Bitcoin Forum

This is a simple question but it really bothers me,
the question is, if the world's governments collaborate to create a blockchain network that is the same as Bitcoin and functions like Ethereum, then will cryptocurrency can still survive? because currently I hold 0.5 Bitcoin and 5 Ethereum for the long term, therefore I want to know what will happen if my question comes true, although maybe for the near future it will not happen, but we can take the worst case scenario from now.

even if the governments collaborate with each other, still, they will come up to a centralised currency, in which bitcoin and eth are not. but that scenario alone is very far from happening as each country has their own approach towards crypto. even if they create the same features as btc and functions as eth, people are now free to choose which one they will use. and btc and eth are not government-dependent. so you don't have to worry about holding your btc/eth, because your worry of becoming them worthless i believe, would not happen.

Do you think collaboaratio between countries will happen? Its no since for sure they want to don't bother and create their own and also for sure they wont bother as they have fiat to make more powerful. The one you need to get worried if governmemt will find cryptocurrencies as a bad investment nor a huge threat since for sure.majpr banning will happen and this could affect to the demand of cryptocurrency if their government will penalize their citizen if they use bitcoin.

Governments creating an altcoin is farm from the worst possible scenario. We already seen Venezuela creating an altcoin, and it was a grand failure. The worst case scenario for crypto is if it remains obscure and unused, if adoption will be declining instead of growing, then crypto will be just a hobby for some enthusiasts, with no potential for big price growth. The second worst scenario is a global ban, because without liquidity of legal exchanges the market will be stifled in growth.

For the sake of argument and let's say they did collab which each other to create a new crypto that will rival BTC, I think we can still survived in the long term. Of course, it could be a threat, but crypto or at least bitcoin is decentralized and no one can control it. Maybe there could be on the other side of the spectrum, countries banding together to protect Bitcoin's network against the so called new crypto from other governments. So I guess it will just be even things up in the end.

And you have to think, what benefits on incentives the government will have if they join force and create their crypto to rival Bitcoin or any other crypto prime movers right now?

worst case scenario for crypto,?? if there is a global ban, it will probably be the worst case scenario for bitcoin, because by itself the market growth will be hampered, but I don't think this will ever happen, even though the government makes other altcoins to compete with bitcoin, to be able to bring down bitcoin, I think their efforts are not will never succeed, because from the first we have seen many who want to make other coins to compete with bitcoin, but in the end it ends in failure..

Bitcoin has been through all the dark days in 2018 and even this year things have passed convincingly like Fud china, Elon & Tesla...etc, heightened investment awareness is on the way which determines the direction of the market base.  I'm optimistic with the current situation, whatever bitcoin effort is creating the springboard for the entire space.  Printers continue to print money, covid19 continues to make bitcoin sustainable as its fruit
I think There aren't any bad cases that can cause the market to be dragged down again.

BTC is deflationary asset (global elites loves inflation - they are even setting "inflation target" and call "inflation is too small" when they are below this target). BTC has no centralized indentity in charge of it while every gouvements tries to reach the oposit. Control money supply as much as it is possible. What are the chances that gouvements will collaborate in anything?? especially something that will work in oposit of what their goals are and ... is alreade created. What are the chances that BTC hodlers that call BTC a "Fiat money system collapse hedge" will dump true bitcoin to buy "Fiat v2"?

I would say its close to 0.

Worse case scenario is could go back to its lowest price. But Im not betting it wouls happened ever now especially a lots of players, institutions or group of traders have already invested big on bitcoin and other major coins. Even government intervene, I doubt they could totally control cryptocurrency given the nature it was created for. If ever this happened maybe I pull out some or majority of my assets.

Bitcoin is decentralized currency and we all know vividly that anything created or invent by the government is under centralized, even though government happened to enlist their coin today it's obvious that it will not be like bitcoin, ethereum, litecoin and other numerous coins under the platform of cryptocurrency alternative coins, because they own can be easily be manipulate, which i know that they can't do that.

