Why hasn't any government stopped Bitcoin? - page 19.

coin@coin

legendary

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Quote from: w0lverine on June 17, 2017, 07:53:17 PM

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

Even with a new law Bitcoin itself can't be stopped, that's just the beauty of it.

Zackgeno96

hero member

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No government can stop the bitcoins as it is a decentralized currency and no one can control or monitor it. In case, if the government tried to monitor the bitcoins then also it will be very difficult for them to successfully implement the related law.

Burks

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Quote from: coin_1122 on September 29, 2017, 08:39:41 AM

Quote from: Roman Abraham on September 29, 2017, 04:37:34 AM

Quote from: w0lverine on June 17, 2017, 07:53:17 PM

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

I think the government can actually take advantage of bitcoin. if bitcoin in a country is legalized it will invite foreign investors to come and invest their money into the country in bitcoin form, if this happens it will have an impact on the growth of the country's economy.

Many countries don't have this confidence and they are not making Bitcoin as the legal currency. Some countries understand the value of Bitcoin and their Economic growth that's why they are legalizing the Bitcoin in their country.

As you mentioned the bitcoin will gonna play some potential role in economy in the future days.Many countries already started to know about the bitcoin so they are legalizing bitcoin in their country.Ofcourse the bitcoin promotes the foreign investors to investon their country which yields profits for the country also.so the countries doesn'ttake any action on the bitcoin.

coin_1122

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Quote from: Roman Abraham on September 29, 2017, 04:37:34 AM

Quote from: w0lverine on June 17, 2017, 07:53:17 PM

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

I think the government can actually take advantage of bitcoin. if bitcoin in a country is legalized it will invite foreign investors to come and invest their money into the country in bitcoin form, if this happens it will have an impact on the growth of the country's economy.

Many countries don't have this confidence and they are not making Bitcoin as the legal currency. Some countries understand the value of Bitcoin and their Economic growth that's why they are legalizing the Bitcoin in their country.

senne

hero member

Activity: 1078

Merit: 507

Sorry, But bitcoin has been stopped and banned in many countries which include Bolivia, Ecuador, Kyrgyzstan, and Bangladesh till now. But if we compare this with the countries where Bitcoin is illegal, that is way much more than it. Moreover, in the recent times ICO may be banned in the countries like China and South Korea but Bitcoin is still ruling because as for the government also realize its potential and knows that it can also help in the improvement of their country in some way or other.

christian07

full member

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I think because its so conveniece that bitcoin brings and here we dont have any problem if we save our money like other bank,the only problem here is the volatile price of bitcoin but base in the past 6 years of bitcoin i think the price is no more problem even its volatile

matuson

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Quote from: Roman Abraham on September 29, 2017, 04:37:34 AM

Quote from: w0lverine on June 17, 2017, 07:53:17 PM

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

I think the government can actually take advantage of bitcoin. if bitcoin in a country is legalized it will invite foreign investors to come and invest their money into the country in bitcoin form, if this happens it will have an impact on the growth of the country's economy.

You are wrong. Bitcoin users are not investors. There are a small number of investments made by citizens of countries that exchange bitcoin to local currency. It can be considered an investment but they are too small to participate in the statistics. In General, the government is the enemy of bitcoin.

Roman Abraham

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Quote from: w0lverine on June 17, 2017, 07:53:17 PM

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

I think the government can actually take advantage of bitcoin. if bitcoin in a country is legalized it will invite foreign investors to come and invest their money into the country in bitcoin form, if this happens it will have an impact on the growth of the country's economy.

awilliams

member

Activity: 191

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The government is scared of decentralized currency; however, if they lose out on the opportunity and ban it, then they lose out on billions. I think they're just trying to get the tech together to integrate, regulate, and/or track.

Lieldoryn

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Quote from: imstillthebest on September 27, 2017, 03:36:40 AM

Quote from: hfaffiliates on June 19, 2017, 03:43:59 PM

LOL. How to do this government. Bitcoin don't have any record of this transaction by client. The government don't know where its operate. and Who control this ? The Govt cant not stop this. If govt can if every govt stop internet but its not possible for any body for that Bitcoin never stop. If Possible if the miner stop mining but it also not possible.

yeah, bitcoin is decantralized and no one controls or holds it therfore no one can declare a law or regulation to it not even the government and banks. bitcoin is unstopable and no one in this world can stop it or restrict it unless theres a total black out and internet have been shutdown.

