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Author Topic: why should governments allow bitcoin to continue grow?  (Read 2904 times)
jonathan6655321
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October 08, 2017, 06:54:10 PM
 #1

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using

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October 08, 2017, 07:02:49 PM
 #2

There can be a lot of reasons. If they would outlaw Bitcoin, it would just be moved to the deep web and it will become much harder to monitor transactions and crackdown on criminals who use it for illegal operations. When Bitcoin is legal governments can just work with exchanges and other services if they need to investigate something. Bitcoin is not much different from cash - sure governments can't print more Bitcoins, but they can print more fiat and buy BTC with it. It's very likely that in the future governments and banks would adapt to Bitcoin instead of fighting it.

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October 09, 2017, 03:49:23 AM
 #3

There can be a lot of reasons. If they would outlaw Bitcoin, it would just be moved to the deep web and it will become much harder to monitor transactions and crackdown on criminals who use it for illegal operations. When Bitcoin is legal governments can just work with exchanges and other services if they need to investigate something. Bitcoin is not much different from cash - sure governments can't print more Bitcoins, but they can print more fiat and buy BTC with it. It's very likely that in the future governments and banks would adapt to Bitcoin instead of fighting it.

your response here is largely correct because of the fact that governments do not likely have much of a choice.  In one sense they have to have a vision about the extent to which bitcoin could be a threat, and then foresight as to when that could be - 40 years down the road when everyone in power is dead?

Another aspect is competing visions of government entities and also competing visions of government agencies as well.  It is quite likely that a large number of agencies and individuals within the agencies are coming to differing assessments about what is bitcoin, whether it is good or bad, and whether there are reasonable proactive ways to attempt to stifle it's development and/or growth.

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October 09, 2017, 03:56:31 AM
 #4

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
They don't have a reason. I'm more surprised that a lot of governments haven't been shutting Bitcoin down to be honest. It's something that will completely disrupt the entire power structure of the world, assuming that it grows in the same way it has been over the past few years. Something completely freeing up the average person so that the work they have actually has value instead of giving them a constantly inflating and depreciating token would completely upend a lot of countries' means of controlling their citizens, and that would be profound in far more ways than you may want to believe. It's almost worrying what could happen should Bitcoin replace the primary financial structures.














 

 

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October 09, 2017, 03:58:41 AM
 #5

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using

This question assumes that governments have control of bitcoin or are in a position to influence their will over bitcoin, to guide it's existence. No such control or power exists.

To say "its illegal!" Is extreme and wouldn't really stop people from using Bitcoin, in fact it would just entrench users to operat in the Bitcoin-only world (because it would be illegal to exchange fiat currency for it). Also, who's to say governments aren't participating in Bitcoin? The US Feds have cashed Millions of Dollars worth of Bitcoin, and they've probably kept some secure in a Trezor somewhere.

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October 09, 2017, 03:58:51 AM
 #6

There can be a lot of reasons. If they would outlaw Bitcoin, it would just be moved to the deep web and it will become much harder to monitor transactions and crackdown on criminals who use it for illegal operations. When Bitcoin is legal governments can just work with exchanges and other services if they need to investigate something. Bitcoin is not much different from cash - sure governments can't print more Bitcoins, but they can print more fiat and buy BTC with it. It's very likely that in the future governments and banks would adapt to Bitcoin instead of fighting it.

your response here is largely correct because of the fact that governments do not likely have much of a choice.  In one sense they have to have a vision about the extent to which bitcoin could be a threat, and then foresight as to when that could be - 40 years down the road when everyone in power is dead?

Another aspect is competing visions of government entities and also competing visions of government agencies as well.  It is quite likely that a large number of agencies and individuals within the agencies are coming to differing assessments about what is bitcoin, whether it is good or bad, and whether there are reasonable proactive ways to attempt to stifle it's development and/or growth.

It is possible but right not its not directly that they could allow bitcoin. They could just use an entity to use bitcoin for them and also use that entity for future economic uses. Because even if government says they will support bitcoin, they need some 3rd party to see to it that all transaction from citizens are protected and to help in further security. And security is the most important thing for civilians because they might think twice when their would be news about some internet fraud when they start using bitcoin.

