What Would Happen If Bitcoin Were Declared Illegal in the USA?

deisik

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Quote from: Hazir on February 01, 2017, 03:09:03 AM

Quote from: Anarchist on January 29, 2017, 10:49:54 AM

I personnaly don't care if bitcoin is illegal in the usa. we don't need them

It is not that simple. USA might have no real power to kill bitcoin network, their potential ban won't hinder network's potential and your bitcoin stored locally won't be in danger.
But every bitcoin satellite service base in the U.S. will be closed and bitcoin stored online - will be most likely snatched by IRS or some other cell.

Not to mention of global mass panic, bitcoin's price collapse... This action would put BTC back when it was in 2011-2012

I don't really think that such a ban would cause any dramatic consequences

Look, the US seems to be divided into two camps heavily opposing each other. And this divide is a very specific one since it is not about the authorities and the population hating each other but between authorities and population on the one side and authorities and population on the other. We see that some highest-rank officials like Attorney General (the US top law enforcement officer) are openly defying Trump the President. So would this ban mean anything at all if it is almost certain that it will be opposed at any level just for the sake of opposition?

And remember, the forbidden fruit is sweet indeed

shield132

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People here why do you think that if usa declare bitcoin as illegal? At first, china has main control on bitcoin and most datacenters are outside of usa. And as everyone knows, there are many illegal things but people are doing it and it's impossible to prevent everything.
At last to my mind, usa won't do that brcause this automatically means closing of poloniex and etc exchangers, so there will be need from their side to sell that bitcoin until they close and than chinese exchangers will buy all of them and bitcoin won't be decentralyzed.

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Quote from: Anarchist on January 29, 2017, 10:49:54 AM

I personnaly don't care if bitcoin is illegal in the usa. we don't need them

It is not that simple. USA might have no real power to kill bitcoin network, their potential ban won't hinder network's potential and your bitcoin stored locally won't be in danger.
But every bitcoin satellite service base in the U.S. will be closed and bitcoin stored online - will be most likely snatched by IRS or some other cell.

Not to mention of global mass panic, bitcoin's price collapse... This action would put BTC back when it was in 2011-2012.

SmartIphone

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Quote from: lordquanta on January 26, 2017, 01:16:26 AM

Quote from: SmartIphone on January 22, 2017, 10:27:59 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

The first thing that could happen is a crash price, many businesses would be forced to remove bitcoin from their system.
Then many people have invested in bitcoin so they would start selling them or hold them illegaly.

Yes, this is logical. US is world leader and any move from the US against bitcoin will severely damage the reputation of bitcoin and trust of people in it. Once trust is gone it is very difficult to built it again.
If other countries join the band then situation will be difficult for bitcoin.

However this is not going to happen because there are people in Trump cabinet who like/love the bitcoin/blockchain technology.

If there are people in Trump's cabinet that love bitcoin/blockchain technology then this is a good news from the crypo industry.
Let's hope that something good is gonna happen this year, the price is keeping rising, the block size probably will be increased...

Carlsen

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I think as well that declaring bitcoin to be illegal is going to bring the bitcoin price down for a longer period of time.
A lot of people would want to sell quickly, without coming back later.
And to me the chances of that scenario becoming realistic is getting more likely every day.
Somehow I can imagine that the new president wants his cityzens to use the us dollar.

Anarchist

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I personnaly don't care if bitcoin is illegal in the usa. we don't need them

hase0278

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I guess if bitcoin were declared illegal in the USA, many users will dump their coin since they can't convert it to real money easily anymore if it were made illegal there. There are some users though that might hide huge amounts of bitcoin to exchange later on but most of the bitcoin users in the USA will probably dump the coin they have, causing a temporary dump and some pump in the long run if there are some users in USA that are willing to hide some bitcoin on their cold wallets.

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Quote from: rajasumi3 on January 29, 2017, 12:02:04 AM

if bitcoins were declared illegal in usa it would not affect at all in the whole world .and it is likely to happen in the near future as the coming of new president .then the main focus of bitcoins would be china and india.

the it'll not affect the whole world but may affect bitcoin, the users of bitcoin in USA is pretty decent and little or big may affect the cryptocurrencies environment especially bitcoin.
china and india is sure a big country whose bitcoin users is many but still USA have an affect to the bitcoin

marcoman22

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If bitcoin were banned in USA, all the legal usage of bitcoin would come to an end.Whether banned or not, illegal usage would continue.Demand for bitcoin would fall down and hence its price.It would be bought at much cheaper price through out other parts of the world. Legal usage of bitcoin would continue in other parts of world giving USA a big disadvantage.Bitcoin would have been banned early if it was possible.Even if it was banned, still another coin which is inside the legal frame work nof USA would come to that place.To ban bitcoin completely means to ban internet completely.