This is not so. To stop bitcoin the government is sufficient to limit the exchange of bitcoins for Fiat. This is the weakest point of all users of bitcoin. It seems to me that the government now wants to deal with bitcoins because they think how to install a control for users to their hands to earn money.

imstillthebest

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Quote from: hfaffiliates on June 19, 2017, 03:43:59 PM

LOL. How to do this government. Bitcoin don't have any record of this transaction by client. The government don't know where its operate. and Who control this ? The Govt cant not stop this. If govt can if every govt stop internet but its not possible for any body for that Bitcoin never stop. If Possible if the miner stop mining but it also not possible.

yeah, bitcoin is decantralized and no one controls or holds it therfore no one can declare a law or regulation to it not even the government and banks. bitcoin is unstopable and no one in this world can stop it or restrict it unless theres a total black out and internet have been shutdown.

Gotottack

hero member

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At the outset, governments worldwide tried to stop the proliferation of Bitcoins. However, it cannot be denied that the more they try to topple down said cryptocurrency, the more its popularity increases. The impact of its popularity has its highs and lows but the former obviously make it attractive to investors who desire to take control of their money. Thus, the massive growth of Bitcoins in a small amount of time has substantially affected the economy worldwide. With this, governments take a shot at what was once just an idea but now seems to be an invincible asset to deal with.

savushkinTA

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Governments probably cannot shut it down through "technical" means, i.e. hacking the system, thus crashing the value or preventing it from working

Lampaster

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Quote from: Miles123 on September 25, 2017, 03:53:16 AM

There is no reason to stop bitcoin. If the bitcoin will be known and will be legalize, the government will have beneficials beacause bitcoin will pay a tax so that it can help the economy of a country. And bitcoin is very helpful in our daily needs.

This is a misconception. The government can certainly come up with a method how to levy a tax on the use of bitcoins, but it is not important. With the advent of cryptocurrency government loses control over citizens, and it scares them more than the budget deficit.

Miles123

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There is no reason to stop bitcoin. If the bitcoin will be known and will be legalize, the government will have beneficials beacause bitcoin will pay a tax so that it can help the economy of a country. And bitcoin is very helpful in our daily needs.

darkangel11

legendary

Activity: 2478

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Don't let others control your BTC -> self custody

There's really no reason to try to stop bitcoin. I'm sure governments did their math and it has not only proven to be very difficult and expensive, but also pointless.
Bitcoin is not trying to destabilize governments. It's only giving people the ability to choose the currency they want to be using, it's like another foreign currency to a government. If they are allowing people to buy unstable currencies like some of those African ones, why would they want to stop them from using BTC?

Kingofbitcoin12345

full member

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In my personal opinion,, the government of each country is just balancing the demand and profitability of bitcoin to its people.. Why would a government lawmaker proposed a bill to stopped or banned bitcoin without giving any solid evidence that it can harm than it can be good to its citizens.. We almost forgot the essence of money,, as long as the money you get is not from illegal transactions and it will benefits you and your family.. I don't see any reason a good public servants will make a stupid act..

blockchainmarketus

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Quote from: hfaffiliates on June 19, 2017, 03:43:59 PM

LOL. How to do this government. Bitcoin don't have any record of this transaction by client. The government don't know where its operate. and Who control this ? The Govt cant not stop this. If govt can if every govt stop internet but its not possible for any body for that Bitcoin never stop. If Possible if the miner stop mining but it also not possible.

That's the revolution starts. Most authority with tyrany won't a new power to comes out. Bitcoin can be a means of new power in economy that shakes their hegemony in the country. In fact, they fail to attack or shut down bitcoin. What they can do ban. Ban bitcoin exchangers, yes they can ban them but ban individual to hold bitcoin? If they can, just do it.

Yuhee

sr. member

Activity: 546

Merit: 250

I think btc is now on a verge of going down. I dont mean to be shut down but the price is really going down fast. BTCChina has really high influence over the flow on the market and because even one statement from the Governor of the blockchain there and most people are really in panic and is already taking precautions whether to continue investing on btc or not.

bubblebit

sr. member

Activity: 308

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The corrupt government officials and greedy bankers were thinking about it all along. But what make it harder for them to just banned it in all parts of the world. It is because of one specific thing "internet", they can't stopped this without switching it off. So it's impossible for them because it would make this world a war zone instantly without internet connection. It is like how can you stop a hurricane when it's on the run.

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