What would happen if BTC was Banned? - page 58.

raven7886

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Quote from: clickerz on November 18, 2016, 12:34:47 PM

Quote from: DOGE12321 on November 17, 2016, 06:15:24 PM

Although, they could make it illegal, it would be nearly impossible to track people who continue to use Bitcoin and governments probably wouldn't be bothered to track who is using Bitcoin. They would have more things to care about. I would continue to use it anyway.

Yes its hard but if you are under investigations I think its a big problem for you. Once they know your bitcooin wallet, they can trace your transaction, money that comes in or out of your wallet. Though its hard to implicate you, but other data can pinpoint you.

Almost every bitcoiner is having the habit of using different bitcoin address for different purposes also for every new transaction it is highly suggested to have new bitcoin address. If we are following these practices to protect our anonymity then there will be only very less chances to be traced out.
The scenarios you have mentioned are not possible for a common bitcoiner with above practices.

clickerz

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Quote from: DOGE12321 on November 17, 2016, 06:15:24 PM

Although, they could make it illegal, it would be nearly impossible to track people who continue to use Bitcoin and governments probably wouldn't be bothered to track who is using Bitcoin. They would have more things to care about. I would continue to use it anyway.

Yes its hard but if you are under investigations I think its a big problem for you. Once they know your bitcooin wallet, they can trace your transaction, money that comes in or out of your wallet. Though its hard to implicate you, but other data can pinpoint you.

TechnologyExplorer

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I don't think any force in the world can ban the usage of Bitcoins. That is why this digital currency is called as decentralized currency as it cannot be governed by any government or nation.

If at all the government or all governments in clustered form think to ban it the only way will be to block the internet. Otherwise, they cannot ban the cryptocurrency.

By blocking internet, most of the critical infrastructure in the world can be blocked and bitcoins usage is one. Other than this, they cannot ban the usage of bitcoins, until merchants show interest in accepting this currency-especially in UK.

nara1892

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

If I am not mistaken, many countries declare that bitcoin is illegal, but bitcoin users from those countries still use bitcoin. so I think it's their reaction.

actually if governments announce punishment of illegal bitcoin, I think some people will abandon bitcoin, but I don't think many people will do that.

Dudeperfect

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Quote from: Rawted on November 17, 2016, 12:13:54 AM

not much, it would simply move into black market economy for that sector with extremely high cost and rare to come across

Exactly, Governments can fight with bitcoins on the grounds of law and they can ban bitcoin and other crypto currencies but still since bitcoin was developed as an encrypted technology, it is practically impossible for most of the governments on the ground of technology to keep users away from using it. However, I read a debate here on Bitcointalk that quantum computers can destroy bitcoin, so I think there is only one mega threat as of now.

Idrisu

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Quote from: Amph on December 18, 2015, 11:29:09 AM

i would continue to use, good luck track me if i can buy face to face and hold my fortune in bitcoin

many things are banned, but they are still used

I am not a misfortune teller. I thing bitcoin or other altcoin are decentralize currency and in that it may be difficult if not impossible to banned it. Many bank are trying to adopt betcoin and it is good we should look at the positive side of this currency than negative side.

Victorycoin

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

Though nothing is impossible, but things like the entire government of various countries of the world, taking one stand is certainly not one of those things or have a thing like that happened before now? While some may see nothing wrong with declaring bitcoin illegal, some others certainly would not.

Already that is the scenario presently playing out across the globe and it is evident that the ones that called bitcoin illegal obviously said so in error and are fast withdrawing their words. I am compelled to ask, how exactly can something that is global, decentralized and unregulated be established as illegal?

romero121

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Quote from: DOGE12321 on November 17, 2016, 06:15:24 PM

Although, they could make it illegal, it would be nearly impossible to track people who continue to use Bitcoin and governments probably wouldn't be bothered to track who is using Bitcoin. They would have more things to care about. I would continue to use it anyway.

That's true, the same happens with every user who were into bitcoin usage and earning for a long time. Everyone try to use it through additional service providers or develops bypassing programs to continue using. Most probably banning won't happen in most of the countries.

choppork

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Quote from: DOGE12321 on November 17, 2016, 06:15:24 PM

Although, they could make it illegal, it would be nearly impossible to track people who continue to use Bitcoin and governments probably wouldn't be bothered to track who is using Bitcoin. They would have more things to care about. I would continue to use it anyway.