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Quote from: lionheart78 on January 27, 2017, 06:58:34 PM

Quote from: deisik on January 27, 2017, 10:01:56 AM

Quote from: agustina2 on January 27, 2017, 09:25:51 AM

Quote from: jtipt on January 27, 2017, 08:48:40 AM

I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy Cheesy

After experiencing benefits and good advantages together with the profit out of using bitcoin, no way that majority of people living in the US will just let go the idea of using bitcoin if will declared as illegal. If for a country that has a status of low bitcoin users then it's not that big impact if the government there will declare bitcoin as illegal since majority of people there are being used to it. But for the country of US, which we knows having some numerous bitcoin users here, it will really having a hard time to just make themselves stay away from this cryptocurrency since they already feel what bitcoin can really do.

Literally speaking, it will be give big impact in bitcoin price since I think a major dump will happen. Just didn't know what will be now the based fiat currency price of bitcoin.

Prepare for unforeseen consequences

If Bitcoin is made illegal in the US, why do you think people (US citizens, of course) will necessarily dump it? I'd rather say they would hide their bitcoins deeper, so that no one could find them since dumping their coins will obviously give the dumpers away. In this manner, we could see the supply squeeze and likely a short expansion in demand because American users will quickly convert their fiat money held in exchange accounts to bitcoins and then withdraw the bitcoins to their personal wallets hidden deep under the mattress

[img ]http://s013.radikal.ru/i325/1701/ff/38eac02c8969.jpg[/img]

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People are known for being stubborn so more likely what you have said will happen. If the government declares not to do this, people will do it secretly LOL. Aside from that, those country that is in econimic competition with US will probably declare otherwise and take the opportunity to take advantage of the Bitcoin market and flourish with it.

You are right. Governments specially USA Govt. can never be so foolish to take such a decision. Governments only run good if they take decision for the benefit of their country. If they impose such non nation friendly rules, it will just create the bad name for the government. The opposition may take advantage of it and people wont be stopped from using bitcoin from all such steps.

rajasumi3

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if bitcoins were declared illegal in usa it would not affect at all in the whole world .and it is likely to happen in the near future as the coming of new president .then the main focus of bitcoins would be china and india.

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Quote from: Gameroid on January 28, 2017, 05:01:07 PM

Quote from: Harlot on January 28, 2017, 11:57:51 AM

It would simply be non-existent to your Country because the government can control everything the onvolves internet related stuff. One good example is torrent sites are being shutdown quickly and illegal doers pay the ultimate prize. Even if they create a dozen proxys of the torrent site a day or two than it will be gone again. Bitcoin will just be a legend in America after that.

but i think if USA still not turned bitcoin bane, we can hope that in future they are not going to take such step. hope that they will give full support to bitcoin in future, because they can understand the importance of bitcoin in future.

Well can just all hopenfor the best here as you are correct, it would be very easy to make bitcoin obsolete by implementing those bans since its an online currency. Im not really sure how governments will take it but hopefully they'd be able to see how bitcoin can help people with all its features and benefits.

tinus42

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Trump is being advised by Peter Thiel who is pro-Bitcoin. And his rumored FDA pick is the CEO of 21 inc. So wait till Hillary gets in in 4 years for the doom scenarios to take place. Cheesy

http://www.coindesk.com/bitcoin-traders-believe-trump-win-trigger-price-boost/

Gameroid

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Quote from: Harlot on January 28, 2017, 11:57:51 AM

It would simply be non-existent to your Country because the government can control everything the onvolves internet related stuff. One good example is torrent sites are being shutdown quickly and illegal doers pay the ultimate prize. Even if they create a dozen proxys of the torrent site a day or two than it will be gone again. Bitcoin will just be a legend in America after that.

but i think if USA still not turned bitcoin bane, we can hope that in future they are not going to take such step. hope that they will give full support to bitcoin in future, because they can understand the importance of bitcoin in future.

Harlot

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It would simply be non-existent to your Country because the government can control everything the onvolves internet related stuff. One good example is torrent sites are being shutdown quickly and illegal doers pay the ultimate prize. Even if they create a dozen proxys of the torrent site a day or two than it will be gone again. Bitcoin will just be a legend in America after that.

jeraldskie11

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If the bitcoin is declared illegal in the USA, all people who used bitcoin is affected. We know that the powerful country is America so if they approve that all of his connected country will do the same. Then the bitcoin developers hard to adjust it because the main is convertion is $. They should make a lot of ways to recover the bitcoin to be the people who using bitcoin is feeling happy and free. But I think it didn't happens because the presidepresident of the USA is not care about bitcoin. So I think he considered the bitcoin to continue.

