Is there currently a coordinated effort by CB's to destroy cryptocurrencies?

[zavtra]

My question is, is there a coordinated effort by Central Banks to completely destroy cryptocurrencies?

I see articles like this:

http://dealbook.nytimes.com/2013/12/18/bitcoin-collides-with-government-concerns/?partner=yahoofinance

And I see all these countries Central Banks from around the world bashing Bitcoin at roughly the same time.

The article mentions China, The European Banking Authority, Denmark, Norway, New Zealand, and Australia.

It doesn't even mention how France's CB spoke out against it, and how there are a lot of rumors circulating that the Indian central bank plans to do the same thing, as well as possibly induce regulations.

This is all in the past few days.

Bitcoins and other cryptocurrencies are turning out to not be tulips, which lost value as people realized their real worth. They are something else, because governments and banks all around the world are collectively working to stamp these things out.

It's time for a real revolution in cryptocurrency. It's time for the ultimate test of cryptos. We need to abandon its fiat value all together. We need to come to a point where the value of cryptos can only be measured in other cryptos. And we need decentralized exchanges to come into order to make this a reality. The tables have turned, and if we want these things to succeed, we need to adjust to the clearly mounting conditions against us.

These very recent developments from banks and governments are NO coincidence. There is now a concentrated effort to destroy the currencies, and this is only possible if we play by their rules. So it is time to abandon their rules altogether.

Admittedly, I am a holder of StableCoin. All of my money is in it, and I don't own one bit of Bitcoin. But I can see the clear threat here, and if we don't increase the value of all cryptos relative to each other, and don't make it easier for merchants to accept one type of coin for another, rather than accepting coin to simply convert to cash, we will always be at odds, and always be on the terms of the very people who want these currencies destroyed.

That's my rant. Something needs to be done, and very soon. That is all. Thank you for listening.

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[cryptohunter]

Of course, you think the banks will sit back and release any control to crypto. They will try to stamp it out asap.

Crypto needs to adapt or die.

[Peter R]

Old multi-millionaire bankster dinosaur:

"OK team, we need a coordinated effort to stamp out bitcoin.  We must nip it in the bud because the idea is too powerful and a threat to the present monetary system.  It cuts out middlemen and fees from our financial system and in general makes banking and wealth preservation dangerously easy for the people.  And once people understand that by adopting this currency early that they will benefit financially, the idea will be truly unstoppable!!

Now, get to work team, you know what to do!"


Team of young smart non-multimillionaires:

"Hmm, I think I should buy some of these bitcoins in case his plan doesn't work out."



Anti-fragility at work.

[zavtra]

Of course, you think the banks will sit back and release any control to crypto. They will try to stamp it out asap.

Crypto needs to adapt or die.

I know they will, but they have known about cryptos for a long time.

But in the past week, there has been a major shift. All of them are coming out against it. It's apparent, it is sudden, and it is strong.

Clearly we've always needed to adapt, but now we have to adapt fast.

We need to remember that central banks have the media and government at their disposal. For us, depending on the weather, the media may or may not shine a good light on us.

We need a more direct focus on turning speculators away. I know I'm preaching to the choir here, but we actually need more institutions in place to allow for a better bartering system. We need a cryptobay, a place where people can just post any item and sell it, but only for other cryptocurrencies, and not just any specific one. This could be a good way for people to get into the crypto market by selling junk they don't want.

This would essentially be a bartering system like the Greeks set up, but by God it could work well at countering all these institutions that say "It's not a currency".

They only view it as a speculative investment, because it appears on the surface to be an investment, but is in fact a currency AND a technology. But again, you guys already know this. Just saying, we need to get more bartering institutions in place to counter the eventual widespread government bans on exchanges.

[cryptohunter]

Of course, you think the banks will sit back and release any control to crypto. They will try to stamp it out asap.

Crypto needs to adapt or die.

I know they will, but they have known for cryptos for a long time.

But in the past week, there has been a major shift. All of them are coming out against it. It's apparent, it is sudden, and it is strong.

Clearly we've always needed to adapt, but now we have to adapt fast.

