Topic: What is stopping the US Government from outright BANNING Bitcoin? - page 2. (Read 280 times)
January 23, 2020, 10:52:41 PM
That's partially true that The USD is threating by Bitcoin but in a whole scenario it's not, Basically, Bitcoin is a virtual currency which is used by a lot of US People, they are trading with Bitcoin, they are investing in Bitcoin along with they are working on several projects in Cryptocurrency as well, not only that but also Cryptocurrency is being developed around the world day by day so the USA government is not trying to stop Bitcoin because they know their people already got involved in this system, If they ban Bitcoin system then their people will face a huge loss, but who knows what will they do regarding this issue in the future.
January 23, 2020, 10:34:01 PM
They can't because they know how many people are using and into bitcoin in their country. Plus they can't totally ban it even if they restrict the usability of bitcoin in the US people will surely find a way to use it anyway so it will be meaningless still if they pushed the banning of bitcoin today. It is already too late for them to make actioms about bitcoin.
January 23, 2020, 10:33:49 PM
What is stopping the US Government from outright BANNING Bitcoin? For argument's sake lets say today (23JAN2020) 3% of the US population is using Bitcoin for 3% of their purchases or financial transfers/transactions. And, let's say 5 years from now around 2025, 30% of the US population is using Bitcoin for 30% of their purchases and financial transfers/transactions. Consequently, the US Government monitoring this situation sees the trend that 30% fewer transactions are being done with the all mighty US Dollar. Well, it would seem that the US Gov would hold the view that the popularity or use of their US currency is being threatened by Bitcoin. And so, what is stopping or what would stop the US Gov to outright make it ILLEGAL to use Bitcoin at some such time?
Because if you were to try to ban something completely , it will actually cause people to want to use it. (Telling people they can't do something will actually encourage others to do it because humans are attracted to the things that others may view as "Illegal")
Example. The US made Cocaine illegal and the Usage of coke actually went up and the price of cocaine also went up significantly. Banning Bitcoin will only lead to problems for the US Governments.
January 23, 2020, 10:32:00 PM
Actually, nothing. While yes, it might not be in their best interest to illegalize bitcoin for reasons stated above and while they really can't totally ban bitcoin like how the US government cant really totally ban torrenting and piracy, the government can theoretically illegalize the ownership of bitcoin.
January 23, 2020, 10:29:11 PM
I think it's too late now for them to ban it for a few reasons. For one thing, futures contracts and wall street money have already started, so it's hard to reverse course. Secondly, the US government seized the Silk Road Bitcoins a few years ago and then auctioned them off to the public. It would look very bad for the government to auction something to the public and then ban it.
January 23, 2020, 10:21:37 PM
When technology and adopters of bitcoin developed, I thought the government could not do many things to stop people from using bitcoin, but they could only limit the central bank and several other large companies to deal with bitcoin and other cryptos to avoid funding terrorism and other crimes.
January 23, 2020, 10:04:14 PM
US is well developed country with good practice of democracy so opinion of 3% of population also matters. Most of the crypto based companies are from US and have customers around the world so they cant just ban bitcoin outright, this wil affect customers around the globe and they will also loss significant taxes from those companies.
World follow the trend set by US which is quite positive for bitcoin economy.
World follow the trend set by US which is quite positive for bitcoin economy.
January 23, 2020, 09:45:37 PM
Mainstream usage is the much expected with bitcoin, but in realtime this requires much more time. Until bitcoin gets into mainstream usage governments won't be that rude to stay against cryptocurrency. At times due to financial pressure and other issues experienced governments restrict with policies and new laws.
January 23, 2020, 09:33:54 PM
A congressman already admitted that Bitcoin at this point is unstoppable. It is pointless to worry on something they cannot shut down or totally kick out from their territory. If they ban Bitcoin, it would only push its people to use Bitcoin underground.
January 23, 2020, 09:31:37 PM
To be exact, nothing can stop Bitcoin.
As Bitcoin is decentralized, no one can stop it. They may ban the use of it but I don't think that will stop people from accessing their Bitcoins through their Bitcoin wallet. I think they are also wanting their people to get more way to earn money, that would also mean higher economic status.
