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Author Topic: Why hasn't any government stopped Bitcoin?  (Read 12304 times)
v0rtecxz
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March 07, 2018, 11:06:53 PM
 #301

For what government to stop the obvious bitcoin to help everybody's economic growth in his country, the government does not need to think selfish, now many countries are enacting policies that regulate the use of bitcoin to prohibit its use, but not all countries do the same, they only apply the policy use of bitcoin to limit unwanted actions so they can continue to monitor the use of bitcoin in everyone.

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March 08, 2018, 12:19:15 AM
 #302

It's good that at least bitcoin has a chance to become a coin that is recognized by all countries, it can happen because the government also realizes that bitcoin really helps the people's economy. This is a thought that is wise and unselfish.
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March 08, 2018, 02:43:13 AM
 #303

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seems 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.
I think why the Government has not stopped Bitcoin because the Government is aware that Bitcoin is actually bringing a positive impact on its people. Yes as the economy of its users can be helped by working in Bitcoin. Surely this can reduce the poverty rate little by little.

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March 08, 2018, 05:01:23 AM
 #304

most governments actually recognize that bitcoin is a sophisticated modern technology capable of overcoming all kinds of transactions, but because of the many crimes that use this modern technology so bitcoin can be misused by people who commit crime transactions using bitcoin. the government is worried that bitcoin is increasingly being misused by many people.



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March 08, 2018, 10:03:42 AM
 #305

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.
Bitcoin has no central authority

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March 08, 2018, 11:28:51 AM
 #306

The same reason they cant stop DeepOnion or the TOR network. Because they are decentralized.
Bitcoin is a decentralized p2p open source crypto network.

https://deeponion.org/apply.php?ref=1920215
godwyn50
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March 08, 2018, 12:00:50 PM
 #307

I see that yet again, this question has been merged in with one that does not ask the same thing. The question I answered was “If a government body wanted to shut down Bitcoin - could they even do it?”

Governments probably cannot shut it down through "technical" means, i.e. hacking the system, thus crashing the value or preventing it from working. (Juergen Nieveler discusses this in his answer.) Thus, if I were a government that saw Bitcoin as a threat, I would try a three-pronged attack:


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March 08, 2018, 01:00:12 PM
 #308

I see that yet again, this question has been merged in with one that does not ask the same thing. The question I answered was “If a government body wanted to shut down Bitcoin - could they even do it?”

Governments probably cannot shut it down through "technical" means, i.e. hacking the system, thus crashing the value or preventing it from working. (Juergen Nieveler discusses this in his answer.) Thus, if I were a government that saw Bitcoin as a threat, I would try a three-pronged attack:
Of course, they are not going to manipulate bitcoin because it has own blockchain technology that they used in bitcoin and also it being decentralized nobody behind this cryptocurrency bitcoin. Some of the countries are embrace and recognized bitcoin but others are refusing bitcoin due to afraid of bitcoin may abuse their community by doing illegal activities.

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April 06, 2018, 10:28:57 PM
 #309

They are trying to do it now. Hope that this is just a temporary phenomenon, cryptos aren't supposed to be blocked cause they're not illegal at all
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April 26, 2018, 06:45:21 PM
 #310

I think bitcoin extremely difficult to track transactions and collect taxes. therefore there is nothing to seize and no central location to shut down.

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Stegobit
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April 27, 2018, 03:29:25 AM
 #311

No govt have enough resources to stop Bitcoin, therefore they chose to tax and regulate it.
klarnetcijamie
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April 27, 2018, 05:11:51 PM
 #312

I think that because they need union stop from all government all over the world that make this stop impossible..

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KorakPawon
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April 28, 2018, 10:59:21 PM
 #313

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.

Governments have done enough to dissuade common people from using BItcoin extensively. Being charged with operating unlicensed money changing businesses is a possibility if you engage in cash-bitcoin conversion.
how the government can stop the development of bitcoin if the internet is still there, because the internet is the way to get bitcoin, no matter how hard it is to be eliminated. except as the north korea country actually shut down internet access. can just stop the development of bitcoin.

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April 29, 2018, 03:03:29 AM
 #314

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.
I think the governments of Russia and China have recognized the value of Bitcoin. I and my friends saw the great potential of bitcoin for the world economy.
Current countries in the world are very interested in foreign trade, because their country only develops when it has a better change in all aspects. Therefore, bitcoin is very useful for foreign trade when trading through countries is not a big problem for it.

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April 29, 2018, 03:26:44 AM
 #315

They cannot because BITCOIN is using BLOCKCHAIN technology which is a decentralized technology.  BITCOIN is managed by it's network and not by anyone central authority. Government cannot taxed it because they cannot traced it.  I think this is one best solution for the rampant corruption in the government today, especially in my coutry.

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April 30, 2018, 01:00:34 AM
 #316

They can try but they will never succeed.   Smiley Wink Cheesy
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April 30, 2018, 02:32:02 AM
 #317

Some country already like China. But as we can see, their efforts were useless because Chinese-owned crypto markets are still leading the way and Binance is still the largest exchange at this moment.

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May 01, 2018, 12:47:10 AM
 #318

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 is impossible for the government to block the Bitcoin ecosystem, including the activities of digging bitcoin (mining). just block the buying and selling sites and prohibit the development of a Bitcoin payment platform for expenditure. It also is a futile effort, because users will find a way to monetize Bitcoin or use it to transact.

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May 01, 2018, 05:08:43 AM
 #319

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seems 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.
The government actually knows that Bitcoin is very helpful and profitable for its users. Hence in many countries, the Government has not really dismissed Bitcoin because it still believes in Bitcoin. But now there are also some countries that dismiss Bitcoin in any case and if it violates it will be sanctioned. But I am sure in the future later Governments all over the country will really accept the sophistication of this blockchain technology. We just have to wait for the right time to see it all.

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May 01, 2018, 08:34:31 AM
 #320

I think that the governments of all countries understand the advantages and potential of the cryptocurrency market. Therefore, they do not want to stop the growth of this market.
They just want to control it.

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