How to Destroy Bitcoin

[Amph]

they can't stop shit, if you buy/sell directly in btc

[TheFootMan]

Why do you think China banned the use of Bitcoins by financial institutions and merchants buying and selling in Bitcoin? Because governments fear what they cannot regulate. Now imagine a large false flag involving Bitcoin.

From what I heard, it's existing financial institutions that should not integrate bitcoin in their operations, others are free to continue. The reason is that China is afraid that if bitcoin fails that it would bring more of the financial system with it if it became too integrated in the existing financial sector.

I had that from a redditor living in China. Basically what he said was that if bitcoin failed, the Chinese Govt. would have it so that it would not affect any other systems much.

[empoweoqwj]

I'm a bit more optimistic. I eventually see banks and governments working with bitcoin not trying to get rid of it.

It is true though that if you wanted to "kill" bitcoin all it would take is for most governments to outlaw or heavily restrict it's usage. Obviously you can't kill it 100% but if businesses aren't accepting it on a large scale than it would never expand and go mainstream, it would remain a niche thing.

That's right. The only way to kill bitcoin is for (lots of) governments to ban it. Why would they bother to "fiddle with the Internet" at their borders (which  is a hugely expensive, difficult task) when they can just ban the thing.

But judging from the last 6 months, all governments will do is "attempt to classify" bitcoin rather than ban it. Even the "bitcoin is illegal in Thailand" story was nonsense. Just some government official saying it hadn't been classified yet, so you can't set up a new business around it. There are several bitcoin exchanges operating in Thailand. The Thai government will always have bigger things to worry about than stuff like bitcoin. Like how to stay in power ..........