Topic: What If There Is A Ban - page 4. (Read 907 times)

Restrictions are not just about the rates. We all remember that previously big amount of miners were in China and after governmental ban of mining they moved to different other countries and US is a country with one of a biggest amount of miners now. Having influence on miners you can have influence on bitcoin: if you convince them in something they can make a consensus decision. And rates are secondarily, most important for bitcoin is to stay decentralized and independent.

As I stated in another thread recently, bans that completely restrict one's ability to access and utilize bitcoin is totally impossible. You are always able to connect a node and there will always be tools that will allow you to circumvent bans that your country has put on certain decentralized services. While bans are a seeming hit to publicity, their effect has always worn off and as more happen, the toll on the market becomes less and less.

Looking on counties history banned Bitcoin not long term impact and actually bitcoin reach more higher price than before bitcoin banned, learned from China first time announce banned bitcoin and all cryptocurrency transaction but few months later bitcoin going up to higher price. I don't afraid with any country want to banned bitcoin actually United State with their SEC commission have bad reputation against Bitcoin and can't make bitcoin price drop.

I am little laughing looking picture above about China history banned bitcoin, almost every years announce they not legal and bitcoin have banned there but not impact yet to make Bitcoin price drop.

Hehehe agreed. Also, it appears that the American government is beginning to accept that they cannot ban cryptocoins and the cryptospace. However, they will create strict regulations where it will make it harder for us to buy cryptocoins and where the easiest way to buy them is through illegal services hehe.



According to the details from the meeting, the G-20 presidents’ group received collaborative support from the International Monetary Fund and the US. Speaking to Reuters, Yellen mentioned that there won’t be an outright ban but rather a strong regulatory framework.

“We haven’t suggested the outright banning of crypto activities, but it is critical to put in place a strong regulatory framework. We’re working with other governments,” Yellen said.

Source https://watcher.guru/news/cryptocurrencies-safe-from-ban-us-treasury-secretary-promises-robust-regulations

You know what they say... Bad advertisement is better than no advertisement.

And agreed with n0ne: It's a game of cat and mouse. Regulations vs technology, bans vs counties that support crypto.
And in the meantime Bitcoin is becoming more mainstream, the technology is becoming more secure, stable and advanced.

That is what it is all about. And that is also why Bitcoin is so resistant. It doesn't matter whether one state decides to ban it. Bitcoin will keep existing and evolving no matter whether one state bans it. China has learnt it the hard way. I remember when they first banned it and the trading volume for Bitcoin actually went up in China!

There's no relation between China ban Bitcoin and China's government will make a lot money, if the government want to manage their people, they can just force all of their citizens to use their centralized exchange, so they will know how much the Bitcoin they hold and how much profit they've make. The government also can taxing Bitcoin, so it's will be a win-win situation for both citizens and the government.

Even though my country does not accept bitcoin, many people still use and invest in it, there are ways for us to do it undetected. It can be said that the government cannot completely ban bitcoin, and banning them will not benefit them. Just like China, despite the lengthy ban on bitcoin and cryptocurrencies, there are still many investors in China. I think many governments have realized that it is impossible to stop bitcoin, so instead, governments are trying to regulate it rather than ban it.

Some such subtle attempts would be taxation in my opinion.

Non-Bitcoiners wouldn't be particularly interested because it isn't their income that's being taxed. Bitcoiners would probably comply because it's the lawful thing to do, but others would probably divest from Bitcoin or just invest into other cryptos if the tax was targeted towards Bitcoin in particular. Taxing would be more effective than a ban because a ban would compel people to circumvent the government's efforts, whereas taxation would compel compliance.

Agreed, even when someone leaves the market it doesn't turn to be void. The same gets filled by the other waiting to grab the position. We were able to experience this with the ban of mining that happened with China. By the time the miners moved their mining hardwares and most of them were run on Iran. At some point the Iran government made a ban and by the time once again the mining got affected for a while and began to take its position.

It is not going to work out anyway. We have seen many attempts to ban Bitcoin, but was it ever successful? No, it has never been for a reason! Bitcoin is a decentralized "something" nobody can stop! It is what it is, and for the first time we can either acknowledge or resist, but it will remain to exist! '

Even China slowed down on bashing Bitcoin every other day. Usually it was in the news all the time and that they banned it again, but now you don't hear that much about it anymore.

If the US were to ban bitcoin, it would likely have a significant impact on the cryptocurrency market and the broader financial landscape. Here are some potential consequences:
1) Bitcoin price could drop: The announcement of a ban would likely lead to a sharp drop in the price of bitcoin, as investors may rush to sell their holdings in anticipation of the ban taking effect.
2) Decrease in global adoption: The US is one of the largest markets for bitcoin, and a ban could discourage other countries from adopting the cryptocurrency as well.
3) Alternative cryptocurrencies could rise: If bitcoin were to be banned, alternative cryptocurrencies, such as Ethereum or Ripple, could see an increase in adoption and price as investors seek out other digital assets to invest in.
4) Increased regulatory scrutiny: A ban on bitcoin could lead to increased regulatory scrutiny on other cryptocurrencies and the broader digital asset space.
5) Push for decentralized exchanges: A ban on bitcoin may lead to a push for decentralized exchanges that operate outside the traditional financial system and are harder to regulate.
It is worth noting, however, that a ban on bitcoin would not necessarily mean the end of the cryptocurrency altogether. While a ban could certainly hinder adoption and reduce the value of bitcoin, it would still be possible for individuals to continue using the currency through various means, such as peer-to-peer transactions or using it on decentralized platforms.
But I don't think it's gonna happen in any shape or form.

