Why Cryptocurrency threatens governments - page 11.

Artemis3

legendary

Activity: 2030

Merit: 1569

CLEAN non GPL infringing code made in Rust lang

Quote from: celestinamoore on September 17, 2018, 03:39:49 AM

Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

No, it doesn't really threaten political power, only their ability to mess with the coin. Governments without any control of the coin used in their countries do exist, there are a few countries that use another one's fiat completely outside of their control, such as the USD or the EUR.

Of course they love being able to manipulate the fiat, "just in case", thats what they fear will lose, and probably will happen with or without their consent anyway. People will simply start accumulating deflationary crypto currencies rather than their own national inflationary fiat. Ie, people will want less fiat which will pressure the price down.

Just imagine people saw the light and decided to buy gold with their savings to get rid of their dollars and euros, then you will start to get the idea. Especially when said governments KNOW about fractional reserve banking, and how it could pop should enough critical mass learn about it. That would probably be the last economic crisis before the world finally decides to adopt Austrian economics.

andriarto

sr. member

Activity: 1344

Merit: 253

Quote from: Seeker#9 on May 10, 2019, 06:32:46 PM

Decentralization, I think, is the main reason why some governments is not keen on welcoming bitcoin in their economy. They are using centralized method on their economy and finance to manage inflation and wild fluctuations to their currencies. Most cryptocurrencies are difficult to manage because no one control them, their rapid or sudden price fluctuations might hurt their economy and that's what the governments fear most.

of course this happens because the government cannot control the decentralized system. on the other hand the government is afraid that there will be a bubble on the cryptocurrency because it has high fluctuations, which is detrimental to society

Seeker#9

full member

Activity: 658

Merit: 102

Decentralization, I think, is the main reason why some governments is not keen on welcoming bitcoin in their economy. They are using centralized method on their economy and finance to manage inflation and wild fluctuations to their currencies. Most cryptocurrencies are difficult to manage because no one control them, their rapid or sudden price fluctuations might hurt their economy and that's what the governments fear most.

Adriano2010

hero member

Activity: 1414

Merit: 516

Governments can put tax on crypto and let people use crypto coins and they always should put the tax only when a profit is made, i buy 1 bitcoin for 6000$ and if i sell for 7000$ to pay a % for 1000$ profit only, and if i sell for 5000$ to not pay nothing.

toast

sr. member

Activity: 1582

Merit: 253

Quote from: Nunoluck on May 09, 2019, 08:02:10 AM

To make government accept crypto currency maybe easier than we think. We only need to show our seriousness to pay tax based on cryptocurrency that we have. All this time people are talking about avoiding to pay tax by the use of bitcoin. Maybe if we orderly pay cryptocurrency tax then government will accept bitcoin and will not pretend bitcoin as a threat.

in addition to other threat taxes on the government, namely the nature of anonymous bitcoin, everyone can use it without their real identity so that the frequent occurrence of crime, fraud and others that harm others taxes may be easy if the government wants to use bitcoin, but what makes it difficult is that anonymity.

Nunoluck

full member

Activity: 452

Merit: 101

To make government accept crypto currency maybe easier than we think. We only need to show our seriousness to pay tax based on cryptocurrency that we have. All this time people are talking about avoiding to pay tax by the use of bitcoin. Maybe if we orderly pay cryptocurrency tax then government will accept bitcoin and will not pretend bitcoin as a threat.

hahahafr

hero member

Activity: 938

Merit: 501

The use of cryptocurrency actually put the government from monitoring the funds of individuals like they do through the banking system and also cryptocurrencies invade taxes that would have been deducted through the banking system.

Tylev

full member

Activity: 854

Merit: 104

Quote from: celestinamoore on September 17, 2018, 03:39:49 AM

Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

Cryptocurrency has never threatened governments and will not threaten. It must be remembered that the monetary relations in the state have always been under the exclusive jurisdiction of this state itself through its government. Governments will allow the circulation of cryptocurrency only as long as it does not pose a threat to itself. Moreover, it will never actively support the decentralized cryptocurrency. His primary task is to maintain his monetary unit, he simply does not care for the cryptocurrency.

Seeker#9

full member

Activity: 658

Merit: 102

Quote from: jcarlo on December 06, 2018, 07:23:34 PM

I am believe Government not afraid about bitcoin. Government ban or prohibit bitcoin because its not regulated yet. I think the institution that afraid with bitcoin and cryptocurrency is central banks because central banks can not control the supply and transaction data on decentrallized cryptocurrency.

I think many of the central banks is not yet ready to accept cryptocurrencies because of they are being decentralized, the level of non acceptance is very high in the third world countries than in the wealthy countries like Japan and Germany where bitcoin is now legalized and accepted by their own central banks. The only solution to this problems is to impose regulations on all cryptocurrency exchanges which is being agreed during a G20 summit on cryptocurrencies.