As Bitcoin is decentralized, no one can stop it. They may ban the use of it but I don't think that will stop people from accessing their Bitcoins through their Bitcoin wallet. I think they are also wanting their people to get more way to earn money, that would also mean higher economic status.
January 23, 2020, 09:15:17 PM
Even if they implemented a ban, the execution of such ban would be difficult and would be more of a waste of time and money rather than actually solving a thing that is not even a problem. Remember that Bitcoin is decentralized, and unless they'd get a hold of more than 50% of the nodes, they won't control over the network. Also remember that most Bitcoin nodes are located on China, which is not within their territory, add that to the fact that China is one of their oppositions.
January 23, 2020, 09:05:55 PM
It's probably because they know it that even they stop it, they can't stop people from using it from their homes. Bitcoin is decentralized as it's very popular description of bitcoin.
So, it wouldn't matter whether they will give an outright ban or not to it because it will keep on moving and will continuously be used by everybody.
So, it wouldn't matter whether they will give an outright ban or not to it because it will keep on moving and will continuously be used by everybody.
January 23, 2020, 08:31:31 PM
No government can technically stop Bitcoin but it can make things around it very difficult and this is what is being done in China. With the kind of government that USA has, its good thing to see that it is not really as paranoid as China. Now, although transactions in Bitcoin can be less transactions for the dollar, we should note however that eventually if we are talking here of the usual business or even with eCommerce (which is gaining traction) the Bitcoin is going to be converted to the dollar anyway. So at the end of the day, Bitcoin is also acting just like a foreign exchange, not really a big threat to the government nor the dollar. Plus, the government now understand that this is just like any other industry and therefore it can gain a lot with implementing the taxation laws on it in every turn and twist.
January 23, 2020, 07:57:04 PM
I just found this online article describing how the US Government at one point in 2012 had looked into "Shutting Down" bitcoin .... and concluded that it simply could not! Here is the link to the article.
https://www.forbes.com/sites/billybambrough/2019/10/08/the-us-government-tried-to-shut-down-bitcoin/#4db451741966
I'm going to finish reading the rest of that article now, but just wanted to quickly post the link to it, bc of this excerpt that is in the very beginning of it, which should be very comforting and encouraging to us Bitcoin adopters / enthusiasts.
Here is the excerpt:
Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, "it would have been akin to saying ‘let’s go prosecute cash.'"
https://www.forbes.com/sites/billybambrough/2019/10/08/the-us-government-tried-to-shut-down-bitcoin/#4db451741966
I'm going to finish reading the rest of that article now, but just wanted to quickly post the link to it, bc of this excerpt that is in the very beginning of it, which should be very comforting and encouraging to us Bitcoin adopters / enthusiasts.
Here is the excerpt:
Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, "it would have been akin to saying ‘let’s go prosecute cash.'"
January 23, 2020, 07:30:54 PM
There is a lot of power in a democracy. Even though the US government could do a lot of things, there is always the risk of public outrage, and it's their fear of them that stops them from making decisions like these.
Let's say hypothetically, this did happen, and tomorrow the US government imposed a new ban on bitcoin. What do you think would happen?
There would be a lot of angry people that their savings where lost, and so much public cry it just wouldn't be able to be silenced.
The US considers itself a leader in technology, and for them to ban a new up and coming technology would make them into a laughing stock.
Let's say hypothetically, this did happen, and tomorrow the US government imposed a new ban on bitcoin. What do you think would happen?
There would be a lot of angry people that their savings where lost, and so much public cry it just wouldn't be able to be silenced.
The US considers itself a leader in technology, and for them to ban a new up and coming technology would make them into a laughing stock.
January 23, 2020, 07:03:58 PM
What is stopping the US Government from outright BANNING Bitcoin? For argument's sake lets say today (23JAN2020) 3% of the US population is using Bitcoin for 3% of their purchases or financial transfers/transactions. And, let's say 5 years from now around 2025, 30% of the US population is using Bitcoin for 30% of their purchases and financial transfers/transactions. Consequently, the US Government monitoring this situation sees the trend that 30% fewer transactions are being done with the all mighty US Dollar. Well, it would seem that the US Gov would hold the view that the popularity or use of their US currency is being threatened by Bitcoin. And so, what is stopping or what would stop the US Gov to outright make it ILLEGAL to use Bitcoin at some such time?
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