Will You Still Get Into Bitcoin Even if the Gov't Declared it Illegal? - page 2.

Virtual miner

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Activity: 728

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Quote from: CryptoBry on January 05, 2018, 10:20:34 PM

Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.

Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?

My first reaction would obviously not. But it largely depends upon the punishment and scrutiny they make. I mean if there is just a menial penalty for using bitcoins which can really be countered using whole of income through bitcoin then I will never leave it but yes if the laws are stricter in which officials are even ready to put people using bitcoin behind bars then obviously I will have many thoughts before using it daily.

Harlot

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It depends on how strict will they enforce their laws about it as some country only create laws but not enforce it. If that is the case I can still safely earn Bitcoin even without worrying that i'll be caught in the future. Now my main problem will be of course cashing Bitcoin out to a Fiat Currency which it would be hard as no one will be brave enought to have big transactions involving Bitcoin so I meed to go out to the country and cash it out to another foreign Fiat Currency.

orions.belt19

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Quote from: squatter on January 06, 2018, 11:17:43 PM

Quote from: CryptoBry on January 05, 2018, 10:20:34 PM

Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?

It would depend on my perception of enforcement action. Are they packet sniffing on individual citizens? Would I get thrown in jail for making a Bitcoin payment? Most governments are stretched too thin for that and are probably just interested in a blanket deterrent if they institute a ban. The use of VPN and TOR might be enough to hide your activity.

The real problem is when the governments start banning VPNs and turning TOR into a honeypot. Decentralized mesh networks can't come soon enough, but at this point, they still feel like a pipe dream. Undecided

Even with VPNs and TOR, I'd probably still not use bitcoin or any other crypto once a ban is declared in my country. It might not be worth it to continue using bitcoin if an individual would have to be discreet or hide their activities. Although it's not likely for the government to check on each user individually, it would still be difficult to use bitcoin discreetly. With the possibility for all of the local exchanges to shut down, it would too tiresome and a hassle to make transactions. Even the mere possession of bitcoin may get you in jail if a ban were to be constituted.

Namaste Coin

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I was just talking about this with someone. If the crypto I am starting becomes a success, I will move to another country... likely somewhere in Europe. However, I don't believe the USA is going to completely outlaw it anytime soon. Our economy needs this boost of innovation and cash flow. Regulate the hell out of it, yes. Completely ban it, no.

dokie987

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Even if bitcoin is illegal in my country in case, i still do secretly joining the bitcoin. If this is the only way to be successful and can help me in my financial problem, then i still make it.

JRDuran

newbie

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If there is a way I will but I don't think that could be possible. Government will ban all the wallet exchange So I think there is no for that as exchanges is the only way for us to convert bitcoin into cash.

Liquidathor22

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Quote from: qwertyup23 on January 07, 2018, 09:04:14 AM

Quote from: Liquidathor22 on January 07, 2018, 07:31:15 AM

If it will still be profitable then I would still get into bitcoin. There are many ways how to bypass it, as long as I am earning from it I will not stop investing from bitcoin.

I slightly disagree.
With the government intervening with the processes and systems of bitcoin, rich/famous investors and even big marketing/trading companies who are responsible for the increase of its price would start losing interest, thus making it immaterial and irrelevant to the market which would decrease its price significantly. But this scenario is very unlikely to happen considering that the market is full of other alternate coins for investments. Not to mention, if bitcoins were to be illegal and you still chose to meddle with it, it is no different from transacting drugs/guns due to their nature being opposing to public morals.

An end to bitcoin means an end to all other coins in the market. People can't be stopped on what they, no matter how the governments actions, people always find a way. Since transactions on bitcoin is anonymous there a small possibility that big investors will pull out their money.

stompix

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Blackjack.fun

Quote from: Laland on January 06, 2018, 12:02:19 PM

Quote from: alpoker777 on January 06, 2018, 10:55:51 AM

Goverment can stop everything)))

Nope they cant. Because it is just common that rich people can control the law. And also there are times that a government also is making profits with this so called bitcoin. Different countries different problems, so it maybe illegal in other places, it is legal in other places. So if your country has rich businessmen who invested in bitcoin, they can always make some leeway to escape tax.

Oh but they can!!!

Most people here haven't lived in a totalitarian regime , or a communist country.
They can stop everything!!!!
Power, tv,cellphones, water,gas and ...food!

Check out some pictures from the "education" camps.
One week in one of those and I'm willing to bet you would shout 2/47 "Bitcoin is a ponzi!!!".

People have this idiotic idea that the internet is free, that nothing can shut down the internet.
If we indeed manege to make the wrong choice and elect some stupid dimwits in the EU and US (really dimwits) that are against BTC you will see how it can be stopped.

Fortunately Europe is not Bangladesh or Nepal.

