Government intervention in Bitcoin inevitable?

[Hazir]

There are couple questions I keep asking myself about future of bitcoin. I thought about it and I am sure that government intervention in the bitcoin industry is simply inevitable.

And we can't do anything about it really. Governments are greedy, they want a share of everything and therefore thy will be trying to snatch some of it from us.

There is a really high chance that we see in the future a lot more government action against bitcoin, including some changes of the core protocol.

Another case is that I think bitcoin is "too good" now for people. So Bitcoin will be changed to bring it in line with other payment systems.

We probably will se some dreadful changes like adding possibility to blacklist funds and and change that will allow to store identity information of users with bitcoin transaction.

Your thoughts?

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[Troonetpt]

There are couple questions I keep asking myself about future of bitcoin. I thought about it and I am sure that government intervention in the bitcoin industry is simply inevitable.

And we can't do anything about it really. Governments are greedy, they want a share of everything and therefore thy will be trying to snatch some of it from us.

There is a really high chance that we see in the future a lot more government action against bitcoin, including some changes of the core protocol.

Another case is that I think bitcoin is "too good" now for people. So Bitcoin will be changed to bring it in line with other payment systems.

We probably will se some dreadful changes like adding possibility to blacklist funds and and change that will allow to store identity information of users with bitcoin transaction.

Your thoughts?

I don't think the government can change the core protocol of bitcoin, they just can't success. Yes, Governments are greedy, but not every Government have infinite power to to do anything, that means not  every Government will against bitcoin. That's enough.

[Miracal]

There are couple questions I keep asking myself about future of bitcoin. I thought about it and I am sure that government intervention in the bitcoin industry is simply inevitable.

And we can't do anything about it really. Governments are greedy, they want a share of everything and therefore thy will be trying to snatch some of it from us.

There is a really high chance that we see in the future a lot more government action against bitcoin, including some changes of the core protocol.

Another case is that I think bitcoin is "too good" now for people. So Bitcoin will be changed to bring it in line with other payment systems.

We probably will se some dreadful changes like adding possibility to blacklist funds and and change that will allow to store identity information of users with bitcoin transaction.

Your thoughts?

I don't think the government can change the core protocol of bitcoin, they just can't success. Yes, Governments are greedy, but not every Government have infinite power to to do anything, that means not  every Government will against bitcoin. That's enough.

The protocol and blochchain is decentralized. Not any ppl can change it even the govs. Yes, govs can change the protocol and make a hard fork for it. The new fork chain becomes altcoins, worhthless because no miners would accept the chain. 

[Kprawn]

When things are over regulated or banned, it goes underground... people would use it on the black markets OR they will find ways to move over to the next big thing. {Technology evolves..... take music piracy as a example.... when they saw they could not win the battle, they started to use the technology to their benefit...iTunes etc. etc.}

There is no central organization to shut down....

When the majority of the people pick up on why Bitcoin is being banned, they will start asking questions about the REAL reason, and they will force regulators with their votes to change their minds. 

[hua_hui]

There are couple questions I keep asking myself about future of bitcoin. I thought about it and I am sure that government intervention in the bitcoin industry is simply inevitable.

And we can't do anything about it really. Governments are greedy, they want a share of everything and therefore thy will be trying to snatch some of it from us.

There is a really high chance that we see in the future a lot more government action against bitcoin, including some changes of the core protocol.

Another case is that I think bitcoin is "too good" now for people. So Bitcoin will be changed to bring it in line with other payment systems.

We probably will se some dreadful changes like adding possibility to blacklist funds and and change that will allow to store identity information of users with bitcoin transaction.

Your thoughts?

I think as bitcoin adoption rate grows, governemnt will consider to regulate the bitcoin world for their own benefit or their ppl. It is not a bad thing. Due to a lot of scams and hacks in crypto world, they need to be punished for their bad behaviours. 

[Hazir]

When things are over regulated or banned, it goes underground... people would use it on the black markets OR they will find ways to move over to the next big thing. {Technology evolves..... take music piracy as a example.... when they saw they could not win the battle, they started to use the technology to their benefit...iTunes etc. etc.}

There is no central organization to shut down....

When the majority of the people pick up on why Bitcoin is being banned, they will start asking questions about the REAL reason, and they will force regulators with their votes to change their minds.  

And what will you do when there won't be any exchange market to sell your coins in the future or any services or shops won't be accepting bitcoin  because of the regulations government regulations?
If you can't spend it then your coins are useless.

[Lauda]

Well it is safe to say that it is inevitable, but that is okay. There has to be a meeting point if you want Bitcoin to be legal. The main part is that they can't influence the blockchain or core software no matter what they do. Even if they forced the developers to release something bad, almost everyone would just reject it. That's the wonder of open source software.
I don't think that we're going to see anti-Bitcoin action in the future. Since quite a few countries already 'endorse' Bitcoin, they won't just randomly change their mind.
Even if they do it might be too late and they might fall behind in comparison to others.

[ianferns]

Yes its inevitable, but if they go about making it illegal, then that would obviously pose a big threat to bitcoin. But I doubt it will happen.

[Q7]

Unless this is agreed upon by the community, not a single entity can decide to simply change the core protocol as and when they want to. Having said that governments can just make things difficult for you like for instance, closing down bank accounts related to bitcoin businesses but that's just how far they can go to impose the limits.

