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Author Topic: Is it really bad that Goverments are trying to control Crypto-market?  (Read 173 times)
Mudit47
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February 22, 2018, 11:48:13 AM
 #1

So guyz,

I don't have a master in crypto But I have some doubts.

I have seen many people saying that countries banning crypto are just smashing hammer on their own foot.

But my Qes is why a Govt should not try control money in that country?

----My thought is most countries don't really know how to control the transcation or keeping track of cryptomarket, so for time being they want to control it by banning it till they develope a plan.
----I didn't hear any county saying that they don't support bloackchain, Many of them are working on blockchain.
----If a country can not track the money of their people than how can they take responsibility of its people safety?
----If someone pays money for illegal activity from banks, that can be tracked, but tracking crypto is impossible for them right now.

----That was just one of the scenerio



So What are your thoughts?

PS- I am not saying crypto should be banned, I just want to know where Govt. are going wrong?
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February 22, 2018, 11:54:39 AM
 #2


I would answer my views on this in short.First of all, some countries govt are in favour and some are not. Some are in favour as they see the long term scenario and see where their country currency value can be improved much by making the crypto as a payment processor rather than making it physical currency. Also, they see that  a specific country currency value should not be under rated as well considering long term implications.Some are not in favour as they are worried about the illegal activities and all kind of stuff. Until and unless they change the mindset considering the blockchain technology, they would still remain in the same phase and we do not know what kind of scenarios we would see in the future. I can only say we have to just wait and watch for the next few years.

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February 22, 2018, 12:08:15 PM
 #3

Some governments are supporting the use of cryptocurrencies and some are not all for the same reason. Bitcoin's high purchasing power. They either wanted to tap through this or they wanted to stop bitcoin. Either way, as long as bitcoin's decentralization is not jeopardized we have nothing to worry at all.

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February 22, 2018, 12:12:14 PM
 #4

The point is that by now many Governments, especially in the West, don't control their own money any more, since it is now a private business of banks. So it's surreal that they then try to mess up with the crypto-market.

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February 22, 2018, 12:15:51 PM
 #5

the government can not control bitcoin, we won't let them and that is all that matters in my opinion. we should continue keeping bitcoin decentralized and permission-less.

what the government tries to do is usually to control exchanges which are in fact like a gateway between money (fiat) and cryptocurrencies and this gateway can be abused by criminals to do things like laundering their money.

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February 22, 2018, 12:20:13 PM
 #6

Bitcoin was designed in such a way that transactions would be totally anonymous and no one would be able to track it or who is the payer or who is the receiver, this is where governments are not able to keep a track of the transactions and they are just trying to ban bitcoins I note only the countries who like to keep a track of the transactions of their citizens are the ones trying to ban bitcoins.
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February 22, 2018, 12:34:05 PM
 #7

This is never ending story. When will you figure out that any government in the world can't control Bitcoin network?
Don't mix control and regulation in legal sense of term, these are two different options.
Bitcoin will stay decentralized and without any control of some central body, like some central bank and what governments will do or want to do is to set legal framework for Bitcoin and other cryptocurrencies.

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February 22, 2018, 12:46:27 PM
 #8

It is good because this will stop people getting addicted to such investment but it is bad also because it is affecting the popularity of bitcoin. This affects the value of bitcoin also.
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February 22, 2018, 12:58:36 PM
 #9

----My thought is most countries don't really know how to control the transcation or keeping track of cryptomarket, so for time being they want to control it by banning it till they develope a plan.
----If a country can not track the money of their people than how can they take responsibility of its people safety?
----If someone pays money for illegal activity from banks, that can be tracked, but tracking crypto is impossible for them right now.

You really have the wrong idea that using bitcoins is anonymous and nobody has a clue what you're doing.There are hundred of examples in the past that show us you're not even close to be as safe as you think and many are serving time right now for thinking like that.

Coins can be tracked.

Bitcoin was designed in such a way that transactions would be totally anonymous and no one would be able to track it or who is the payer or who is the receiver, this is where governments are not able to keep a track of the transactions and they are just trying to ban bitcoins I note only the countries who like to keep a track of the transactions of their citizens are the ones trying to ban bitcoins.

Nope bitcoin was never designed to be totally anonymous, more like semi anonymous.
Furthermore all your transactions are stored pout in the open, so the government has an easy task on tracking them the only problem is with linking the person to an address, but KYC and exchnges are making thinks easier in this case.
You think Japan is not keeping a track of transactions in fiat Huh Really?

Also, don't forget, when you buy something it's not just you buying, it's a guy selling stuff , there is stuff sent to your house.
It makes no sense buying a pizza with monero and choosing home delivery  Grin.
Or trying to buy a car anonymously and then going to the DMV for plates.



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February 22, 2018, 12:59:01 PM
 #10

Its counterintuitive but no its not, its completely what you would expect. Whats good is regulation will make the market more stable and safer for ordinanry investors and allow more mass acceptance, so theres a lot of room to grow and govs csnt stop it (see my signature)
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February 22, 2018, 01:20:22 PM
 #11

If the government is not greed then it is good that the government will hold the cryptocurrency. But as far as I see, government will just make an advantage in cryptocurrency and one of it is they will impose taxes.
There will be a good or bad in controlling of the government.

