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Author Topic: Maybe governments can stop bitcoin after all  (Read 11086 times)
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September 28, 2017, 07:33:46 AM
 #321

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
"got dumped badly" because of the mining centralisation. If china would not carry any relevant hashrate, the markets would not have reacted at all.
Partially these chart moves have been artificially, even by dumping lend money. Hence the rebound at the end of the effect.
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September 28, 2017, 01:05:02 PM
 #322

Theoretically, governments can prohibit bitcoin completely and thereby stop it forever, but it is not profitable for them. Bitcoin gives an opportunity to earn even those who are in power.

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September 28, 2017, 01:41:57 PM
 #323

Governments can't control Bitcoins because of its decentralised nature. However what powers the transactions are the massive mining farms which consume huge amounts of electricity.

If the decision to ban BTC is made, I would think the way to stop it would be to go after the mining farms first, next find a way to stop the biggest gateways which allow users to convert fiat money into cryptocurrency.

Once the transaction time (and cost) goes high up and users are unable to easily convert fiat to crypto - we are in serious trouble!  
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September 28, 2017, 01:49:18 PM
 #324

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
In my own opinion, the government can really stop or shutdown bitcoin for a long term because they are the one's who makes the rules which we need to follow. But i hope that the banning of bitcoin in some countries would stop because the price of bitcoin will continue to decrease.
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September 28, 2017, 02:00:24 PM
 #325

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
In my own opinion, the government can really stop or shutdown bitcoin for a long term because they are the one's who makes the rules which we need to follow. But i hope that the banning of bitcoin in some countries would stop because the price of bitcoin will continue to decrease.
Probably you wanted to say increase? Governments can't stop bitcoin. The most that they can to stop the exchange of bitcoins for currency which is subject to that government. It won't stop bitcoin but it can create significant problems for users. As soon as bitcoin will no longer need conversion we will be beyond the reach of governments.
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September 28, 2017, 02:10:06 PM
 #326

Governments prohibit a lot since hundrets of years and never ever were they able to stop anything of it!

Their action can only lead to a decrease of its use and maybe of the revenue, but nothing more.

yes i agree on that bitcoin is not really a probblem in a community in fact it is verry helpful to tbose people who really suffer from poverty and it is basicaly now an another source of income and it really work.so then why government stop bitcoin after all if the case is that it is verry helpful?
Because the system of the government isn't to help people but to draw the money out of them and transfer it to few rich man.

It doesn't work this way any more. Even if they want to act like you said, they can't because of the fear of revolution. They are bound to provide normal life for their citizens otherwise they will face resignation. Governments used to have a lot of power in the far past, but not now and that's why bitcoin is out of their control whether they want it or not.
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September 28, 2017, 02:17:09 PM
 #327

Governments can't control Bitcoins because of its decentralised nature. However what powers the transactions are the massive mining farms which consume huge amounts of electricity.

If the decision to ban BTC is made, I would think the way to stop it would be to go after the mining farms first, next find a way to stop the biggest gateways which allow users to convert fiat money into cryptocurrency.

Once the transaction time (and cost) goes high up and users are unable to easily convert fiat to crypto - we are in serious trouble!  

The possibility exists but I think the government is more concerned with the potential of bitcoin, this coin can actually be invited to follow the taxation rules given every bitcoin is converted into fiat, the government is not easy to make illegal bitcoin because they will be left very far when bitcoin legalized by other major countries

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September 28, 2017, 02:19:49 PM
 #328

Yes you are so right but i afraid they can stop bitcoin not after all.it can be quick.Because this market affects real markets and country economies so badly

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September 28, 2017, 02:26:44 PM
 #329

Not really. What makes you think of that?
There is too much miners and investors that cannot be left just like 0.
Bitcoin getting deeper in population of earth every day.
Why would someone even think about that? No. Simply no.

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September 28, 2017, 02:27:12 PM
 #330

there are very less chances for this to happen.
cause company like genisis had invested almost everything to mine bitcoin.
every projects and events is introducing cryptocurrency. in every college schools in india is introducing the concept of cryptocurrency to there students.
govt. of India is convincing the citizen to give up the note system nad come to digitel mode of currency.
crypto will be our future.
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September 28, 2017, 02:49:20 PM
 #331

No one can stop bitcoin, I think it wouldn't be happen. Because we all know that no one can control bitcoin. Even the government can't able to control bitcoin. Actually, people earning money here in btc for their needs. So nobody wants to lost this big opportunity in their life. So I hope that goverment won't banned this bitcoin.

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September 28, 2017, 03:02:50 PM
 #332

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
Governments can't stop bitcoin yes they might control it but they will never stop it just because of the laws. We know that law should be a law but you can't follow it just because you are told so. They can't control their own jurisdiction so how can they control the internet or online community? It might happen that government discover and control the bitcoin but they can't stop it especially now when bitcoin's popularity is increasing even its value is fluctuating.
It should be understandable how an ICO is not a cryptocurrency and neither are they decentralized, so all that needed to be done to dislodge one, would be to identify the companies, locations and entities behind an ICO and the rest would be history. With a cryptocurrency like Bitcoin however, it is not possible to successfully stand in the way of a coin because they are decentralized and not tied to anyone country.