We need to remember that central banks have the media and government at their disposal. For us, depending on the weather, the media may or may not shine a good light on us.

We need a more direct focus on turning speculators away. I know I'm preaching to the choir here, but we actually need more institutions in place to allow for a better bartering system. We need a cryptobay, a place where people can just post any item and sell it, but only for other cryptocurrencies, and not just any specific one. This could be a good way for people to get into the crypto market by selling junk they don't want.

This would essentially be a bartering system like the Greeks set up, but by God it could work well at countering all these institutions that say "It's not a currency".

They only view it as a speculative investment, because it appears on the surface to be an investment, but is in fact a currency AND a technology. But again, you guys already know this. Just saying, we need to get more bartering institutions in place to counter the eventual widespread government bans on exchanges.

It was only a possible threat before, now it is getting real. The rush to crypto has scared them. Expect a shit ton more of this action anytime soon. Crypto isn't ready for it , so will be interesting to see what happens. The mechanisms that crypto relies on really are very fragile.

I think they would be more comfortable if it wasn't currency, more of a transferable online commodity. I think both could co-exist fine. But they don't like to share

The smart folks in crypto will find a way for crypto to survive, they are probably working on it now, but have yet to show their hand.

[zavtra]

It was only a possible threat before, now it is getting real. The rush to crypto has scared them. Expect a shit ton more of this action anytime soon. Crypto isn't ready for it , so will be interesting to see what happens. The mechanisms that crypto relies on really are very fragile.

I think they would be more comfortable if it wasn't currency, more of a transferable online commodity. I think both could co-exist fine. But they don't like to share

The smart folks in crypto will find a way for crypto to survive, they are probably working on it now, but have yet to show their hand.

Yes, I do agree, further advances should allow cryptos to succeed, but it seems the pace needs to be picked up now that literally the most powerful institutions on the planet are all teaming up against it.

Surprisingly enough, it seems the only institution that isn't totally out to destroy it is the American Government and its Central Bank. It has been nothing but a boon that Ben Bernanke has given cryptocurrencies his quiet approval.

[thinkloop]

The smart folks in crypto will find a way for crypto to survive, they are probably working on it now, but have yet to show their hand.

If governments ban them crypto currencies would die. No one raising a family would use them, only criminals, anarchists and radical idealists.

[Lauda]

The smart folks in crypto will find a way for crypto to survive, they are probably working on it now, but have yet to show their hand.

If governments ban them crypto currencies would die. No one raising a family would use them, only criminals, anarchists and radical idealists.

They can't really ban it.

[TheButterZone]

So, this is psychological warfare. Get out of bitcoin if your mind and will are weak.

[descarte]

bitcoin is bad for banks. period.

the first bank or country that embraces bitcoin and sort out its dilemma will rule the future.

[taltamir]

The smart folks in crypto will find a way for crypto to survive, they are probably working on it now, but have yet to show their hand.

If governments ban them crypto currencies would die. No one raising a family would use them, only criminals, anarchists and radical idealists.

They can't really ban it.

During the great depression, the US banned trading in gold and silver. Massive amounts of precious metal coins were confiscated and melted down.
Also see egold.
Now look at china and russia.

[pungopete468]

I'll accept BitCoin and LiteCoin as payment for my services regardless of the outcome. Even if the exchange for USD is banned. I want this to work because I believe in the idea.

I'm an ASE Master Automobile Technician located in Virginia Beach, VA. I'll support the community even in a post-crash scenario.

If there are more out there who share the vision then it won't be stopped...

[btcusury]

It's time for a real revolution in cryptocurrency. It's time for the ultimate test of cryptos. We need to abandon its fiat value all together. We need to come to a point where the value of cryptos can only be measured in other cryptos. And we need decentralized exchanges to come into order to make this a reality. The tables have turned, and if we want these things to succeed, we need to adjust to the clearly mounting conditions against us.

These very recent developments from banks and governments are NO coincidence. There is now a concentrated effort to destroy the currencies, and this is only possible if we play by their rules. So it is time to abandon their rules altogether.

Yes, yes, yes!

The real question is what CAN the central banksters actually do?

