Governments attempt to destroy crypto

[longpro098]

I have also seen a lot of them, and they are afraid of people being cheated and risky, they want us to not pay much attention to bitcoin and the market.

[AGD]

I personally think that the idea that the world governments would attack cryptocurrencies is somewhat of a conspiracy theory but it seems that it is possible. Recently I read an article that was stating that bitcoin could be destroyed by governments who buy up a large amount of bitcoin over time and then sell all of the coins they own at the same time. This would cause a panic and even more people would sell their coins. The governments would then buy up these coins and do this over and over till they owned enough bitcoin to absolutely destroy its value.

While I think this is extremely unlikely I found it very interesting and would love to hear what others think.

What would stop governments from doing this?

Is crypto safe from governments who want to destroy it?

Maybe they tried, but stopped, because they learned, that buying large amounts drives the price up like crazy.

[BitGenerator]

I personally think that the idea that the world governments would attack cryptocurrencies is somewhat of a conspiracy theory but it seems that it is possible. Recently I read an article that was stating that bitcoin could be destroyed by governments who buy up a large amount of bitcoin over time and then sell all of the coins they own at the same time. This would cause a panic and even more people would sell their coins. The governments would then buy up these coins and do this over and over till they owned enough bitcoin to absolutely destroy its value.

While I think this is extremely unlikely I found it very interesting and would love to hear what others think.

What would stop governments from doing this?

Is crypto safe from governments who want to destroy it?

The only case to my knownledge is China, they shutted down millionare exchanges, so ... seems it was affecting CHina's economy by that move.

[Cyberczar]

That logic or theory is flawed because government don't work that way. Rather, the target of governments usually is to protect their citizens and their investments and it is common knowledge that citizens of most countries are investing in bitcoin or at least buying it. There absolutely is no incentive for any government to want to attack or destroy bitcoin. Even countries like China and Russia that rolled out anti crypto policies did it to protect their investors from loss. Japan did the same but later rescinded on that decision after they have studied the pros and cons of adopting the crypto market. Today they are hailed as trail blazers in crypto regulation.

Even if any one government or an alliance of governments try it. Buying up all the bitcoin in circulation will be a tough call. The effect rather would be pushing the coin prices to record high. And there won't be any assurances that bitcoin won't be able to recover from a major dump such as that. It may only just affect prices temporarily. Considering that most holders view bitcoin as a long term investment, I do not see how that is going to change the situation much. Dumping will cause the less confident in bitcoin as an asset to panic. The long termers will continue holding it even after a slump with the hope of correction and recovery.

Another reason that logic is flawed is that there are people in government and positions of influence who are aware that Blockchain is a technology that cannot be waved aside. They know that this is not just all about bitcoin but something bigger and perhaps better that what many of us have known in a long time. Blockchain is as big as the internet and no sane government wants to be left behind.

[Dudeperfect]

Technically, I don't see any power in the hands of governments that could destroy Bitcoin or any blockchain based currency but if they really want to destroy it then they have to delete it from each and every computer at a time on which blockchain exists.

However, governments can try to regulate the BTC/Fiat currency conversions by asking for the KYC database of the users to the exchanges. If it is trying to completely ban Bitcoin/fiat conversion then there is a possibility of the rise of the black market.

[ruthbabe]

I don't know how can they do that. I think the thing they can do is either regulate it and/or ban it. I think there are 8 or 10 countries that banned bitcoin and there are also numbers of countries where Bitcoin is legal and regulates cryptocurrency accordingly to protect its users.

[Naoko]

why do you think that the cryptcurrency could somehow bypass the government? it's like for some kind of experiment that the government is doing to see the reaction of the people...no rulers would allow anarchy...it's too dangerous now

[jovs]

They won't reach that point since Bitcoin community members have considerably enough consciousness and while bitcoin is getting more popularity and support from people , governments can just stay far and look to this high powerful currency getting stronger and stronger . I think Bitcoin is so strong to be destroyed by governors

The increasing mass support will definantly prevent bitcoin from such attacks, may be some government will be in favour of bitcoin and they will have such evil thinking about bitcoin, but i am sure that they will not be succeeded in such attempts, I think some countries are also giving support to bitcoin and their number is now increasing from time to time. In future i am hopeful that all the countries will accept bitcoin as legal currency.

Government attempt to destroy cryptocurrencies will not be successful on my opinion if they will do it by marketing strategy like buying the majority of bitcoin to freeze it in the market and get rid of it in the end. I think the best way they can do this is by implementing reforms on laws restricting directly the use of altcoin in the market. But why will they do that, there is no legit reason why they will try to attempt such crackdown on cryptos, besides this is the future of marketing transactions that may help the government economy.

[sofi@]

I don't think in such way government can destroy bitcoin and by buying large quantity of bitcoin will only trigger the value to increase even much higher for me there's no way government can destroy bitcoin permanently it will stay in the market no matter what and all they can do is to prevent their people in supporting bitcoin which is as today is impossible to happen, the market is growing and the demand will continue to increase in the future.

[coynedterm]

I personally think that the idea that the world governments would attack cryptocurrencies is somewhat of a conspiracy theory but it seems that it is possible. Recently I read an article that was stating that bitcoin could be destroyed by governments who buy up a large amount of bitcoin over time and then sell all of the coins they own at the same time. This would cause a panic and even more people would sell their coins. The governments would then buy up these coins and do this over and over till they owned enough bitcoin to absolutely destroy its value.

While I think this is extremely unlikely I found it very interesting and would love to hear what others think.

What would stop governments from doing this?

Is crypto safe from governments who want to destroy it?

May be it can be true for the cryptocurrency but I don't think that they can get success to access bitcoin technology , Because bitcoin have technology which is more better than another technology in the banking system , As we can understand that money should be at priority safety , so how much the security is better of the banking sector and how much the technology of the bitcoin can be , we can understand easily .
So here we should put the factor of destroying bitcoin by the government at another side , and also we should put the factor that government will hack and sell again and again and make dump , it is not possible because people knows that what is the potential of the bitcoin and if they can make buy of the bitcoin at low rate then how much they can make in the future easily , so people will also buy bitcoin and in that case bitcoin can't be dump easily. .

[manoj kumar k]

yes i think that government has attempted to kill the crypto but it couldnt stop the crypto currency the govt is willing to stop the crypto because the transaction done by the crypto currency cannot be hacked and get the transaction details