The only reason banning of ICOs had some toll on Bitcoin was because the tokens were denominated in Bitcoin or Ether and when the ban led to a massive or huge sell-off, if follows that excess supply would push price down.

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September 28, 2017, 03:07:39 PM
 #333


In my own opinion, the government can really stop or shutdown bitcoin for a long term because they are the one's who makes the rules which we need to follow. But i hope that the banning of bitcoin in some countries would stop because the price of bitcoin will continue to decrease.

If the law will be pushed hardly then it's possible. Also prior to the approval of the law, it was being discussed and put on trial by the majorities for long period of time. Meaning the ban was carefully analyzed and they study well why it should be banned. If that is the case then people have no choice but to deal with that since after all, it was a decision of the majority.

But if we take it today, it was unlikely to happened or let's say it has low chance. So rather we think of that, just enjoy the current phase of bitcoin and take advantages.

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September 28, 2017, 04:10:58 PM
 #334

Governments can't control Bitcoins because of its decentralised nature. However what powers the transactions are the massive mining farms which consume huge amounts of electricity.

If the decision to ban BTC is made, I would think the way to stop it would be to go after the mining farms first, next find a way to stop the biggest gateways which allow users to convert fiat money into cryptocurrency.

Once the transaction time (and cost) goes high up and users are unable to easily convert fiat to crypto - we are in serious trouble!  

The possibility exists but I think the government is more concerned with the potential of bitcoin, this coin can actually be invited to follow the taxation rules given every bitcoin is converted into fiat, the government is not easy to make illegal bitcoin because they will be left very far when bitcoin legalized by other major countries

I agree with your point but I think governments always find ways to unite together for common causes (the survival of their system is a big cause). I believe in the end it will be impossible for governments to control something that they didn't issue to people.

For them Bitcoin is a nightmare because it has the potential to take away one of the most powerful tools they use to manage their citizens and the number one priority for all governments around the world is ensuring they have control.
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September 28, 2017, 04:26:52 PM
 #335

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
In my own opinion, the government can really stop or shutdown bitcoin for a long term because they are the one's who makes the rules which we need to follow. But i hope that the banning of bitcoin in some countries would stop because the price of bitcoin will continue to decrease.
Shutdown Bitcoin??? LOL Grin? What do you know about decentralization network of blockchain technology used in Bitcoin system? A decentralization can not shutdown easily like your said, even no one can does that, unless the Bitcoin community completely accept offline down Bitcoin system and do not want to use it.

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September 28, 2017, 06:11:29 PM
 #336

This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
In my own opinion, the government can really stop or shutdown bitcoin for a long term because they are the one's who makes the rules which we need to follow. But i hope that the banning of bitcoin in some countries would stop because the price of bitcoin will continue to decrease.
Shutdown Bitcoin??? LOL Grin? What do you know about decentralization network of blockchain technology used in Bitcoin system? A decentralization can not shutdown easily like your said, even no one can does that, unless the Bitcoin community completely accept offline down Bitcoin system and do not want to use it.
Haha. The only way to stop bitcoin right now is to shut down the internet. Without the internet, no one can control their bitcoin. But after all, there will be someone turn the Internet on and bitcoin will become back to normal. As long as the internet keeps staying here, Bitcoin will still survive and being used as digital gold



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ekoice
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September 28, 2017, 07:14:38 PM
 #337

Yes,of course,bitcoin's price faced a slight fall due to china's actions.But we should also take in to account that bitcoin recovered very soon and its now $4,153.Also,we could not expect all the countries to have the same idea as china regarding bitcoin.Even its neighbours japan,south korea,vietnam takes completely different stand about bitcoin.Most of the governments are in an idea to only welcome this innovative technology bitcoin.So,there is no such threats to be worried about.
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September 28, 2017, 11:41:25 PM
 #338

The value of bitcoin does drop after ICO ban in China but that doesn't mean that it has already been shut down. First of all bitcoin and all other cryptocurrencies are decentralized meaning the government can't control them. There is no stopping bitcoin now as more and more user will see its potential.

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September 29, 2017, 12:03:11 AM
 #339

It'll never be illegal... the government needs to develop laws in this industry and make it more regulated... that's it
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September 29, 2017, 03:21:06 AM
 #340

If I ask you seem to have a hard time getting the government to stop the bitcoins. Especially now it's a solid one. And many people remain faithful to it. And the only possible thing to do to get it totally illegal is if it's something wrong do. We can do the example is the Fall of the banks. And if this happens they'll probably stop. But it still can not be terminated.


I think its not our fault why the banks will fall because of cryptocurrencies or bitcoin. They have held our money long enough and pushed us to the edge. I can't even call my money mine because it's their possession. The very paper and layers of it are all government property. And they are just afraid because these "crypto will replaced them". And yes they have the power to ban it and exterminate it but this is clear, the system is twisted and unfair. We are being patience long enough, let's pushed this technology together and see be a one decentralized system.

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