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Author Topic: bitcoin popularity made it vulnerable to governments  (Read 1745 times)
doomloop
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July 09, 2017, 03:26:22 PM
 #41

Do your own research on bitcoin and cryptocurrency. Bitcoin is decentralized. No one holds such thing as a "master key". Qnd no, the government can't take over or even ban bitcoin. For them to achieve this they have to ban the whole internet, which is obviously very unlikely.
I agree with you! The government has nothing to do with bitcoin, its a totally different thing which is controlled by the community as a whole. Its not some corrupt economy system where the money rotates in few pockets rather it’s something anyone can have and claim. And they can never bane it because half the world invested, there will be chaos if the govt do such thing.

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July 09, 2017, 04:08:58 PM
 #42

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
No, if the government on the world's and international bank interesting with Bitcoin,
they can creating new coin with technology blockchain and banned using Bitcoin, then released their coin and use as a digital cash online for replace visa, internet banking ... it will easy and better than control Bitcoin


  The Government already run its own Bitcoin and Blockchain ... It's your typical online banking.

Them Trying hard to make their own "Bitcoin" is really funny.
They need to ask themselves Why Bitcoin/Blockchain was created in the first,  it'll probably help them understand how insane their idea is.




They will try to do so in order to confuse people, they will probably use misinformation campaigns stating the fact that bitcoin is not backed by any government makes it risky, and that their coin fully backed by the government is better, that does not make sense, but they are going to use that argument.



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July 10, 2017, 12:42:22 AM
 #43

Well it is not only the US government that is resisting adoption. Other governments are doing worse by banning Bitcoin completely. However, people still end up using it. Because Bitcoin can't actually be banned. Get a good VPN and you are safe. But I think the reason behind US government "banning" is because it is afraid of its pseudo-anonymity. They can't actually track which address belongs to who and what their intentions are in sending the money or anything like that. Its scary for them.
But anyways, it is to be note that the bitcoin network does not have a master key at all. The whole point of bitcoin is to combat centralized banking and fiat by implementing a peer to peer network. That means that no government (not even the entire might of the US government) can control your Bitcoin. In a sense it make Bitcoin untouchable and that makes it uncontrollable, an enemy almost. That it why they are resisting Bitcoin adoption.
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July 10, 2017, 12:55:15 AM
 #44

Bitcoin nature is resistent against control of an entity over it. There will be many attempts to control Bitcoin users and the currency movements, but it's too hard to be done. There will be always someone able to avoid the governments regulamentations to continue using Bitcoin as it's now.

Bitcoin shouldn't be "accepted" by any country, this is one step for the government's control.
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July 10, 2017, 01:23:47 AM
 #45

I have been expecting that thing to happen before i went in to bitcoin and my expectation is now becoming a reality since the bitcoin price boosted in just a short period of time tho even if the government can centralize bitcoin its purpose will still be served
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July 10, 2017, 02:34:33 PM
 #46

Well it is not only the US government that is resisting adoption. Other governments are doing worse by banning Bitcoin completely. However, people still end up using it. Because Bitcoin can't actually be banned. Get a good VPN and you are safe. But I think the reason behind US government "banning" is because it is afraid of its pseudo-anonymity. They can't actually track which address belongs to who and what their intentions are in sending the money or anything like that. Its scary for them.
But anyways, it is to be note that the bitcoin network does not have a master key at all. The whole point of bitcoin is to combat centralized banking and fiat by implementing a peer to peer network. That means that no government (not even the entire might of the US government) can control your Bitcoin. In a sense it make Bitcoin untouchable and that makes it uncontrollable, an enemy almost. That it why they are resisting Bitcoin adoption.

And what will you do with your vpn and your coins?

Once exchange will not be allowed to let you deposit funds or coins and withdraw them?
Once stores will be banned from accepting coins?
Do you think somebody will be nuts to risk its entire business for one or two sales a day?

All you will have left will be the dark markets and all the "investors" will flee seeing there is no room for growth.

Pray that no real government from the G7 will take a stance against bitcoin.

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July 10, 2017, 02:37:32 PM
 #47

If goverment take over bitcoin by using master key , decentralized concept is no longer entitiled for bitcoin
Bitcoin is unique investation so they must be regulate in different way not by control it

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July 10, 2017, 02:50:50 PM
 #48

Yes I believe in this bitcoins popularity made it vulnerable to governments especially the bank. Well the bank and bitcoin wallets are fighting or clashing each others right now.  You can't make bitcoin and bank as one because they are enemies. And government controls the bank which means vulnerability.

