why do governments don't make BTC illegal worldwide ? - page 51.

Kousei23

sr. member

Activity: 411

Merit: 335

Quote from: lentzaj on August 29, 2017, 01:37:34 PM

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

It's easy because eventhough governement doesn't hold bitcoin they also have the power to earn ir in very special way. And of course governments are also using it in able to earn extra income. They will not banned bitcoin in theor country because they see bitcoin is a very advantagable thing and not negative thing.

christsstrong

newbie

Activity: 81

Merit: 0

Bitcoin is reducing unemployment a bit and also creating job opportunities. May be thats why.

loading...

sr. member

Activity: 331

Merit: 250

Quote from: lentzaj on August 29, 2017, 01:37:34 PM

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Because some government believe that bitcoin in their country will be a big thing that can of course help them to grow up their economy. Many people use bitcoin nowadays because of its different and very unstable value that can make your money big. But of course bitxoin has also a disadvantage but despite that people will surely use it as well as the government.

lentzaj

sr. member

Activity: 474

Merit: 501

Quote from: Michael_Gims on September 11, 2017, 04:20:04 PM

Because Bitcoin is not a major concern for them. Just a minor concern, a niche used by smart people as inflation shield.

I do not agree with you. If you look at all BTC related charts you'll see a growing users base, growing exchanges, growing value, growing market cap, etc... It is no more a gadget for smart and geek people. It is slowly getting mainstream. Governments could soon see it as a serious problem and make the use of BTC really hard by banning exchanges, BTC ATM, ....

Michael_Gims

newbie

Activity: 28

Merit: 0

Because Bitcoin is not a major concern for them. Just a minor concern, a niche used by smart people as inflation shield.

Bitcoincole

full member

Activity: 504

Merit: 102

Quote from: EddieNigma on September 11, 2017, 02:06:32 PM

Some governments will try, but ultimately the government is made up of humans, not too different from us. Many of them will recognize the blockchain as an opportunity, not a threat.

In fact, those who adopt it faster will be at an advantage. Imagine 20 years ago half countries banned the internet and half supported it. Which half would be economically and technologically superior now?

My personal opinion why the government don't make btc illegal worldwide because there really isn't anything that is getting violated here and i think they only narrow the income economy of a small people who earn only by searching bitcoin.

hsmst4

newbie

Activity: 10

Merit: 0

Governments can't stop the blockchains but they CAN shut down the exchanges. What good is having 134 bitcoins if you can't transfer back to fiat? Value would then plummet in a sense killing it.

I suspect that is why sites like Coinbase are so strict on their usage policies. Trying to keep the market clean so not to give the feds any reason to shut them down.

EddieNigma

member

Activity: 93

Merit: 10

Some governments will try, but ultimately the government is made up of humans, not too different from us. Many of them will recognize the blockchain as an opportunity, not a threat.

In fact, those who adopt it faster will be at an advantage. Imagine 20 years ago half countries banned the internet and half supported it. Which half would be economically and technologically superior now?

Stedsm

legendary

Activity: 3052

Merit: 1273

Quote from: Sithara007 on August 30, 2017, 09:59:56 PM

Quote from: viewly on August 30, 2017, 09:55:12 PM

Cash can already be untraceable to an extent.

Making bitcoin illegal wouldn't solve much, especially since the entire world capitalization is 1% at best.

The governments are concerned because Bitcoin is being used for a lot of criminal activities. This include the purchase of illegal substances such as narcotics and weapons, as well as the payment of ransom and bribes.

Concerned about what? Bitcoins?
I believe you may be correct about that in many cases because Bitcoin was asked as an extortion money when ransomware things were at their peak and it's even being (or may be getting) used in terrorist activities, but let me ask you one thing here. Things which have values (even higher values) or even different currencies and assets such as Gold, aren't they being extort in the real world? If these things are not declared illegal anywhere, why should Bitcoins be?

datodota002

full member

Activity: 224

Merit: 101

Quote from: lentzaj on August 29, 2017, 01:37:34 PM

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

why make this extraordinary invention illegal, when gowverment and bank do illegal think on illegal way. Bitcoin payment like lightning fast and almost zero payment, when the bank must pay in every transaction and pull commision from our saving every month, like they said maintenace fee pftttt lol. why we have to save our money in bank that charge fee for our own money while we can be our bank.

