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Author Topic: Bitcoin will be banned ??  (Read 3816 times)
fragout
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November 05, 2015, 12:17:41 AM
 #1

Or so says Jamie Dimon. He seems pretty sure of himself too. What are your thoughts

http://fortune.com/2015/11/04/jamie-dimon-virtual-currency-bitcoin/

moderator note:
duplicate topic https://bitcointalk.org/index.php?topic=1237980.msg12889505#msg12889505, locked.

                               
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November 05, 2015, 12:25:46 AM
 #2

I don't even understand why anyone is giving this article/guy attention. Obviously the people that have the most to lose are going to be the ones trying to prevent Bitcoin. Nobody can stop Bitcoin. You can not stop peer to peer unless you control and censor every single person on the planet. In order to stop Bitcoin you have to convert each country to a tyranny. Bitcoin has already succeeded. As long as you are able to send coins from address X to address Y it is working. The price is not relevant to that question.


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November 05, 2015, 12:29:38 AM
 #3

good luck with that Tongue Dimon is an old man talks old bullshits..

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November 05, 2015, 12:30:56 AM
 #4

If Bitcoin gets to big and begins interfering with fiat...governments will either learn to adapt (unlikely because the whole point of Bitcoin is to decentralise) or they will try to eliminate it...
But yes stopping peer to peer? Almost impossible.
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November 05, 2015, 12:33:57 AM
 #5

I don't even understand why anyone is giving this article/guy attention. Obviously the people that have the most to lose are going to be the ones trying to prevent Bitcoin. Nobody can stop Bitcoin. You can not stop peer to peer unless you control and censor every single person on the planet. In order to stop Bitcoin you have to convert each country to a tyranny. Bitcoin has already succeeded. As long as you are able to send coins from address X to address Y it is working. The price is not relevant to that question.

Well he is a fairly powerful guy and what he says shouldn't be ignored either. Sure bitcoin would work if it was banned but spending it or converting it to fiat would be another matter. All it takes is a number of these guys from around the world to pull the plug. Do you not think they are not talking about it already

                               
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November 05, 2015, 12:38:59 AM
 #6

Well he is a fairly powerful guy and what he says shouldn't be ignored either. Sure bitcoin would work if it was banned but spending it or converting it to fiat would be another matter. All it takes is a number of these guys from around the world to pull the plug. Do you not think they are not talking about it already
So this "powerful guy" will prevent me from giving someone cash for Bitcoins (i.e. direct exchange)?  Roll Eyes That's just nonsense. I suggest that you stop; it is starting to look like a FUD attempt. The only thing that could kill Bitcoin would be something like a solar flare that could kill the internet completely and/or all electronics. At that point, Bitcoin would be the least of our problems. There are other examples which can be found in many threads around the forum. This "powerful guy" would not be making such statements if he had the power to stop Bitcoin right here, right now.


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November 05, 2015, 12:47:10 AM
 #7

The head of a major bank hopes that bitcoin will be banned - does anyone consider this news? In your dreams, dude.

Luke 12:15-21

Ephesians 2:8-9
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November 05, 2015, 12:49:32 AM
 #8

It wasnt FUD. I was curious what others thought about his comments. I also was referring to bitcoin being banned and not bitcoin being stopped.
 Now I have to worry about solar flares too tyvm

                               
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November 05, 2015, 12:50:59 AM
 #9

Some govs are trying that, but their effort is worth shiat. They just give Bitcoin more attention with their efforts so i am personally not worried much about that. PPL will always find way to use and trade Bitcoin.
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November 05, 2015, 12:55:03 AM
 #10

As long I want to believe in bitcoin I can sense danger in the future of bitcoin. Governments won't give power to the people - and currency is the power.
Government intervention in the bitcoin industry is simply inevitable. I think there is a really high chance that we see a lot more government action against bitcoin.
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November 05, 2015, 01:09:09 AM
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i dont think there is anything they can do to "literally" stop or kill Bitcoin, You cant kill an idea (or any  other Alts for that matter), however i do worry about government crackdowns on digital currency's, cause no matter what country your in, or who your government is, the one thing they all have in common is how serious they are about Not fucking about with their money! and bitcoin (the way i see it anyways) kind of does just that, or at least strips the power of money control away from the Big guys, and gives it to the people.

We will always be able to send/receive bitcoin, for many of years to come, but i can remember a time back when i used to torrent all day every day, now you cant get to any of your favorite torrent sites without jumping through a few proxy's,
i remember when i first stumbled across them when i was younger i didnt know anyone (in person) that knew about torrents, then there was the phase where everyone knew about them a few years later and when i say everyone i mean the general public, hey i even remember my friends mum who i think is in her late 50s downloading torrents, but now where in a stage where although you can still download torrents willy nilly, the average person cant anymore or isnt at all bothered to go out and look for ways around the blocks to getting to them, i fear the same for bitcoin, what major retailers will be willing to accept bitcoin if the big governments are busy trying to lock them down? sure ill still be able to send bitcoins to my friend and he will probably gladly accept them, but isnt the goal for me to be able to send bitcoins to his mum, or my mum or just the average person and they can now go out and spend their coins without the hassle of Searching for a place to spend them?

