Will government recognition kill cryptocurrency or boost! - page 2.

Woodie

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Government recognition was supposed to help Bitcoin grow to a much popular digital currency as it brings it mainstream resulting in more demand for cryptocurrencies...but unfortunately things have gone the opposite direction which is unexplainable!! Is this reaction of price saying Bitcoin regulation isn't a supported development or maybe actual frameworks to allow these to operate are still a work in progress despite the green light, Otherwise I still feel we haven't seen the best of these guys (institutional investors)!

Btw, "Will government recognition kill cryptocurrency or boost" killing the markets I don't think so, crypto is still decentralized before anything..I think we all expect this to be a boost to cryptocurrency, what we have experienced is a slight disruption to the market as new market drivers are introduced which should show their influence sooner or later, for now we wait to see the power of institutional money in the crypto industry.

Quote from: Solosanz on February 05, 2024, 04:36:13 AM

Yes, the government will try to acquiring Bitcoin as much as they can, currently centralized exchanges already acquiring huge amount of coins, remember government can easily work together with centralized exchanges, if the CEX reject that, the government can easily shut down the CEX.

When almost all Bitcoins are owned by government and CEX, they will issues fake Bitcoin e.g. Bitcoin IOU and keep the real coins in their own wallet.

sounding like an El Salvador move of acquiring Bitcoin..

Btw, this whole acquiring of bitcoin with the approved Spot ETFs, isn't this private hands doing this unlike the government themselves???

Afaik there role here is being regulator only not acting as BUyer and Seller at the same time!

bestcoins1

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From the point of view it seems that why Bitcoin price did not increase. After the US Securities and Exchange Commission (SC) decision.In the two weeks since this ETF was allowed to form the price of Bitcoin has fallen in reverse.How would you rate this downward trend?

It has to continue as it has been in recent times.This is how Bitcoin should be moving forward.

Bitcoin's movement this month still looks quite normal, regardless of any effects received by Bitcoin through the market, because as seen today Bitcoin can still increase after a small correction in the market. Now the Bitcoin price movement range is still in the $42K to $43K area, which is likely to continue to go well until the halving moment approaches this year. And in terms of market trends this month, it doesn't look like it will be much different from the market conditions that were running in the previous month, although the effects of the ETF and halving are still quite possible to make Bitcoin better.

Solosanz

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Yes, the government will try to acquiring Bitcoin as much as they can, currently centralized exchanges already acquiring huge amount of coins, remember government can easily work together with centralized exchanges, if the CEX reject that, the government can easily shut down the CEX.

When almost all Bitcoins are owned by government and CEX, they will issues fake Bitcoin e.g. Bitcoin IOU and keep the real coins in their own wallet.

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Quote from: smelody on February 04, 2024, 12:53:37 AM

Re: Will government recognition kill cryptocurrency or boost!

Government recognition will not kill cryptocurrency rather it will boost the imager of cryptocurrency in the large society. Talking about Bitcoin, whether the government officially endorse bitcoin or not, it does not change the fact that some government individuals and parastatals have a very good share of Bitcoin. Bitcoin is something you can own without announcing it to the world and no one would even know that you own Bitcoin. This is why it is very difficult to give a clear analysis about the people who owns Bitcoin. With the approval of the ETF we have nothing to worry about because bitcoin is a totally decentralized coin. No one or no government will force anyone to give at their bitcoin to the institutional traders. If you choose to hold your coin forever or in your private custody no one will sentence you for that and I believe that is the lane many people will toe.

Quote from: smelody on February 04, 2024, 12:53:37 AM

Bitcoin or other digital currencies have a rebellious image because they are outside of government control. But when it comes under government regulatory agency, Bitcoin will no longer have that rebellious image. And will be counted as one of the ten institutional investment sector.

I do not quite understand you here. You trying to imply that the rebellious image of Bitcoin is the reason it is prospering. That if Bitcoin cease to have a rebellious image in the eyes of the government it will no longer be successful. I don't think this is correct.

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Quote from: smelody on February 04, 2024, 12:53:37 AM

Bitcoin or other digital currencies have a rebellious image because they are outside of government control. But when it comes under government regulatory agency, Bitcoin will no longer have that rebellious image. And will be counted as one of the ten institutional investment sector.

I think you concluded it wrong. Not all the circulating bitcoin will go under the custody of governments after regularity checks. Government recognition will not kill Bitcoin but strengthen the trust of investors. Hence, Bitcoin adoption will increase in the coming future. It is beneficial for crypto in the long run. It is a much-needed booster for Bitcoin to go forward.

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It boosts of course. However cryptocurrency is a broad word and it could refer to Bitcoin which, if the government recognizes, is going to be boosted, but it could also refer to so many other shitcoins which might die if the government desires so.

Bitcoin is completely decentralized so the government's only choice is either to recognize it or leave it growing as it is. It is never an option to kill Bitcoin because all efforts would only be futile. They will all end up in vain. They have tried and they have failed every time.