Dudeperfect

hero member

Activity: 1190

Merit: 534

Yes, I agree that Bitcoin can challenge the value transfer of traditional fiat system but on the other hand, if the government is deciding to ban such digital currencies then it would boost the shadow usage of it and those who are using Bitcoins for legal activities would not use it in that case but those who are using Bitcoins for illegal use, would keep using Bitcoins under cover and I fear that the percentage will increase drastically if there is any wrong move by the government. Making it legal is the best way I see to monitor the flow of it.

thomastthom

newbie

Activity: 88

Merit: 0

Governments would have done to ban it it was a threat to them. In my opinion things are easier for them with crypto currency around. They and people they serve can do their dirty works without so called can't be traced.

Jmmerquita

member

Activity: 64

Merit: 10

the government can regulate it if they stop regulating fiat currency. Adapt change and apply the new system for exchange which is crypto currency.

lentzaj

sr. member

Activity: 474

Merit: 501

Quote from: audaciousbeing on September 07, 2017, 07:25:28 AM

A lot of people have argued that government will not be able to stop bitcoin completely but what they can do that we need to start realising is frustrating the growth of bitcoin in the sense that since bitcoin as it is now, cannot be used to buy any direct thing, then they will then stop banks from making fiat possible to bitcoin and withdrawal from exchange to our individual banks the moment that is done successfully, I tell you, crashing is happening fast, exchange sites are closing down and bitcoin will only be used in the crypto community which is still not large enough to accommodate our needs.

You are right ! BTC and cryptos seem to be not as resilient to government censure/banning as they are claimed to be. What is your strategy ? Do you still invest on a long term basis in crypto knowing this or something else ?

audaciousbeing

hero member

Activity: 1330

Merit: 569

A lot of people have argued that government will not be able to stop bitcoin completely but what they can do that we need to start realising is frustrating the growth of bitcoin in the sense that since bitcoin as it is now, cannot be used to buy any direct thing, then they will then stop banks from making fiat possible to bitcoin and withdrawal from exchange to our individual banks the moment that is done successfully, I tell you, crashing is happening fast, exchange sites are closing down and bitcoin will only be used in the crypto community which is still not large enough to accommodate our needs.

lentzaj

sr. member

Activity: 474

Merit: 501

Just wanted to share with you this post from marketwatch :

http://www.marketwatch.com/story/bitcoin-ether-and-other-cryptocurrencies-may-be-seeing-the-beginning-of-the-end-2017-09-06

This paper is not as optimistic as you are. I cannot yet make a final thought about a possible government ban of crypto...

VeeraS

full member

Activity: 560

Merit: 100

yes I really agree with what you say.
exactly, the government is very scared for that. besides that instability owned by bitcoin and alcoin. the government is not interested in investing.
because it is most likely many countries do not legalize bitcoin.

bamboylee

hero member

Activity: 1148

Merit: 504

Different countries will have different opinions about bitcoin. It can be a threat or it can help the economy as well. Making bitcoin illegal worldwide, involving every country on the planet will be hard, next to impossible. Besides, if you ban bitcoin, there will just be another altcoin that will rise to replace it.

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

Quote from: 99legendary99 on August 29, 2017, 02:27:33 PM

a

Nice 1st post. Congratulations!

lentzaj

sr. member

Activity: 474

Merit: 501

Ok I admit that governemnts wont be able to definitely stop BTC by making it illegal. But if a few big countries decide to make it illegal it will become difficult to make it mainstream because less people will dare to use it, to build businesses on it. Making it illegal will be a real break on the BTC adoption. It will remain a geek niche stuff that won't go to te moon ! Also, look what happened after China's decision to temporarily make ICO illegal ! As bad as it sounds governments are able to deeply influence BTC and crypto market ! Don't you agree with this ?

Topic: why do governments don't make BTC illegal worldwide ? - page 51. (Read 8116 times)