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Author Topic: Government ban on bitcoin will crash bitcoin or the other way?  (Read 2557 times)
adamstgBit
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January 23, 2013, 04:30:14 PM
 #21

*puts on tin foil hat*

you think the central banks don't know their currency is worthless
you think they don't see that people are waking up to this fact.
you think satoshi nakamoto invented bitcoin? hahahahaha

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Hexadecibel
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January 23, 2013, 06:01:07 PM
 #22

Strike bitcoin down, and it will become more powerful than you can possibly imagine...

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RodeoX
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January 23, 2013, 06:10:14 PM
 #23

What government? Bitcoin does not need any government support or permission.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
CurbsideProphet
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January 23, 2013, 06:18:27 PM
 #24

What government? Bitcoin does not need any government support or permission.

No, it doesn't but it would naive to think that a large government (like the US) or a coordinated government move couldn't cause significant disruption if it felt inclined. 

That being said, I bet if I walked down the street and asked 10 people what silk road was, chances are 10 out of 10 would have no idea.  Now if I asked those same 10 people if they knew about the Sandy Hook Elementary tragedy, I'm willing to bet 9 out of 10 would know what I'm talking about.  BTC has obviously come a long ways since silk road, that's not what I'm saying, what I'm saying is politicians want votes and are too busy with bigger fish to fry (right now gun control).  Until BTC becomes a mainstream nuisance that can buy votes, I don't think the politicians will care very much.  A ban would just bring more attention at this point, something I doubt they want.

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January 23, 2013, 06:36:06 PM
 #25

Didn't the U.S. ban/outlaw the use and possession of gold way back in the day? How did that work out?
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January 23, 2013, 06:36:31 PM
 #26

The U.S government is a huge, bureaucratic nightmare where dreams go to die.

I should know I've worked for them for 9 years.

Ok, ok, not necessarily true but I've taken this quote by generally respected famous person to heart:


 "The only thing that saves us from the bureaucracy is its inefficiency."

 
Eugene J McCarthy

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n8rwJeTt8TrrLKPa55eU
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January 23, 2013, 06:42:49 PM
 #27

There have been many instances of government bans on products & currencies, all throughout recorded history.

I can't think of a single example where, in the long run, a product or currency went down in price or in demand after a ban.  Price always goes up, and demand stays the same or rises.  Perhaps someone with better memory or research tools can provide counterexamples, but my guess is that they will be very small in number.  Particularly for currencies.

Take a look at currencies banned right now (typically USD) in various economically repressive countries.  In all these places, USD are craved, and carry nice premiums in black markets.  Same thing will happen to Bitcoin if anyone is stupid enough to try to ban its usage:

Current countries with foreign exchange controls

cypherdoc
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January 23, 2013, 06:48:01 PM
 #28

The U.S government is a huge, bureaucratic nightmare where dreams go to die.

I should know I've worked for them for 9 years.

Ok, ok, not necessarily true but I've taken this quote by generally respected famous person to heart:


 "The only thing that saves us from the bureaucracy is its inefficiency."

 
Eugene J McCarthy

oh, this is good.
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January 23, 2013, 06:50:02 PM
 #29

The U.S government is a huge, bureaucratic nightmare where dreams go to die.

I should know I've worked for them for 9 years.

Ok, ok, not necessarily true but I've taken this quote by generally respected famous person to heart:


 "The only thing that saves us from the bureaucracy is its inefficiency."

 
Eugene J McCarthy

When ever I'm stuck in a bureaucratic process and I ask myself "Why do we need this?" I have to think of this quote:

"The bureaucracy is expanding to meet the needs of the expanding bureaucracy."

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byronbb
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January 23, 2013, 06:59:32 PM
 #30

On what logical grounds could bitcoin ever be made "illegal". 

Fiyasko
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January 23, 2013, 07:31:14 PM
 #31

On what logical grounds could bitcoin ever be made "illegal". 
To prevent "tax evasion"
Imagine if your boss paied you in BTC, BOOM, No more income tax.

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Fiyasko
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January 23, 2013, 07:40:47 PM
 #32

On what logical grounds could bitcoin ever be made "illegal". 
To prevent "tax evasion"
Imagine if your boss paied you in BTC, BOOM, No more income tax.


That's not logical, you can do the same thing with Federal Reserve Notes.
I uhh, Dont see where the logic breaks apart... Yes you could do it with FRN's but that would be considered "under the table" work, wich is frowned upon
Wouldnt it be?

I see what you mean tho, and Im in a position of confusion, so dont take my word for it

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SgtSpike
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January 23, 2013, 07:46:28 PM
 #33

The U.S government is a huge, bureaucratic nightmare where dreams go to die.

I should know I've worked for them for 9 years.

Ok, ok, not necessarily true but I've taken this quote by generally respected famous person to heart:


 "The only thing that saves us from the bureaucracy is its inefficiency."

 
Eugene J McCarthy

When ever I'm stuck in a bureaucratic process and I ask myself "Why do we need this?" I have to think of this quote:

"The bureaucracy is expanding to meet the needs of the expanding bureaucracy."
Civ 5!  Wink

Ok, here's my prediction:

- For the sake of example, we'll say that the US deems it illegal.
- A massive sell-off would occur
- Bitcoin would immediately lose at least 90% of its value (there are few who are interested in doing anything illegal).
- Other first-world countries would follow suit.
- Bitcoin would drop another 50% in value (total of 95%).
- It would continue to be used by niche/fringe crowds of libertarians and black market traders.
- Price would very slowly rise after a few months of shrinkage, possibly recovering completely and rising beyond even the current price levels, depending on how much it is used in the underground.
- Bitcoin would never achieve mainstream use at this point.
- Governments might create their own crypto-currencies, but create them in such a way that they still control the issuance of the currency.  People would accept this as ok, because the government knows best, right?
byronbb
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January 23, 2013, 07:47:08 PM
 #34

On what logical grounds could bitcoin ever be made "illegal". 

Since when were laws crafted using logic?

They are LAWS, grounded in the LEGAL system. Obviously we can find holes in the logic of drug laws, but the basic premise that "drugs are bad m'kay", can be supported by real evidence. So I am still wondering on what grounds (ie what premise) could you make a p2p crypto-system illegal. Cryptography IS freedom of speech.

TraderTimm
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January 23, 2013, 07:54:15 PM
 #35

So, besides being a good necroposter - twolifeinexile has decided to "stir the pot" on his own. What, couldn't find any more Atlas threads to resurrect?

fortitudinem multis - catenum regit omnia
twolifeinexile
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January 23, 2013, 08:40:04 PM
 #36

So, besides being a good necroposter - twolifeinexile has decided to "stir the pot" on his own. What, couldn't find any more Atlas threads to resurrect?
"necroposter" - Learned a new word today Smiley
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