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Author Topic: If the powerful governments wanted to, do you think they could stop Bitcoin?  (Read 4610 times)
sheldonnnn
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April 16, 2018, 09:44:58 AM
 #421

Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. If they shut down the internet, people will send each other Bitcoin via SMS and if they shut down the electricity supply, people will use solar and battery-powered solutions.
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CuriousGeorge
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April 16, 2018, 10:03:43 AM
 #422

Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. If they shut down the internet, people will send each other Bitcoin via SMS and if they shut down the electricity supply, people will use solar and battery-powered solutions.
But for current market capitalization which compared to other like gold is not really that high, by having so many capital you can easily manipulate bitcoin and I think that's the only thing that makes bitcoin still vulnerable against attack, also there's 51% attack aswell.
We need to take this into account that there's still vulnerability in bitcoin that needs to be solved, just hoping that the development of bitcoin will eventually solve all these.


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cluit
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April 18, 2018, 11:35:12 AM
 #423

Uhm… can the government do everything? I’m not sure about that but anyway, if I’m asked whether the government can stop Bitcoin, Eehm.. I will say yes. I was once discussing with someone on the same topic and he said that the only way that the government can destroy Bitcoin is with the help of quantum computers.

But my question is if quantum computers can do that? Of course I’m aware that it can destroy an address and make the Bitcoin in it go ‘Puff!!!’ but I don’t think it can destroy all of the Bitcoins in the Blockchain. There are millions of addresses in the Blockchain.
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April 18, 2018, 01:34:37 PM
 #424

Uhm… can the government do everything? I’m not sure about that but anyway, if I’m asked whether the government can stop Bitcoin, Eehm.. I will say yes. I was once discussing with someone on the same topic and he said that the only way that the government can destroy Bitcoin is with the help of quantum computers.

But my question is if quantum computers can do that? Of course I’m aware that it can destroy an address and make the Bitcoin in it go ‘Puff!!!’ but I don’t think it can destroy all of the Bitcoins in the Blockchain. There are millions of addresses in the Blockchain.

Big governments cannot tolerate Bitcoin, the digital currency that threatens to break their monopoly on printing money, and to manipulate the economy to accommodate the interests of powerful elites. Still, the digital currency won't disappear. The technology behind it is far too powerful to be controlled by big government. Bitcoin will return back to its old role: a collectible currency for tech savvy enthusiasts.
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April 18, 2018, 02:14:09 PM
 #425

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?
They couldn't bring down bitcoin 100% but they can stop it or they can lower the price if they really want to. But they will never stop it because we know people can do everything so of course they can still do bitcoin even the government is opposed on the idea of people using bitcoin.

Ehilamale
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April 18, 2018, 02:18:51 PM
 #426

Individual countries can take some measures to complicate the lives of cryptocurrency owners. But anyway, people will do what they want.
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April 18, 2018, 09:57:40 PM
 #427

Governments together can greatly harm the circulation of bitcoins and other crypto currencies, but they can not destroy the crypto currency. It is possible to prohibit all exchanges and exchangers, sites where the crypto currency will be negotiated, to establish responsibility for its use, and then for the crypto currency will come hard times. It is difficult, of course, difficult to model this situation, because real governments will never be able to unite to destroy the crypto currency. We have offshore zones. where it is easy to register a crypto exchange and it will work even without the permission of governments.

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April 18, 2018, 10:40:44 PM
 #428

I think yes, but the game isn't worth the price, I would've required a crazy effort.

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April 18, 2018, 10:48:02 PM
 #429

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?
I think not all government to all country is have the same thinking about bitcoin some of them think that bitcoin is a big help to their economy and their people. And some them are ban bitcoin to their country because they scared that bitcoin will be choose their people than to their own currency. There's a lot of circumstances and reasons but I think they never kill bitcoin.

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April 18, 2018, 10:49:15 PM
 #430

Yes the government have the power to restrain and allow any form of investment, products, medium of exchange. For some reason I think the government would only do this if they have seen that bitcoin from their area have cause some problems like drug trades illegal activities and the like the government have the power to cease the use of this medium to lessen the illegal activities that its citizens have conducted.

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April 18, 2018, 10:51:56 PM
 #431

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

I think it is impossible for the government to do that. Any attempt to control Bitcoin won't work. The government and regulatory bodies have shown lack of understanding of technological topics and Bitcoin is one of the most complex. As government struggle to ban technologies, it seems impossible to imagine them gaining the ability to truly impact bitcoin and its contemporaries ina a way that could impede its progress.
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April 18, 2018, 11:18:38 PM
 #432

Technically, it's hard for governments to ban digital encryption altogether!

Unless you shut down the world so the Internet and the computer!

Which country is prohibited, which country will be behind in the financial war, because bitcoin has the ability to break through all financial blockade!
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April 18, 2018, 11:58:25 PM
 #433

A ban on Bitcoin is difficult to enforce
Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. If there we to block all the websites that people can download Bitcoin wallets from, new ones will come up and some people will compile their own wallets from source code - Bitcoin is like Bittorrent is that respect. If they shut down the internet, people will send each other Bitcoin via SMS and if they shut down the electricity supply, people will use solar and battery-powered solutions.
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April 19, 2018, 12:57:18 AM
 #434

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?

Well, there is 16.985.737 BTC supply around the world right now, IF ...IF 1 government want to spend their money to buy all of bitcoins, and keep it for themself to bury it, maybe they could stop bitcoin. But, who want to spend that large amount of money just on one thing???
doraegun
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April 19, 2018, 01:07:04 AM
 #435

This is something which I've beleived for awhile, which is the prospect that if big governments and banks worked heavily together they'd be able to remove Bitcoin from the face of the earth. They wouldn't ban it, as that would be a tough thing to swallow for the American people as they wouldn't see a good reason to do that ( at least in my mind here) But they could just go ahead and regulate Bitcoin into oblivion, making it hard for Bitcoin businesses (buying and selling, trading, etc) to operate within their countries, or be subject to insane taxes, KYC AML and such.

Do you think Governments could kill Bitcoin?


Yes of course, if they want to order the court and making a tight regulation to avoid searching and viewing of the said respective site and whose person violated  the said regulation is punishable by low. That's particular order is enough to kill that particular site.

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