Bitcoin Forum

As much as I want to be a law abiding citizen, pay my taxes, support my nation, etc... I also want crytpocurrency to remain a lot like it is now.  Sure, I don't want to see Billion dollar digital heists but I also don't care to see banks call the shots on how cryptocurrency is perceived.

I guess when the red squiggly line under cryptocurrency goes away the party will truly be over.  For now, cryptocurrency still isn't even recognized as a word by chrome spellcheck.  I hope it stays that way forever.

Governments and banks want different blockchains. Blockchains that'd make Orwell cry in a corner. Sure we'll get government issues cryptocurrencies: CRYPTOFIAT. All your transactions will be traced, monitored and taxed automatically.

Of course, they'll make exceptions for certain individuals...

Man... That is one dark idea... Hope that it never comes to this. What would we do if things come to this? This is why everybody should abandon Ripple, they are taking banks in to cryptocurrencies and introduing them the blockchain technology. If things will become like this, Ripple will be responsible.

Ripple is insignificant and will also go to 0. Governments will create their own closed sourced blockchains.

Cryptofiat is already happening.

https://decentralize.today/the-rise-of-cryptofiat-860cc8a2453b

We'll move into a cashless panopticon Big Brother society. Your subconscious will always be aware everything you earn and spend will be seen by government eyes.

Maybe it's not so bad for the next generation. I mean, a whole generation grew up not having lived the world before Facebook and Google. And they're fine with those companies knowing more about them than themselves. They don't hate them, they embrace them!

Yeah!! that is true. I think popularity of bitcoin, altcoins, cryptocurrencies and blockchain led to the alarm that caused many FUDs and has brought us thus far, with everything turning red here and there. Anyways i also think that is good. This is an opportunity for crypto to take its greatest test of all time, and when all this is over, we'll be good to go once again. I also do think that crypto should lay low for a while and then when that occurs, those who don't give a shit about crypto will stop the bad panic news they spread about crypto. When that happens, the implications are that we won't earn very huge amount, we'll earn moderately but sustainability will then prevail. Other than that, governments, banks will continue to be on our neck till they make crypto uncomfortable for us. We are not giving up anyways. Crypto has come to stay and will stay

I hope so too.
It's hard to think that the crypto world is being populated and yet it is being brought down. It can be seen in plain view. They want a piece of it.  ;D
If that is the case then it would be better to stay at a minimal number rather than getting more investors coming in. But I guess it wont happen, looks like the crypto world is the apple of the eye of the governments now. Why not? There is shitload of money inside it and where there is money, there is also the greedy government following it saying: "You cannot be free!"

No central or state authority regulates bitcoin / Altcoin so that its accounts can not be frozen. Thereby also money or account contents on bitcoin wallet no one guarantee.
The reason a bank forbids is in order to implement the principles of prudence, safeguarding business competition, risk control, and consumer protection. And in essence this is probably about competition between banks and crypto. Go to the moon ;D

I've now been in crypto trading for just over a year now, and I have to say that I can completely understand where you all are coming from, especially after being one of my few friends that are still in this for the long run, though the rest of them left after not being able to handle the volatility.

While there is a shitload of money of money in this, it's a hard place to put your money, and that's going to always have that negative pressure on the market as long as we have this huge influx of new users each year. At least, imo.

The OP makes a really good point in that the best case scenario means that the government gets involved enough for us to be protected, but not Orwellian involved. Unfortunately, it'll probably spiral out of our control and into the government's with their own blockchains, and we'll have to rely on the O.G. coins for us to keep our privacy and our right to truly own our own money.

Unfortunately this state of things cannot last for long, this is a transitory stage where bitcoin can go in two different directions, in the first scenario it can go down and its popularity never reaches a point higher than the current one and then it disappears, the second scenario the most likely is that bitcoin becomes more popular it becomes more widely used and this will attract more regulation.

This topic may be discussed later in the G20 forum, I started to worry about the future of crypto.
I think will continue to fall in some countries and this will be the most interesting drama in 2018.

No central or state authority regulates bitcoin / Altcoin so its account can not be frozen
The reason why banks prohibit to apply the principles of prudence, safeguarding business competition, risk control, and consumer protection. And the bottom line is probably about the competition between banks and crypto.

What drama is going on in crypto? so the crypto price goes down. and will btc down to $ 7000?

Well, BTC was created not only for its community, but also for the people around the world, for mass adoption. The nature of crypocurrency should be anti-cencorship and rule/law resistant. Nowadays, many crypocurrency, including some "big" names, are no longer following these principles. Be aware and choose wisely when investing.

I hope the G20 does not become a big FUD because its effect is quite sensitive to altcoin prices. and I think they're just going to discuss matters of regulation related to money laundering.

The reason for that is very simple many people are only thinking about getting profits and as long as they can do that they do not care about the principle and the reasons of why cryptocurrencies were created the first place, but this means that those cryptocurrencies that do not follow those principles will probably disappear in the long term.

Well luckly the results on G20 a few days ago about crypto is not negative, they says crypto is not a threat and they define crypto as assets.


Thank god it's not happen for now but it's still risky, this year 2018 is the bad start for cryptocurrency. So many bad news about crypto and i'm afraid we might see btc down to $7000 again.

yeah this is what scares me too. "fedcoin" will replace the fiat currency and they will track your purchases and keep people in their place. fortunately i think there's ways to make sure the gov doesn't know what you buy and such

There will always be a cryptocurrency like how it is now just like there will always be someone to oppose the majority. Never in the history of mankind has a large group of people collectively agreed on a single idea without resistance. There will always be those who seek decentralization and freedom from "the man."

Rest assured bitcoin will always be decentralized.

Yeah, Crypto is getting co-opted pretty hard right now. I am torn between wanting to keep things crypto, but also want to see a more efficient world (and also make money ahaha)


The world don't stop turning....

I highly doubt crypto will remain like an underground system forever. Sooner or later it will continue to grow big and governments are starting to notice. Possible regulations by more countries will really happen especially if scam projects continues.

I think this would happen if the government see that more people are getting involved with cryptocurrency and in cooperation with banks, they would make a cryptofiat so that they can still track the transaction of the people and would still get their share through taxes. It would actually be much easier for them because all the data are online so there would be no need for them to ask the people to file their taxes because they know how much to collect and might even just send an e-mail to send this amount to that account to pay for taxes. All data are accessible. Compared to what is happening now wherein some people can get away with paying taxes because transactions are anonymous and cash is not easily traceable, cryptofiat would make the job of those in government more efficient.

Me too, cryptocurrency is a very great currency for any payment, i hope government will understand about that, not banning cryptocurrency, let's hope that all of country will allow us and legalize crypto

Yes, I very much agree with you.
And I believe that the regulatory measures in many countries will soon come out. Otherwise, one day, they will use the cryptocurrency market to play a bad role. You will see that soon.

A cryptocurrency created by a government will be terrible but I think people are exaggerating what they can accomplish, when you think about it those that know about cryptocurrencies like us are not going to use such coins we will avoid them and the general public is going to do the same since they are fine with their fiat so only a very low amount of people will use such coins.