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Quote from: Snorek on January 27, 2017, 08:13:26 PM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

But there are still foreign currencies, right? You can exchange them freely, we have exchanges for that, it is completely legal and serious business.
No one is penalizing you for having Euros, Pounds or Yens. So why US government should treat digital currencies any different than foreign fiat money is?

The answer should be pretty evident and straightforward

To pay with all these foreign currencies you would still have to use a commercial bank, i.e. the same bank that you would use to pay with the US dollars (if you live in the US of course). But Bitcoin is a payment system in and of itself, and the government obviously can in no way control your payments (or even know about them). And this system allows you to transfer virtually unlimited amount of wealth in a matter of minutes which seems to be most frustrating and disappointing to the government

Indeed, you could deal in cash, but how many people use cash in the amounts worth millions of dollars?

Snorek

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

But there are still foreign currencies, right? You can exchange them freely, we have exchanges for that, it is completely legal and serious business.
No one is penalizing you for having Euros, Pounds or Yens. So why US government should treat digital currencies any different than foreign fiat money is?

RussiaIsBest

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That will not happent for sure but if happent then I will hate Donald Trump but I like Donald Trump and I know that he knows what to do with bitcoin and he will provably create bitcoin price kaboom.

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Quote from: deisik on January 27, 2017, 10:01:56 AM

Quote from: agustina2 on January 27, 2017, 09:25:51 AM

Quote from: jtipt on January 27, 2017, 08:48:40 AM

I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy Cheesy

After experiencing benefits and good advantages together with the profit out of using bitcoin, no way that majority of people living in the US will just let go the idea of using bitcoin if will declared as illegal. If for a country that has a status of low bitcoin users then it's not that big impact if the government there will declare bitcoin as illegal since majority of people there are being used to it. But for the country of US, which we knows having some numerous bitcoin users here, it will really having a hard time to just make themselves stay away from this cryptocurrency since they already feel what bitcoin can really do.

Literally speaking, it will be give big impact in bitcoin price since I think a major dump will happen. Just didn't know what will be now the based fiat currency price of bitcoin.

Prepare for unforeseen consequences

If Bitcoin is made illegal in the US, why do you think people (US citizens, of course) will necessarily dump it? I'd rather say they would hide their bitcoins deeper, so that no one could find them since dumping their coins will obviously give the dumpers away. In this manner, we could see the supply squeeze and likely a short expansion in demand because American users will quickly convert their fiat money held in exchange accounts to bitcoins and then withdraw the bitcoins to their personal wallets hidden deep under the mattress

[img ]http://s013.radikal.ru/i325/1701/ff/38eac02c8969.jpg[/img]

No money, no honey

People are known for being stubborn so more likely what you have said will happen. If the government declares not to do this, people will do it secretly LOL. Aside from that, those country that is in econimic competition with US will probably declare otherwise and take the opportunity to take advantage of the Bitcoin market and flourish with it.

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I don't live in USA and may be I am wrong with my thought. Are there any restrictions a US citizen to open bank account in a bank which is located in a European country or in a country belongs to Asia continent? If the answer is negative the American bitcoin holders can move their coins to a European exchange say bitstamp or an Asian exchange in Japan or Singapore and convert to local fiat from these exchanges to local banks. After that they can wire transfer to their American bank accounts. Another one choice to use a debit card from a bank outside USA which is loaded with bitcoin and can be used as fiat.

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Quote from: agustina2 on January 27, 2017, 09:25:51 AM

Quote from: jtipt on January 27, 2017, 08:48:40 AM

I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy Cheesy

After experiencing benefits and good advantages together with the profit out of using bitcoin, no way that majority of people living in the US will just let go the idea of using bitcoin if will declared as illegal. If for a country that has a status of low bitcoin users then it's not that big impact if the government there will declare bitcoin as illegal since majority of people there are being used to it. But for the country of US, which we knows having some numerous bitcoin users here, it will really having a hard time to just make themselves stay away from this cryptocurrency since they already feel what bitcoin can really do.

Literally speaking, it will be give big impact in bitcoin price since I think a major dump will happen. Just didn't know what will be now the based fiat currency price of bitcoin.

Prepare for unforeseen consequences

If Bitcoin is made illegal in the US, why do you think people (US citizens, of course) will necessarily dump it? I'd rather say they would hide their bitcoins deeper, so that no one could find them since dumping their coins will obviously give the dumpers away. In this manner, we could see the supply squeeze and likely a short expansion in demand because American users will quickly convert their fiat money held in exchange accounts to bitcoins and then withdraw the bitcoins to their personal wallets hidden deep under the mattress

No money, no honey

agustina2

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Quote from: jtipt on January 27, 2017, 08:48:40 AM

I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy Cheesy

After experiencing benefits and good advantages together with the profit out of using bitcoin, no way that majority of people living in the US will just let go the idea of using bitcoin if will declared as illegal. If for a country that has a status of low bitcoin users then it's not that big impact if the government there will declare bitcoin as illegal since majority of people there are being used to it. But for the country of US, which we knows having some numerous bitcoin users here, it will really having a hard time to just make themselves stay away from this cryptocurrency since they already feel what bitcoin can really do.