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February 22, 2018, 01:33:51 PM
 #12

When the crypto market well controlled by the government this will bring a protection for the individuals rights. the level of the trolling power is important this has to be partially shared. In general people should pay taxes on their income from this ecosystem.
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February 22, 2018, 01:34:22 PM
 #13

on some level this was expected though!
bitcoin is not something small that doesn't do anything. it may be small but it is growing fast and it has the potential of becoming huge. and it is disturbing some corrupted systems in some places in the world including banking system. this means bitcoin will have a lot of enemies, including governments who will try to control bitcoin.

but remember not to confuse this (meaning control) with regulations and what most of the world are trying to do. that is not a bad thing. it will help the growth and will help weed out criminals.

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February 22, 2018, 01:41:11 PM
Last edit: February 22, 2018, 01:54:22 PM by supermine
 #14

To be honest governments are not trying to control the crypto currencies they want to make money out of it,if the decentralized system develops then there will be no revenue for the governments so they are trying to regulate it with heavy taxes and in the name of ban.
But no one can ban a decentralized coin but they are controlling the exchanges which is the way for us to convert our fiat into crypto and vice versa so they are taxing as per our income.If we crypto not to be controlled,then we need to adapt to the crypto to crypto system,and no more fiat conversion.



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February 22, 2018, 01:44:21 PM
Last edit: February 22, 2018, 02:00:06 PM by gentlemand
 #15

Cryptocurrencies are accessing areas that are the business of government - primarily anything to do with interacting with government currencies.

If they'd stayed purely crypto to crypto there would be far fewer issues but people naturally want to cross pollinate.

As it's infringing on government business it's inevitable that they're going to assert their authority.

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February 22, 2018, 01:52:32 PM
 #16

So guyz,

I don't have a master in crypto But I have some doubts.

I have seen many people saying that countries banning crypto are just smashing hammer on their own foot.

But my Qes is why a Govt should not try control money in that country?

----My thought is most countries don't really know how to control the transcation or keeping track of cryptomarket, so for time being they want to control it by banning it till they develope a plan.
----I didn't hear any county saying that they don't support bloackchain, Many of them are working on blockchain.
----If a country can not track the money of their people than how can they take responsibility of its people safety?
----If someone pays money for illegal activity from banks, that can be tracked, but tracking crypto is impossible for them right now.

----That was just one of the scenerio



So What are your thoughts?

PS- I am not saying crypto should be banned, I just want to know where Govt. are going wrong?


My suggestion is try to study and learn more about blockchain technology.
Because the risk is that if you don t manage the basics of blockchain in general you can be victim of FUD AND FOMO and false news around the net.

Cryptocurrencies can be manipulated but cannot be controlled at 100%
And this depends a lot by the knowledge that crypto believers have of the enviroinment in which we are, because in this way crypto believers can fight against manipulation and be aware of what is really happening .

At the moment governaments are buying crypto , pumping cryptos and trying to put efforts to make them more " "legal" and taxable.

Butit is a sort of leverage, because on the other side there are enteprises that come together to make the pulse with them.

All is going fine, just stay calm and skip fud.
Be ok.
Cheers

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February 22, 2018, 02:15:52 PM
 #17

In my opinion, legalization is needed in part. You receive income from the sale of coins, but you can not spend this money legally. If you buy an apartment you need to indicate the source of income. What are you writing there? I sold bitcoin? In this part, I am absolutely "for" legalizing. Pay a small tax and calmly spend.

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February 22, 2018, 03:38:22 PM
 #18

It is ok to be regulated. But in all that regulation there are many faces that wants money and I mean a big chunks of it.
Today in fiat system someone can have billions easily, but if you want to make some on smaller scale it can be a problem.
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February 22, 2018, 03:50:32 PM
 #19

It is bad, yes. But in the end, I am pretty sure the government won't be able to do so. Unless they start a department of some kind that bans cryptocurrencies.

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February 22, 2018, 03:50:52 PM
 #20

So guyz,

I don't have a master in crypto But I have some doubts.

I have seen many people saying that countries banning crypto are just smashing hammer on their own foot.

But my Qes is why a Govt should not try control money in that country?

----My thought is most countries don't really know how to control the transcation or keeping track of cryptomarket, so for time being they want to control it by banning it till they develope a plan.
----I didn't hear any county saying that they don't support bloackchain, Many of them are working on blockchain.
----If a country can not track the money of their people than how can they take responsibility of its people safety?
----If someone pays money for illegal activity from banks, that can be tracked, but tracking crypto is impossible for them right now.

----That was just one of the scenerio



So What are your thoughts?

PS- I am not saying crypto should be banned, I just want to know where Govt. are going wrong?

My opinion in this is that the governments are just neutralizing the flow of fiat money. Big trades in crypto creates deflation in the money of the country of itself because as far as I know there is a volume even in fiat money. It is true that they are not against the blockchain but they are certainly against deflation since it will greatly affect the economy. Although these question requires vast knowledge of almost everything, I am not very sure if what I had said is correct so pardon me.

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