Bitcoin is scam if they hold the coins in CEX, unfortunately most people never learn about it.

But that will certainly never happen although it is the scenario that privacy and decentralization enthusiasts dream of. And what is happening is the opposite, the government even supports centralized platforms because through them they can control and manage investors like us. And with the recent attempt to attack mixers, I fear that in the future DEX will be their next target, don't be naive to think that they will support DEX and P2P development when neither of them will be beneficial for them.

Just because some governments have failed to control and operate their economies, they have no reason to blame and they are looking to blame centralized exchanges. That doesn't mean the rest of the countries are doing the same stupid thing. I guess the OP is talking about the Nigerian government with their recent accusations about centralized exchanges.

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Quote from: ContentWriter on June 22, 2024, 03:16:52 AM

Some countries already blame crypto for their economic woes.

I haven't seen this kind of news before that a country blames crypto for what's happening into their economy when they're not wholly adoptive with crypto.

Quote from: ContentWriter on June 22, 2024, 03:16:52 AM

We saw this with the harassment of some crypto executives and even jail terms for some. What will happen to Bitcoin and other cryptocurrencies if most countries ban centralized exchanges? What steps are the crypto enthusiasts taking to preempt this?

Then we'd go fully P2P. That's the way to go and there won't be any issues with that if most of the traders and investors of this community will just have to trade through P2P platforms. And I guess that the emergence of decentralized exchanges will come but we might see some adoption through those dexes having Bitcoin and I think they will be able to do that.

Reatim

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Quote from: ContentWriter on June 22, 2024, 03:16:52 AM

What will happen to Bitcoin and other cryptocurrencies if most countries ban centralized exchanges?

We will definitely see some price fluctuations as people move their coins from cexs to dexs. Some might even take out their coins in fear. They might be scared of what this implies for crypto in their country and steers clear of anything related to it.

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What steps are the crypto enthusiasts taking to preempt this?

We should encourage most crypto users to instead use decentralized exchanges in the first place. Bitcoin is decentralized and it must be treated as such.

Lucius

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Quote from: Poker Player on June 22, 2024, 04:42:37 AM

Since you apply creativity to writing, you could consider what would happen if banks were banned, while you're at it. CEXs collaborate with the system and the political power, just like banks. The probability of them being banned, especially worldwide, as _act_ points out, is close to 0.

The system allows CEXs to exist, but it also has the power to ban them, so although the chances of that are very small, I think they still exist in a scenario where some world governments would decide to deal with cryptocurrencies by declaring them illegal. This will not happen as long as the main focus is on trading, and minimal on using cryptocurrencies as a means of payment.

CageMabok

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Quote from: ContentWriter on June 22, 2024, 03:16:52 AM

Some countries already blame crypto for their economic woes. We saw this with the harassment of some crypto executives and even jail terms for some. What will happen to Bitcoin and other cryptocurrencies if most countries ban centralized exchanges? What steps are the crypto enthusiasts taking to preempt this?

Logically, will people who do not use crypto always be prosperous and not miserable by relying solely on fiat money whose value is completely uncertain and even goes down? And if there are countries that consider crypto to be a bad thing and punish crypto users based on their misery, what about the people who have succeeded through crypto with the financial freedom that has been abundant in their lives? Will they also be punished even though we only show them as real examples for such clear proof?

I think that currently there are still countries like that, maybe these countries are led by people who are technologically illiterate and don't want to accept the latest technological developments through anything, including through crypto. Because misery or distress is a pure thing that arises from each of us, so no one should blame one thing, such as crypto or anything else. Another example is when people get drunk because of alcoholic drinks, should we blame the drink maker by not seeing ourselves as those who drink it?

Kruw

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Quote from: ContentWriter on June 22, 2024, 03:16:52 AM

Some countries already blame crypto for their economic woes. We saw this with the harassment of some crypto executives and even jail terms for some. What will happen to Bitcoin and other cryptocurrencies if most countries ban centralized exchanges? What steps are the crypto enthusiasts taking to preempt this?

Bitcoin existed before Bitcoin exchanges did, so there's no problem. You can just buy goods and services with Bitcoin, adding a fiat middleman is just friction.

Poker Player

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Since you apply creativity to writing, you could consider what would happen if banks were banned, while you're at it. CEXs collaborate with the system and the political power, just like banks. The probability of them being banned, especially worldwide, as _act_ points out, is close to 0.

Frankolala

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If centralized exchanges are banned, it will be a big problem for traders and those who are keeping their coins in CEx. However, it will be the best thing that will happen to bitcoin because automatically, the government have helped to promote self custody and the use of bitcoin in a decentralized way.

Decentralized exchanges are there for people to use to trade their bitcoin to fiat. Physical p2p will also be used. I have a mall where trade my BTC to the manager.

Haunebu

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BTC and other popular cryptocurrencies would fall in value for a certain time period after which they would rise back again if such a situation were to ever happen and history has clearly proven that.

This is why crypto enthusiasts don't require to take any steps to tackle this stuff since world governments can't take down BTC and other popular cryptocurrencies no matter what.

Helena Yu

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It will be a good thing because eliminating centralized exchange mean encouraging people to use DEX or P2P.

I will be very happy if most country choose to ban centralized exchanges, this would strengthen the decentralization and the market will be mature because they will learn how to self custody their coins. There have been many centralized exchanges getting hacked or bankrupt, the victim will say Bitcoin is scam if they hold the coins in CEX, unfortunately most people never learn about it.

_act_

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Among 195 countries in the world, over 180 countries support bitcoin and altcoins in one way or the other that people can buy and sell them. If cryptocurrencies are still existing, all centralized exchanges can not be banned.

There are also other ways to trade cryptocurrencies if centralized exchanges are banned. There are decentralized exchanges and there are trading between people without exchanges involved.

ContentWriter

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Some countries already blame crypto for their economic woes. We saw this with the harassment of some crypto executives and even jail terms for some. What will happen to Bitcoin and other cryptocurrencies if most countries ban centralized exchanges? What steps are the crypto enthusiasts taking to preempt this?

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