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July 10, 2017, 02:58:49 PM
 #49

The bigger countries like Japan / USA / UK / Australia has already shown that their governments are "Bitcoin friendly" so the rest will follow if the

countries with the stronger economies will take the lead. The thing is, if the rest of the world accept Bitcoin and you do not, then a specific section

of the global economy are closed off to you. This includes tourism and ecommerce etc..  Grin

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July 10, 2017, 03:01:25 PM
 #50

Every day for 7 years now I see that bitcoin is going to be taken over by some government. What I have never seen is an explanation of how this could even be done theoretically. Your example of a master key is , of course, impossible.

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July 10, 2017, 03:04:03 PM
 #51

The bigger countries like Japan / USA / UK / Australia has already shown that their governments are "Bitcoin friendly" so the rest will follow if the

countries with the stronger economies will take the lead. The thing is, if the rest of the world accept Bitcoin and you do not, then a specific section

of the global economy are closed off to you. This includes tourism and ecommerce etc..  Grin

In some cases yes other government parties around the world will follow but not all the time the mere fact that they are going to established rules and regulations for its usaged that somehow threatens the freedom of its users im just saying tho
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July 10, 2017, 03:14:26 PM
 #52

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
First thing is that how you can say that it is vulnerable because I have not found any person in my whole life of Bitcoin work where anyone told us that his account get scammed for the Bitcoin , or the Bitcoin wallet get hacked .
The wallet ( I am telling about official wallet ) will never get hack until we expose our all the details to anyone .
Well here the owner of master key is only the network of the blockchain , not the Satoshi nakamoto or any other person , because  this is
Not a matter to handle all the transaction and details but also making all the transaction fully safe and secured , so I don't think anyone in this world has theaster node key of the Bitcoin , and I would like to advise the any of the authority of the Bitcoin that don't try to get into to get the control of the transaction other wise people will use more and more to go against them .
So instead to get master node , the governments needed only to make better rules to use Bitcoin our own ways .

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July 10, 2017, 03:30:26 PM
 #53

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
Are you freaking kidding me? Where did you get that masterkey? If you did fully read the Whitepaper of bitcoin you will able to tell that no one really owns it even its creator Satoshi. Government cant really centralized bitcoin no matter what they do. Going back in the past on where they didnt really like bitcoin from the start and now the price starts to cling up unbelievably which really caught their attention but talking centralization its impossible to happen on bitcoin and thats what bitcoin users do really like from it.


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July 11, 2017, 05:40:26 PM
 #54

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
First thing is that how you can say that it is vulnerable because I have not found any person in my whole life of Bitcoin work where anyone told us that his account get scammed for the Bitcoin , or the Bitcoin wallet get hacked .
The wallet ( I am telling about official wallet ) will never get hack until we expose our all the details to anyone .
Well here the owner of master key is only the network of the blockchain , not the Satoshi nakamoto or any other person , because  this is
Not a matter to handle all the transaction and details but also making all the transaction fully safe and secured , so I don't think anyone in this world has theaster node key of the Bitcoin , and I would like to advise the any of the authority of the Bitcoin that don't try to get into to get the control of the transaction other wise people will use more and more to go against them .
So instead to get master node , the governments needed only to make better rules to use Bitcoin our own ways .
The OP does not know what he is talking about, governments may want to take over bitcoin, we know that is true, but there is not such a thing as a master key, that will be a single point of failure and we will depend on the holder of that master key to keep us safe, so satoshi created bitcoin without a point of failure like that.



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July 13, 2017, 04:19:58 PM
 #55

No one knows who owns it because even Satoshi do not show himself and claim it by his own. I guess government gets it that bitcoin is getting more popular and increasing rapidly with out their prior notice and bitcoin is getting more into every family now so later on maybe government is afraid that the whole world is using it without controlling the money that enters to every wallet.

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July 15, 2017, 11:59:21 PM
 #56

Nobody holds the masterkey. There is a question is such person as Satoshi Nakamone exist at all?! Government can't take the control on bitcoin, but it can regulate it's use with necessary laws, such as open use on all theretorry or banning.
Exactly! No government can get full control over bitcoins because of their decentralized nature. Government any state does not pose any serious threat to bitcoins blazing future. They can just regulate their trading and usage as per the circumstances of a particular state.
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July 16, 2017, 12:51:50 AM
 #57

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
Bitcoin in the first place is not like a doorknob to have a master key. Also government cannot easily manipulate bitcoin usage and transactions taking over. That is why bitcoin built its decentralized block chain for some instance that it will somehow apart from government hands to enable individual users to access and manage their own assets.