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Quote from: smelody on February 04, 2024, 12:53:37 AM

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It's merely recognition, the government still doesn't really hold any control over crypto itself. The ETF itself even is simply a method for non-crypto enthusiasts to "hold" Bitcoin. In the long run as well this would most likely boost the price since more and more people can consider Bitcoin ETF as an alternative investment. Like this, it simply shows how this is mostly something similar to promotion and stuff, nothing more and nothing else.

Quote from: smelody on February 04, 2024, 12:53:37 AM

Bitcoin or other digital currencies have a rebellious image because they are outside of government control. But when it comes under government regulatory agency, Bitcoin will no longer have that rebellious image. And will be counted as one of the ten institutional investment sector.

Outside of government control yes, but they don't necessarily combat what the government controls. Well, I guess the government can consider it as rebellious but that's something one-sided on their part imo.

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Quote from: Odohu on February 04, 2024, 04:31:49 AM

Government recognition of Bitcoin will not kill Bitcoin, it will rather make Bitcoin more popular and acceptable across nations and add more legitimacy to it. The only challenge is that it could lead to Bitcoin losing some of its core properties such as privacy and anonymity. Government will surely want to control the entire thing as that is their main purpose,control.

The first crime of Bitcoin was taking power away from the government, we gave seen how they responded to that and they are still doing everything within their powers to change that. Chances are high that they will succeed because no one want to be in their bad book.

I also agree that government acceptance of bitcoin will boost the promotion of bitcoin but the fact that the government can now monitor all bitcoin activities and transactions, then it’s like it’s slowly becoming centralized until bitcoin is in full control with the government. Although this is indeed favorable for the government but seeing how anonymity and privacy have impacted the early bitcoin enthusiasts, I don’t think they will easily allow that to happen or fully submit to the government.

I don’t have issues on bitcoin’s government recognition but if that will only put bitcoin into at risk of losing its decentralization, then it’s better for bitcoin to be not recognized at all. But somehow, if legalization and acceptance are our main goal here, then probably the government might be the key for that.

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Quote from: cakravothy on February 04, 2024, 04:34:47 PM

If the government admits to legalizing the use of crypto, it will obviously increase crypto users in the country. of course, with the increase in users who use and buy crypto, there will be many who will increase prices too, not lower them.

Seriously there is nothing actually denying the fact that with government actually legalizing bitcoin it will increase the adoption but the price will still be dependent on how the currency is been used. But right now the main question the OP is actually asking is what will happen to the decentralization of bitcoin, we all know the reason why the government has failed to actually legalize bitcoin is the fact that they can’t seems to control it or manipulate. And anything that the government can not have control over they hardly ever allow its growth. So for me before government will actually legalize bitcoin mostly especially the developed countries is when they can manipulate it or at least reduce the anonymity associated with the use of bitcoin.

For me I think the government recognition wouldn’t actually kill bitcoin for those who have the required knowledge but my understanding is the anonymity or freedom associated with it will certainly reduce because governments will have enforce KYC platforms on gullible people and would have told them it protects them better which is not true. But entirely for someone who knows the principle of bitcoin, their intervention can not much change its position.

cakravothy

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If the government admits to legalizing the use of crypto, it will obviously increase crypto users in the country. of course, with the increase in users who use and buy crypto, there will be many who will increase prices too, not lower them.

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Quote from: mk4 on February 04, 2024, 02:15:16 AM

Quote from: smelody on February 04, 2024, 12:53:37 AM

Bitcoin or other digital currencies have a rebellious image because they are outside of government control. But when it comes under government regulatory agency, Bitcoin will no longer have that rebellious image. And will be counted as one of the ten institutional investment sector.

Not necessarily. It's not like suddenly all bitcoin is under government/regulatory control if it gets regulated. There will be people that solely just wants price exposure(hence goes with Bitcoin ETFs), and there will be people who prefer having self-custody. It's not one or the other.

Bitcoin is decentralized so expect that those who will engage with bitcoin still aim to be free from the government control. They will prefer having self-custody over bitcoin which I think is the right thing. And if ever in the future the government will come to accept bitcoin, of course it might be possible for bitcoin to lessen its decentralization but it will never be that fast to see bitcoin under the control of the government.

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I am on the side that says boost. I get that many people used bitcoin because it is decentralized and back in the day mostly untracked, which makes it a lot better when government is far away from it and that is the initial start of bitcoin. But today, we have a lot more bigger companies joining, and having a regulatory framework set in place for it to work makes them invest a lot more. It allows them to actually have a legal basis on investing into bitcoin as well.

This is why I believe that while we may lose some of the early investors gradually, we will gain a lot of big companies willing to invest billions to make it go higher. This is why I think it is clear that we are going to end up with a lot of profit eventually.

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Quote from: smelody on February 04, 2024, 12:53:37 AM

Bitcoin or other digital currencies have a rebellious image because they are outside of government control.