Get governments to pass legislation and start overtly or covertly threatening exchanges around the world? Place the banhammer on any mention of Bitcoin in the dying/decrepit mainstream media? Buy up/corner/squeeze the market (like silver in 1980)? Pull multiple super pump-and-dumps? Divert some of the USG black budget for a Currency Collapse Prevention team made up of the best NSA hackers to look for some an attack vector/vulnerability? A 51% type of attack involving sabotage of the underseas Internet lines (recall the 2010 incidents that isolated Iran off the Internet) to split the blockchain?

Regardless of what they try, one cannot kill an idea. Cryptocurrencies are an idea whose time has come. It's Game Over for the largest criminal empire the planet has ever seen.

[zavtra]

Yes, yes, yes!

The real question is what CAN the central banksters actually do?

Get governments to pass legislation and start overtly or covertly threatening exchanges around the world? Place the banhammer on any mention of Bitcoin in the dying/decrepit mainstream media? Buy up/corner/squeeze the market (like silver in 1980)? Pull multiple super pump-and-dumps? Divert some of the USG black budget for a Currency Collapse Prevention team made up of the best NSA hackers to look for some an attack vector/vulnerability? A 51% type of attack involving sabotage of the underseas Internet lines (recall the 2010 incidents that isolated Iran off the Internet) to split the blockchain?

Regardless of what they try, one cannot kill an idea. Cryptocurrencies are an idea whose time has come. It's Game Over for the largest criminal empire the planet has ever seen.

They can do a lot of things, and at least attempt everything you mentioned. The key here will be them attacking the psychology of people who do not yet understand the technology yet. This si your average person, the one who has either not heard of cryptocurrencies yet, or the type of person who thinks all cryptocurrencies are called "bitcoins".

Bear in mind, cryptocurrencies are a technology. The number of people who understand how the technology works, and how it can be very beneficial to own, cannot decrease, unless the individuals who learn about it are individually killed. This is why its value will follow a general upward S-curve as adoption increases. So their focus will be on discouraging technology.

So a main weapon at their disposal is to put discouragement at every venue, from the media to the internet. Keep in mind, many governments own bot software to automatically post opinions in their favor and to astroturf online landscapes and mentalities.

I see a lot of news reports out lately pointing at bitcoin's crash, calling it a bubble, calling them tulips, etc... Older people with a lot of money and a poor understanding of technology will generally agree with such reports, because they are based off of traditional wisdom. As we all know though, traditional wisdom does not apply to cryptocurrencies.

It's a technology and a currency, and these two factors combined together give it a chart that makes it look like a speculative stock investment. And that is how the media are essentially demonizing it. The more people who gain an understanding of cryptocurrency, the better. We can no longer just keep shilling our favorite coins, we need to collectively band together on the public front for more direct explanations of how cryptos can benefit the public.

[seriouscoin]

bitcoin is bad for banks. period.

the first bank or country that embraces bitcoin and sort out its dilemma will rule the future.

This is the chance for small banks to crush all the big guys.... Slowly adopt and support bitcoin business until you got enough capital to go fully public.... (i bet the big banks will try to cut them off if they do it too strongly)

[luqash3]

Well Zavtra I may confidently say yes indeed Central Banks want to destroy crypto currencies including bitcoin which had earned wide popularity worldwide. Thailand has already banned it while China is continuously beating it while other powerful countries central banks are fully prepared to defeat crypto currencies forever. Just wait to see the fierce battle.

[LiteCoinGuy]

dont think so but now alot of countries give out their first laws and regulation. we will see alot price swings like this in the next years.


@ pungopete468

we need more people like you 

[btcusury]

Well Zavtra I may confidently say yes indeed Central Banks want to destroy crypto currencies including bitcoin which had earned wide popularity worldwide. Thailand has already banned it while China is continuously beating it while other powerful countries central banks are fully prepared to defeat crypto currencies forever. Just wait to see the fierce battle.

How exactly are they "fully prepared to defeat crypto currencies forever"? Again the question is, what CAN they do?