Firstly, there's no way that even a few major world govs would collaborate on a common cryptocurrency because their countries are competitors, and nobody wants to share control over something as important as a currency. That's why nation-wide centralized digital currencies are likely, but an international one (unless it's a crypto of EU or something similar) is not. Secondly, such currencies compete more with fiat than with cryptos like Bitcoin or Ethereum, IMO, because the latter offer decentralization and lack of control over the price and supply by any authority. And if you mean the govs will unite to create a currency they cannot control (a truly decentralized crypto), why would they do that?

I hardly doubt a cryptocurrency developed by the government would even have the capability to fight what Bitcoin can do. One of the most important factors as to why Bitcoin is so good and better than fiat is because it's decentralized. Do you honestly expect the government to create a decentralized currency? The worst case scenario is the various governments banning Cryptocurrency in their countries though honestly, it isn't even that bad imo. We've had those in the past, and nothing big ever really happened. Granted it would limit most regular uses for it, It'd still be possible for others to use it for how it really is just without centralized stuff and all of that.

Cryptocurrency will survive even if the government take part and create their own crypto.
They can control their crypto but not for blockchain because the blockchain network will run by itself.
You need to calm down and use your time to decide and not just listen to other people and research by yourself because when you invest in crypto, you need to know many details to use crypto properly for your own good.
If you worry about what happens to crypto when the government does that, you can sell your coins and leave the crypto market before the situation becomes worse, but that will be up to you.

The worst-case scenario is not the one you imagine, because all those who use cryptocurrencies today do not trust the government too much anyway - and then why would they suddenly want to replace their BTC with some centralized cryptocurrencies just because they were made by some government?

What poses the greatest danger, however, are possible bans and over-regulation - something similar to what is happening in the US regarding some new rules of the game in the crypto world. Unfortunately, most people listen to the authorities without even questioning whether something is good or bad for them, so if the world's most powerful governments could agree to work together to curb the spread and use of cryptocurrencies, there is no doubt that it would negatively affect the entire crypto market.

Fortunately for all of us, the crypto market is still very small and insignificant globally, and the question is what will happen when there is at least 5 times more money than today?

New blockchain or whatever it is will be considered to be altcoin. Because they will need market and it will be listed in cryptocurrency market. Of course bitcoin will still to be core of it. Nothing that they can do, or they want to create their own market to made demands, people will still prefer on cryptocurrency. Worst scenario for cryptocurrency maybe if government collaborate and then decide to close all centralized exchanges, although we have DEX, but it will really affect to community itself.

the worst case scenario for cryptocurrencies is, the price returns to zero, that is the worst case scenario for bitcoin, but I don't think it will happen again, because bitcoin has gone through a dark period in 2018, many countries are against bitcoin, not even the world bank want to accept bitcoin exchange, but bitcoin managed to get out of the slump at that time, and now bitcoin is back in popularity and many companies have adopted bitcoin, and there is already a government that legalizes bitcoin..

OP, do you really believe that government are willing to cooperate with other government just to compete with decentralized bitcoin?
Governments can create their own crypto currency but they will not dare to create a decentralized crypto like bitcoin and they only dare to create a currency that is completely controlled by the government and that is centralization. Don't doubt the bitcoin you currently have, even if the government want or regulates them but in the long term your bitcoin will be much more valuable than you have to think about the government and the bad scenario.

Cryptocurrencies will survive, even though the government does it just because it wants to hold Bitcoin's position even though it can't be stopped. Of course to determine how the overall policy is implemented by each government of each country. But again, even if everyone is forced and makes a new network, it will not change the situation in a short time. Simply put, we have seen the digital money of each country that has just been launched, and some countries are still relying on their systems to the Blockchain network, and if they want to split up it will be nothing more than a blockchain working system. Never gave birth to the latest innovations.