Literally speaking, it will be give big impact in bitcoin price since I think a major dump will happen. Just didn't know what will be now the based fiat currency price of bitcoin.

jtipt

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I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy Cheesy

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If this scenario were to happen, bitcoin's economy may be disrupted, because bitcoin's price is being compared to dollar and if
the dollar is no longer allowed to be compared to bitcoins as a price it will halt the whole economy of bitcoin until it finds the next currency available to be used as a measurement of its price.

olubams

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It simply means we are looking at another round of crash in the short run which might likely take a long time to recover but one thing am very sure of is that recovery is very certain but timing is the issue. After that happening, then I see other countries following suit which might likely dealt an heavy blow on bitcoin by discouraging quite a number of population in crypto-world then after that the set of people left will only be few..

Oggy1987

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It would significantly decrease price, thats for sure. How much time would it pass to recover? Maybe it would never recover. Those news would echo around world in few days, psychological damage would be enormous. Yes its only one country, only one market, but look what happened to news from China, it reflects on all crypto world.

emezh10

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Of course the bitcoin will be sump at the market because of panic selling of it. And beside that many country may influence by that act so either they will take it advantage or ban it too to their country and possible that the bitcoin will be surely dead. Buy I think that is possible because many citizens are supporting bitcoin so that us impossible I think.

aioc

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There are now hundreds of thousands holders in the United States this is only my rough estimate,and they need a huge funds and resources to track bitcoin users,and bitcoin will be traded in the black market driving his price upwards.

gabmen

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Well of course some people would avoid using bitcoin if its tagged as illegal for fear of being reprimanded by he law. But i don't think that's likely to happen and we may even be seeing bitcoin legalized and accepted by major banks and companies and even goverments. I dont think this illegalization would happen

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

i think what you say its true, i think black market will be the largest market than in trading market because most of people will use their bitcoin in that places and they will avoid to make transaction in upper ground because they can be caught by the system of the government. but i think, bitcoin user will not stay to see this and they will react and give their support to bitcoin because bitcoin have a good future.

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Quote from: pinkpanther03 on January 26, 2017, 11:03:39 PM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Even the USA declare bitcoin as illegal in their country, they have no difference on the first country who banned bitcoin to their nation, on which they do it for doing offense and criminal case but in the long run they revoke their laws and accept bitcoin as good currency, together with China same scenario, so meaning I don't see any reason why would U.S will gonna do that. and if ever that happen nothing change at all in the price value, still everything will be normal and at ease.

If US bans bitcoin then indeed bitcoin prices will see major fall. Many big business will become more conservative towards bitcoin acceptance. This will cause the panic in market.
China is taking more strict actions against bitcoin exchange market as these exchanges are causing problem for yuan (their plans with yuan).

pinkpanther03

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Even the USA declare bitcoin as illegal in their country, they have no difference on the first country who banned bitcoin to their nation, on which they do it for doing offense and criminal case but in the long run they revoke their laws and accept bitcoin as good currency, together with China same scenario, so meaning I don't see any reason why would U.S will gonna do that. and if ever that happen nothing change at all in the price value, still everything will be normal and at ease.

Mauser

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Quote from: manselr on January 26, 2017, 01:27:34 PM

Quote from: Betwrong on January 22, 2017, 07:09:53 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Although I think it's impossible to declare Bitcoin illegal in the USA, let's imagine what would happen in that case. Most US citizens are law-abiding people so they would stop using Bitcoin in case it was declared illegal, but most likely they would sell their coins first. Then the price of Bitcoin would drop 50% or even more IMO.

I think a brutal crash would happen too... it sucks to admit it, but that's how it is. The price is at the mercy of a big country banning it, if they ban it, even if it has no relevance at a functional level (since bitcoin will be working no matter what they do), it would have a psychological impact and the price would crash.

But after they ban it... that's all, they have used their biggest card. So bitcoin will keep growing in the long term without the fear of the ban. Thats why i think they will never fully ban it.

I agree, once you are not able to convert Bitcoins into one of the major currencies we are doomed. The price would fall instantly as all Americans try to sell their Bitcoins at once.

Even though the chances are small of such events there is always the risk. I would not put all my money just into bitcoins.

manselr

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Quote from: Betwrong on January 22, 2017, 07:09:53 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Although I think it's impossible to declare Bitcoin illegal in the USA, let's imagine what would happen in that case. Most US citizens are law-abiding people so they would stop using Bitcoin in case it was declared illegal, but most likely they would sell their coins first. Then the price of Bitcoin would drop 50% or even more IMO.

