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Author Topic: Why hasn't any government stopped Bitcoin?  (Read 10320 times)
pearlmen
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June 21, 2017, 09:29:52 AM
 #21

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

If a country as advanced as USA and Russia technologically not leaving other countries like China or North Korea behind, could not over the years stopped bitcoin, then that sends a message to other countries that towing that path of destroying it is a waste of time rather they are now improvising by making the environment more difficult for users. And aside that they are now proposing their own crypto currencies its also a way to slow down bitcoin.
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shohelalam
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June 21, 2017, 10:53:41 AM
 #22

Bitcoin Never Stop. Then Government can not stop bitcoin because there don't have any control of bitcoin. Recently India give permission to bitcoin. from there bitcoin never stop and it will be usable every ware and every country.

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June 22, 2017, 07:08:05 AM
 #23

The US Gov is already "regulating" it and it's exchanges.

[Suspicious link removed]j.com/articles/irs-crackdown-on-bitcoin-exchange-fuels-privacy-worries-1490623200

In China

http://www.zerohedge.com/news/2017-01-07/china-launches-bitcoin-crackdown-pboc-will-probe-investor-behavior-and-rectify-misbh

https://www.bloomberg.com/news/articles/2017-01-06/bitcoin-buyers-eye-beijing-nervously-as-prices-slide-from-record

Plenty of info all over Google.

While, they can't stop it, they can control it.

Gov's will use the blockchain and launch their own digital currencies. Use them, or else.

If you have the balls to break the law and use other coins go for it.

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June 22, 2017, 07:57:53 AM
 #24

You can't stop something that you can't control, put your hands on or restrict. Those countries which could maybe possibly somehow stop it will soon accept bitcoin.
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June 22, 2017, 10:43:54 AM
 #25

If you look at some facts that exist and the development of bitcoin more rapidly certainly not easy to stop the progress of bitcoin by any government for now. Even with the rise of some countries that declare legal bitcoin of course this will make bitcoin stronger.

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June 23, 2017, 05:34:49 AM
 #26

Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. Government can only use media as a weapon.

true, but they can hinder the adoption, in many way, by stopping local exchange or closing your bank account, or saying shit like "I put you in jail if i caught you usign bitcoin", some country also do this actually

but i think it would be better for them if they embrance bitcoin, and regulate it like japan did, they would receive a better source of income via additional taxing
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June 23, 2017, 08:38:27 PM
 #27

Because the average daily volume of the forex markets (currency trading) is $5.3 trillion USD, or well over 1,000 times the entire value of the bitcoin market. Bitcoin is an infinitesimal part of the economic system and no government is going to spend resources to stop it. Governments may try to restrict or regulate it, but it’s simply too small to try to stop.
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June 26, 2017, 02:18:35 AM
 #28

The government cant be reckless to make decision, becuase there are so many bitcoin user and the government realize that bitcoin had helped the people and bitcoin could possibly the future system for transaction, if they stopped bitcoin the country could possible being left behind by this technology

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June 29, 2017, 11:18:49 AM
 #29

Because there are several advantages in permitting Bitcoin to embellishment because blockchain technology might attract new stakeholders and new currency into the counter. Governments are subsequently finding new investments that can expectantly generate more careers and generate a cause and effect on the budget.
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June 29, 2017, 11:24:46 AM
 #30

If you look beyond conspiracy theories about the banks and the 1% etc then you will see that governments have no motive to ban bitcoin. They may have initially been afraid it was used solely for scams and illegal trade but ultimately its use has spanned way beyond that.
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July 14, 2017, 06:16:58 PM
 #31

Maybe, because it's not easy to do. Countries like China and Taiwan, which are pretty advanced, tried to stop it but failed. I think it says something.
qwertyup23
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July 19, 2017, 01:55:00 AM
 #32

Bitcoin Never Stop. Then Government can not stop bitcoin because there don't have any control of bitcoin. Recently India give permission to bitcoin. from there bitcoin never stop and it will be usable every ware and every country.

In fact, here in the Philippines bitcoin was seen by the government not as money, but as property therefore, it is not subject to legal tender. The government now does not see it as a threat to the economy nor to the system but in fact, they see it as a rising potential for future trades. Also, since converting bitcoin to fiat is famous, some of our retailers even accepts bitcoin as a payment for fees. My friend interviewed the lawyer at our Central Bank (BSP) and discussed their view on bitcoin and they discussed about the future of it being legal at the moment.

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July 19, 2017, 02:25:34 AM
 #33

The fact is Bitcoin is soon to become a bigger phenomenon in financial landscape. Any ban on a digital and decentralised currency like bitcoin isn't very effective to make it count. There are thousands of ways to access Bitcoin in case of ban. Government can't really ignore Bitcoin now. It is gaining grounds in various parts of world and leaving it behind isn't worthwhile for any country. So, now government aren't focusing on banning Bitcoin but regulating it. Thus, having a give and take relation with Bitcoin.

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July 19, 2017, 03:05:40 AM
 #34

In my opinion, i don't think government needs to stop Bitcoin, since bitcoin can be collected through mining
which means mining>electricity usage>electricity bill>profit from electricity>taxes>government.
Government has benefit from bitcoin miners and i think with the progress of bitcoin, Government is now thinking that with the progress and advancement of bitcoin they can benefit from it from the taxes from the companies who provides services such as buying and selling of bitcoin.

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MeridianMDN
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July 19, 2017, 07:43:33 AM
 #35

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

Most governments are growing to realise that digital assets can do a lot more good than harm.

There has been a lot of education in bringing those in government up to speed on the possibilities of digital assets, as a result there is less resistance.

Some could even suggest that there is somewhat of an arms race among the various governments to establish flourishing digital asset centres, beating other nations to the punch in becoming dominant participants in this new market.