Erichallig

sr. member

Activity: 476

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If banning Bitcoin would actually happen, and it would be made illegal for possessing or trading Bitcoins it is difficult for the governments to compile a plan to enforce such a ban. Unless Bitcoin traders hand over their private keys, it is impossible for the government to seize those Bitcoins. but if due to government pressures the bitcoin bubble will burst, i will stop.

entrepmind23

sr. member

Activity: 644

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No, I would be out of bitcoin because I don't want to risk my life to be in prison because I want to earn some coins. I can't cash out anyway because banks and any other means to convert it to fiat would not allow it since it is illegal so I would have to find other means to earn another source of income. Fortunately, our country allow us to trade bitcoin and even cash out it banks but they are thinking of regulating the platforms and I have no problem with that because I can still earn.

I have been thinking of the what ifs and one of the scenario is the total ban of crypto in our country so from time to time, I cash out and start funding another business in the real world so that I would have a fall back in case something happens not in my favor.

btc-facebook

legendary

Activity: 1862

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I still want to earn money / profit from bitcoin trading so even though that my government decide to forbid bitcoin, I will find the way such like using VPN or convert bitcoin into paypal so I can still earn bitcoin profit.

Maybe the most extreme case is moving to another country !

qwertyup23

hero member

Activity: 2268

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Quote from: Liquidathor22 on January 07, 2018, 07:31:15 AM

If it will still be profitable then I would still get into bitcoin. There are many ways how to bypass it, as long as I am earning from it I will not stop investing from bitcoin.

I slightly disagree.
With the government intervening with the processes and systems of bitcoin, rich/famous investors and even big marketing/trading companies who are responsible for the increase of its price would start losing interest, thus making it immaterial and irrelevant to the market which would decrease its price significantly. But this scenario is very unlikely to happen considering that the market is full of other alternate coins for investments. Not to mention, if bitcoins were to be illegal and you still chose to meddle with it, it is no different from transacting drugs/guns due to their nature being opposing to public morals.

Liquidathor22

newbie

Activity: 114

Merit: 0

If it will still be profitable then I would still get into bitcoin. There are many ways how to bypass it, as long as I am earning from it I will not stop investing from bitcoin.

DirtyMartini

full member

Activity: 277

Merit: 101

Tough question, but if I'm honest, yeah I probably would..

I'm lucky that in Australia, our government is rather supportive of Bitcoin and cryptocurrencies (even if the banks are not) so I won't have to face this situation any time soon.

But, if that was not the case, I'd still probably keep a stash of Bitcoin locked away somewhere - It wouldn't be that hard.
I'd be happy to cop a fine and slap on the wrist if I got caught Wink

If the punishment was more serious, like jail time, I might reconsider..
Or move to a different country

Zackgeno96

hero member

Activity: 1778

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My country is in a process to ban the bitcoins, our government has already issued many notifications regarding risk involved with the cryptocurrencies but still people are investing into the bitcoins and other cryptos at their own risk. Government has clearly stated that citizens should stay away from crypto currencies and government will not be responsible for any losses. Even if my country's government banned the bitcoins then i will still continue to hold the bitcoins.

Enjorlas

hero member

Activity: 788

Merit: 1000

It will not happen as the gov has some interest in bitcoins, it's just more money to tax for them

supermine

hero member

Activity: 826

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We still can use bitcoins even if it is declared as illegal action because there is no way available to find who is using bitcoins but it is not possible to buy and sell bitcoins in your country because if it was illegal then all exchanges will be closed.So you have to buy from foreign countries so you must have bank account in that country it looks so annoying right.So people will lose interest on bitcoins if it was banned in their country.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: CryptoBry on January 05, 2018, 10:20:34 PM

Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?

It would depend on my perception of enforcement action. Are they packet sniffing on individual citizens? Would I get thrown in jail for making a Bitcoin payment? Most governments are stretched too thin for that and are probably just interested in a blanket deterrent if they institute a ban. The use of VPN and TOR might be enough to hide your activity.

The real problem is when the governments start banning VPNs and turning TOR into a honeypot. Decentralized mesh networks can't come soon enough, but at this point, they still feel like a pipe dream. Undecided

GreenBits

legendary

Activity: 1148

Merit: 1048

Quote from: CryptoBry on January 05, 2018, 10:20:34 PM

Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.

Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?

Depends on the country, and the severity of the law. Some countries are extremely intolerant of financial crimes, and some countries are very draconian in the way that these crimes would be prosecuted. North Korea, for example, might mean a death sentence, while China or the US might mean a fine, at the worst some jail time.

Bitcoin is practically useless without a fiat gateway, either for conversion or to spend on real world goods. That gateway will need your identity if it is legit, so eventually, you will be able to be connected to your transactions. Since the blockchain is not going anywhere anytime soon, that is a very long time to have evidence of a crime in a public place Wink

If you would not do it with fiat, do not do it with bitcoin. They have been lax up to this point, that is changing as we speak Wink

And I would drop bitcoin like a hot potato if they banned it.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: alpoker777 on January 06, 2018, 10:55:51 AM

Goverment can stop everything)))

If there only was one global one and if people were programmed to obey... Fortunately for us the truth is much different

Quote from: notthematrix on January 06, 2018, 08:32:45 AM

Yes because some governments will still consider it legal, so you will still have countries to cash out

Are you here just for that? To measure profit in terms of fiat and exit cryptocurrency as soon as that profit is reached?
I pity you if you're only worried about cashing out.

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