Why do you think bitcoin and ethereum are so popular ? It's mostly because of they are decentralized assets which have a value.
So even if government entities collaborate to create a centralized cryptocurrency then it won't be able to compete with bitcoin and ethereum.
So I would recommend you to keep holding those coins and don't get brainwashed by anybody.
Also, you should avoid declaring your holdings in public because it attracts unwanted attention.

even if many countries collaborate and create anything it will have no effect on crypto. it's just that the effect on the price is reasonable. but for other sectors maybe crypto will still exist it's just that there are new competitors. but the question is very unlikely for many countries to collaborate to create the idea

The worst-case scenario for a cryptocurrency would be when the United States imposes sanctions. This can be the worst-case scenario for a bitcoin, and one of the reasons is that the price of a bitcoin falls below its lowest point, but it will never happen more and more people will adopt bitcoin in the future.

The worst case scenario is that the cryptocurrency market can be gone forever at some point. Maybe it can happen in e.g. 100 years or so. But the same probability exists for fiat money also. Because governments are developing their own digital currencies now. And they will start using them instead of fiat money at some point. In short, it is really hard to predict whether volatile cryptocurrencies will be gone forever. Let's just be aware of everything and make our investments according to it.

Hopefully, this worst scenario will never happen because there is mass adoption going on globally and institutional support is stronger than ever before, Coinbase is a Top crypto exchange and its listed on on New York stock exchange which is a clear sign of recognizing crypto as tradeable asset. I believe  Exchanges will certainly go though scrutiny process where they will be forced to abide by the local as well as international regulation if they want their business running and this is good for protection of investors as well as long term growth of crypto industry.

This scenario is very unlikely, and if ever some countries tried to collaborate to create a blockchain, there will never be something as the same with Bitcoin. Bitcoin is the most unique cryptocurrency out there. Unlike the blockchain that the government is going to create, Bitcoin is a decentralized technology, there's no way all the government would be able to create something close like that because government would want control obviously, and that's not going to work.

worst case scenario for crypto,?? if all the world's banks don't want to accept bitcoin exchange, and all countries reject bitcoin, and the price of bitcoin drops to the most beautiful level, maybe that's the worst case scenario for bitcoin, but in my estimation, all of that will never happen, because we'll see now Bitcoin is very popular, even the government has legalized bitcoin.

bitcoin is decentralized and have nothin to do with government; people can still choose bitcoin or other crypto digital
we can took example of digital yuan but some people of china maybe still prefer bitcoin

and i dont know if the government will joining each other even united nation member itself still have non member country so its impossible

I don’t think this kind of idea is established. Each country has a different position. This idea is difficult or impossible to achieve. If the currency of the country is naturally centralized, then who of these countries has the main control , No one wants to divide the maximum profit out.
And encryption enthusiasts have the right to choose, and people can choose freely, which will not affect the coins they own.

Every country wants to become a superpower and wants more voice.
They will not cooperate, they are in a competitive relationship.
Many countries have now banned Bitcoin. Bitcoin mining is prohibited.
The state banning the use of Bitcoin is also more troublesome for everyone, but now everyone is unable to resist the government and can only be forced to accept that Bitcoin cannot be used.

Then it proves that bitcoin or blockchain is indeed useful and must be adapted and there is even more good news because the legality is more perfect  if it really happens. in fact, the original will continue to grow. why move the new one from the original (bitcoin) will eventually be in the same form too "cryptocurrency".

According to me it won’t affect our Cryptos at all.
Our cryptocurrencies are decentralised, so as like now if we hold it and sell it P2P then no one will know about it.
And if the government launches something like you have mentioned in the OP, then i am sure majority of the people will ignore it.
As people don’t like keeping their money and investments under centralised policy.
Hope this helps you Op.

The main purpose of why the blockchain was created is due to one thing- decentralization. If the government were to collaborate to create a blockchain network, then it defeats the very purpose of decentralization as the government still has control over it.

