Will the world governments ever allow crypto to survive? What next?

amishmanish

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Quote from: squatz1 on September 03, 2020, 02:08:29 PM

If Bitcoin ever got to the point where it could potentially be a threat though, governments would SWIFTLY move to fuck up Bitcoin. I know everyone says "GOVERNMENT CANT STOP BITCOIN ITS DECENTRALIZED...." Well yes, but only in theory is this still the case.

Enthusiasts say that for the case where ONE government tries to do it within its own jurisdiction. If ALL governments decide to take action against bitcoin, obviously it won't keep the price that it has now. The problem is that no government can go ahead with such a tyrannical ban and call itself democratic. Public opinion would matter in that case. The greatest hedge against government action thus, is not privacy or decentralization but public opinion. Unfortunately, Bitcoin and cryptos don't exactly cover themselves in glory with the constant scamming and hype cycles leading to uninformed newcomers losing money.

Quote from: squatz1 on September 03, 2020, 02:08:29 PM

If the US financial regulators (and the rest of the Western world) came out and said that Bitcoin is now banned and that any that are on an exchange will be sold and be exchanged for USD effective IMMEDEDIATETLY.

That would kinda cripple the price of Bitcoin, usage of it, and so on.

That depends a lot on what CHINA decides to do. It has a lot of infrastructure and a population deeply involved in crypto. I am pretty sure if US Fed decides to unilaterally de-link USD from bitcoin, China will be very eager to support it with RMB. They couldn't have a better chance to increase usage of their own currency in all the developing countries. Bitcoin survives because its everyone's friend and everyone's enemy, depending on how you treat it.

OgNasty

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Quote from: Jet Cash on September 01, 2020, 05:04:07 AM

Bitcoin is too small and restrictive to ever become a global, or even a national, currency, so I doubt if they will spend the time and effort to try to block it.

Have you looked at the top currency list lately? Bitcoin is already larger than most national currencies. If the stock to flow ratio holds true, it would be large enough to be a global currency in about 15 months. If it’s size is what’s holding it back, it will be because Bitcoin has grown too large and it’s technology cannot support the necessary throughput with it’s current blocksize.

semobo

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Some government are seeing cryptos as a revolutionary thing in the financial market but most of the countries don't have even basic knowledge about it.But OP also have a point here, even if the cryptos are decentralized we rely on centralized platforms for most of the crypto related things so the next should be move to decentralized platforms so government has no chance to ban or unban the cryptos.

BADecker

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World governments are different than people think. After all, even in China, and formerly in Russia and Germany, people are their own government in what they do daily.

It's too difficult for formal government to dictate every breath of air a person takes. The Jews who died in the holocaust, died because they volunteered to give their personal governmental control to the Nazi's.

What this really means is, "Will the world governments (average people) using crypto ever allow the formal governments to survive?"

Time to use the various sidechains out there, that are connected to Bitcoin, Ethereum, and the various altcoins, to remake government for yourself/yourselves... YOUR government that overrides all formal government.

Cool

boyptc

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Quote from: haciandaklub on August 31, 2020, 07:25:33 PM

The catch here is, if all laws are regulations are followed and abide by, Governments cannot shut it down. It then becomes a big win in turn.

The governments can't even shut it down even there's no regulation being followed. The history can tell us that the government doesn't really care about it even before because it's still quite low. But as soon as they've managed to see it profitable and beneficial, they'll step on it and will create regulations which will be prioritizing them.

Quote from: haciandaklub on August 31, 2020, 07:25:33 PM

I think more regulation will be seen in the coming years and if cryptocurrencies have inbuilt regulatory mechanisms like the above blockchain, I don’t see any issue and there would be no reason they wont be allowed. I really think that 2020 is going to be the yard of regulation especially with the travel rule getting implemented across the globe.

This is expected.

