Why hasn't any government stopped Bitcoin? - page 7.

BTCeminjas

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Quote from: godwyn50 on March 08, 2018, 07:00:50 AM

I see that yet again, this question has been merged in with one that does not ask the same thing. The question I answered was “If a government body wanted to shut down Bitcoin - could they even do it?”

Governments probably cannot shut it down through "technical" means, i.e. hacking the system, thus crashing the value or preventing it from working. (Juergen Nieveler discusses this in his answer.) Thus, if I were a government that saw Bitcoin as a threat, I would try a three-pronged attack:

Of course, they are not going to manipulate bitcoin because it has own blockchain technology that they used in bitcoin and also it being decentralized nobody behind this cryptocurrency bitcoin. Some of the countries are embrace and recognized bitcoin but others are refusing bitcoin due to afraid of bitcoin may abuse their community by doing illegal activities.

godwyn50

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I see that yet again, this question has been merged in with one that does not ask the same thing. The question I answered was “If a government body wanted to shut down Bitcoin - could they even do it?”

Governments probably cannot shut it down through "technical" means, i.e. hacking the system, thus crashing the value or preventing it from working. (Juergen Nieveler discusses this in his answer.) Thus, if I were a government that saw Bitcoin as a threat, I would try a three-pronged attack:

Minerfortyniner

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The same reason they cant stop DeepOnion or the TOR network. Because they are decentralized.
Bitcoin is a decentralized p2p open source crypto network.

Ghondronk

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https://exiptoken.io/

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.

Bitcoin has no central authority

radjie

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most governments actually recognize that bitcoin is a sophisticated modern technology capable of overcoming all kinds of transactions, but because of the many crimes that use this modern technology so bitcoin can be misused by people who commit crime transactions using bitcoin. the government is worried that bitcoin is increasingly being misused by many people.

sudah_wisuda

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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 seems 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 why the Government has not stopped Bitcoin because the Government is aware that Bitcoin is actually bringing a positive impact on its people. Yes as the economy of its users can be helped by working in Bitcoin. Surely this can reduce the poverty rate little by little.

spyerf

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It's good that at least bitcoin has a chance to become a coin that is recognized by all countries, it can happen because the government also realizes that bitcoin really helps the people's economy. This is a thought that is wise and unselfish.

v0rtecxz

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For what government to stop the obvious bitcoin to help everybody's economic growth in his country, the government does not need to think selfish, now many countries are enacting policies that regulate the use of bitcoin to prohibit its use, but not all countries do the same, they only apply the policy use of bitcoin to limit unwanted actions so they can continue to monitor the use of bitcoin in everyone.

rohican

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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 seems 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.

The government has not stopped Bitcoin because the Government is convinced that Bitcoin has good prospects for the future. But the Government seems prestige to admit it.

cryptbit.man

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No government can really stop bitcoin quite simply because bitcoin is inherently decentralised. Due to the fact that it does not have any legal location, any central hub etc it does not reside under any country legislation. This means that even if a country bans the coin or makes it illegal, there is no way that they can enforce such ban. The main impact of countries banning bitcoin that we have seen so far is restricting the origin of people applying for KYC whitelist from those specific countries. This is also just simply imposed by who is running the KYC themselves in order to avoid complications or issues with the local governments.

Hannahanto

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Probably they do understand the benefits of bitcoin and crypto currencies. They do see crypto currencies powerful q and growth in countries where accepted! The importance of Blockchain technology is felt needed amongst the authorities. The value is the main source for everything. Economic is mainly focused by every government. As crypto currency helps grow economy growth, countries welcomes crypto currencies in their respective countries.

whitecaramel1

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I think Bitcoin seen as challenging their authority,so some country forbid it.but they also see the enormous potential of bitcoin

burner2014

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Quote from: Bagaji on March 05, 2018, 04:42:41 PM

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.

Bitcoin is unstoppable because had in being government should have there way they wouldn't have allowed Bitcoin and crypto currency in general to remain till this time. Dispite the fact that they have tried all the try all they could but to know avail.

So far government cannot stopped cryptoucrrency even the China cannot totally eliminate it in their country, for sure a lot of Chinese were still doing it. So, regardless of how the government wanting to stop bitcoin they cannot totally eliminate it especially that bitcoin is decentralized and does not control by anyone.

Bagaji

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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.

Bitcoin is unstoppable because had in being government should have there way they wouldn't have allowed Bitcoin and crypto currency in general to remain till this time. Dispite the fact that they have tried all the try all they could but to know avail.

Vektrum

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There are approximately five countries in which crypto-currency is banned at the legislative level. The government bans all controlled crypto-exchange exchanges, exchangers, websites and in general everything related to the crypto currency. Therefore, the use of crypto currency becomes very difficult. In addition, criminal responsibility for operations with the crypto currency is introduced. Even with such measures, hardly anyone will want to engage in it and risk freedom. Therefore, each state has enough leverage to prohibit crypto currency not only legally, but also in practice. Therefore, all these conversations that the state is not able to prohibit the crypto currency is groundless reasoning.

KorakPawon

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Quote from: hfaffiliates on June 20, 2017, 02:01:15 PM

Quote from: Unknown Enforcement on June 20, 2017, 01:50:12 PM

Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. Government can only use media as a weapon.

Yes You are right the government can do any think. because there are find any think about bitcoin. bitcoin will be stop if the miner stop mining. but the are not possible. government only what happen and what will doing bitcoin. then new revelation in currency world.

This is a historic moment for the Marshall Island Government, because the Marshall government has finally issued and used its own crypto along with the dollar, this is another step towards realizing the freedom of the Marshall community

onebtcforlife

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Quote from: Soranith on February 25, 2018, 10:44:12 AM

There are countries that ban bitcoin and other starts to legalize it different leaders has their different opinion when it comes to crypto. There some that are open minded and is willing to do changes and others want's to stick with tradition. Bitcoin and the rest of crypto is still very new lets give our leaders sometime to fully understand this technology.

The technology behind the Bitcoin is making them convince about the Bitcoin, so governments want to make Bitcoin as the commodity rather than currency. Most of the governments are considering Bitcoin is an illegal activity but some countries are legalizing it because in order to grow their economic growth.

Falgorn

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However, the Chinese authorities are trying to control the Internet. State government and the blocking of popular foreign websites by Chinese Internet providers, the government is trying to restrict citizens within the controlled Internet. The means of monitoring Internet traffic are used by the government to suppress political dissent. Thus, the prohibition of bitcoin will not become a rather unexpected step of the Chinese government.

Marucya

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Because it is impossible to prohibit bitcoin. In the era of globalization of the Internet economy, some governments have not enough power and power to effectively combat decentralized crypto currency.

LogitechMouse

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When bitcoin has become popular in the world, there are many who are against is especially banks. Most banks hate bitcoin and because banks and the government has some relation, some governments want to ban bitcoin in their country.

Although some governments hate bitcoin to be used in their country, they cannot stop it because at first they didn't created bitcoin. The government doesn't have any control in bitcoin and the only thing they can only do is to ban it in their country and that's it. Maybe they are banning bitcoin in their country because its very risky or because they don't like it.

They can't stop bitcoin. They can only ban it but as days passes by, more and more people are being involved in bitcoin.

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