Maybe the government can work with the ISPs in your country to track your activity. I don't know if the VPN will cover those because the ISP gives you all the data and it's very likely that they can locate you and know the websites that you visit online. It's also quite easy to get a photo of you visiting bitcoin websites since today, hidden cameras can be bought almost anywhere.

error08

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Quote from: damiano on December 18, 2015, 12:17:33 PM

Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

* However unlikely and practically impossible that scenario is I will answer anyway - Nothing would happen that doesn't now just a move from centralized to decentralized. Not sure what would happen to the forum especially the trading and exchange! Guess it would be closed.

* We may lose a few community members a long the way but it would not be a big deal because we probaby would have lost them anyway. The rest would get smarter.

* The solution would be to continue as is but taking better precautions than we already do. Bitcoiners are not stupid (well the majority aren't) Also there are decentralized exchanges with smart contracts in the alt world that can be used for btc as the main exchange.

Saying that imo there will be no ban on bitcoin as they will see it is near impossible to enforce with decentralized exchanges popping up for trading coins and goods. In my mind they could only regulate and ban centralized exchanges and services.

Yeah, I guess trading and exchanges could just stop their business and bitcoin price fall down, remember bitfinex got hacked and price drop almost a half. What if most of them closed, it may fall down to $100-200/btc.
Well, since it's impossible to happen, nothing to worry about.

DOGE12321

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Although, they could make it illegal, it would be nearly impossible to track people who continue to use Bitcoin and governments probably wouldn't be bothered to track who is using Bitcoin. They would have more things to care about. I would continue to use it anyway.

rizkyhiw

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Quote from: vindicare on November 17, 2016, 03:38:25 AM

Many will protest or should I say online protest and usually it will make a place for a forum from people using BTC and the government, different proposition from different parties and hoping it will not be ban or making it regularize.

online protest would be mean nothing i guess
people just would keep using bitcoin no matter what , as noone can control it
government ban should not have a big effect to real miner, real bitcoiner to use bitcoin.

charmingfreddie

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The US gov has already stated its to late to stop bitcoin and they cant shut it down. As long as there are banking crisis on after the other bitcoin will grow. Legal or not.

huntlol

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It would be like piracy - it would be banned and everyone says bad stuff about it but every still does it to some degree. People will use bitcoins no matter what (unless the price crashes which i doubt will happen)

stark101

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

In my opinion, well bitcoin maybe would really disappear, but why would they do that? is there any reason for bitcoin to be banned?
Of course the community would react in way that would become mad, there are some questions came their mind why it happened. And i dont knw what's the solution of it would happen.

vindicare

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Many will protest or should I say online protest and usually it will make a place for a forum from people using BTC and the government, different proposition from different parties and hoping it will not be ban or making it regularize.

prabowo96

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Quote from: diodio5 on November 17, 2016, 01:55:40 AM

Quote from: Rawted on November 17, 2016, 12:13:54 AM

not much, it would simply move into black market economy for that sector with extremely high cost and rare to come across

I think all will remain the same. just everybody doing anything illegal because it uses bitcoin although banned, but the government will not be able to do anything, because bitcoin anonymous, so they will not know bitcoin users

Bitcoin are in a bubble already, imagine with less services and goods to buy with it, the price will go to the ground...

For sure people will stay using, like others alts that are ilegal(don't have any law about) however if you can't trade for fiat, it's a chaos for the system.

diodio5

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Quote from: Rawted on November 17, 2016, 12:13:54 AM

not much, it would simply move into black market economy for that sector with extremely high cost and rare to come across

I think all will remain the same. just everybody doing anything illegal because it uses bitcoin although banned, but the government will not be able to do anything, because bitcoin anonymous, so they will not know bitcoin users

mirakal

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Quote from: Rawted on November 17, 2016, 12:13:54 AM

not much, it would simply move into black market economy for that sector with extremely high cost and rare to come across

They cannot ban bitcoin because it's in the internet. In the online world we have the freedom to access what sites we want to and whatever we want to do as long as we do not get caught if it's illegal, for sure we can make a way to still make bitcoin progressive even it's ban because as you said in the black market bitcoin is in demand.

Rawted

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not much, it would simply move into black market economy for that sector with extremely high cost and rare to come across

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