Will Bitcoin collapse by a global government crackdown? - page 4.

0t3p0t

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Quote from: joniboini on January 24, 2019, 02:08:29 AM

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.

I agree. If governments has advancements the crypto community will also having such advancements and it could be more than that. Governments can only regulate local exchnages not Bitcoin itself they might implement a total ban on it but still we are able to use it with secrecy as every problem there will always be a solution. Not all governments are against Bitcoin so I think it is to hard for them to shut down Bitcoin.

mbluxs

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If indeed all countries will carry out rejection regulations, then clearly the value of bitcoin will be very cheap and will not even be worth it anymore because every country has banned activities with bitcoin.

senin

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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.

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

While the intentions of governments to unite in order to ban, or even limit the circulation of cryptocurrency, is not planned. On the contrary, the reverse trend is likely to occur. As can be seen from another topic in this section, 111 states actually recognized the circulation of cryptocurrency as legal and only in ten states are considered illegal. So there is no reason yet to fear that the government may unite to prohibit the circulation of cryptocurrency.

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Quote from: Viceroy on February 22, 2019, 02:21:00 PM

It will be very difficult for btc to compete against governmental rejection. Unless it has been provoked by government itself, btc won't survive in conditions of political disapproval, on a global scale.

Perhaps, it will survive after all. With the available technologies today, Bitcoin can stand the test of time via alternative networks and devices. If governments become too oppressive against Bitcoin, then one could easily support the BTC blockchain by other means (whenever in a P2P or in-person fashion, or via the use of Tor, i2p, or even ZeroNet). Still though, the most important thing is that Bitcoin remains as decentralized as possible to be able to withstand the most disrupting attacks within the future.

Given how big Bitcoin has grown today, it may be very unlikely that a global government crackdown would become successful in the not-so-distant future. The open-source and decentralized nature of Bitcoin has allowed it to "copy" itself into other crypto projects (Bitcoin forks) that live on their own. In the event Bitcoin becomes threatened, it could survive as another blockchain network or as the same blockchain within a private or alternative network.

Therefore, the odds for a crackdown happen is zero to none. Time will tell us what lies ahead for the future of Bitcoin as a decentralized cryptocurrency for the mainstream world. Just my thoughts Grin

alroys

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I never expected that would happen, because in my opinion. If all governments in the world ban Cryptocurrency, Cryptocurrency is certain to die. But that is impossible, we see that nowadays there are many countries that accept Bitcoin and Cryptocurrency. And my hope is, more and more countries will legalize Bitcoin, so that the price of Bitcoin can go up to the moon.

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The possibility of a government crackdown on bitcoin is unlikely,only legal ones can make bitcoin worse other.We think in a positive way for bitcoin.

The government will act by issuing regulations that can make bitcoin die, if bitcoin is used by criminals and terrorists. But the government will also give the opportunity for bitcoin to develop and become a digital currency that is really needed by the community.
Of course there are several requirements that must be fulfilled by Bitcoin, among others, can contribute to the progress of society, income and avoid use by criminals.

Regulations aren't there to make bitcoin die but to lessen the compromises especially when it comes to security. I'm pretty sure it can start mass adoption with people gaining confidence in making investments. We need government support if we are to progress. One thing crypto can't afford is a worldwide crackdown.

Abiky

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Its almost impossible for government to shut down the internet. What government can do is only banning or prohibiting bitcoin transaction. But government must be want to take benefits from bitcoin by collecting taxes from bitcoin transaction or cryptocurrency market

That's certainly true, mate. Given how big Bitcoin and other cryptocurrencies have become, it's nearly impossible for any government to shut them down. Of course, governments will try their best into stopping the usage of Bitcoin worldwide. But the decentralized design of Bitcoin, will keep it going for many years to come. Nowadays, it's widely possible to support Bitcoin within alternative networks (like Tor and i2p). Even if such networks become compromised, there's always the possibility of running a private network.

Despite this, it's very unlikely that there would be a global government crackdown in the future (except when something drastic happens). Many governments have already been taxing Bitcoin and other cryptocurrencies. Which means, that they've seen these alternative medium of exchange very beneficial to them. Within a few years from now, it's hoped that Bitcoin and other cryptocurrencies become a legal form of payment worldwide. Just my thoughts Grin

davit putra

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I think it will have a bad impact on the condition of bitcoin if all countries implement a ban on bitcoin, but I don't think it's possible if all countries think in one purpose to implement a ban on bitcoin.

Sebas.tian

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Quote from: mikaeltomcruz12 on February 16, 2019, 10:40:45 AM

If all county ban bitcoin nation wide,is like bitcoin will start on loosing in the memory of all people because no one can use bitcoin because of the ban.

That is, if they can ban it properly. The only means of the government for banning it is to shutdown exchanges in their respective countries. So if people really wanted, they could still use even if its monetary value isn't much. Take eth for example. I'm pretty sure it would be used even if it goes back to 3$ with its smart contract capabilities.

semobo

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Quote from: thefoex on February 13, 2019, 02:11:09 PM

I don't think so, before crypto developed as now the government has also been very strict on crypto especially bitcoin. I think this decline is entirely due to speculation. and many ico also affect the market. many ico are not as expected and there are also some that are scam, this is one reason why prices fall.

The government is not strict on the technology or anything,they juat want taxes for using the cryptocurrencies and that is the reason it won't affect ICO since those coins don't have any value yet.