I think a brutal crash would happen too... it sucks to admit it, but that's how it is. The price is at the mercy of a big country banning it, if they ban it, even if it has no relevance at a functional level (since bitcoin will be working no matter what they do), it would have a psychological impact and the price would crash.

But after they ban it... that's all, they have used their biggest card. So bitcoin will keep growing in the long term without the fear of the ban. Thats why i think they will never fully ban it.

Tanic

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Quote from: Amph on January 26, 2017, 02:59:33 AM

Quote from: Taki on January 22, 2017, 12:59:49 PM

I think the US dictates to all the world what is in trend. So in the case of banning bitcoin by USA government other countries could repeat it. Probably except Russia Grin

i don't think so, europe is very clear on the matter they have a different opinion than the usa, bitcoin will continue to live there it does not matter what USA want to do

the same for other big country like china(cny is the first currency used to buy bitcoin, more than usd), russia well they still need to figure it out i think, they changed their mind many times, it's not funny anymore...

I have heard that Russia preparing a law to control bitcoin. And this law is preparing to be announced already this spring. I didn't heard that other countries make the same steps about bitcoin already. So to me that means that Russians don't want to skip the chance to be first who adopted bitcoin.

Kotone

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Then more of users in usa will be moved on other country which is bitcoin is legal, and i think this would never happen in us because 30% of people in us are users of bitcoin and they are one of good investors and traders and they are the reason too of increase price of bitcoin.

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Quote from: Electra01 on January 26, 2017, 03:39:19 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If Bitcoin was banned in the USA, I believe the value would fall dramatically as it is one of the largest markets for this technology. However, the demand for cryptocurrencies in general will not change. The people who can't buy Bitcoin switch to other cryptocurrencies. Not even people in illegal activities would risk holding outlawed Bitcoin when there are so many similar alternatives to choose from.

i do not think that a single country can effect bitcoin too much, either it is China, Russia or USA, bitcoin is a universal currency and it cannot be effected so easily. secondly i am hopeful that USA is not going to bane bitcoin, because USA is a modern and developed country they can understand the demand and necessity of modern time. therefore hope that they will support bitcoin and will not bane it.

ICOGuru

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aaand i would be forced to move to another country Cool

I dont think trump would let that happen though.

Electra01

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If Bitcoin was banned in the USA, I believe the value would fall dramatically as it is one of the largest markets for this technology. However, the demand for cryptocurrencies in general will not change. The people who can't buy Bitcoin switch to other cryptocurrencies. Not even people in illegal activities would risk holding outlawed Bitcoin when there are so many similar alternatives to choose from.

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Quote from: Taki on January 22, 2017, 12:59:49 PM

I think the US dictates to all the world what is in trend. So in the case of banning bitcoin by USA government other countries could repeat it. Probably except Russia Grin

i don't think so, europe is very clear on the matter they have a different opinion than the usa, bitcoin will continue to live there it does not matter what USA want to do

the same for other big country like china(cny is the first currency used to buy bitcoin, more than usd), russia well they still need to figure it out i think, they changed their mind many times, it's not funny anymore...

Mr.grin

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well, the USA gives so much influence over the bitcoin. if bitcoin became illegal there, I think the quality of bitcoin will decrease, and other countries will also follow it. may slowly bitcoin will have a low price, and the longer that all countries make bitcoin, became illegal.

Immakillya

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I guess bitcoin enthusiast there can never do something about that. Thats a law. They will never fuck with the law. I guess the only thing they can do is to move out from that country. And look for a country which is bitcoin friendly. That will cause also huge drop of price of bitcoin. But that scenerio i think is impossible to happen because US like to be in touch with latest trends. Also population of bitcoin owners there are huge.

lordquanta

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Quote from: SmartIphone on January 22, 2017, 10:27:59 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

The first thing that could happen is a crash price, many businesses would be forced to remove bitcoin from their system.
Then many people have invested in bitcoin so they would start selling them or hold them illegaly.

Yes, this is logical. US is world leader and any move from the US against bitcoin will severely damage the reputation of bitcoin and trust of people in it. Once trust is gone it is very difficult to built it again.
If other countries join the band then situation will be difficult for bitcoin.

However this is not going to happen because there are people in Trump cabinet who like/love the bitcoin/blockchain technology.

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

You need to be a bit more specific. Are you talking about a scenario in which even the possession of Bitcoins becomes a punishable offense? Any such measure will be extremely difficult to implement. Or are you talking about a ban on the conversion of Bitcoin to fiat? The second one can be tracked easily, and it can be enforced.

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Okay, let's imagine bitcoin is declared illegal. I think in America there are many people who use it and many people not satisfied with the new president, so I think it would inevitable lead to some protests. Some will do that, because they want to have a right to use btc and others just because they are against Trump. Meanwhile, bitcoin will become more popular because of all the information in the news and the price is likely to grow.

