Why are big leaders now opposing cryptocurrencies suddenly?

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: Gyfts on November 19, 2019, 07:11:41 PM

Second - Trump is the President of the strongest economy and largest economy in the world. Rejection of Bitcoin is of course going to be his main focus. It doesn't make sense for any centralized financial institution to support it

Well, things may be a little more complicated than that

The truth is, we don't really know what Donald Trump's main focus is. I mean if it is actually about rejecting (read, banning) Bitcoin (if we assume he has been focused on cryptocurrencies at all, at least once in a while). As you correctly point out, the US is the strongest and largest economy in the world, so no matter how strong Bitcoin can potentially become, America will be the last to get hurt by it

The apparent implication is that it doesn't make sense to ban Bitcoin or any other cryptocurrency as they are not threatening the American dollar global supremacy (unlike Libra which could actually become a real pain in the ass). On the contrary, it makes sense to use cryptocurrencies to disrupt and destabilize weaker and weak economies with them (like the economy of Venezuela) by turning Bitcoin and other coins into economic hitmen of sorts

barabarian1

sr. member

Activity: 938

Merit: 250

the world leaders were accustomed to using fiat money to control the world economy. if bitcoin continues to grow, their fiat money sovereignty will be threatened. if most of the citizens already use bitcoin they will no longer be able to control the economy of their citizens. so it's only natural that most world leaders reject bitcoin. but if I see today more and more world leaders are finally willing to accept change and can approve cryptocurrency.

EdvinZ

sr. member

Activity: 994

Merit: 260

They are afraid of losing control over the financial flows of citizens, and from their point of view, they do the right thing when they speak badly about cryptocurrency. They are also most likely talking about decentralized cryptocurrencies. Centralized cryptocurrencies, with the creators of which government can negotiate and track all transactions they seem to like.

Youghoor

sr. member

Activity: 1036

Merit: 275

Quote from: pooya87 on July 11, 2019, 11:15:39 PM

also this in some ways reminds of the Gandhi Quote:
"First they ignore you, then they laugh at you, then they fight you, then you win"

This is the hard truth right there. People who don't really understand your ideology and way of doing things will always fight you or laugh at you. Governments who are opposing cryptocurrencies basically do not really understand how they can transform the entire financial ecosystem of the world. Secondly, the idea of decentralization and no central authority are the main reasons why these people are opposing the adoption of cryptocurrencies. They prefer to be the once controlling the circulation of currency in the financial ecosystem.

pragna

full member

Activity: 1582

Merit: 101

Actually i think as crypto was new in world economy US President or any other big economy county tried to capture it under their hand. But when they saw that it is decentralized and they can not tract its transaction and person who transacting, they are fear about crypto against Dollar or any other currency.

So that they are naglacing crypto. nothing else.

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote

So Trump stated that he is not a big fan of cryptocurrencies including Bitcoins and Libra if it wants to come in the market may need a banking charter since they support unlawful behavior.

Two things. Trump is absolutely right in rejecting the idea of Libra considering Facebook is behind the scheme. Facebook is notorious for selling user data and are experts in farming/exploiting user data and anyone should show trepidation when looking into Facebook's crypto attempt.

Second - Trump is the President of the strongest economy and largest economy in the world. Rejection of Bitcoin is of course going to be his main focus. It doesn't make sense for any centralized financial institution to support it.

n0ne

hero member

Activity: 2618

Merit: 548

DGbet.fun - Crypto Sportsbook

Quote from: spike420211 on November 19, 2019, 06:25:02 PM

Totally agree with you. All the negative positions of the big leaders regarding bitcoin and cryptocurrencies are dictated by fears of losing control over the masses.
After all, if people get out of the control of state financial systems, this could put the state apparatus of many countries under a strong blow.

That's the major reason, and some country leaders oppose it with a reason to promote their own cryptocurrency. If bitcoin is used everywhere, it might affect the usage of country's own cryptocurrency. Once people get used to bitcoin it is really hard to make them move into something new. Other than this there is fear of hacks and ransom attacks as governments are responsible for users if the cryptocurrency is regulated.

spike420211

sr. member

Activity: 1610

Merit: 372

Totally agree with you. All the negative positions of the big leaders regarding bitcoin and cryptocurrencies are dictated by fears of losing control over the masses.
After all, if people get out of the control of state financial systems, this could put the state apparatus of many countries under a strong blow.

alexsandria

sr. member

Activity: 896

Merit: 268

★777Coin.com★ Fun BTC Casino!

Hmm, you have only mentioned Trump and it is even just a single tweet then you are generalizing that big leaders are opposing cryptocurrencies suddenly? I don't think so. It is not true that many big leaders are against crypto, some even didnt know its existence. I am not a hater of crypto though, I am just stating some facts.

bounceback

sr. member

Activity: 2086

Merit: 283

Vave.com - Crypto Casino

maybe their leaders or governments are worried that in the future money issued by the government will be taken over by cryptocurrency so that people with the presence of cryptocurrency will no longer use transaction tools provided by the government, maybe they will use the cryptocurrency system to transact with other users .

Herbet Fry

sr. member

Activity: 812

Merit: 253

●Social Crypto Trading●

What's in trumps head is thin air. like most of his ideas just inflated air. He is a racist piece of shit and it amazes and sickens me that people voted for him. He hates so many things and has little to no love in his heart.
Very uptight little orange. Remember the great orange has the USD the best currency of all.

I am glad he fears bitcoin. Good fear it. Bitcoin is power. USA is the most ridiculous country in the world nd whenever I signup to websites involving crypto I often see that due to local laws the USA is not allowed to participate. I still would. I don't care. No one gives anyone th right to tell me where I can trade work and what sites I can use. So much for the land of the free. More like the land of slaves and manipulation.

