Why has not any government stopped Bitcoin? - page 5.

audaciousbeing

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Quote from: nrnahid on October 04, 2019, 01:42:59 PM

Governments have done enough to dissuade common people from using Bitcoin extensively. Being charged with operating unlicensed money changing businesses is a possibility if you engage in cash-bitcoin conversion.

The problem with government not stopping bitcoin is not that they cannot its because they don't want to. Government of countries can be so radical that anything they want can be forced down people throat depending on how far they are willing to go. Although, when it comes to bitcoin, they might not achieve 100% compliance but they can achieve some maximum result and the rest of people would stay away because of fear that they might be punished. I have seen a country shut down its internet because they want to ensure certain action and ordinary citizens in that country could not access internet in within that period. The reason why government does not want to go that route is one, the commercial value of those involved in bitcoin or its related activities is not enough to attract that kind of enforcement and secondly because they don't want to lose out of what is to take sway in the nearest future.

7788bitcoin

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Quote from: tsaroz on October 04, 2019, 08:52:22 PM

Many of the government around the world would gladly stop bitcoin if they could. Bitcoin is a decentralized currency that's traded P2P. As everything happens on the internet and has no physical form and official value, there's nothing a government can do to stop it's transaction. They can make it difficult to buy bitcoin with cash, redeem bitcoin to cash and in some cases prohibit buying goods and services using bitcoin but they can never stop a P2P trade.

There is a problem with all these P2P model, if you are using fiat currency to purchase USDT and then trade those with bitcoin and you are doing the same process vice versa and if a government wants to really stop these kind of trade then it is really possible. The countries that impose the ban have the ability to come up with legal actions against bitcoin traders and if they identify unusual transaction then you can be monitored if you are trading huge amount of money even with P2P.

MURONDI

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some countries are trying to prevent the growth of bitcoin, but no country can stop bitcoin because bitcoin is digital, like when the government limits internet access to something that is prohibited, there must still be people who can access it, unless there is a government that wants to disable the internet, then bitcoin access will be paralyzed. Shocked

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Quote from: carter34 on October 28, 2019, 11:30:56 AM

They couldn't do that because it will become an effort in futility. The first reason that can't be done is because it isn't under their control. Bitcoin is separated from third party interference and government is a third party. It is individual base currency, that is, it is not monitored.

Same thought of what is posted above of yours. In short, bitcoin is decentralized form of currency. This digital currency is no one owns and even the government has no right to stop on it. That's why there are few countries implemented regulation when it comes to cryptocurrencies and they did not allow crypto exchanges to continue their business, just like country of China before. Even though how banning they are going to implement people who will know in bitcoin can still have and hold their own, because of anonymity.

carter34

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They couldn't do that because it will become an effort in futility. The first reason that can't be done is because it isn't under their control. Bitcoin is separated from third party interference and government is a third party. It is individual base currency, that is, it is not monitored.

pankajgupta

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Bitcoin is a virtual currency. It has no physical existence. It is a decentralized currency. Nobody has control over it. It has no physical existence. It is peer to peer transactions. No. govt. can ban it. What they can do only is prohibit or ban the conversion of bitcoin to their own country currency.
Peer to Peer transaction remain continue.

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Quote from: nrnahid on October 04, 2019, 01:42:59 PM

Governments have done enough to dissuade common people from using Bitcoin extensively. Being charged with operating unlicensed money changing businesses is a possibility if you engage in cash-bitcoin conversion.

Government is losing the battle because Bitcoin has something that people wants that the government can't provide, and because of this they cannot stop it, people will find a way, they know that the world needs Bitcoin and blockchain and they know they can gain financial liberation here, after ten years they can try to stop it, but the support of other countries will beat them in the end.

bozo333

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I am not sure whether you are reading your newspaper for your reading the newspaper sites about the cryptocurrency. There are plenty of court notice to the companies whoever running the crypto based business in their country.
Only few countries giving opportunities for blockchain industry and they are getting more reputation as well as emerging in blockchain industry.

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Quote from: error08 on October 07, 2019, 09:38:54 AM

Quote from: darkangel11 on October 07, 2019, 07:28:55 AM

Quote from: error08 on October 05, 2019, 10:17:42 PM

Many governments have done it,

Not that many and most of those who did are third world piss poor countries nobody visits like Bangladesh, Afghanistan, or Vanuatu. Nobody outside of their countries cares what they ban or allow inside their borders.

Not only third world poor countries, but there are also Egypt, Marocco, Bolivia, Saudi Arabia, Jordan, Iran, Colombia, and China.
Some of those probably not banning exchangers but at least governments not allowing banks and financial institutions to facilitate bitcoin transactions.