Bitcoins need room to thrive, sure they'll survive but surviving is the easy part.

My nearest bitcoin ATM is a 1 hour drive away from me, not the most convenient, i dream of a day where i can walk 2 mins from my house to my local shop, and use one.
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November 05, 2015, 01:10:15 AM
 #12

LOL ban Bitcoin
Goodd joke  Grin
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November 05, 2015, 01:14:33 AM
 #13

LOL ban Bitcoin
Goodd joke  Grin
You can laugh now. And I know it it seems pretty unrealistic now. But realistically it could happen. The best and efficient way is for governments to regulate ASIC manufacturing,
for example by forcing manufacturers to add some sort of kill switches to the hardware, force them to register and have mining licenses.
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November 05, 2015, 01:30:16 AM
 #14

They cannot stop individuals from using Bitcoin.
They might try to kill it through over-regulation.

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November 05, 2015, 01:40:39 AM
 #15

LOL ban Bitcoin
Goodd joke  Grin
You can laugh now. And I know it it seems pretty unrealistic now. But realistically it could happen. The best and efficient way is for governments to regulate ASIC manufacturing,
for example by forcing manufacturers to add some sort of kill switches to the hardware, force them to register and have mining licenses.

I don't think intervening with ASIC manufacturing would be that effective for a government. Plus a blackmarket would pop up and help circumvent it. But I could see crippling regulations that effectively kill bitcoin service companies like coinbase. and crippling regulations that prevent the public from using it and shops from accepting it. I know coinbase, and I think a few others, have hired lobbyists to make sure cryptocurrency regulations are fair in their country. but against the power of large traditional financial companies they are nothing
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November 05, 2015, 01:54:14 AM
 #16

You can't completely stop Bitcoin, but governments could hurt it very bad ! Just cut all the exchanges off, regulate the manufacturing and sells of ASICS in SHA256 (as said above). They totally can slow down pretty badly the adoption.
Oh, and Taiwan banned Bitcoin yesterday.

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November 05, 2015, 01:58:53 AM
 #17

This guy is full of himself.  There is no way that one man is going to stop this from continuing.  As big as bitcoin is at this time, there needs to be some catastrophic change in the financial market that will stop people from using Bitcoin.  If all vendors out there stop taking bitcoin for payment, then it is possible that a small crash could occur, but Bitcoin will survive the damage.  As long as everyone does their part and support BTC in one way or another, BTC will just keep getting  bigger and bigger until it stabilizes.



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Rainbot
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November 05, 2015, 02:02:33 AM
 #18

You can't completely stop Bitcoin, but governments could hurt it very bad ! Just cut all the exchanges off, regulate the manufacturing and sells of ASICS in SHA256 (as said above). They totally can slow down pretty badly the adoption.
Oh, and Taiwan banned Bitcoin yesterday.

Even if they regulated the manufacturing of this hardware miners, you would only value the current market more, for there is over 1/2 of the possible BTC out on the market already.  The only way to stop this currency from existing would be to have all vendors stop accepting the currency as payment.  There are so many countries and jurisdictions that do not consider BTC a currency, so until they classify it under some form of currency, it can still be accepted as trade.  Come on now, the US government sold off at auction how many thousands of seized BTC.  If they would have accepted it as currency, they would have just traded it in for cash like they do with all the drug money they collect on sieges.



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Rainbot
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November 05, 2015, 02:13:16 AM
 #19

You can't completely stop Bitcoin, but governments could hurt it very bad ! Just cut all the exchanges off, regulate the manufacturing and sells of ASICS in SHA256 (as said above). They totally can slow down pretty badly the adoption.
Oh, and Taiwan banned Bitcoin yesterday.

Even if they regulated the manufacturing of this hardware miners, you would only value the current market more, for there is over 1/2 of the possible BTC out on the market already.  The only way to stop this currency from existing would be to have all vendors stop accepting the currency as payment.  There are so many countries and jurisdictions that do not consider BTC a currency, so until they classify it under some form of currency, it can still be accepted as trade.  Come on now, the US government sold off at auction how many thousands of seized BTC.  If they would have accepted it as currency, they would have just traded it in for cash like they do with all the drug money they collect on sieges.

Of course, that can't be the only way (you can mine with GPU after all). And you said it yourself, it's easy if you ban acceptance in stores.
It wouldn't kill it but it would hurt it pretty bad if they chose to do it early enough.
I think they are still thinking about what to do at the moment.

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November 05, 2015, 03:31:26 AM
 #20

Bitcoin will never be banned unless the authorities around the world work together. Even so, it would take more than a decade to take down the whole network. Thus, instead of preventing Bitcoin, I think governments around the world will accept Bitcoin.

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