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Quote from: danherbias07 on January 22, 2017, 10:30:31 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

A problem between US and their people would happen. The investors from their country would retaliate with this problem. The thing is this invsstors are not just simple investors, they are people who have money and power that is why they are risking it for bitcoin. They cant do that just like that?

yes that is a fact that there will be a conflict between the people of USA and USA government. but to me i think the people will put pressure on their government and the government will start thinking about the future of bitcoin. we can hope that they will really take a position decision about bitcoin because they will also realize the importance of bitcoin in the modern time.

PokemonFun

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I think that Donald Trump is clever billionaire which will not do that because he want also to make more bigger amount of money from money which he have right now.If Donald Trump do that and bitcoin become illegal in USA then that will be bad for every person from USA and black market will be opened for bitcoin what will be really bad because bitcoin price will decrease and it will be lower because of lower number of customers because everybody dont like to buy things on illegal market.Also if Donald Trump say that bitcoin is illegal in USA bitcoin price will decrease growing for really much % what nobody dont want here.I am praying to god to not make bitcoin illegal in USA because of lower profit for everybody who is using bitcoin but cryptocurrency is future money in future world what we can see from many newspapers and articles.

deadpoolx

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Quote from: chickenado on January 22, 2017, 06:25:27 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If United state declare that bitcoin is illegal, many country will declare too, so there's a chance that bitcoin will become a illegal money in whole world. All of the investor will sell their bitcoin at low price and the price of this will dump in zero. Even BlackMarket Will not accept it because it has no value.

I think the opposite of that. Probably things would happen very differently. If so many countries came to declare Bitcoin an illegal currency, the population of these countries would get to know Bitcoin even more, the simple fact of being involved in so many political scenarios would also draw media attention.
Therefore, there is likely to be an increase in demand, since in addition to having more people knowing about Bitcoin, banning the currency would not cause problems in the functioning of the network, which occurs in a decentralized way.

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

I think it would be like banning gold from possession

It worked in 1930s, but people have changed since then and they don't trust the government any more. So it would all depend on whether this ban would be enforced and how hard. If it is banned like Bitcoin had been "banned" in Russia (without really banning anything at all), that won't change a lot. Perhaps, only exchanges and web wallets move to other countries which are more loyal to Bitcoin. If the ban is enforced for real with people getting punished and ending up in jail, well... maybe, it's time for a revolution?

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Quote from: Taki on January 22, 2017, 12:59:49 PM

I think the US dictates to all the world what is in trend. So in the case of banning bitcoin by USA government other countries could repeat it. Probably except Russia Grin

It should not happen, I mean, to accept that dictates trends, Supposedly its ideology is of democracies, but let's not go into details, and returning to the subject, I do not think that much would happen, only that the price would adjust to a level a little lower for a while.

Taki

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I think the US dictates to all the world what is in trend. So in the case of banning bitcoin by USA government other countries could repeat it. Probably except Russia Grin

Rahar02

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Fortunately US doesn't states it illegal as in september 2016, a federal judge ruled that bitcoins are funds within the plain meaning of that term, so it's consider as commodity and currency. what will happen :
- all the exchanges and trading platform will be vanish from US or move their base to other countries.
- as the exchanges gone, will affect to the local economics related to bitcoin.
- the price will drop for a while as trading volume in the country suddenly drop.
- the regulations that prohibits bitcoin used in the country will push bitcoiners to the black market or at least under the radar.

coinplus

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

What Would Happen If Bitcoin Were Declared Illegal in the USA?

All bitcoiners are intelligent enough to continue using bitcoins, hence USA people also will keep their faith on decentralization. People to people exchanges are beyond the reach and regulations of any government.

I guess there will not be any big impact due to any type of declarations from any country. Because bitcoin is designed to withstand against them.

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Quote from: PacePay on January 22, 2017, 10:09:23 AM

Bitcoin is a decentralized currency and is not a centralized so it is not even in the control of US rules. Suppose if US will ban it or will consider it as illegal then the problems will be only for US citizens as all other citizens from other countries will not care for it.

Only the government will suffer as people of USA will still be able to use bitcoins online. Government cant Ban the bitcoins completely and that's where bitcoin strength is. So no government will do this mistake and made a bad name among its
people.

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I think there is still big impact who are living in united states because of its illegal then people who are using in that country will be arrested because of using bitcoin.. since we are growing i think we can be still use the other alternative to buy bitcoins or withdraw bitcoins in other payment methods before they can withdraw their money.. so that they will not be arrested in usa..

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

A problem between US and their people would happen. The investors from their country would retaliate with this problem. The thing is this invsstors are not just simple investors, they are people who have money and power that is why they are risking it for bitcoin. They cant do that just like that?

