Government and Bitcoin

[bitcoinpiece]

Why, until now, government all over the world still doesn't trust bitcoin?

[gadman2]

Because it's still new. And actually a solid percentage of bitcoin users still don't 'trust' bitcoin.

[--Encrypted--]

https://www.reddit.com/r/Bitcoin/comments/33gogm/why_governments_dont_trust_bitcoin/

funny. I just read that like a hour ago.

[Amph]

keeps in mind that for like 90% of people and government bitcoin arrived in 2013 , they were not even aware of it before that time, so for that is only 2 years old

there is still the need to build infrastructure around it

[mezzomix]

Why, until now, government all over the world still doesn't trust bitcoin?

You control the people if you control their money!

Bitcoin is not easy to control. It's not a matter of trust but a matter of control.

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

[amiryaqot]

keeps in mind that for like 90% of people and government bitcoin arrived in 2013 , they were not even aware of it before that time, so for that is only 2 years old

there is still the need to build infrastructure around it

we need more public awareness about Bitcoin and spread the words on social media and other platforms to let the know the world, Bitcoin is revolutionary invention more advanced and more secure crypto currency as time will pass we will see more adoption  about Bitcoin.

[shulio]

Why, until now, government all over the world still doesn't trust bitcoin?

One of the main reason could be because bitcoin is a decentralized currency , which means that not a single person or goverment can control it, this means that if the goverment cant control it, then the goverment wont deal with it since it gives them no benefit.

[ChuckBuck]

Because it's a whole paradigm shift from the norm.  Bucks the trend.  It's a new phenomenon.

Bitcoin threatens to eat into alot of the old money/old guard's livelihood.  Centralized banks and authorities especially.

This is a truly revolutionary invention.  It'll change the way currency and money is looked at forever.

I'd be shitting bricks too if I were the Guvment...

[cogabonito]

Because it's still new. And actually a solid percentage of bitcoin users still don't 'trust' bitcoin.

Actually a solid percentage of Bitcoin users don't trust governments.

[Beliathon]

https://www.reddit.com/r/Bitcoin/comments/33gogm/why_governments_dont_trust_bitcoin/

funny. I just read that like a hour ago.

From the article:

"In line with this, governments are also wary that the absence of any code of conduct or regulations governing the bitcoin industry could result in an unstable financial system"

The last thing the elites want is an unstable financial system... for them.  

They only want the financial system to be unstable for those of us who would be put into 10x10 cages for the "crime" of printing money, that same crime they commit every day.

there is no asset backing the value of bitcoin. The cryptocurrency’s value is simply determined by supply and demand, unlike fiat currencies which are based on gold or other precious metals.

Author seems to be totally ignorant of how fiat works. Modern fiat is NOT backed by gold or any precious metals, it's backed by hallow state promises and loads of violence.

...some say that it is the decentralized nature of bitcoin that gives it a higher potential for more secure transactions

"Some say"? Some say that it is the mass of objects in the universe that causes them to be attracted to other massive objects. Others say it is merely the Will of God that prevents the Earth from falling out of the heavens.

[RodeoX]

Trust comes with understanding.

[ranochigo]

It is very hard to regulate. Bitcoin would encourage more money laundering due to the anonymity it provides. Regular people still don't understand Bitcoin and think of it as some kind of scam.

[Beliathon]

It is very hard to regulate. Bitcoin would encourage more money laundering due to the anonymity it provides.

Bitcoin provides no anonymity, only pseudonymity.

Using certain tools, one can take steps toward anonymity while using bitcoin. However, one can only ever approach it, never reach true anonymity. Especially not if someone(s) is interested in finding out who you are and what you're doing. Just as water always flows downhill, information always seeks to be free. You can build trenches are reroute waterways to slow the descent toward sealevel. You can even build dams and wall off bodies of water for a time, but sooner or later your dams will crumble and the water will once again seek the sea.

[Q7]

When you have a network system that is directly a possible replacement to the current financial system or will it one day ruin the grip and control you have, would you trust it in the first place? In fact I should change the word to threat to be more precise. Governments generally won't endorse or accept bitcoin for that matter and they will do anything to prevent that from happening.

[Beliathon]

In fact I should change the word to threat to be more precise.

Threat: a thing likely to cause damage or danger.

Likely. Threats are measured in probability and potential damage. Bitcoin is not a threat to the current financial system any more than a newborn black hole is a threat to the surrounding gas of the star in which it formed. There is no threat in inevitability, because there is no likely - there is zero probability of survival for the current system. I put it forward to you, dear reader, that even if bitcoin hadn't been created, the current financial system would still be doomed.

[QuestionAuthority]

Politicians screw their citizens with taxes, jails and spying on them. They screw each other with lies and scandals. They screw the economy with over spending. They screw their fiat by printing too much of it. They screw other countries by going to war and killing their leaders. They screw their land with over development, excessive mining, clear cutting forests, shrinking national parks and allowing pollution. I think governments and politicians are horny monsters and just don't like things they can't fuck.

[H.W.Z]

Trust comes with understanding.

it is the first step! Then it should bring benefit to us otherwise ppl will bother to get the knowledge of new things.

[btc-facebook]

Why, until now, government all over the world still doesn't trust bitcoin?

I think the reason is since bitcoin still ongoing development. So there will be many incomplete features that cause instable price, hacked,etc.
At least what can we do is waiting until it fully develop

[Meuh6879]

Why, until now, government all over the world still doesn't trust bitcoin?

because banks have more lobbyist than bitcoin ?

[fiddelingones]

Bitcoin is still ethereal and mysterious to many people. Many people get their news from the press, hearing the talks about the illegal activities and the rise and crash of the price. If any acceptance is to happen it will have to be after a renewal of information.