The worst case scenario for cryptocurrency, in my opinion, is when governments of all countries prohibit the transaction of such. With this in mind, big companies and businesses would drop BTC/cryptocurrencies as a payment option to their products/services. Slowly, cryptocurrencies would become obsolete and its price would decrease and decrease.

They will never do it. They will never cut their own neck with their own hands. LOLZ.
Let’s think about it, why would government want their own blockchain if they have well settled traditional banking system.
They don’t need blockchain for storing the state secretes or national secretes which might get stolen with hackers so that’s not the agenda on the table.
They will prefer to run an underground operation with stone caves rather than spreading the critical information over the Internet through public ledger.
That would be last thing any government will do.

ethereum now being from the worst coins, since the fees touches too high about 100 dollars.

Worst case scenario I believe would be that the government bans everything blockchain. Including every crypto currency that it aids. What I know is even if create an a customized digital currency they would still need the operation of blockchain. Overthrowing blockchain would be too much a demand I believe.

The answer to your question is simple, you gonna need to wait for the next bitcoin halving to get some nice profit with the amount of the crypto assets you currently holding, and by that time, I think no government is fast enough to create such kind of platform let alone collaborating with one another. We know each one of them doesn't want to be behind one another and that's what gonna make their plan delay. Don't worry about your BTC and ETH, if you are really planning to hodl it for long, you won't need to think any of that right now. Just continue living your life to the fullest without stressing yourself with the volatile market.

that would be a beast if they be able to create like that but i dont think they can .
 as far as i know theres no one succeed in copying this two ( eth and btc ) but there can be creations that are close enough for eth , it can be because eth is less stronger than btc . your holding are too small compare to big bag holders but your worrying too much than them  .
dont worry no worst things can happen with btc and eth

I don't think the scenario will have any effect on BTC or ETH which in fact the cryptocurrency will not be affected by the government, even though many countries block cryptocurrency and until now still survive. Because the community has freedom in investment and transactions, this is something that even the government will not be able to conquer. Forget about your worries it will never happen

Even if that becomes true, crypto is here to stay and you're not holding a shitcoin. You don't have to be worried about it at all, you're holding the best two cryptocurrencies in the market so that shouldn't be a problem for you. What you should worry about is accumulation.
While the market is starting to show again the price increases, you should keep accumulating while it's not yet at the most possible peak of it. You name the price for the most possible peak that you can ever imagine, it may happen this year, next year or so. But with what you've said, it's not the worst that I can imagine. There's more to it like shutting down of all the exchanges which is an impossible thing to happen.

the worst scenario for bitcoin is, when the price of bitcoin falls to a very low level, maybe that's where we can say the worst scenario for bitcoin, but I think for now, and in the future bitcoin will not go down to the lowest price, because we can see now, bitcoin is very popular, and many have adopted bitcoin..

Op says building blockchain? so it makes no difference that government union just make another boring crypto alternative. The most urgent thing to do instead of creating new ones is to suppress the growth in the number of altcoins. Decentralization is not a crime, scam coin is a crime. I see the founders reserve the largest amount of their coins unfairly, and they can liquidate at any time which can impoverish a lot of people.

Bitcoin and blockchain technology will become irreplaceable technologies. Bitcoin will still be bitcoin, blockchain will remain blockchain. if governments develop their own blockchain, it will not be a threat, because bitcoin or any cryptocurrency with blockchain technology is supported by communities around the world. The worst scenario that might happen to the OP is to sell the asset at a low price because of panic.
Rest assured blockchain will be a ledger technology that continues to be developed and bitcoin becomes a very valuable digital currency today and in the future.

your answer is very clear short and concise, the worst case scenario for bitcoin is the price of bitcoin falling to zero, if the price falls to zero, maybe most of us will be severely depressed, especially the whales who hoard a lot of bitcoin, they will definitely hang themselves, but in my estimation it is will not happen because considering bitcoin is now very popular, even the government has adopted bitcoin..

