Bitcoin Forum

thesonandheir Oct 19, 2016 7:57 AM

A deflationary currency really scares them eh?

the minute it shows any signs of mainstream adoption they powers above will stomp on it

To get back on topic: I don't think ECB/EU will be able to regulate Bitcoin, and even if they do, I don't expect it to lose value over it. If anything, it's value will only go up!

The increase in the use of virtual money might lead to a decrease in the use of “real” money, thereby also reducing the cash needed to conduct the transactions generated by nominal income.

And this is Bitcoin's Achilles heel, the minute it shows any signs of mainstream adoption they powers above will stomp on it.  There is not a chance in hell they will give up power and control easily.

Good times  ;D Reminds me when the Central Bank of China was supposed to ban bitcoins several times a few years ago.

Bankers control the politicians.  If they decide its a threat they politicians will make it illegal, slap a huge fine or jail time on the punishment list and you can kiss mainstream adoption goodbye.

The EU is a large marketplace and if banned will have a negative effect on price.

Second, given that virtual currencies are not in fact currencies, it would be more accurate to regard them as a means of exchange, rather than as a means of payment. Additionally, the proposed directive’s definition of ‘virtual currencies’ as a means of payment does not take into account that in some circumstances virtual currencies can be used for purposes other than that of a means of payment12. As noted by the Bank for International Settlements (BIS), the distributed ledger technology underlying many digital currency schemes could have a much broader application beyond payments13. In this respect, the FATF has noted that non-payment uses of virtual currencies may include store-of-value products for savings or investment purposes, such as derivatives, commodities, and securities products14. More recent digital currencies, which are based on more sophisticated distributed ledger and block chain technology, have a large array of uses that go beyond payment purposes15, including for example, online casinos In the light of the above, the ECB suggests that the proposed directive also refers to other possible uses of virtual currencies in the proposed definition of that term.

The ECB suggests adapting the definition of virtual currencies under the proposed directive to take the above points into account.

I don't think banning Bitcoin will stop mainstream adoption. Compare this with downloading music: although illegal, most people have done it.

In short, while the ECB would love to ban cash which is a major stumbling block to the bank's NIRP strategy, its proposed alternative is not virtual currencies, despite various such suggestions most notably by the BOE, but merely retaining currency if entirely in electronic form, think only debit and credit card transactions, which in turn allow every single operation and transaction to be tracked (and taxed) by both the central bank and local governments with pinpoint accuracy.

Good times  ;D Reminds me when the Central Bank of China was supposed to ban bitcoins several times a few years ago.

I still don't think that ECB is really taking virtual currencies serious.
Maybe some people way down the command line have a realistic view on what a crypto currency can or can not do.
But for the level where decisions are made, crypto is still too small by far.
I can not imagine that they would use their time to even debate about it.

Although it's a cool name, I don't think that articles written by a guy who calls himself Tyler Durden shuold be considered to be a realistic scenario of the future.

Ban or don't ban. Both benefit bitcoin users.

If they ban it, bitcoin will make a dumping party... for a short time. Most people will see it as cheap coins :D It will recover itself after the shock and keep rising.

If they don't, bitcoin will keep rising.

There is no exit, assholes. Fuck your fiat.

I don't beleive that EU will bann Bitcoin or that it will become illegal. Despite the financial system attitude towards Bitcoin EU is just too much liberal to do something like this. They will regulate it some way, that is for sure, and this regulation will be valid for all EU countries, but Bitcoin will not be outside the law.

That is for sure. EU can only take a step to regulate the use  of Bitcoin within it jurisdiction but cannot completely ban it. They can try harder but nothing will be there capable of bringing down bitcoin, instead they should just find a way of taxing the bitcoin users. That's fine.

Well we dont care about EU, even if they ban bitcoin there are still many countries worldwide that uses bitcoin. And take note not 100% of EUs population are into bitcoin. There are only a small population in EU that are into bitcoin. Even if bitcoin is ban it is hard to trace or track if the citizens are still doing bitcoin. So even there is banning of bitcoins in a certain country the citizens will not stop using it.