Will Bitcoin collapse by a global government crackdown? - page 10.

Artemis3

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Quote from: Abiky on January 23, 2019, 06:25:16 PM

As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive? AFAIK, Bitcoin is largely dependent on nodes distributed geographically. The Internet is controlled by ISPs which are subject to government demands. If a global government crackdown happens, then the growth of Bitcoin and other cryptos might stale for sure.

Nonetheless, what are your thoughts about this? Huh

It would survive. And at this point it is very unlikely that ALL countries would ban it. If anything, its the minority of oppressive regimes that do. But still, bitcoin was designed to resist this from the start. Sure hashrate and price would fluctuate, but it would find its place and things would continue as usual: 1 block every 10 minutes.

If it became draconian, perhaps more/better obfuscation would be needed (like the Tor project). I'm sure the developer's community would respond to the challenge and go around any censorship.

Kakmakr

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What Global crackdown?

Most governments already accepted Bitcoin either as a currency or a commodity Cool

In any way, if governments decides to "ban" Crypto currencies, people will just go underground with it.

They cannot stop the Bitcoin network, because it is decentralized and nodes are spread all over the world. Grin

cfif123

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in my opinion it could collapse because now the government is not serving and opening up opportunities for bitcoin to emerge in this country so for me nowadays bitcoin is not as easy as it once was

figmentofmyass

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Quote from: Abiky on January 23, 2019, 06:25:16 PM

With all the buzz lately of governments cracking down on cryptocurrencies, there has been fear among people with regards to Bitcoin and altcoins. This is one of the many reasons why 2018 experienced a sharp decline in the value of the whole crypto market, leaving many wonder the outcome of a complete government crackdown towards Bitcoin and other cryptos in the future.

they're cracking down on services, exchanges, and fundraisers who were flouting existing regulations. for example, ICO issuers selling securities to USA investors without SEC registration. or 1broker allowing USA residents to trade CFD instruments without AML/KYC or SEC/CFTC registration.

i wouldn't say they're cracking down on cryptocurrencies. outside of china and a few small countries like algeria, governments have been surprisingly receptive towards the crypto economy. most governments seem to want to integrate and regulate, rather than prohibit, crypto.

joniboini

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Quote from: Abiky on January 23, 2019, 06:25:16 PM

The Internet is controlled by ISPs which are subject to government demands.

We can simply use an encrypted internet connection to connect the node. Use something like dnscrypt for example, and you can connect again with other nodes. I'm not really sure the government wants to ban Bitcoin (blocking their connection) because it's just a waste of resource. They might try to shut down any cryptocurrency exchange though so that people won't be able to cash out. But we can still trade offline, or use something like Bisq.

I don't think government crackdown will happen, but if it does, I believe we can find a solution for that.

crwth

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Whenever I think of something that was banned, it's Illegal Drugs. I think this is a great subject to compare since some countries are in it with the ban with drugs and cryptocurrency. As a result, there would be a scarcity of Bitcoin supporters on those countries that banned. Generalizing, I think the price could go up on those areas because it would be harder to get. But the problem is, people would be scared to use it. If all the government, together, made a way to ban Bitcoin, there will be no one to support it anymore. Hence, no more Bitcoin.

So it can only go two ways, rise in price in usage, or go away forever. I don't think the latter would stick though.

Abiky

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With all the buzz lately of governments cracking down on cryptocurrencies, there has been fear among people with regards to Bitcoin and altcoins. This is one of the many reasons why 2018 experienced a sharp decline in the value of the whole crypto market, leaving many wonder the outcome of a complete government crackdown towards Bitcoin and other cryptos in the future.

As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive? AFAIK, Bitcoin is largely dependent on nodes distributed geographically. The Internet is controlled by ISPs which are subject to government demands. If a global government crackdown happens, then the growth of Bitcoin and other cryptos might stale for sure.

Nonetheless, what are your thoughts about this? Huh

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