It is a yes if we're going to say that it was before but this time? Not anymore, this era is different where most of the governments have already accepted that Bitcoin is accepted and it doesn't hold the taboo anymore about having that bad image and a currency for illegal trades or underground markets.

Quote from: smelody on February 04, 2024, 12:53:37 AM

But when it comes under government regulatory agency, Bitcoin will no longer have that rebellious image. And will be counted as one of the ten institutional investment sector.

These governments do understand their stand about Bitcoin. They will never have a way to control it but they know that they can regulate the companies and exchanges that operates and accepts it. We've seen it dozen of times where they've pressured a lot of them. But still, no matter how and what kind of pressure they do, they'll never be able to control bitcoin. It's possible to regulate trades of it but they can't stop and control itself.

Nrcewker

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Government if wanted then it could have recognised Bitcoins earlier only. The reason for which government is not making Bitcoins legal is due to the decentralised nature of the coin. No government or ruling body can control Bitcoins, hence government won’t be able to impose tax on the coins. Hence in many countries, Bitcoins are still not legal. Now regarding the price, then I guess it won’t affect a lot on Government’s view regarding Bitcoins.

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There are prominent investors who invests a large sum of money Into Bitcoin and other altcoins too and because they invest huge money, some of them likes to remain private and doesn't want their identity known, it becomes possible for them to archive the privacy they want because of the decentralization of Bitcoin. If the recognition of Bitcoin by the government is going to create a problem for those investors that prioritize privacy, they might look for a solution to still continue their investment. It doesn't mean that the government recognition will kill cryptocurrency, and perhaps it's just in the countries that you have mentioned that the government is fully in control and trying to regulate every crypto user. Any huge investor can still travel out of the country to seal their crypto deals before returning. I think, I am yet to find out if the recognition of Bitcoin by the government will boost the crypto market. There is no convincing evidence yet.

davis196

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Bitcoin or other digital currencies have a rebellious image because they are outside of government control. But when it comes under government regulatory agency, Bitcoin will no longer have that rebellious image. And will be counted as one of the ten institutional investment sector.

The "rebellious image" of Bitcoin seems kinda fake. I'm sure that at least 90% of all Bitcoiners would be totally OK with the governments accepting BTC as an asset and/or a currency. You can't be "rebellious" and against the system on one hand and waiting for the same system to recognize and adopt you on the other hand. This seems like hypocrisy to me. Privacy oriented coins like Monero are way more "rebellious" than Bitcoin. I'm sure that no big crypto company and no government around the world is going to adopt a privacy coin.

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Government will never fully recognise crypto currency as they are against decentralisation as it's something which they cannot control and they are already trying to restrict users from indulging in Bitcoin and other crypto currencies. Even if we see any government recognising Bitcoin for example it would definitely have positive impact but if they try getting crypto under their legal framework they will fail and the only problem I see if government recognises crypto which will flood more investment to crypto and imagine there is a manipulation by whale or bearish market then government will get a valid reason to create more hurdles for crypto. We don't want government's recognition for crypto.

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Quote from: smelody

Bitcoin or other digital currencies have a rebellious image because they are outside of government control. But when it comes under government regulatory agency, Bitcoin will no longer have that rebellious image. And will be counted as one of the ten institutional investment sector.

Despite some governments has rebellious against crypto and Bitcoin in their countries, but that is not a challenge to decentralized currency because the government have no authority to stop the decentralized currency not to grow higher worldwide like the way Bitcoin and crypto are everywhere for people to invest their money and ensure their investment are safe very well. Anywhere you see any government rebellious against crypto and Bitcoin, just know that there is a something they have discovered that would have been giving them money assume is a centralized currency, which is the reason many government officials don't talk anything good about Bitcoin or crypto. If government take over Bitcoin in any country, it will never bring good thing because they will be using the opportunity to make money from their investors which you can use centralized currency as an example in some countries.

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The initiative to operate Bitcoin can be similar to the concept of traditional banking if government want. This may lead to loss of identity. So where will we get the old charm of Bitcoin!

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Quote from: Nothingtodo on February 04, 2024, 01:24:16 AM

Bitcoin is fully decentralized currency whereas central bank and government currency (fiat) is fully centralized currency. The country's central bank and government never want its native currency and central bank to be replaced by a virtual currency. So the government is completely against bitcoin and never the government wants bitcoin to be more popular than the central bank. However, the government can certainly increase the popularity of Bitcoin to a large extent if it wants to, but the government never works to increase the acceptance and popularity of Bitcoin out of its own will.

this is a strong reason why governments in many countries are creating cbdc, they don't want bitcoin's popularity to grow and replace their fiat currency, but it is impossible to stop bitcoin, many people are already using bitcoin and to date cryptocurrencies have been used by lots people for just transacting and also investing.

killing bitcoin and cryptocurrencies is impossible but utilizing them for the purpose of economic growth is currently the most sensible thing.

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