SmartIphone

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

The first thing that could happen is a crash price, many businesses would be forced to remove bitcoin from their system.
Then many people have invested in bitcoin so they would start selling them or hold them illegaly.

Noctis Connor

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as far as i know bitcoin is not a centralized currency so no one could banned it or even stop it from growing thats why bitcoin has a lot of advantages compared to our fiat system which is centralized and country is running on it. unlike bitcoin the programmer who invented this system is still anonymous and dont know who is it. and remember theres a high profile person living in usa using bitcoin.

PacePay

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Bitcoin is a decentralized currency and is not a centralized so it is not even in the control of US rules. Suppose if US will ban it or will consider it as illegal then the problems will be only for US citizens as all other citizens from other countries will not care for it.

severaldetails

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I do not think the US will prohibit the posession of bitcoin.
But in the case they would, I suppose a lot of people would go out of the bitcoin market and sell their coins.
That would bring us more supply and with it a decresing price.
Nobody knows how much coins would go back into the market, so there is no way to tell how high the drop might be.

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Quote from: icecube45 on January 22, 2017, 09:33:31 AM

Logically if bitcoin illegal in America it would make the use of bitcoin is reduced, as it would make the American citizens are no longer using bitcoin, and there bitcoin is also quite popular it will strongly influence. It will reduce the use and supply of bitcoin, so it will make the price will be unstable may even decline. That applies not only in America but in any country, because adoption of bitcoin will greatly affect the progress of bitcoin.

The United States had officially declared bitcoin as a commodity last September year 2015 and they are already exchanged millions of it every day in the New York exchange. I think that they can ban only the printing of bitcoin vouchers literally as a currency but as long as it is virtual they would not do it.

icecube45

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Logically if bitcoin illegal in America it would make the use of bitcoin is reduced, as it would make the American citizens are no longer using bitcoin, and there bitcoin is also quite popular it will strongly influence. It will reduce the use and supply of bitcoin, so it will make the price will be unstable may even decline. That applies not only in America but in any country, because adoption of bitcoin will greatly affect the progress of bitcoin.

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USA will see shutting of Crypto exchanges. Exchange companies will see huge losses.
Bitcoin price in USA will shoot. Will start trading @ 30-40% premium.
Bitcoin enthusiasts will try to launch mass mobilisation against Government decision. Their efforts may pay great and government may revert decision.
And all depends upon imaginary situation if USA bans Bitcoin!

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If bitcoin is going to be declared in the USA, then it can be good for bitcoin and bad also. Good is that the demand of bitcoin is going to increase since a main player of world market will declare ban to bitcoin then people who are residing there are going to have hard time for buying some locally. Bad because it can have a big impact to the followers of USA, they might ban it also.

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Quote from: burner2014 on January 22, 2017, 08:34:16 AM

Quote from: ASHLIUSZ on January 22, 2017, 07:53:21 AM

Such a ban won't be declared over bitcoin in USA, because they are technology lovers who are also much into digitization. Lots and lots of people from several countries were planning to implement bitcoin within their country. At this time at any cost USA won't ban bitcoin.

Agree with you, I think that USA won't declare bitcoin as illegal because they seen bitcoin as a global phenomenon and an opportunity for economic growth and individual. So, this declaration won't ever happen because USA really supports bitcoin a lot and really wanted bitcoin to become the number 1 digital currency.

Yeah that is not possible with USA to ban this global phenomenon of opportunity and economic growth and its really growing of its numbers of users who find profit from digital currency economic growth. But if it happens that US bans btc, I would call it a big crash of its economy and a big fall of those people who depends from btc part time income and its their life nowadays.

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Quote from: ASHLIUSZ on January 22, 2017, 07:53:21 AM

Such a ban won't be declared over bitcoin in USA, because they are technology lovers who are also much into digitization. Lots and lots of people from several countries were planning to implement bitcoin within their country. At this time at any cost USA won't ban bitcoin.

Agree with you, I think that USA won't declare bitcoin as illegal because they seen bitcoin as a global phenomenon and an opportunity for economic growth and individual. So, this declaration won't ever happen because USA really supports bitcoin a lot and really wanted bitcoin to become the number 1 digital currency.

ASHLIUSZ

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Such a ban won't be declared over bitcoin in USA, because they are technology lovers who are also much into digitization. Lots and lots of people from several countries were planning to implement bitcoin within their country. At this time at any cost USA won't ban bitcoin.

Xester

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Bitcoin is backed up by dollars and so if bitcoin were to be banned in the United States of America then probably dollars can no longer be used to buy bitcoin. If that is the case then bitcoin and other currencies online can lose a huge amount of value and may eventually lead to bankruptcy. The only surviving cryptocurrency will be the local based cryptocurrency that can be exchanged to its local fiat currency.