First, they'll be telling the exchanges to remove most of the privacy coins which had already happened. Then state some rules, taxations, capital gains and other legal matters which will be prioritized for the gain of the government and to regulate it.

squatz1

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Quote from: Jet Cash on September 01, 2020, 05:04:07 AM

Bitcoin is too small and restrictive to ever become a global, or even a national, currency, so I doubt if they will spend the time and effort to try to block it. The politicians are more likely to use it to increase their personal wealth. Some of the other blockchain solutions may present more of a threat, and those could be the ones that are banned.

Complying with all of the government regulations doesn't prevent the regs being changed if the government feels threatened.

+1 to this.

If Bitcoin ever got to the point where it could potentially be a threat though, governments would SWIFTLY move to fuck up Bitcoin. I know everyone says "GOVERNMENT CANT STOP BITCOIN ITS DECENTRALIZED...." Well yes, but only in theory is this still the case.

If the US financial regulators (and the rest of the Western world) came out and said that Bitcoin is now banned and that any that are on an exchange will be sold and be exchanged for USD effective IMMEDEDIATETLY.

That would kinda cripple the price of Bitcoin, usage of it, and so on.

Salauddin1994

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Blockchain technology helps to improve crypto it has nothing to do with world governments. Crypto decentralized improves depending on the market no one can control it. Currently cryptocurrency transactions through blockchain technology have further improved and decentralized demand is increasing from centralized. It is very difficult to give accurate information about how long the crypto market will be stable or not. But I don’t think it will end anytime soon it will take a long time.

proscratcher

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I think government will never stop crypto to survive through ages. I think it will be there in the next 100 years and more and more people will be using it. It will be adopted by the world like the basic local currency.

Mauser

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Quote from: haciandaklub on August 31, 2020, 07:25:33 PM

However some cryptocurrencies think they are invincible and can exist and no government can ban them. Thought this can be debated by many, in my personal opinion. It is really hard for cryptocurrencies to exist without approval of governments.

One good thing about governments is that they never really work together. On an international scale governments try to exploit each other - tax heavens - gaming regulations - alcohol or even drugs - Law is different in almost every country. I don't see that all governments will work together just to ban crypto currencies. The incentive his just too high for some countries to go their own way and make cryptos very attractive in their country. With the internet today their is no chance we will see crypto currencies fully controlled, there will always be a blackmarket in my opinion.

Jet Cash

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Bitcoin is too small and restrictive to ever become a global, or even a national, currency, so I doubt if they will spend the time and effort to try to block it. The politicians are more likely to use it to increase their personal wealth. Some of the other blockchain solutions may present more of a threat, and those could be the ones that are banned.

Complying with all of the government regulations doesn't prevent the regs being changed if the government feels threatened.

Smartvirus

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It's not unusual for the government to go against what doesn't generates revenue into its treasury.
But this shouldn't be the case, as some people without gainful employments finds a career in Cryptocurrency from mining, trading and others. Hence, they are able to tackle their individual needs. For me, that's development in a way and it surely is a boost to the economy.
The only sentiment to capitalize on is the activities of scammers in the system. If this could be tackled, then cryptocurrency would be almost untouchable.

haciandaklub

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Weather the Governments like cryptocurrencies or not is debatable. We are noticing that world over the governments are taking cryptocurrencies more seriously with every passing day.

However some cryptocurrencies think they are invincible and can exist and no government can ban them. Thought this can be debated by many, in my personal opinion. It is really hard for cryptocurrencies to exist without approval of governments.

I do know that some brilliant people have already understood this and are building solutions around this. A good example is Concordium. They are building the world’s first regulatory complaint blockchain with on-chain governance. The catch here is, if all laws are regulations are followed and abide by, Governments cannot shut it down. It then becomes a big win in turn.

I think more regulation will be seen in the coming years and if cryptocurrencies have inbuilt regulatory mechanisms like the above blockchain, I don’t see any issue and there would be no reason they wont be allowed. I really think that 2020 is going to be the yard of regulation especially with the travel rule getting implemented across the globe.

Topic: Will the world governments ever allow crypto to survive? What next? (Read 166 times)