I mean, yes, MAYBE they are "fully prepared", but I see no indication of this. It seems to me that they have been caught with their pants down, and the idea/technology can no longer be stopped, if it ever could. Satoshi's solution to the DSP might end up being the most important breakthrough of the 21st century. I don't see how it could be stopped.

[Melbustus]

No.

[franky1]

this is all acedemic FUD.

with half of the actual facts released and people trying to sound smart explaining the gaps.

when someone deposits dollars into an exchange. it sits in an american bank .. meaning america has not lost a dime. when someone wishes to withdraw their dollar. the dollar travels from one america account to another.

again the banks have not lost a dime its still circulating in their banking system.

the old age sticking banknotes into an envelop to send to foreign countries, that was where banks lost out. as the money was not in local circulation anymore, thus bitcoin is better for banks.. not worse.

now to the point. bitcoin is not harmful to bankers. but exchanges run by basement dwelling teenagers that don't wish to follow the FIAT regulations, are the ones that will find their banks not so helpful, especially those exchanges that claim their business plan is 'selling advert space' which later is revealed as a fraudulent claim, when its looked into as being bitcoin related.

all of these bank issues are related to exchanges not having good business relationships with their banks, not learning how to look after the fiat deposits/withdrawals safely and to the regulatory requirements of that FIATS base country.

stop reading media reports that are based on chinese whispers from other sources, who themselves heard it through the grape vine.
stop taking media reports as gospel truth. atleast use the information gleamed from the media to atleast start researching the more precise details.

always remember that cryptography uses a bit of salt to become strong and unbreakable.. so please take a pinch of salt when media tries to break bitcoin

[freet0pian]

It was only a possible threat before, now it is getting real. The rush to crypto has scared them. Expect a shit ton more of this action anytime soon. Crypto isn't ready for it , so will be interesting to see what happens. The mechanisms that crypto relies on really are very fragile.

I think they would be more comfortable if it wasn't currency, more of a transferable online commodity. I think both could co-exist fine. But they don't like to share

The smart folks in crypto will find a way for crypto to survive, they are probably working on it now, but have yet to show their hand.

Yes, I do agree, further advances should allow cryptos to succeed, but it seems the pace needs to be picked up now that literally the most powerful institutions on the planet are all teaming up against it.

Surprisingly enough, it seems the only institution that isn't totally out to destroy it is the American Government and its Central Bank. It has been nothing but a boon that Ben Bernanke has given cryptocurrencies his quiet approval.

Quiet approval, hah, do you take anything that lizard says at face value. Either he didn't realize the threat before or he lied.

[btcusury]

Quiet approval, hah, do you take anything that lizard says at face value. Either he didn't realize the threat before or he lied.

I think they're overconfident as they truly believe there could not possibly be a threat to their monopoly.

when someone deposits dollars into an exchange. it sits in an american bank .. meaning america has not lost a dime. when someone wishes to withdraw their dollar. the dollar travels from one america account to another.

again the banks have not lost a dime its still circulating in their banking system.

the old age sticking banknotes into an envelop to send to foreign countries, that was where banks lost out. as the money was not in local circulation anymore, thus bitcoin is better for banks.. not worse.

now to the point. bitcoin is not harmful to bankers. but exchanges run by basement dwelling teenagers that don't wish to follow the FIAT regulations, are the ones that will find their banks not so helpful, especially those exchanges that claim their business plan is 'selling advert space' which later is revealed as a fraudulent claim, when its looked into as being bitcoin related.

Short-term, you're right. But thinking long-term, don't you think this technology (decentralized cryptocurrencies) is the greatest threat to the central bankers' monopoly they will ever have faced? Cryptocurrencies render obsolete their source of power (centralized control of a nation-state's currency), giving the power to the people who actually use the currency and no one else. No enforced compliance (under threat of violence), no fractional reserve banking, no debt-based issuance necessitating exponential growth, no ridiculously flawed financial instruments, minimal service fees, etc.

[kellrobinson]

Bernanke's ok with bitcoin because he sees it's a good thing.  It's not going to make the world financial ecosystem collapse.
The posts in this thread exhibit too much manichaeism.