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Quote from: chickenado on January 22, 2017, 06:25:27 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If United state declare that bitcoin is illegal, many country will declare too, so there's a chance that bitcoin will become a illegal money in whole world. All of the investor will sell their bitcoin at low price and the price of this will dump in zero. Even BlackMarket Will not accept it because it has no value.

Are you alright? What do you think of United States? Mother of all country that can be followed?

So you think that because United Stated stated that bitcoin is illegal so is the other country? What do you think of other country? Will just follow United States ideology about bitcoin? That's a retarded thinking that I have encountered. People per nation is different to the views about bitcoin. It's really a big effect to the bitcoin if ever United States declare bitcoin as illegal but not to the point that other nations will follow as they have own position about bitcoin.

Betwrong

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Although I think it's impossible to declare Bitcoin illegal in the USA, let's imagine what would happen in that case. Most US citizens are law-abiding people so they would stop using Bitcoin in case it was declared illegal, but most likely they would sell their coins first. Then the price of Bitcoin would drop 50% or even more IMO.

titibach

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Quote from: valta4065 on January 22, 2017, 05:27:46 AM

Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Hmm... Nothing would happen I guess.
Oh well yes, what would happen would be that localbitcoin activity would rise while exchange platforms would decrease.
But as long as you can buy anonymously btc it wouldn't change much I guess.
And that's the whole point of btc ^^

Having to be verified at localbitins is not anonymous Cheesy

it would change the price dramatically for the worst when the rest of the world see one of the big players out the game.
no exchanegs, no services, not a damn thing just the same old drug buying.

warwar

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Quote from: talkbitcoin on January 22, 2017, 06:48:43 AM

for the past eight years they have been trying to make bitcoin legal, many countries such as Japan recognized bitcoin as a legal "currency", in US bitcoin is a legal "commodity" and so many other countries. nothing is going to happen with this legal state of bitcoin, specially in countries like US that don't want to be behind of other countries in technology.

Is that real? cool im not updated to news really. well if that is true then its good. USA is recognizing bitcoin as real currency then thats true it aint gonna happen if the bitcoin becomes illegal well i think they just prevent those uncertain transactions in deep web sort of bad things.

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for the past eight years they have been trying to make bitcoin legal, many countries such as Japan recognized bitcoin as a legal "currency", in US bitcoin is a legal "commodity" and so many other countries. nothing is going to happen with this legal state of bitcoin, specially in countries like US that don't want to be behind of other countries in technology.

topesis

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If Bitcoin is declared illegal in USA,initially the price will drop to react to the shock, then the price will spike, there are some goods/services that man need, that BTC is the best means of exchange for such and since it is not going to be available again on exchange you will need to pay premium price to get it

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If United state declare that bitcoin is illegal, many country will declare too, so there's a chance that bitcoin will become a illegal money in whole world. All of the investor will sell their bitcoin at low price and the price of this will dump in zero. Even BlackMarket Will not accept it because it has no value.

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Yes nothing would happen to bitcoin because bitcoin is not operated by USA so still many people will use it, most of the people are considering bitcoin as commodity, they cannot block chains individually that is not restricted to USA only many countries are involved in it. If it happens definitely they need to ban poloniex exchange also.

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Hmm... Nothing would happen I guess.
Oh well yes, what would happen would be that localbitcoin activity would rise while exchange platforms would decrease.
But as long as you can buy anonymously btc it wouldn't change much I guess.
And that's the whole point of btc ^^

Pettuh4

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

You know, the US government classifies Bitcoin as a commodity and a currency. There's a well held microeconomic principle that says that commodities normally follows an inverse relationship with the US dollar. Thus when the dollar strengthens against other major currencies the prices of commodities drop and when the dollar weakens against other major currencies commodities moves higher but Bitcoin has defied this and is rather having a direct relationship with the dollar since 2015. It means the dollar increases with corresponding increase in Bitcoin prices so should Bitcoin be declared illegal in the US and hence Bitcoin pushed to the black market (where it will eventually gain value) it means whenever the value of the dollar drops it will take more dollars to buy commodities (Bitcoin in this case) and that will weaken the dollar even further.

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Quote from: EuSouBitcoin on January 22, 2017, 01:45:41 AM

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

USA know the implication of declared bitcoin and crytocurrencies illegal as this will push bitcoinist to black market. From my studies I find out that bitcoin might be use to determine world power in future as Russia that declared it illegal before now adopted wait and see approach. China and Japan on their own are developed more blockchains and invest millions of dollars in it. If usa declare bitcoin illegal and Russia, China,Japan and other developing countries legalize it in future? The price will soot up and those countries that have invest in it from beginning will use it to bargain world power.

EuSouBitcoin

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Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

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