China banned financial institutions from exchanging Bitcoin. It's not banned in China! You can own it and trade it. You can also exchange it with other people but you can't start an exchange business there and there are no exchanges in China only in Hong Kong which has its own laws. It's the same in India.

In Saudi Arabia it's not banned at least according to some sources. They only issued a warning to banks. The EU central bank did the same and it's still legal in the EU.

sandra_x

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Bitcoin cannot be stopped by any government. Bitcoin was designed to be censorship-resistant. Areas where there are currently some kind of bann on bitcoin, it is hard to surveilance on users, the common thing is to deny users banking facilities. Also, there is the argument that bitcoin is a form of free speech (digital), which makes it legally difficult to place an outright ban on it in places like the US

error08

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Quote from: darkangel11 on October 07, 2019, 07:28:55 AM

Quote from: error08 on October 05, 2019, 10:17:42 PM

Many governments have done it,

Not that many and most of those who did are third world piss poor countries nobody visits like Bangladesh, Afghanistan, or Vanuatu. Nobody outside of their countries cares what they ban or allow inside their borders.

Not only third world poor countries, but there are also Egypt, Marocco, Bolivia, Saudi Arabia, Jordan, Iran, Colombia, and China.
Some of those probably not banning exchangers but at least governments not allowing banks and financial institutions to facilitate bitcoin transactions.

darkangel11

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Quote from: error08 on October 05, 2019, 10:17:42 PM

Many governments have done it,

Not that many and most of those who did are third world piss poor countries nobody visits like Bangladesh, Afghanistan, or Vanuatu. Nobody outside of their countries cares what they ban or allow inside their borders.

Quote

Moreover, exchanging bitcoin into cash and vice versa is not a crime such as trading narcotics which must be banned.

Drugs exist for thousands of years and they were never the reason for a society's collapse. Banning drugs is good for the government because it gives them all the benefits. Allows them to confiscate and sell drugs themselves, steal money they suspect come from drug trades, make sure more people are "productive" because the government itself is not so it has to rely on the work of others.
I'm not an addict myself but I will always argue with people who have strong opinions about these things.

Bitcoin will not be stopped, that's a fact. You can only stop people from trading fiat for bitcoin and this will only work for electronic payments. You can never stop cash trades, just like there was no way to stop alcohol in the times of prohibition. When people want something they will get it and no bans or laws will stop them.

BitHodler

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Quote from: error08 on October 05, 2019, 10:17:42 PM

Moreover, exchanging bitcoin into cash and vice versa is not a crime such as trading narcotics which must be banned.

It depends though. I don't think there is much wrong with people buying and selling cannabis for example. It's a plant that requires little to no chemical manipulation, which can't be said about those dealing coke or heroin.

I'm really glad that in Canada and the US cannabis is less frowned upon these days, where some states have already legalized use and sales, of course within a regulated environment. It should have happened years ago already, but better late than never I guess.

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Quote from: 1Referee on October 06, 2019, 09:45:06 AM

I don't necessarily think Bitcoin's market cap being low or high is the actual problem, but the use of it. If Bitcoin's market cap is in the trillions, but people still don't use it for anything other than a long term store of value hodl (similar to how people use Gold), governments will not bother to start cracking down on it.

Good point, but I think they (governments) also take into account the total value of Bitcoin, although this information is incorrect due to the fact that a good part of Bitcoin is forever lost. So from that perspective Bitcoin looks pretty harmless, and can hardly compete with the dollar or the euro when it comes to practical use on a daily basis.

The key point is that they have the tools to do damage to Bitcoin; the only question is whether they will and when they do it.

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Quote from: 1Referee on October 06, 2019, 09:45:06 AM

I don't necessarily think Bitcoin's market cap being low or high is the actual problem, but the use of it. If Bitcoin's market cap is in the trillions, but people still don't use it for anything other than a long term store of value hodl (similar to how people use Gold), governments will not bother to start cracking down on it.

The part you quoted sums it up perfectly; as long as you don't have a reason to NOT use the dollar, the government is fine tolerating Bitcoin. Only when people are discarding the dollar and start paying everything in Bitcoin, and stores restock their shelves by using Bitcoin too, etc the odds will stack against the governments, and that's when they will pull out their banhammer.

Brad's words don't seem to be too aggressive, but the context definitely is. I sense a sinister undertone there.

The value of Bitcoin is irrelevant and the only thing governments would care about (and the banks) would be whether or not its gaining traction with the masses. Even if it became a threat to the banks and the government wanted to stop it they could not outright stop it. The only real thing that they can do to effect Bitcoin would be to regulate it or ultimately ban the currency from being used in their country but Bitcoin is this beautiful thing which gives you a decentralized platform to use and can avoid censorship in my eyes we should not be worrying about governments cracking down on Bitcoin but the governments should be worrying about how they are driving people to use platforms like Bitcoin because of their censorship. There is a reason why China dominates the markets its because their government censors everything and the people are not putting up with it clearly.

