Maybe governments can stop bitcoin after all

[AleSergio]

I think the problem of all cryptocurrencies is not goverment, but its volatility. The Chinese wind has blown in negative way and we have seen a huge dump in one day. Today we see some positive news about cryptocurrencies in Russia and everything is stabilizing. Goverment cannot stop bitcoin, but it can truly speculate as much as they want.

[Nahl]

indeed liked it or not the government decission will have the particular effect for us as bitcoin users and i admitted that if someday my government decission to banned bitcoin which mean i must obey the rules because doesn't good to against the law because i got in jail from my illegal acts

[darkangel11]

I think the problem of all cryptocurrencies is not goverment, but its volatility. The Chinese wind has blown in negative way and we have seen a huge dump in one day. Today we see some positive news about cryptocurrencies in Russia and everything is stabilizing. Goverment cannot stop bitcoin, but it can truly speculate as much as they want.

Why do people still think the news from China caused the dump and not the price touching a huge borderline of $5000. People love round numbers and historically we could see $1000 to be like that. After december 2013 it took another 3 years to reach it again, so it was obvious people will attempt a selloff at $5000. The price reverted back only by a couple days, to what it was last week. It shows how irrelevant news from China were.

[omonuyak]

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.

Of a truth I was surprise by the way traders reacted to this news from China. I didn't expect bitcoin to lose over $800 because of this news in just 2 days. I think Omegastarscream you are very right it means if United States of America and United Kingdom will announce of banning of bitcoin I will expect bitcoin to become very low to the level of $50 or $20 then. We should see ico banning as a positive news instead of treat it as evil new as scammer has hijack it.

[pisston]

indeed liked it or not the government decission will have the particular effect for us as bitcoin users and i admitted that if someday my government decission to banned bitcoin which mean i must obey the rules because doesn't good to against the law because i got in jail from my illegal acts

The fact is that the whole government understands that huge amounts of money are running between their fingers that they can not control. And another special case, this is when the government can not levy taxes on financial transactions and cool people. I think that they will not leave Bitcoin in peace and all users of crypto currency will need to prepare for getting up with peace taxpayers.

[Gozie51]

I guess is just a thought ruminating idea. In any case, it will be a very hard decision to see through especially because bitcoin is decentralized, hence not colonized by a single country. It benefits are numerous & one is that it is creating wealth & built back into the economy. Meanwhile, government is made up of individuals, individuals who also have blood, flash like everybody in this forum - thus, they also would like to make money.
A country at worse might regularize its usage

[Maum]

How should governments be able to stop a decentral currency? Maybe create an own coin that is much better than bitcoin?

[el kaka22]

I think that the governments can put pressure on bitcoin and other crypto's, but it's too late to stuff the genie back in the bottle.

People are losing faith in their governments, and thus fiat, and need something to put their money in to try and preserve wealth. Precious metals are an age old safe haven, but they're not nearly as practical as crypto when it comes to trade.

The crackdowns may slow bitcoin down, but people will just find other, more secure/anonymous coins to preserve their privacy. See my signature for one upcoming example - Deep Onion.

Agreed. It is too late for governments to control the popularity of digital currencies. Bitcoins are now famous worldwide and people are really crazy to work with this latest technology. Since they provide very much freedom and control over your money which governments and banks lack, people are switching to crypto market.

[sheldonnnn]

Right now the government of my country decides to recognize bitcoin as legal currency or not. But because of this bitcoin and other crypto-currencies are becoming more popular among the people of my country. More and more people learn about it and start using it despite the fact that bitcoin is not yet legal. The government can no longer control this.

[Vika0170]

In our country, the government wants to control bitcoin and collect taxes from it, but it still does not dare to accept it. I think the authorities are panicking because of the fact that it constitutes a serious competition to the banks.

[mharz]

In our country, the government wants to control bitcoin and collect taxes from it, but it still does not dare to accept it. I think the authorities are panicking because of the fact that it constitutes a serious competition to the banks.

Likewise in our country, because as per news bitcoin were used by the government in corruption. Some higher position in our country were put their fund in the bitcoin. But I think government of each country had no power to stop bitcoin, however if the all government of each country had unite I think they can create a power to stop bitcoin.

[iamTom123]

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.

The recent market reaction on that famous news from China is just an illustration of how powerful and far-reaching can the government be on Bitcoin and the cryptocurrency in general. In fact, you are right, it was not really banning Bitcoin at all yet the value of Bitcoin took a dive. The thing here is that we are just living  in a real world where factors are still being taken into consideration and there is no denying that the market could never act totally independent from the government.