[Hazir]

Unless this is agreed upon by the community, not a single entity can decide to simply change the core protocol as and when they want to. Having said that governments can just make things difficult for you like for instance, closing down bank accounts related to bitcoin businesses but that's just how far they can go to impose the limits.

I am not so sure, a majority of miners is not important here. If miners will try to change something (the protocol in this case) on their own, they will simply be ignored by the rest of the network, and their "mining rewards" will be worthless. A change requires an economic majority - adoption by the users and businesses who give the currency value.  In short if government impose on bitcoin business restrictions, bitcoin will be changed to match that.

[LiteCoinGuy]

good luck with a worldwide government intervention in Bitcoin.

[Hazir]

good luck with a worldwide government intervention in Bitcoin.

I doesn't have to be worldwide. In fact it most certainly won't be. I am worried about US almost exclusively here since they have the power to exert pressure on every other nation. And if only US and China agreed upon some bitcoin changes it would be it - and these two nations will find common ground if money is at stake.

[Amph]

only if bitcoin gets big enough for becoming a threat for the usd or others fiat(if we are talking about not only usa gov, because not any gov is interested in crypto, we should remember that), right now bitcoin market cap is still a joke, they won't bother with

[Hazir]

only if bitcoin gets big enough for becoming a threat for the usd or others fiat(if we are talking about not only usa gov, because not any gov is interested in crypto, we should remember that), right now bitcoin market cap is still a joke, they won't bother with

I am not so sure about that because it is not about threat level imo. But about control of power and money, Bitcoin won't overtake USD any time soon. You said that governments are not interested - not true, they are interested but they are watching it for now what major players (USA, China) would do and how bitcoin will scale. Governments would like to share the cake bitcoin will bring the the table and when bitcoin would become too big it will be harder to cut and control it...

[Amph]

only if bitcoin gets big enough for becoming a threat for the usd or others fiat(if we are talking about not only usa gov, because not any gov is interested in crypto, we should remember that), right now bitcoin market cap is still a joke, they won't bother with

I am not so sure about that because it is not about threat level imo. But about control of power and money, Bitcoin won't overtake USD any time soon. You said that governments are not interested - not true, they are interested but they are watching it for now what major players (USA, China) would do and how bitcoin will scale. Governments would like to share the cake bitcoin will bring the the table and when bitcoin would become too big it will be harder to cut and control it...

not all of them i said, some governments are not looking into bitcoin right now, for many reasons (internal economic problem due to recession, war ecc...), bitcoin does seems a very niche market right now, and they are ignoring it for this matter

at this stage bitcoin can be only seen as buying a lottery, that's why there is no real interest for the governments

[avatar_kiyoshi]

Its possible happens if gov feels bitcoin is threat for them, they will blacklist bitcoin. But the gov have a time for glancing to bitcoin? I think not

[Netnox]

When things are over regulated or banned, it goes underground... people would use it on the black markets OR they will find ways to move over to the next big thing. {Technology evolves..... take music piracy as a example.... when they saw they could not win the battle, they started to use the technology to their benefit...iTunes etc. etc.}

There is no central organization to shut down....

When the majority of the people pick up on why Bitcoin is being banned, they will start asking questions about the REAL reason, and they will force regulators with their votes to change their minds.  

And what will you do when there won't be any exchange market to sell your coins in the future or any services or shops won't be accepting bitcoin  because of the regulations government regulations?
If you can't spend it then your coins are useless.

Dude there are more and more merchants joining, western governments are pretty pro bitcoin. The big cities are starting to battle to become a bitcoin hub, bitcoin is joining the big trading markets. I don't know in which year you are but bitcoin is lightyears away from being banned, even if it would be illegal it would actually attract more skeptics.

[tatu]

There are couple questions I keep asking myself about future of bitcoin. I thought about it and I am sure that government intervention in the bitcoin industry is simply inevitable.

And we can't do anything about it really. Governments are greedy, they want a share of everything and therefore thy will be trying to snatch some of it from us.

There is a really high chance that we see in the future a lot more government action against bitcoin, including some changes of the core protocol.

Another case is that I think bitcoin is "too good" now for people. So Bitcoin will be changed to bring it in line with other payment systems.

We probably will se some dreadful changes like adding possibility to blacklist funds and and change that will allow to store identity information of users with bitcoin transaction.

Your thoughts?

Regulation is inevitable and governments are going to want their cut. It's not like they're just going to take a backseat and let people use it tax free and money launder via it. Regulation is not necessarily a bad thing either (as long as regulations aren't too restrictive). Think of it as bitcoin succeeding and making its first steps into wider mainstream acceptance.

[redsn0w]

only if bitcoin gets big enough for becoming a threat for the usd or others fiat(if we are talking about not only usa gov, because not any gov is interested in crypto, we should remember that)...

If I can say my personal opinion, I do not think the various government will intervene or maybe better 'attack' bitcoin (or at least not now).

right now bitcoin market cap is still a joke, they won't bother with

You (and we) should remember that bitcoin is only 5/6 'years old' and it is still alive, so I bitcoin will bother it but them cannot do anything to the code itself. The unique way for them to intervene, it is to buy a lot of bitcoin to cause an huge dump (with the sale of all the purchased bitcoin).

[bornil267645]

Government are already having their influence as much as possible. They know how much potential the bitcoin economy holds and they will do everything to keep bitcoin under their control.