I may be incorrect, but I tend not to believe that Bitcoin challenges the authority of any government. Digital assets in general may actually serve to enhance the authority and abilities of government and ultimately allow for various agencies, globally, to achieve heightened levels of efficiency.

Digital assets allow the human race, in it's entirety, to take another step upwards on the stairway of evolution.

I really struggle to find a segment of society that will be affected negatively by the growth of digital assets.

All of the industries, including the banking sector, can experience advancement due to this new world that has opened up - so long as they adopt a forward thinking approach, and abandon some of their old (and limiting) ideologies

 

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AgentofCoin
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July 19, 2017, 08:29:02 PM
 #36

...
...
I may be incorrect, but I tend not to believe that Bitcoin challenges the authority of any government. Digital assets in general may actually serve to enhance the authority and abilities of government and ultimately allow for various agencies, globally, to achieve heightened levels of efficiency.
...

To be brief, I think your opinion only applies to Bitcoin and Digital Assets if they are
regulated directly by governments or other regulated entities like corporations or
banks
.

If they are not regulated directly, they could operate freely and comparable to things like
in "International Waters". Now imagine if those waters were in the center of your country.
If that occurred, that country and it's government could never regulate or control anything
in reality. The mere existence of that "International Water" within your country is what
prevents enforcement of laws and statutes both off and on the land.

International Waters (Bitcoin) is a double edged sword, and the only means of regulation
currently is by monitoring the beaches (third party exchanges). This is why Bitcoin (and
some Digital Assets) challenges governmental authority now. Those governments are forced
to sit on the beaches and watch and hope to chase down any boats that hit the shore. Prior
to Bitcoin, there was no shore, or water, and no non-enforcement boundary. Its a new
world now and if they could, they would attempt to drain that water body and reclaim it's
lakebed as their own regulatable land again.

So, IMO, your belief is correct if governments/etcs can regulate those Digital Assets. But as
it applies to Bitcoin currently, (and some other CryptoCurrencies/CryptoAssets) its existence
actually undermines governmental authority and powers, the same way "International Water"
does. Their job is to capture us and ours is to circumvent them, this brings a balance to
something that was too imbalanced for too long. If the system won't become healthy,
it must be made so, so that the many don't suffer.

If the Protocol becomes regulatable, the "International Water" becomes an average lake.
Then you will need to get a permit from your masters before you go fishing. But currently,
we don't need a permit to fish and hasn't Satoshi showed us how to be fishers of men?

I support a decentralized & unregulatable ledger first, with safe scaling over time.
Request a signed message if you are associating with anyone claiming to be me.
rjbtc2017
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July 20, 2017, 05:23:04 AM
 #37

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

Most governments are growing to realise that digital assets can do a lot more good than harm.

There has been a lot of education in bringing those in government up to speed on the possibilities of digital assets, as a result there is less resistance.

Some could even suggest that there is somewhat of an arms race among the various governments to establish flourishing digital asset centres, beating other nations to the punch in becoming dominant participants in this new market.

I may be incorrect, but I tend not to believe that Bitcoin challenges the authority of any government. Digital assets in general may actually serve to enhance the authority and abilities of government and ultimately allow for various agencies, globally, to achieve heightened levels of efficiency.

Digital assets allow the human race, in it's entirety, to take another step upwards on the stairway of evolution.

I really struggle to find a segment of society that will be affected negatively by the growth of digital assets.

All of the industries, including the banking sector, can experience advancement due to this new world that has opened up - so long as they adopt a forward thinking approach, and abandon some of their old (and limiting) ideologies

Maybe in the future if Bitcoin will really be that famous and everyone knows it, Government will regulate it not now but i think someday Government will take it's steps in order to regulate Bitcoins and make the fiat money more powerful and usable than bitcoins, and probably most banks will not allow BTC overtaking fiat, or in a positive thinking , Maybe in the near future Banks and Government will embrace this changes and Make BTC available in banks ( that will be based on bitcoin network of course.)

But as much as i really think , Government will see BTC as threat specially to Banks.

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chaoscoinz
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July 20, 2017, 04:46:38 PM
 #38

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

 It isn't so easily answered. Bitcoin is fairly new technology. To completely shut it down would be to impede technological innovation.
Before any decision to remove it completely (less likely to happen), it would have to go through a series of heavy regulation first.
  Bitcoin and blockchain technology opened the door to a digital alternative financial system, free of centralization. It is a gateway that could lead to decentralizing almost everything. Bitcoin operates in a bit of a legal gray area for certain instances. Most of the regulation comes from turning it to fiat, which is regulated. Bitcoins value is determined by a combination of  supply and demand, and the system it's built upon.
If everyone were to drop bitcoin today and move on to something else, it's value becomes nothing.The system in place is collectively agreed upon, the more people that adopt and contribute, the bigger the expansion of system and it's value.
  You can most certainly believe that the big boys (governing bodies) are keeping their eye on this movement and a few are most likely making a profit from it. It is interesting to watch nonetheless, but even more so to participate. Exciting times we are living in my friend.
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BTCwoker
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July 22, 2017, 11:50:06 AM
 #39

Bitcoin doesn't have any weak point to attack. this is a technology which is not controlled by any organization or government. computers control it, the government has the option to use media otherwise there is no weak end to control it.   
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July 23, 2017, 12:31:57 PM
 #40

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.

What's the issue here is that every government have moved beyond the point of banning bitcoin because they know that is a unachievable task at this time but if they have banned bitcoin, the implementation of making people responsible for flouting such rule also became impossible, then we are now in the point of regulation which is something they are now trying to implement in which without that, we will continue to have freedom unfettered.
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