Bitcoin Forum

Biggest threat to them especially central banks is bitcoin. These elite 1% of the world population have power and control over everything and i find it hard to believe that they will let bitcoin grow and overtake them.
Central banks can create unlimited fiat money out of thin air. Can they use that unlimited fiat money to keep buying all the bitcoin to drive the price up and when it is at its highest create a huge sell order to crash bitcoin and kill it off?
Is there any suspicion now or evidence to show central banks is buying bitcoin at whatever price with their printed fiat money for the sake of crashing bitcoin?

Central banks aren't all working together as some organized or unified cabal. They are tied to national or multi-national currencies and in many cases, have competing interests. The fact that Bitcoin is decentralized (vis-a-vis nations) likely aided its acceptance by governments around the world.

If a government banned Bitcoin and other cryptocurrencies, its country would just fall behind the rest of the world. Governments are competing against one another for future market share (as hubs for future cryptocurrency industry) and also want their populations to prosper with the growth of cryptocurrencies. It makes no sense for any government to ban bitcoin at this point.

Central banks can not stay away from the digital currency for a long time, as they will lose their profits. Therefore, over time, they will be forced to support the crypto currency at least to some extent by providing services for the purchase and sale of crypto currency. It is unlikely that they will take any grandiose steps to discredit the digital currency, since

Central bank are endorsed by a small group or by a particular person but it is the union of the all banking sector network and they can't print more money than what the growth take in thr country .
And if we can think that they are planning to dump the bitcoin then same impact will happened on the fiat that printed by thr central bank because if they will create unlimited fiat currency to buy the bitcoin at whatever price then surely the value of the fiat currency will get down and they will dump ownself , so i don't think that therr is any fascility like this but probably they may take action against the bitcoin with the discussion of the government laws directly but still possibilities to get the bitcoin dump is not easy because bitcoin is at higher level because of the trust in between the all Bitcoiners that they have a valuable thing in Wallet .

Printing of unlimited money will also result in inflation. I doubt if central banks fear Bitcoin so much that they would ruin their economies just to try and impede Bitcoin's growth. Bitcoin is not that important.

heh, typical leftist statement :) Why do you think everything will be different in btc? A lot of ppl already scream that it is unfair that someone bought a lot of BTC in 2010 (despite all risks) for almost nothing and now have  a huge amount of money. Inequality is a typical thing and it exist in cryptoworld. Don't see anything bad here.

You are giving much credit to what central banks are doing. Actually, most central banks right now are not yet threatened by Bitcoin because it is not yet on the mainstream. In fact, many of these central banks right now have not yet issued any statement regarding cryptocurrency. They know the progress of Bitcoin and it can still take so many years before Bitcoin can be so popular and with its speculative in nature there can be many people who will not adopt Bitcoin -- and mind you there is no law that can dictate for people to adopt Bitcoin because we are not under any authority at all as a decentralized agent.

The biggest threat to central banks is its own system of printing more and more money to be released to an economy already suffering from so much stress. It is not Bitcoin. In fact, central banks can even issue their own cryptocurrency if they want to though it is not guarantee to succeed but if there can be a law dictating people to adopt (which might happen in Russia, China or India) then we will have a very different picture emerging in the coming years.

What would be better? 1. Printing money from thin air and using that money to buy Bitcoins, only to let it crash? or 2. Printing money from thin air and then using that money to pay developers to create your own private Crypto currency to compete with Bitcoin or just to bribe Alt coin developers to sell their coin to them. < Ripple & Ethereum are already selling out to banks, so they do not even have to bribe them >

Some governments are also working on their own Alt coins. <GovCoins>

Central banks and governments have already tried their best to destroy bitcoins.But despite their continuous efforts,bitcoin moved unstoppable.Some bankers even sent to the extent of creating a crypto currency Rippl to compete with bitcoin.Nothing was useful to them.Now,governments have started to reconsider their policis regarding bitcoin and have decided to legalize bitcoin.Japan was the first to legalize bitcoin.Soon,south kore and india are to follow it.Then australia and philippines too could take the same stand.I think that this would be the golden era of the world,thanks to bitcoin.