And we have to realize that Bitcoin is supposed to be representing a system that is supposedly the opposite of what the government can do and will do. Realistically speaking, Bitcoin can never be and should never be acting like the enemy of the government because we still need the approval of the government for its continuing existence and prosperity. Just like in Japan, the legalization of Bitcoin came with some compromises on areas of regulations...something we are glad to accept in return for the opening of its vast present market.

So we wondering the same thing here: What are these developments mean to Bitcoin and should Bitcoin be seen as anti-government or it depends on the kind of government we are facing of?

[galestorm]

The government has the authority in doing so and if that happens there's nothing we can do about it but to sell our bitcoins in the hopes of earning profit. I dont know why certain country's even think about such a thing. There's nothing wrong about ICO, in fact it helps most of us to earn money. Im just glad that the country that i live in doesnt consider it as an issue that needs to be stopped.

[Astvile]

Yeah it may be but its not worldwide i think .A government on a certain place can fully ban bitcoins at their place but not in the entire world,but still in the point of governments can stop bitcoins after all they have control all over in their country

[Hamphser]

In our country, the government wants to control bitcoin and collect taxes from it, but it still does not dare to accept it. I think the authorities are panicking because of the fact that it constitutes a serious competition to the banks.

Likewise in our country, because as per news bitcoin were used by the government in corruption. Some higher position in our country were put their fund in the bitcoin. But I think government of each country had no power to stop bitcoin, however if the all government of each country had unite I think they can create a power to stop bitcoin.

They can really stop if all governments would really decide to ban bitcoin and dont ever recieved any related services on their place but talking on stopping people on using it then i would say it would really be a hard thing for them to stop. Anyone can use it without any required permissions from them which government would really be worried of.People can really have the control of their own money.

[Lumada]

In our country, the government wants to control bitcoin and collect taxes from it, but it still does not dare to accept it. I think the authorities are panicking because of the fact that it constitutes a serious competition to the banks.

Likewise in our country, because as per news bitcoin were used by the government in corruption. Some higher position in our country were put their fund in the bitcoin. But I think government of each country had no power to stop bitcoin, however if the all government of each country had unite I think they can create a power to stop bitcoin.

They can really stop if all governments would really decide to ban bitcoin and dont ever recieved any related services on their place but talking on stopping people on using it then i would say it would really be a hard thing for them to stop. Anyone can use it without any required permissions from them which government would really be worried of.People can really have the control of their own money.

There are still ways to access it whenever they wanted, there are vpns and sites to use if we want to still access btc , it's decentralized and it will be hard to manipulate btc by the government.

[HasHe]

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.

But the longer they wait, the harder it will be for governments to make Bitcoin illegal. More and more companies are now getting involved in Bitcoin mining, trading & other aspects, they also pay taxes.
I really can't imagine Bitcoin being made illegal in Europe, the US or Australia for example, there is too much support from within the governments in those countries.

I know it's just a hypothetical question, but I could never see this happening in real life.  

Just SEC of US has regulated and PBOC has totally banned ICOs.PBOC has even asked those companies which have raised their funds for ICOs to refund to the investors back.Now,just block chain companies would start to  move to friendly countries like Europe and would still continue to launch ICOs.So,they could not stop bitcoin.On one side,bitcoin is being legalized in Japan and it is to be legalized in vietnam soon.On the other side,china is taking all necessary steps to weaken bitcoin.But if we see on a long term basis,it is good for bitcoin environment to get out of china's dependence totally.

[matuson]

In our country, the government wants to control bitcoin and collect taxes from it, but it still does not dare to accept it. I think the authorities are panicking because of the fact that it constitutes a serious competition to the banks.

Likewise in our country, because as per news bitcoin were used by the government in corruption. Some higher position in our country were put their fund in the bitcoin. But I think government of each country had no power to stop bitcoin, however if the all government of each country had unite I think they can create a power to stop bitcoin.

They can really stop if all governments would really decide to ban bitcoin and dont ever recieved any related services on their place but talking on stopping people on using it then i would say it would really be a hard thing for them to stop. Anyone can use it without any required permissions from them which government would really be worried of.People can really have the control of their own money.

There are still ways to access it whenever they wanted, there are vpns and sites to use if we want to still access btc , it's decentralized and it will be hard to manipulate btc by the government.

I'm sorry that people don't understand that really a war of governments, bitcoin has already begun. We do not see any activity because bitcoin is still not very common, but it will be mandatory. Our biggest vulnerability is that we are forced to periodically change bitcoins to Fiat. If we manage to establish direct trade with bitcoin it will be a victory.

[KnightElite]

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.

I think it is impossible in our country because the BSP (Bangko Sentral Ng Pilipinas) is supporting the bitcoin and all of the cryptocurrency as well. I can say that we are lucky because the government that we have is supporting the bitcoin.

[mahendra-13]

Hey! Is it true that in Russia there is no law regulating mining ?