|
chickenado
|
 |
February 09, 2017, 12:46:37 PM |
|
Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?
Bitcoin can't take Fiat's place, Fiat can buy anything around the world but bitcoin can too but need exchanger to convert it to Fiat. Government can step in accept this coin, but they can't stop this program because they don't have control on this program. |
|
|
|
|
|
|
|
"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
mkmdoc
Sr. Member
 Offline
Activity: 658
Merit: 251
VIMee - Social Network
|
|
February 10, 2017, 06:50:20 AM |
|
Government has a right to frozen the bitcoin but block chain technology makes bitcoin still alive. Block chain technology make government to solve their complex problem in to easier, so government are not at all showing any interest to frozen the bitcoin yet.
|
|
|
|
bitllionaire
Legendary
Offline
Activity: 1120
Merit: 1000
|
|
February 10, 2017, 09:27:19 AM |
|
Freezing Bitcoins requires a hardfork, which will destroy Bitcoin's credibility. Since it's the longest chain that continues, it requires miners' consent, which would destroy the value of their new blocks. So no, it can't be frozen.
But: I've read several times that exchanges and mixers may reject Bitcoins from the Bitfinex hack. This large amount of Bitcoins can be traced back, no matter how often it's moved to different wallets.
If this would happen, the 120,000 Bitcoins can't be spend. In a way, that's the same as being frozen.
i personally have no idea about this that either it is possible trace the lost bitcoins. and when they are distributed in different wallets. but it is possible then surely we are going to lose 120000 bitcoins from the system, i think we need to make the security system more tight so that in future we do not pass from such unexpected and worst situations. and so that to uphold the confidence of the bitcoin users. |
|
|
|
|
bob123
Legendary
Offline
Activity: 1624
Merit: 2481
|
|
February 12, 2017, 01:36:50 PM |
|
Frozen you meant banning? Of course government can ban bitcoin, that the bitcoin can only circulate in underground condition and will be illegal.
To be honestly, i dont think a government can ban (to be more precisely: has the right to ban) a "virtual currency" which isnt even a real currency.. Just because people treat it like a currency it still isn't one. If a government could ban Bitcoin, they also could ban mathematic equations and hash functions. But back to topic: Bitcoins can't be frozen as long as there are enough miners with electricity  |
|
|
|
BitcoinGirl.Club
Legendary
Offline
Activity: 2772
Merit: 2713
Farewell LEO: o_e_l_e_o
|
|
February 13, 2017, 02:57:46 PM |
|
Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?
If you own the private keys to your wallet the government can't do anything about it but if a third party has control of the keys they just might get your wallet locked which is technically freezing your bitcoins . |
|
|
|
|
chickenado
|
|
February 22, 2017, 01:47:30 PM |
|
Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?
I don't know if bitcoin can replace fiat place. Because government not allow bitcoin to become currency, of course they can't get some tax if you use bitcoin instead of Fiats transaction. But if the bitcoin replace fiat, government will step in wiht new ideas that they gain more tax than fiat. |
|
|
|
|
rebel69
Member
Offline
Activity: 62
Merit: 10
|
|
February 28, 2017, 06:27:17 AM |
|
btc is decentralised so im pretty sure its impossiblem, but yea i highly doubt btc is going to end up replacing fiat :/
|
|
|
|
|
youdacapt
|
|
February 28, 2017, 04:09:33 PM |
|
Frozen you meant banning? Of course government can ban bitcoin, that the bitcoin can only circulate in underground condition and will be illegal.
To be honestly, i dont think a government can ban (to be more precisely: has the right to ban) a "virtual currency" which isnt even a real currency.. Just because people treat it like a currency it still isn't one. If a government could ban Bitcoin, they also could ban mathematic equations and hash functions. But back to topic: Bitcoins can't be frozen as long as there are enough miners with electricity Bitcoin can be frozen if there are too many crime reports of transactions in a country. This is also true if many bitcoin exchange market becomes insolvent, all members can pursue a lawsuit, and government can use financial laws. There is currently no state to do so, governments tend not responsible. But they continued to conduct surveillance. Miners are not related to frozen, they are same as smartphone operating system developer. government only focuses on model, report, and level of market transactions. |
|
|
|
|
GreenBits
Legendary
Offline
Activity: 1148
Merit: 1048
|
|
March 02, 2017, 12:04:12 AM |
|
The protocol can't be restricted, if that's what you mean, but you can certainly get your funds frozen on an exchange if the exchange gets a court order to do so. Whatever country the exchange operates out of, they are beholden to the financial laws of that country. In fact, they have frozen the funds from high level crypto heist multiple times already.
So if you hold your own coins, no. But if it's on an exchange, yes, yes indeed they can be frozen.
|
|
|
|
|
|
revo1044
|
|
March 03, 2017, 05:14:39 PM |
|
This is impossible, no one can stop this deal.