yeah .... central banks will accept bitcoin or the cryptocurrency in the future
they cant prevent it because many people will accept bitcoin as currency

I don't think that they will just let the bitcoin to win this financial game because for sure they are creating a solid plan for their own benefits like having a great law that can tax bitcoin or bypass its decentralization, bitcoin will never be alone and free from governments and especially from the corrupts because the corrupts and centralized banks are just slowly but surely creating a counter for bitcoin.

How do they want bypass it's decentralisation.
With Blockstream having announced it satellite program it will even harder to crack Bitcoin down.
Furthermore central banks are also in competition with each other, it's not like that this is global cartel and pulling on one string.
As it was already mentioned, Japan legalized Bitcoin.Other countries like South Korea will probably follow.
Bitcoin will create an alternative financial system and opportunity for making, earning money outside of the old dying traditional system.
You can not stop this! This is one of the big shifts in mankind you're most of the time can only read in history books about. And we are a part of it.The stories you will be able to tell your kids and grandkids in the next 2, 3, 4, 5 decades will be amazing. Great time to be alive!

Bitcoin has to solve lots of technological problems before it will be able to really replace current financial system and handle all transactions by itself. And I think governments and central banks will be adapting and finding ways to regulate Bitcoin, without making changes to the network itself. It will depend on population whether we'll have only one type of currency, or if crypto and fiat will coexist.

Bitcoin is not a threat to banks, infact some bank are using Ripple XRP. So what will the banks do to XRPs? Ofcourse they are selling it to BTC.
For those nations who banned Bitcoin in their countries, they are just ignorant and stupid. They must ban Paypal too.

I don't think that the current financial system will be replaced by the bitcoin technology. When more people get into the bitcoin usage the technology requires a coexistence with the traditional banking to make an effective usage of bitcoin. This never happens in a short, and the same neve replace the traditional fiat or the paper money that we use at present in our daily life.

There is no way that Bitcoin will replace banks or take over them. Banks and fiat will still be needed. It's not like the famous Harry Potter statement "Neither will live while the other survives". They will just go on co-existing together and pretty peacefully

Do you think mass will not protest if the central banks and govn want to buy all bitcoin in the market, How much cash do they need. That, will make a country collapse  because inflation due to the bank reserve to much cash for bitcoin. The bitcoin traders will not sell the holdings too. They wait for the higher price, and the bank can't afford to buy bitcoin.

i dont think Central bank will do that.... they have Laws and regulation in creating fiat money... but as i foresee they will let btc to increase and be popular then government will create regulatory commission to control cryptoworld as by now it cost billion dollar....

Well those are just bigger entities than most of the members here. Buying btc is not that easy let alone concurring all of it with just one individual. There are many governments around the world and each in everyone of them would just fight on who is more dominating and would be the main reserve. I guess having misinterpretations between the higher ups could just create an unsolvable crises if ever one of them wants to own it.

Well, they know that one day Bitcoin will reach its limit. One day there will have to be a very big sellout that will end up crashing everything concerning Bitcoin, though it can still be rebuilt, but people might lose interest by then. Another thing is that central bank is not for the world, but for a nation (each country has its own central bank), and they’re all working for the personal interest of their nation (something that will benefit their country much better).

Some countries are likely to start mining Bitcoin, like Russia did, but that doesn’t mean they’re adopting it. It’s just a way to increase their income.

Central bankers are not sitting back idle. Aside from a few countries where bitcoin is legal, such as Japan, Singapore, Switzerland and South Korea (not sure about the last one), the central banks are putting pressure on the respective governments to curb the use of crypto-currency everywhere. But as we can see, their measures have failed so far.