We should just build a wall around trump I think.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: Pumared on October 03, 2019, 03:45:15 PM

It makes no sense for a leader of one country to be in favor of another currency, because that means that he is against his own currency. This trump talk is more about trying to knock down bitcoin and trying to prevail your currency

The relationship between Donald and Bitcoin may be more complex than it first appears

As a relentless and quite ruthless capitalist in the worst, Marxian sense of the word, Trump can easily say one thing, think another, and then do a completely different one. What it means is that he may love and hate Bitcoin at the same time. I know it is kind of schizophrenic but who said he is not one deep inside?

More specifically, Trump may in fact hate Bitcoin after all, but he may hate it less than any other regular currency out there (other than the American dollar, of course). In this manner, he may unwillingly and unconsciously come to love Bitcoin as it is not a real threat to the dollar but can be one in respect to other fiat currencies

Pumared

hero member

Activity: 1316

Merit: 407

Top Crypto Casino

It makes no sense for a leader of one country to be in favor of another currency, because that means that he is against his own currency. This trump talk is more about trying to knock down bitcoin and trying to prevail your currency.

Upgate

member

Activity: 560

Merit: 14

Donal trump is not the most loves leader in the world right now. His hate for cryptocurrency is unexplainable. So I would not use his point as a reason to panic for now.
Leaders around the world might not openly admit it some of them a in a way into cryptocurrency

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: atjiat on October 03, 2019, 01:59:10 PM

It seems to me that, first of all, governments are worried that attackers should not use cryptocurrency to the detriment of the state and people. First of all, we are talking about tax evasion. After all, this is done by fairly large businessmen who hide unaccounted for millions of dollars in cryptocurrency

But how likely is that, really?

If Bitcoin was as stable as gold and remained as anonymous as it is (which is not given), it would definitely make sense. But since Bitcoin is as unstable as a chair with three legs, it may turn out to be too expensive a tax-evasion device. In other words, you may end up ever so much better off overall by paying these fucking taxes than trying to evade them with Bitcoin. But that doesn't mean cryptocurrencies don't get used for other criminal activities, of course (though the American dollar is the undisputed champion in this department)

atjiat

full member

Activity: 1204

Merit: 104

It seems to me that, first of all, governments are worried that attackers should not use cryptocurrency to the detriment of the state and people. First of all, we are talking about tax evasion. After all, this is done by fairly large businessmen who hide unaccounted for millions of dollars in cryptocurrency. In addition, perhaps it is a violation of certain laws and regulations with the help of cryptocurrency, for example, as soon as possible, Venezuela will use cryptocurrency to circumvent international sanctions.

ILuckyGuyI

hero member

Activity: 2030

Merit: 402

Quote from: fiulpro on July 11, 2019, 11:01:54 PM

Hey

So Trump stated that he is not a big fan of cryptocurrencies including Bitcoins and Libra if it wants to come in the market may need a banking charter since they support unlawful behavior.

He also went ahead to say how the price if based on thin air.

I think these are the following reasons which compelled him to make public statement along with all other influential people.
(I don't personally consider Trump influential but UK ...he is the US president he may ban Bitcoins at any time so let's just go with it 😂)

1. He just wants to rekindle the public interest in Dollar , which infact is showing a weak growth this year.

2. He is scared that people are more interested in cryptocurrencies like Bitcoins and libra whose value he stated is * volatile and based on thin air*, which in turn is an excellent opportunity for the traders , they may get daily profit , which is more than USD

3.he is just scared that Facebook cryptocurrency despite being a cryptocurrency might just be converted into a bank and it could dominate all the existing ones , let's be honest even my grandma is on Facebook' it is going to spike public interest so fast.

I think whatever he said and whatever others are saying about Bitcoins and other cryptocurrencies is not because they are scared it might bring unlawful behavior , but infact because they are scared it will give the power to public , the public money will be theirs to hold , and the banks and governments can no longer regulate it. Their own currencies will become weak .
It's not concern of society , it's just they fear what revolution it might bring.

( Let me know if you guys need the link about what's being said but I actually just summed up the 2 page article the main points are in the starting para only.)

For people who insists on saying it was only one quote by Trump:-

" Trump joins other government leaders and central bank chiefs including Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney to speak up against Libra"

We can't say there are many leaders opposing cryptocurrencies in my opinion. I see Trump is trying to lessen the interest in Bitcoin and I am sure that he will try to ban Bitcoin too. As you said, he is afraid of Bitcoin and he wants people to use the local currency.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

I don't know what other leaders beside Trump you have in mind but I don't see that as a sudden change. Trump has a business background and as many other businessnem.he's not a big fun of cryptocurrencies but that is not the surprise.
I don't think that governments around the world are against cryptocurrencies, they are just very cautious. You can't expect they will just let something so volatile, unregulated and unsecure into financial system. They are aware they have to embrace cryptocurrencies but they want to minimise the risk and prevent possible consequences.

skarais

legendary

Activity: 2464

Merit: 2094

An important point that I can understand here is that the Government recognizes that the technology behind cryptocurrency can make financial market infrastructure such as payment systems more efficient. But the Government is only concerned about the risks that exist in cryptocurrency such as cases of money laundering, drug transactions, to other crimes.
In my country, cryptocurrency can only be used as an investment and trading instrument, this is much better because they don't prohibit it. Because so far the government has only banned use as a means of payment and will have problems with the law if someone violates it.

dr_chen

sr. member

Activity: 494

Merit: 250

If a digital economic revolution happens, governments will suffer the most. No president or any government wants to be remembered badly. Especially if you're an egotistical guy like Trump, and you're also head of the USA.

Topic: Why are big leaders now opposing cryptocurrencies suddenly? (Read 1019 times)