This is so far the worst case scenario for all of us if cryptocurrency token lost it's value but I bet that this kind of situation is far from reality. I don't think that the country's around the world could come up in building one blockchain but the only possible thing is that they every nation could make their own kind of crypto which will only adds up to the number of altcoins. But over all it will be hard for the government agencies to interrupt with the blockchain of bitcoin and ethereum since it is a decentralized finance.

Of course cryptocurrency will still function because government cannot create a currency as volatile as bitcoin and maybe not so totally anonymous yet we are having the rights to keeo and hold without government intervention .
so basically people will still use crypto than what the government can provide in which surely will not be our safest virtual money to have.

They could make a coin like bitcoin or another eth, that's totally possible. But what they create is centralized and controlled by them, it's no different from current fiat. And it's like bitcoin, not bitcoin. They will not have the power to force us to choose one, with the development of the internet today, the choice belongs to each individual.

I think the worst case scenario for bitcoin is not because of the price drop, the price drop is mostly from FUD and can skyrocket again, the worst thing for bitcoin is the firm attitude of various countries that banned bitcoin, this can happen anytime because they feel bitcoin has become a place for various illegal transactions.

In my view Goverments will regulate it so they can collect taxes. And let’s not forget that countries are also competing with each other. Imagine when a country bans crypto they might just loose out on the many advantages crypto has. They did not ban the internet when it was new. The countries that embrace it will be part of the revolution and the ones banning it will be left behind.

Governments creating a cryptocurrency is the worst scenario already.

If the governments are going to be the ones creating a cryptocurrency, they are not going to come up with something like Bitcoin. That's for sure. Because governments want to have something that they have the authority.

Do not worry about your investment. It should have been just Bitcoin only and just forget about the ETH. Or if you want to hold ETH at least have 32ETH otherwise just go for Bitcoin.

crypto in my opinion is a financial product, so if every country made the same product as bitcoin, they would have their own market, I wouldn't believe this would destroy Bitcoin or any existing crypto. I see this will be a distinct advantage for us as users who are first into the world of crypto and blockchain, we can enter into their product without us having to leave our current world. while those who are too fanatical about fiat will likely want to enter our crypto world.

I think they will not do that.  Currency is an important tool that used by governments to control the economy of the country. If they want to do that then they have to have good reason for this. Those countries will consider the benefits that each country may get. In my point of view, every country in this world are competting each other. Each country try to make their national currency and economy better than other countries. If they do, then it will not have the same characteristics with bitcoin. It will backed by gold or superior currency like USD.

when we assume like this, of course, it's okay to see this will happen but let's imagine further, when the government makes altcoins to compete with btc, will they be able to compete strictly? we are talking from the buyer's point of view only, of course we want a profit from every thing we buy or invest.
when the government let's say make an altcoin to be able to be a competitor to btc will there be a guarantee for that? because we know the volatility of btc is unquestionable and will the government be able to make a counter-coin?
when the government makes coins like this, of course, both traders and investors will definitely see what developments and future prospects will look like, they will not buy immediately because here we are required to do research directly so that what we spend does not suffer losses.

Yeah that would have been a worse case scenario if btc were to fall to a very low price let's say below 1k usd, there will be confusion and people will immediately lose trust and interest but that is no longer possible, btc has already gone mainstream, many Institutions are involved, more are accepting btc into their business, people's trust on btc is very high hence the possibility of seeing such occur is relatively low.

worst case scenario in crypto in my mind is , if there is a global ban on trading / all transactions of bitcoin itself , and a continuous drop in price to rock bottom. like when bitcoin was launched ,
maybe if there is a price decline there is someone waiting but in this case the bitcoin owners who buy at the high price will be tormented

I haven't think of the worst-case scenario before. We all know that blockchain technology develops over time, we are still thriving as we see possible growth of users. The only thing that kind of bothers me is if this technology would last or will be outdated soon? not that I invalidate the potential and the greatness of blockchain, but due to fast innovation, what if we see better options created by new inventors? This might not happen soon, but what if?