Do not believe what they say, the Chinese government has banned people from using Bitcoin but I believe the Chinese government is also silently investing in Bitcoin. In the end, what the government wanted to be money and power, they prevent people from investing in Bitcoin so they can easily manage their people, on the one hand they silently invest to make profits. The government is like we are all greedy, and selfish.

There is just no way you could pass a legislation in  most western countries, including the US, to ban Bitcoin. Stricter, more annoying KYC and similar mechanisms? Sure. Restriction on mining and power consumption? Sure. Maybe even state-based licenses for exchanges. Yes. But a complete ban on owning, or even trading Bitcoin? It's not gonna happen unless a totalitarian regime is taking over that wants to harm Bitcoin.
Also, keep in mind - if certain countries ban Bitcoin, they could bring their tech-sector as well as other huge industries in a huge disadvantage in comparison with countries that allow Bitcoin. So even if that happens for some countries, industries etc. will just move into other regions of jurisdiction. Just my 66 sats.

Just a thought experiment: assuming that major economies around the world start banning Bitcoin and they also try to get as many other countries involved as possible. The reason being that all of them don't things they can't have control over. Wouldn't at least one decently sized economy have a huge incentive to become the new major hub for the entire industry? Exchanges, mining facilities, all kinds of service and app providers related to crypto, business headquarters, foundations, you name it. Now when that happens, isn't that a way to actually get control over Bitcoin? I know it is not possible to fully control it in the sense that you can freeze non-custodial wallets, but if the whole industry is essentially based in a handful of countries, I think that would give those countries a lot of control and benefits like tax revenue, workplaces, fintech innovation, and many other things. People from other countries could still buy and hold Bitcoin via non-custodial wallets and offline exchanges or decentralized exchanges.

Hosting an industry, owning part of it perhaps and closely collaborating with major representatives of that industry is the best way to have some control over it when otherwise you hardly can have any. I am sure that there would be some countries that wholeheartedly would welcome the crypto fintech industry. You acquire so much knowledge in key research fields like cryptography, computer science and programming in general. The country would be the hotspot for the next generation programmers to go to.

These are just my two cents and I do think that countries have a serious incentive to not ban Bitcoin. That is the magic of Bitcoin.

I understand that many people are saying it's not a problem and bitcoin is decentralized and all that. But we also have to agree that the price would take a hit, it wouldn't be that easy to just let it work that way, it would cause a lot of trouble for many people. I personally believe that many of the Americans who hear that it's illegal or basically regulated harshly, would end up selling all of their coins, definitely the big companies that hold it and they would just run away.

This is why it would be a lot better if we could just hope for USA to never ban it, not like they have a reason to neither so I doubt they would, but it would be better for the price if they keep it legal.

This is an old meme. But, Whenever I see this one. I laugh at crypto bans. Surely there will be some panic in the market, which will also affect the market. But Hey, You are in 2023. The government is nothing without you. Bitcoin is spreading day by day, and people understand its benefits. If big countries ban Bitcoin, I don't think every country will follow them. Others will try to get benefit from it. China banned Bitcoin and mining plenty of times. Still, we saw a massive ATH in 2021. Such things will happen. But, Remember, Bitcoin has a limited supply. There will be scarcity, and everyone won't own Bitcoin at some point.

Although the odds of that happening are pretty low, but as you said, that could happen knowing that central authorities don't really like seeing things that they can't have control over. But, as we already know that there are some big countries that have already started openly supporting Bitcoin and blockchain technology, so that's a positive which makes us believe that it will at least stay.

For me, I wouldn't really be affected that much even if Bitcoin is totally made unreachable for me. My principles don't allow me to invest everything that I have or that I earn into one single asset or investment plan. So even if one of my investments fail, I will still do pretty good.

If it only happened in the US, I guess people from different countries would still be using bitcoins and trying to profit from bitcoins. But it would be different if all countries banned people from using bitcoin and that would cause bitcoin to crash. And as long as my country allows people to use bitcoin, I will continue to use it and find out which exchanges are accessible in my country. And I will not stop looking for and benefiting from bitcoin because it is from crypto that I can make money.

It is true that they will cause a lot of damage to bitcoin and the crypto industry, if that happens, maybe the market will return to the original starting line. But in the end, they don't kill it, as long as it doesn't die and there are always supporters like us, then bitcoin will recover and grow again. Remember what China did, and bitcoin has recovered since then, and what's even better is that since then, bitcoin has been virtually immune to news from China. We need bitcoin, bitcoin doesn't need us because if we don't need it, there will always be someone else using it.