Dapper

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The more immediate question is what will happen to bitcoin if more and more banks sever all ties with exchanges.

sempak

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We do have to obey the rules of each country including if they prohibit using or we are dealing with bitcoin. we all have to understand that. bitcoin itself is indeed banned in some countries

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Quote from: Abiky on February 15, 2019, 01:49:22 PM

I believe the same thing will happen with Bitcoin, where there will be some countries in favor of it, while there will be others against it. It's very unlikely that a global government crackdown would happen anytime soon, because of said reasons. However, if this happens, then it will be completely disastrous for Bitcoin and other cryptocurrencies

Bitcoin is also a weapon of economic mass destruction

In fact, there is a conspiracy theory that it was created by government agencies to bring down weak economies (e.g. Venezuelan). Take it for what it's worth, but big countries with strong economies (say, the US) should be interested in Bitcoin as it gives them a tool or even a weapon to disrupt the economies of their enemies. So there is no incentive for superpowers to ban Bitcoin when they can use it to their own advantage

Abiky

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Quote from: deisik on February 13, 2019, 08:27:05 AM

Bitcoin is also legal in the United States

And in a couple of them it can even be rightfully and legitimately considered legal tender, though at a local level only (and as a commodity at a federal level). But that's not my point. Simply put, you can't ban what you can't prevent. Bitcoin is like gravity in this respect. Technically, you can pass a law or proclaim a court ruling that would ban gravity for good but will such an order have any effect on it?

Good point. The distributed nature of Bitcoin makes it difficult to enforce laws that would prevent the complete usage of Bitcoin within a specific region. Of course, anyone caught using Bitcoin in a country where it's illegal, will face serious consequences. But, "banning" the usage of Bitcoin, won't prevent it from being used secretly or from being maintained by other people worldwide. Considering how governments have their different views one from another, they cannot reach an agreement in many things.

I believe the same thing will happen with Bitcoin, where there will be some countries in favor of it, while there will be others against it. It's very unlikely that a global government crackdown would happen anytime soon, because of said reasons. However, if this happens, then it will be completely disastrous for Bitcoin and other cryptocurrencies.

Nonetheless, we shouldn't worry about this, since many governments nowadays are seeing Bitcoin and other crypto as a great tool for taxation. With this, Bitcoin and other cryptocurrencies will be legal tender for a very long time. Just my thoughts Grin

Commitments

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Absolutely collapse when government is not allowed for using bitcoin as investing or payment transaction, government have big effect for bitcoin price at the next day, will be grow up or not, when bitcoin become legal transaction price will be higher and pump.

idham29

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Quote from: alroys on February 13, 2019, 10:41:20 AM

I never expected that would happen, because in my opinion. If all governments in the world ban Cryptocurrency, Cryptocurrency is certain to die. But that is impossible, we see that nowadays there are many countries that accept Bitcoin and Cryptocurrency. And my hope is, more and more countries will legalize Bitcoin, so that the price of Bitcoin can go up to the moon.

Bitcoin continues to grow because there is support from countries that expressly legalize bitcoin, so that growth is very good.
This is different from the country that bans bitcoin, the people involved in bitcoin trading find it difficult to indulge in fear of lawsuits.
So bitcoin will surely die if all countries say that bitcoin is illegal, because all illegal ones must violate the law. But I don't think that's possible, because many countries see the benefits of using bitcoin.

thefoex

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I don't think so, before crypto developed as now the government has also been very strict on crypto especially bitcoin. I think this decline is entirely due to speculation. and many ico also affect the market. many ico are not as expected and there are also some that are scam, this is one reason why prices fall.

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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.

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

A ban of bitcoin enforced by all governments of the world at the same time does not seem possible to me, there will always be some countries willing to adopt bitcoin or at least to not regulate it, however in case that what you are describing happened that will surely crash the price since everyone will want to get out of it while they can, but remember the price of bitcoin is not everything, that will only slow down adoption but it will keep the technology intact.

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I don't know the crackdown that the government will do for bitcoin. But bitcoin can hold back from anything, and even bitcoin will become stronger because bitcoin is not bounded by anything. Maybe the government can ban bitcoin, but people will look the other way to use bitcoin because bitcoin represents freedom for every people to have their own assets without any border. But the government can do whatever they can to crackdown bitcoin because they have unlimited resources and they can hold the grow of bitcoin with their power. But bitcoin will still grow from time to time, and we will see there will be adopted in many places.

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Quote from: Blockchainer06 on February 13, 2019, 01:29:53 AM

The government cannot destroy itself because of the dispersion of Bitcoin. However, they can control and restrict the use of bitcoins within their jurisdiction.

For example, they can close the bank accounts of encrypted money companies, and they can prohibit the creation of any related business. If only a few countries ban encrypted currencies, the impact will be limited, because businesses will only move to more friendly jurisdictions.

This is exactly what happened after China banned its domestic order Exchange last year. Although it's almost certain that one or more governments will pursue Bitcoin in the same way, I think it's almost impossible to achieve a global ban. It's a different matter to assume that the United Nations will reach such a consensus.

In addition, Bitcoin is already legal in Japan. It would be very harmful if the United States, the European Union, the United Kingdom and China jointly banned encrypted currencies

Bitcoin is also legal in the United States

And in a couple of them it can even be rightfully and legitimately considered legal tender, though at a local level only (and as a commodity at a federal level). But that's not my point. Simply put, you can't ban what you can't prevent. Bitcoin is like gravity in this respect. Technically, you can pass a law or proclaim a court ruling that would ban gravity for good but will such an order have any effect on it?

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