Is that really the case? There's been action against darknet markets; that's expected. Okay, the BTC-e thing was a bit out of left field, but I think that can be explained by an overall crackdown on unregulated exchanges. I think that BTC-e will have been the most dramatic shutdown, but certainly not the last. Cryptocurrency is simply getting too mainstream now for the unregulated exchanges to survive many years longer.

In theory yes, however it would take considerable effort to co ordinate and execute a plan as elaborate as that. Until then, bitcoin gives some power and control back to the masses.

Unfortunately they will have to accept bitcoin because if they cannot stop it then they cant find a way around it. But that does not mean they cant still have their way in bitcoin in the sense that by the time they realize that they need to fall in line, then they create another bank to handle crypto currency and when they do that, it then mean they will have to buy a lot of it to be able to maintain the reserve, Since they then have the funds they can make that happen. With that, they can still control the activities of the crypto community.  So, not all news are meant well in the long run.

If you are claiming that Government or Central banks are just sitting back and watching Bitcoin grow, then you are wrong. This was the case some 3-4 years back. But now they very well understand what Bitcoin is capable of.

Every country and central bank have their own stand on Bitcoin. Like in Switzerland some banks are incorporating Bitcoin in their system, in China and Russia they are testing their own currency, somewhere Bitcoin is completely ban(not very efficient to ban an internet currency), some are accepting Bitcoin with regulations and enjoying tax benefits. So nobody is ignoring Bitcoin. Every country is so far trying to put their laws on Bitcoin because they know they can't kill it.

Bitcoin can be 'huge' with very few people involved.

If you hadn't noticed most of the world is skint and dependent on central banking. How many gold owners do you know?

Yeah, but being "huge" is a far cry from what the OP is talking about (Bitcoin as the biggest threat to central banks and governments). It could definitely thrive in a niche similar to gold.

As far as the OP's concerns, I don't think that the authority of governments, generally, is being threatened right now. People are definitely still locked into a statist mindset, for the most part.

You must realize Bitcoin is still very early in its development most people do not know about it and have no intention to learn it will take many years before the banks feel threatened by it and then they will no longer be sitting back.

Actually the power and control Bitcoin gave back to the people is the nightmare of most governments across the globe, because it erodes their hold and influence on the people and by extension the entire economy. Working through their agents - the central banks, we have seen the governments of a few countries trying to ban Bitcoin, but much to their chagrin, Bitcoin went ahead to become more popular in those countries, China and India for instance.

It's however interesting to see that there are still smart and foresighted governments out there, who instead of joining the bandwagon of Bitcoin haters, opted instead to create enabling environment for it to thrive. Evidently, the technology behind Bitcoin have what it take to check corruption and we can begin to see vividly, why some governments would never see anything good in Bitcoin.

Many countries already started to create their own crypto currencies. Many central banks are thinking about it. They surely won't sit and watch.

Buying all bitcoins to crash/kill bitcoins doesn't make much sense to me. It is quite possible that central banks/governments might sooner or later start acquiring bitcoins to hold as reserve. How would the governments buy all the bitcoins? Would everybody be willing to sell their bitcoins? Simply, no. Let's assume that central banks somehow got hold of 50% bitcoins, by this time the value of bitcoin would skyrocket, would break all the records, each bitcoin would be worth a million.

What purpose does it all serve to the central banks? Nothing. Even if they managed to crash bitcoins price, would they be able to kill it. No. Bitcoin is a revolutionary idea of programmable money. Governments wouldn't simply be able to kill off bitcoin/cryptos. The best thing governments can do is like Japan and Australia legalize bitcoin and incorporate it into their economic system.

The central bank of Philippines has already legalized Bitcoins. May be banks of other countries also start accepting bitcoins in near future? As a matter of fact, they really do not have any other option than legalizing bitcoins and cannot deny its importance for long. Soon, bank systems will be revolutionized.