                                     
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October 09, 2017, 04:13:05 AM
 #7

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
Because Bitcoin could help the economy to grow and could possibly solve poverty someday. There will be more businesses, merchants, investors and opportunity for everyone to get involved into. As they are implementing regulations to exchanges, millions of taxes could also be gathered if the government allow Bitcoin to continue growing because the community would probably support and invest in Bitcoin. They can still controll the money we are using when we sell or withdraw our coins from local exchanges and convert it into fiat money and for me I see no reasons to have a problem or conflict with that. Everytime we withdraw our funds on local exchanges there is tax so that is why they need to allow Bitcoin to grow instead of making a move to ban or prohibit the use of it.

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October 09, 2017, 04:31:51 AM
 #8

Actually the government doesn't do anything about growing of bitcoin and they don't allow it to grow since if all people are going to use the bitcoin or other cryptocurrencies the government will grow slower since most of people are not going to pay taxes because if you work in cryptocurrency your are anonymous and also bitcoin can be used to hide illegal works such as money laundering and also maybe bitcoin can be use to buy drugs, and illegal weapons.

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October 09, 2017, 04:39:01 AM
 #9

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using


They "allow" it because next to no one is actually SPENDING it.  They are all SPECULATING with it.  As long as 99% of people are speculating with BTC and other cryptos the governments of the world couldn't care less.  What's to control here?  There is probably more drug money buried in the ground around the world than there is crypto market capitalization.  The greater the Ponzi scheme mentality and the less that people spend, the less government cares and can pretend that they are as afraid as so many of you think that they are.
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October 09, 2017, 04:40:38 AM
 #10

Actually the government doesn't do anything about growing of bitcoin and they don't allow it to grow since if all people are going to use the bitcoin or other cryptocurrencies the government will grow slower since most of people are not going to pay taxes because if you work in cryptocurrency your are anonymous and also bitcoin can be used to hide illegal works such as money laundering and also maybe bitcoin can be use to buy drugs, and illegal weapons.

This is incredibly incorrect.

First, cryptocurrency isn't really anonymous, particularly if someone is working in the industry.

Second, governments can still assess taxes if you don't pay them. Governments are able to know what lifestyle you live and compare that to the income you would need to support the lifestyle. If your reported income isn't the same as that which supports your lifestyle the tax agencies will accuse you of not reporting all of your income.

Realist247
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October 09, 2017, 04:42:30 AM
 #11

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
Because Bitcoin could help the economy to grow and could possibly solve poverty someday. There will be more businesses, merchants, investors and opportunity for everyone to get involved into. As they are implementing regulations to exchanges, millions of taxes could also be gathered if the government allow Bitcoin to continue growing because the community would probably support and invest in Bitcoin. They can still controll the money we are using when we sell or withdraw our coins from local exchanges and convert it into fiat money and for me I see no reasons to have a problem or conflict with that. Everytime we withdraw our funds on local exchanges there is tax so that is why they need to allow Bitcoin to grow instead of making a move to ban or prohibit the use of it.

This forum never ceases to amaze me.  HTF does cryptocurrency solve POVERTY?  Fusion and vertical farming will likely take a huge chunk out of global starvation but thinking that BTC will solve poverty is just....what country are you from anyway?  Are you even from Earth?!?
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October 09, 2017, 04:43:06 AM
 #12

because there is nothing wrong with bitcoin! it is a perfectly legit currency doing its thing very well.
because government has no other choice, bitcoin is a decentralized currency that will continue to grow whether the government wants it or not.
because so many different countries have already accepted bitcoin and any government that doesn't will be left out and behind the adoption curve of this new technology.

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October 09, 2017, 04:44:12 AM
 #13

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
Because they can't control it!

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October 09, 2017, 04:44:49 AM
 #14

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
I think other government still not familiar with bitcoin so they are not aware with bitcoin. But for those country who already knew it i think they dont have the interest to control since it is a money online. They only control paper money.

