Government & Bitcoin

[stromma44]

The government in my opinion hates bitcoin because it eliminates the need of a central bank or anything like that. You don't need commercial banks with BTC, you don't need treasuries with BTC. It's all unneeded.

Government hates deregulation.

Exactly Government hates bitcoin as they cannot control and it and for the decentralized factor attached with it and they are scared that if bitcoin gets on mainstream they will loose all their power and control that they hold on fiat currency.

[mrhelpful]

The government in my opinion hates bitcoin because it eliminates the need of a central bank or anything like that. You don't need commercial banks with BTC, you don't need treasuries with BTC. It's all unneeded.

Government hates deregulation.

Exactly Government hates bitcoin as they cannot control and it and for the decentralized factor attached with it and they are scared that if bitcoin gets on mainstream they will loose all their power and control that they hold on fiat currency.

Well its more of control and stability is what people want which all of us want.

Which would make bitcoin stable but centralized - if exchanges were in a position of forced to partner up with the govt - money transmitter laws etc. Then the idea of centralizing the coins then govt already won indirectly without getting involved.

[deisik]

The government in my opinion hates bitcoin because it eliminates the need of a central bank or anything like that. You don't need commercial banks with BTC, you don't need treasuries with BTC. It's all unneeded.

Government hates deregulation.

Exactly Government hates bitcoin as they cannot control and it and for the decentralized factor attached with it and they are scared that if bitcoin gets on mainstream they will loose all their power and control that they hold on fiat currency.

Well its more of control and stability is what people want which all of us want.

Which would make bitcoin stable but centralized - if exchanges were in a position of forced to partner up with the govt - money transmitter laws etc. Then the idea of centralizing the coins then govt already won indirectly without getting involved.

Bitcoin is already centralized beyond any hope. If you take all major currencies and melt them into one, this mega-currency will be less centralized than Bitcoin right now...

It's too late to cry (wolf)

[katrimans]

The government in my opinion hates bitcoin because it eliminates the need of a central bank or anything like that. You don't need commercial banks with BTC, you don't need treasuries with BTC. It's all unneeded.

Government hates deregulation.

Exactly Government hates bitcoin as they cannot control and it and for the decentralized factor attached with it and they are scared that if bitcoin gets on mainstream they will loose all their power and control that they hold on fiat currency.

Well its more of control and stability is what people want which all of us want.

Which would make bitcoin stable but centralized - if exchanges were in a position of forced to partner up with the govt - money transmitter laws etc. Then the idea of centralizing the coins then govt already won indirectly without getting involved.

Bitcoin is already centralized beyond any hope. If you take all major currencies and melt them into one, this mega-currency will be less centralized than Bitcoin right now...

It's too late to cry (wolf)

Yes it is totally independent and as being anonymous. So, government can't do anything and we can avoid taxes  easily from the government But banks are invented by government to collect taxes and penalties from peoples easily!

[deisik]

Bitcoin is already centralized beyond any hope. If you take all major currencies and melt them into one, this mega-currency will be less centralized than Bitcoin right now...

It's too late to cry (wolf)

Yes it is totally independent and as being anonymous. So, government can't do anything and we can avoid taxes  easily from the government But banks are invented by government to collect taxes and penalties from peoples easily!

Are you involved in some illegal activity such as child pornography, or just a regular tax dodger, I'm sorry?

[mirakal]

The government in my opinion hates bitcoin because it eliminates the need of a central bank or anything like that. You don't need commercial banks with BTC, you don't need treasuries with BTC. It's all unneeded.

Government hates deregulation.

Exactly Government hates bitcoin as they cannot control and it and for the decentralized factor attached with it and they are scared that if bitcoin gets on mainstream they will loose all their power and control that they hold on fiat currency.

Well its more of control and stability is what people want which all of us want.

Which would make bitcoin stable but centralized - if exchanges were in a position of forced to partner up with the govt - money transmitter laws etc. Then the idea of centralizing the coins then govt already won indirectly without getting involved.

Bitcoin is already centralized beyond any hope. If you take all major currencies and melt them into one, this mega-currency will be less centralized than Bitcoin right now...

It's too late to cry (wolf)

Yes it is totally independent and as being anonymous. So, government can't do anything and we can avoid taxes  easily from the government But banks are invented by government to collect taxes and penalties from peoples easily!

I don't think banks are invented by the government to collect tax to the people, majority of the banks are privately own, the tax collection is just on of their features to give the customers a convenient way on paying their taxes and they partner with the government. In some aspect that can also be called as marketing strategy for them, I am referring to privately owned banks because they are the majority, banks made a profit big on granting loans so that is their main focus of business.

[Ravion]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

[entrepmind23]

I think time will come when bitcoin will really affect the bank transactions like the revenue will be significantly lesser then that's the time they will think of ways to control it. It can affect the economy because the country may lose its potential investors. As for our country, they are getting strict in bitcoin transactions because upon registration for a wallet, they will ask for verification like identification card. They do this in order to comply with Anti-Money Laundering Policy.

[deisik]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

[0day]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

I think the governments fear from its system of anonymity and whenever they will be able to get access to all of the records through which they will be able to see into the details of people and their transactions then they will adopt it.

[groll]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Im thinking the other way around. We are not in line with each other I guess. My line of thinking with this matte is that bitcoins and government will complement each other. Government will not halt or stop or control bitcoins rather they will just not sit down, they will monitor the transactions and regulate the use of bitcoins to determine who are using bitcoins in nefarious activities.

[mirakal]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Im thinking the other way around. We are not in line with each other I guess. My line of thinking with this matte is that bitcoins and government will complement each other. Government will not halt or stop or control bitcoins rather they will just not sit down, they will monitor the transactions and regulate the use of bitcoins to determine who are using bitcoins in nefarious activities.

Yeah! so you mean they can trace the transactions inside the blockchain? Bitcoin is anonymous in nature and there is now way the government will trace the users unless they will force the users to comply with the KYC policy which is not in the features of bitcoins.

[bitcoinisfurture]

It will depend upon country to country . Many countries have ban bitcoin and few are taking under observation about how beneficial it could be in modern day. And may country already recognized bitcoin as investment. So bitcoin still has a long way to go to be accepted worldwide.

[PuraPuraBego]

We need to know. Bitcoin it's not money but bitcoin is are Stuff. Where we can change this stuff for money. That's why bitcoin not supported at country.

[Herbert2020]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

[WEBcreator]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

[Mauser]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Big institutions and governments don't like to give away their control of money. Consumers might call for a bigger roll of bitcoins in the economy by forcing more and more shops to accept bitcoins as payments.
But the government will always oppose bitcoins as they can't control it or print more of it when they need it.

[goinmerry]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it.
So halving happened? Who did it? How did that happen that the rewards for them where halved if no one is controlling it?
Sorry kinda want to understand. Please dont bash me.

[blackmachinegun]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Lol I think it is impossible if the government did legalization in bitcoin. accept bitcoin tantamount to suicide or killing their own currency. because if they accept bitcoin bitcoin course will grow very rapidly from the local currency. and may have the possibility to take over their own local currency

[deisik]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as not to raise questions)