Theb

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Ever since the growth of the crypto industry what I have noticed is that the most of the governments have been open-minded with the industry and thankfully they have actually separated the crimes being committed using crypto and crypto itself. Back then you will see bans taking place as the ultimate solutions related to crypto crimes happening but now when a considerable amount of people are involved which is using crypto on regular activities not related to any illicit activities. It's too late for them to make ban as a solution especially when countries like Japan and South Korea and even particular companies like Samsung are taking advantage of the crypto industry. A ban as a solution for them would just mean a step backwards that can ruin an economical opportunity for them.

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Quote from: Lucius on October 06, 2019, 08:50:35 AM

The question of why Bitcoin has not been stopped yet actually has a very simple answer, there is still no need for such measures, ie Bitcoin does not pose a threat to the global financial system at the moment. With a current market cap around $150 billion, Bitcoin is just a joke currency - for example only the US annual budget is about $4.7 trillion.

Do you know what Congressman Brad Sherman (US) say about Bitcoin comparing it to Libra?

Quote from: https://cryptoslate.com/congressman-brad-sherman-complete-ban-cryptocurrency-bitcoin/

“Bitcoin is a small baby here. You can’t buy a pack of gum for a Bitcoin. It has to have to an off ramp so that you can then convert it into a sovereign currency,”

I don't necessarily think Bitcoin's market cap being low or high is the actual problem, but the use of it. If Bitcoin's market cap is in the trillions, but people still don't use it for anything other than a long term store of value hodl (similar to how people use Gold), governments will not bother to start cracking down on it.

The part you quoted sums it up perfectly; as long as you don't have a reason to NOT use the dollar, the government is fine tolerating Bitcoin. Only when people are discarding the dollar and start paying everything in Bitcoin, and stores restock their shelves by using Bitcoin too, etc the odds will stack against the governments, and that's when they will pull out their banhammer.

Brad's words don't seem to be too aggressive, but the context definitely is. I sense a sinister undertone there.

magneto

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Quote from: nrnahid on October 04, 2019, 01:42:59 PM

Governments have done enough to dissuade common people from using Bitcoin extensively. Being charged with operating unlicensed money changing businesses is a possibility if you engage in cash-bitcoin conversion.

What do you mean? Governments have been trying to stop bitcoin since its inception, I'm not sure why you'd think the opposite.

In fact, China has basically ousted their entire booming crypto industry despite the fact that it was most likely insanely profitable at the time with all of the miners, exchanges, and ICOs just raking in huge amounts of profit. They've explicitly banned exchanges and ICOs IIRC as well as making Alipay/Wechat pay make their users aware of much harsher crypto restrictions.

So it's not that they haven't tried or that they're not trying, it's simply because the even the worst restrictions that governments can come up isn't able to circumvent the decentralised nature of the blockchain, which is ultimately why they can't just "shut it down".

Lucius

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Bitcoin realistically cannot be stopped completely, but it can be severely damaged by banning crypto exchanges and mining farms. These two play key elements in normal functioning of Bitcoin, shut them down and everything turns into a game that completely moves underground, away from the public eye.

The question of why Bitcoin has not been stopped yet actually has a very simple answer, there is still no need for such measures, ie Bitcoin does not pose a threat to the global financial system at the moment. With a current market cap around $150 billion, Bitcoin is just a joke currency - for example only the US annual budget is about $4.7 trillion.

Do you know what Congressman Brad Sherman (US) say about Bitcoin comparing it to Libra?

Quote from: https://cryptoslate.com/congressman-brad-sherman-complete-ban-cryptocurrency-bitcoin/

“Bitcoin is a small baby here. You can’t buy a pack of gum for a Bitcoin. It has to have to an off ramp so that you can then convert it into a sovereign currency,”

error08

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Quote from: nrnahid on October 04, 2019, 01:42:59 PM

Governments have done enough to dissuade common people from using Bitcoin extensively. Being charged with operating unlicensed money changing businesses is a possibility if you engage in cash-bitcoin conversion.

Many governments have done it, for the countries which prohibited cryptocurrency, at least they could pass a law to prevent citizens convert bitcoin into cash through a big exchanger, but they can't prevent someone to do over the counter transaction, just like any other prohibited things. Moreover, exchanging bitcoin into cash and vice versa is not a crime such as trading narcotics which must be banned. People will always do it when there is an opportunity to, as long as there is no evidence to stop them.

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