SvonioneFromMangoCoinz

member

Activity: 663

Merit: 10

https://streamies.io/

Quote from: celestinamoore on September 17, 2018, 03:39:49 AM

Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

They will never accept crypto. Because this decentralized market will make many components easy to launder money that the government can not control. This is a dangerous market for government finances. taxes and budgets will be greatly reduced. They will not easily accept the crypto market.

redsap

member

Activity: 336

Merit: 10

Harmony for One and All

well goverment are likely if everything is still under they control, and if they can't having access to enter into that in some companies or other they will make some law that against that, and we know that cryptocurrency have a much profit when controled or even goverment don't know the function if that applied in they country

jcarlo

member

Activity: 798

Merit: 10

I am believe Government not afraid about bitcoin. Government ban or prohibit bitcoin because its not regulated yet. I think the institution that afraid with bitcoin and cryptocurrency is central banks because central banks can not control the supply and transaction data on decentrallized cryptocurrency.

ngusmin

copper member

Activity: 497

Merit: 0

The cryptocurrency is decentralized, and therefore the government does not support cryptocurrency because the government has difficulty controlling it.

forked human

newbie

Activity: 41

Merit: 0

Quote from: Dimas99 on November 15, 2018, 02:28:28 AM

Quote from: terencio on September 17, 2018, 05:58:55 AM

Fiat currency its a currency that a government has a control while crypto can not be manipulate and can not be created out of thin air. If people adopt a crypto currency then the fiat currency price will plummet. Its one of the reason why government impose a stricter rules in cryptocurrency.

maybe what you say is true the government always rejects and thinks negatively about the development of the crypto currency but if it can work together it will certainly make it even better for the government to monitor and monitor what will happen I think something will develop more

Actually the governments do not understand that what the benefit can give the cryptocurrencies to the governments. They do not know that the future will be of the digital currencies and people all around the world will accept Bitcoin and cryptocurrencies so if they will work from now then they will be much mature in the coming time.

TRONTON

sr. member

Activity: 868

Merit: 252

Quote from: jatin729 on December 05, 2018, 01:04:00 PM

I don't think that govt threatened by Crypto even govt. is looking for opportunity for where they will implement it and how they will regulates it. there are some countries where govt strongly denied the Crypto inside the country but neglect those countries, see countries like japan, UsA, south korea, thailand and many others where Crypto is regulated.. and govt earn taxes from it.

the high number of problems that always occur in fiat makes them not focus on other alternative currencies, but on the other hand the development of existing cryptocurrencies goes wild and they are very afraid of the potential for inflation, which makes them skeptical, the threat of fear comes because of their inability themselves in anticipating some things that are progressive.

jatin729

full member

Activity: 812

Merit: 108

I don't think that govt threatened by Crypto even govt. is looking for opportunity for where they will implement it and how they will regulates it. there are some countries where govt strongly denied the Crypto inside the country but neglect those countries, see countries like japan, UsA, south korea, thailand and many others where Crypto is regulated.. and govt earn taxes from it.

JohnBitCo

sr. member

Activity: 2030

Merit: 356

Quote from: Sama517 on December 04, 2018, 09:31:26 AM

The government are just threatened with the fact that once cryptocurrency becomes mainstream, the revenues they generate through banking transactions will be all gone. They want to continue feasting on us.

Governments and banking sectors feels unwanted threat from bitcoin and digital currencies. If they think and plan on how to incorporate bitcoin with their existing finical structure that could be much more positive and just banning the bitcoin would not solve the problem.

efxtrader

full member

Activity: 924

Merit: 100

GoMeat - Digitalizing Meat Stores - ICO

Quote from: celestinamoore on September 17, 2018, 03:39:49 AM

Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

In my view, government wont lose control on money supply and thats why many government in the world ban and prohibit bitcoin. But recent news, member G20 country already make statement that they will regulate cryptocurrency and i think its big step for cryptocurrency market

jikurpa

sr. member

Activity: 665

Merit: 250

Quote from: hugeblack on September 17, 2018, 05:09:43 AM

The government is trying to make everything under its control, the banks control all the money, and the government controls that banks.
Blocking or restricting is a feature of anything new, new things need time to accept.
The Internet has been a tool for freedom before, but now there are a lot of restrictions on its use, and this will happen to cryptocurrencies.
I do not know why people tend to be controlled? But this is a present trait.

very true what you say if the crypto currency is managed well maybe the results are good too and in my opinion good intentions and goals for investors are the most important factors of the crypto currency results

alani123

legendary

Activity: 2422

Merit: 1451

Leading Crypto Sports Betting & Casino Platform

I think crypto would be most productive in creating new value in coexistance with whatever governance system there is around. If governments can't kill it, why not regulate business creation on it and tax it just a little bit perhaps? If legal businesses can be established easily under clear an fair guidelines I think everyone is a winner.

Topic: Why Cryptocurrency threatens governments - page 11. (Read 19885 times)