Worst case scenario! I think when for some reason blockchain is able to tempered with, i.e can be ban completely, that will really be a worst case for the crypto community because the belief that even if crypto is ban blockchain will still function gives much confidence in this space but once that's no longer possible the whole scenario has changed completely, and since this is not possible I don't see anything worse than that.

Survived because backed by government. If they really serious with their coin they can pay exchanges to listed their coins and maybe with much resources they can develop their coin well. But is that will be threat for bitcoin, i don't think so. Although they are success, in crypto market it will listed and still be altcoins.

The whole point of cryptocurrency is to eliminate the need for governments and banks and to move away from centralization, and even if as you say all the countries collaborate into creating a universal blockchain there will still be restrictions and limitation and not to mention centralization and it won't get the same attention and popularity as bitcoin and Ethereum, so it is safe to say that both of them are here to stay for a long time. 

You need to make your own plan and decision on what the cryptocurrency you hold is worth, nobody else can really make that decision for you - there are simply too many variables to guess where the price will be tomorrow, let alone in 5 years. From the sounds of it you don't need the money, but if I bought in the amount you hold many years ago at dirt cheap prices and they were my main assets in the world, I'd definitely sell a portion and try to diversify a bit. You will not gain all of the upside in future, but if you sold half and those cryptocurrencies lost a lot of value - then you could sleep more easily with your decision. If it were possible to crack into wallets in future (somehow?) then they might become worthless, but your banks security might also be compromised at that level of computing sophistication too.

Firstly, I really don't think governments can come together to agree on one currency. And technology is fast evolving we almost cannot determine how it'll go or what it's future is like.
But I think we can be prepared for whatever is to come.

I also think about my investment in bitcoin and crypto in the long term. Why worry about what governments will do to compete with bitcoin?

First of all, I don't think any government develops a better network than bitcoin and all networks combined. Because we have taken the lead it is better for them to join us.
If a collapse were to occur in our crypto space due to the arrival of some network created by governments, I think it will not happen, the idea is not to destroy what we have, it is better to adapt globally.
If it were the case, there would always be a way to recover any investment.

Every collaboration between governments will always involve any significance for their countries. And this may not be as interesting as Bitcoin and Ethereum. Moreover as others says, the coins will be centralized because the government will not let their creation be decentralized without any rule and regulation under. And this may be very complicated if some government doing this.
I believe that Bitcoin and other cryptocurrencies will still survive, moreover many people are still more interested in something decentralized, something very promising like BItcoin. We will not let something happen very bad to the crypto  :D

All government in the world will never make same blockchain as same like BTC and ETH do, if it happen, it is will make world only have one currency, and that is impossible. Just imagine 1 euro will be same as 1 rupee, thats will cause euro collapsed because they will decreased their value, and make rupee overvaluated and make it worthless.

Government can do it, because since existence of bitcoin government is looking for one or two ways to eradicate bitcoin or bring bitcoin down more especially not to be influential, so with that scenario it's obvious that bitcoin is problem of government because if it's not so, government would have free bitcoin, because right now some countries never legalize adoption of cryptocurrency to their society.

and since when do all governments collaborate with each other? we need to see how the world is divided, the countries have some little collaboration when it comes to money and concern politics, they wouldn't spend money and collaborate on some blockchain project, imagine russia, china collaborating with the US on some project of blockchain, do you think that would ever happen? I think not.

Another thing I think governments won't do anything drastic for bitcoin and altcoin, just think:

Have you ever seen rich people investing in things that they know would be a waste of time and money in the future because governments won't accept it? Of course there are some small cases where the rich lose money due to bad choice, but concretely speaking of bitcoin case if the rich are investing in bicoin Is because they know that governments have accepted bitcoin, the rich have influence and constantly talk to the politicians and governments