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October 09, 2017, 04:46:55 AM
 #15

Actually the government doesn't do anything about growing of bitcoin and they don't allow it to grow since if all people are going to use the bitcoin or other cryptocurrencies the government will grow slower since most of people are not going to pay taxes because if you work in cryptocurrency your are anonymous and also bitcoin can be used to hide illegal works such as money laundering and also maybe bitcoin can be use to buy drugs, and illegal weapons.

This is incredibly incorrect.

First, cryptocurrency isn't really anonymous, particularly if someone is working in the industry.

Second, governments can still assess taxes if you don't pay them. Governments are able to know what lifestyle you live and compare that to the income you would need to support the lifestyle. If your reported income isn't the same as that which supports your lifestyle the tax agencies will accuse you of not reporting all of your income.
The very moment that you exchanged your btc to fiat will make the government have their ways to implement taxes I'm sure they allow crypto to continue because they seeing that their people are earning from it and the more their people get wealthier the more they will spend it inside their jurisdictions I hope more government look at this way so we will enjoy crypto currencies.

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October 09, 2017, 04:48:08 AM
 #16

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using

This question assumes that governments have control of bitcoin or are in a position to influence their will over bitcoin, to guide it's existence. No such control or power exists.

To say "its illegal!" Is extreme and wouldn't really stop people from using Bitcoin, in fact it would just entrench users to operat in the Bitcoin-only world (because it would be illegal to exchange fiat currency for it). Also, who's to say governments aren't participating in Bitcoin? The US Feds have cashed Millions of Dollars worth of Bitcoin, and they've probably kept some secure in a Trezor somewhere.


Why would those that have the power to print fiat money care about making "profits" from it?  This makes no sense.  The government doesn't exist to make a profit.  It exists to spend and couldn't care less about balanced budgets.  Seriously.
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October 09, 2017, 04:50:34 AM
 #17

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
Because I think that bitcoin can serve as an alternative to any national currency, and in case of inflation it will be possible to switch to a reserve currency. And they want control over everything that is possible. They should allow growth, but it is desirable to put it under control, reducing the risk of fraud.

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October 09, 2017, 04:54:09 AM
 #18

Actually the government doesn't do anything about growing of bitcoin and they don't allow it to grow since if all people are going to use the bitcoin or other cryptocurrencies the government will grow slower since most of people are not going to pay taxes because if you work in cryptocurrency your are anonymous and also bitcoin can be used to hide illegal works such as money laundering and also maybe bitcoin can be use to buy drugs, and illegal weapons.

This is incredibly incorrect.

First, cryptocurrency isn't really anonymous, particularly if someone is working in the industry.

Second, governments can still assess taxes if you don't pay them. Governments are able to know what lifestyle you live and compare that to the income you would need to support the lifestyle. If your reported income isn't the same as that which supports your lifestyle the tax agencies will accuse you of not reporting all of your income.
The very moment that you exchanged your btc to fiat will make the government have their ways to implement taxes I'm sure they allow crypto to continue because they seeing that their people are earning from it and the more their people get wealthier the more they will spend it inside their jurisdictions I hope more government look at this way so we will enjoy crypto currencies.
That's the rules of being a citizen of a country from the start guys, deal with it or leave the country. the taxes is such a vital income for almost all the countries in this world and thus the citizens were forced since then to pay the taxes.
After that, the citizens also have the benefit of using the facility that government give to the citizens, the only reason why country need income is to always improve the facility and making sure about the life quality of its citizens right?

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TheGodson
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October 09, 2017, 04:56:35 AM
 #19

The technology behind the blockchain is revolutionary. The real question is why wouldn't governments want bitcoin to grow? Bitcoin can solve a lot of the world problems that regular currency is currently facing.

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October 09, 2017, 05:14:58 AM
 #20

Because of benefit considerations, when bitcoin is left and bringing positive benefits to citizens such as reducing unemployment, it certainly makes governments think of continuing to let bitcoin grow.

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