The contrary, will increase the number of subscribers and the price keeps going up
|
|
|
|
|
|
ImHash
|
|
March 08, 2017, 04:39:14 AM |
|
Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?
Not yet, but the technology does exist for govenment to do man-in-the-middle attacks to replace Send-To addresses to sieze Bitcoin by redirecting coins to governemnt-controlled addresses. What do you mean by that? don't you know what protocol is? is the mechanism that enforces some sets of rules and anything not included in protocol can not be validated in blockchain. make sure you know what it is that you want to talk about before typing nonsense. |
|
|
|
|
Zadicar
Legendary
Offline
Activity: 1330
Merit: 1020
Seabet.io | Crypto-Casino
|
|
March 08, 2017, 03:42:00 PM |
|
Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?
It wont happen and government would do all the measures for bitcoin not to be recognize or block it for its citizen to commonly use it since they do know the possible effects that it would give to their country but even how hard government would stop this they cant able to do that for sure. |
|
|
|
|
Bitware
|
|
March 09, 2017, 08:34:54 PM |
|
Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?
Not yet, but the technology does exist for govenment to do man-in-the-middle attacks to replace Send-To addresses to sieze Bitcoin by redirecting coins to governemnt-controlled addresses. What do you mean by that? don't you know what protocol is? is the mechanism that enforces some sets of rules and anything not included in protocol can not be validated in blockchain. make sure you know what it is that you want to talk about before typing nonsense. Thanks for the information and correction. I deleted that comment. I looked it up and found out about signature validation. Learn something new every day. |
|
|
|
|
Peter Legal 555
Newbie
Offline
Activity: 2
Merit: 0
|
|
March 10, 2017, 06:58:12 AM |
|
Please advise on the following. In a legal matter where the subject matter is a breach of contract and the funds at issue have been deposited in a Bitcoin a/c , will a court be able to "freeze/ preserve" that specific a/c and secure the funds therein ie preserve/secure the fund value at that point in time until the contractual legal issue has been resolved ?
|
|
|
|
|
|
calkob
|
|
March 10, 2017, 04:49:12 PM |
|
Can bitcoin take Fiat's place in time? Suppose it does? Can govetment step in and stop this program?
I think bitcoin will work along side government mandated fiat currencies and may even be used as some sort of settlement layer between countries. The decentralised nature of bitcoin means that it cant be stopped by any individual government, even if country banned it some people would still run nodes. |
|
|
|
|
ROIWITHME
Newbie
Offline
Activity: 1
Merit: 0
|
|
March 13, 2017, 07:57:43 PM |
|
Technically there is nothing that any sole government can do. I have worked with banks in SE Asia and I know that there are some banks within the Americas that are looking for ways to utilize the technology from blockchains. My solid guess is over time governments will begin to think of ways to govern their own fiat currency with a node coin. Time will only tell on what's going to happen in the future.
|
|
|
|
|
LTU_btc
Legendary
Offline
Activity: 3052
Merit: 1330
Slava Ukraini!
|
|
March 13, 2017, 09:51:08 PM |
|
Technically, bitcoin can't be frozen, but if you keep it on legal exchange which works officially and follow laws, they can froze your bitcoins. There few reasons why they can froze bitcoins: firstly, if you broke ToS of exchange, they can froze bitcoins. Secondly, exchange can get request to froze bitcoins by finance related institutions of country.
|
|
|
|
1.btcwonder
Newbie
Offline
Activity: 42
Merit: 0
|
|
April 05, 2017, 11:27:13 AM |
|
It may not be a fiat currency, yet no law has made it legal for general use within the country to country. Bitcoin can't be solidified. However, in the event that you utilize an online wallet or store your coins at a trade, these can be seized or solidified. For whatever length of time that you hold the private keys to your wallet, no one can remove your bitcoins from there.
|
|
|
|
|
|
salsa321
|
|
June 01, 2017, 03:09:56 PM |
|
It is not possible if bitcoins can be frozen, because bitcoin storage systems are not centralized, if anyone wants to freeze bitcoins, then they must shut down the entire internet network around the world.
|
|
|
|
|
LoyceV
Legendary
 Online
Activity: 3304
Merit: 16635
Thick-Skinned Gang Leader and Golden Feather 2021
|
|
June 01, 2017, 04:02:55 PM |
|
Please advise on the following. In a legal matter where the subject matter is a breach of contract and the funds at issue have been deposited in a Bitcoin a/c , will a court be able to "freeze/ preserve" that specific a/c and secure the funds therein ie preserve/secure the fund value at that point in time until the contractual legal issue has been resolved ?
Think of Bitcoins as cash burried in the desert. A court can take action against you, but as long as you don't tell them where it is, there's nothing they can do about it. |
|
|
|
|