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July 16, 2017, 01:07:46 AM
 #58

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
First thing is that how you can say that it is vulnerable because I have not found any person in my whole life of Bitcoin work where anyone told us that his account get scammed for the Bitcoin , or the Bitcoin wallet get hacked .
The wallet ( I am telling about official wallet ) will never get hack until we expose our all the details to anyone .
Well here the owner of master key is only the network of the blockchain , not the Satoshi nakamoto or any other person , because  this is
Not a matter to handle all the transaction and details but also making all the transaction fully safe and secured , so I don't think anyone in this world has theaster node key of the Bitcoin , and I would like to advise the any of the authority of the Bitcoin that don't try to get into to get the control of the transaction other wise people will use more and more to go against them .
So instead to get master node , the governments needed only to make better rules to use Bitcoin our own ways .
The OP does not know what he is talking about, governments may want to take over bitcoin, we know that is true, but there is not such a thing as a master key, that will be a single point of failure and we will depend on the holder of that master key to keep us safe, so satoshi created bitcoin without a point of failure like that.
That is definitely true and correct, the government may want to take charge over Bitcoin to control and to benefit from it. Bitcoin has the big impact for them if they restrain it. Million people have Bitcoin and the value of every count of Bitcoin has big and will increase if government holding it back.

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July 16, 2017, 02:28:48 AM
 #59

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
First thing is that how you can say that it is vulnerable because I have not found any person in my whole life of Bitcoin work where anyone told us that his account get scammed for the Bitcoin , or the Bitcoin wallet get hacked .
The wallet ( I am telling about official wallet ) will never get hack until we expose our all the details to anyone .
Well here the owner of master key is only the network of the blockchain , not the Satoshi nakamoto or any other person , because  this is
Not a matter to handle all the transaction and details but also making all the transaction fully safe and secured , so I don't think anyone in this world has theaster node key of the Bitcoin , and I would like to advise the any of the authority of the Bitcoin that don't try to get into to get the control of the transaction other wise people will use more and more to go against them .
So instead to get master node , the governments needed only to make better rules to use Bitcoin our own ways .
The OP does not know what he is talking about, governments may want to take over bitcoin, we know that is true, but there is not such a thing as a master key, that will be a single point of failure and we will depend on the holder of that master key to keep us safe, so satoshi created bitcoin without a point of failure like that.
That is definitely true and correct, the government may want to take charge over Bitcoin to control and to benefit from it. Bitcoin has the big impact for them if they restrain it. Million people have Bitcoin and the value of every count of Bitcoin has big and will increase if government holding it back.

I think if the government takes over and controls bitcoin it will certainly change the rules and systems that have been run by the bitcoin system.
Even bicoini may no longer be a decentralized currency, because it has come under the control of the government.

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July 16, 2017, 04:31:55 AM
 #60

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
First thing is that how you can say that it is vulnerable because I have not found any person in my whole life of Bitcoin work where anyone told us that his account get scammed for the Bitcoin , or the Bitcoin wallet get hacked .
The wallet ( I am telling about official wallet ) will never get hack until we expose our all the details to anyone .
Well here the owner of master key is only the network of the blockchain , not the Satoshi nakamoto or any other person , because  this is
Not a matter to handle all the transaction and details but also making all the transaction fully safe and secured , so I don't think anyone in this world has theaster node key of the Bitcoin , and I would like to advise the any of the authority of the Bitcoin that don't try to get into to get the control of the transaction other wise people will use more and more to go against them .
So instead to get master node , the governments needed only to make better rules to use Bitcoin our own ways .
The OP does not know what he is talking about, governments may want to take over bitcoin, we know that is true, but there is not such a thing as a master key, that will be a single point of failure and we will depend on the holder of that master key to keep us safe, so satoshi created bitcoin without a point of failure like that.
That is definitely true and correct, the government may want to take charge over Bitcoin to control and to benefit from it. Bitcoin has the big impact for them if they restrain it. Million people have Bitcoin and the value of every count of Bitcoin has big and will increase if government holding it back.

I think if the government takes over and controls bitcoin it will certainly change the rules and systems that have been run by the bitcoin system.
Even bicoini may no longer be a decentralized currency, because it has come under the control of the government.

still its hard for government to takes over bitcoin and controls bitcoin because bitcoin is not designed for centralized currency. governments attracted with bitcoin because now many people using bitcoin and makes money from bitcoin. since bitcoin is not controlling by any one, governments can not takes over and controlling bitcoin.

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