Do you really think governments will allow a 500 billion dollar crypto-economy?

[DeathAndTaxes]

Thats a stupid argument, i adresses it several times. Gold banned? Where? Global: Hardly, Locally, maybe... did you see any GREAT swing in price of gold due ot ban? No, maybe swing downwards yes...

The US government criminalized private ownership of gold.  Read up on Executive order 6102.  Residents could sell gold to the government at the official exchange rate of $20.67 per ounce or face fines  and up to 5 years in prison.  Less than a year later the US government changed the fixed exchange rate for gold from $20.67 to $35 per ounce.   Those that held (and millions violated the law) saw the value of their gold almost double in a year.  

bitcoin is banned by gov. the majority wouldnt give a fuc* and risk some problems due to some stupid virtual money... Belive me that. There would have to be serious financial economical issues globally to encourage people having problems with gov. simply by using bitcoin. You didnt realize that??

Once again what government?  The terran overlord government which runs the single police state for all citizens of earth?   Millions of people violated the US ban on gold.  A ban by one government wouldn't wipe out Bitcoin, there are 270 nations on earth.   Unlike gold Bitcoin has deniability.  Pretty easy to claim you lost the wallet.  Prove I have Bitcoins.   People in the US risked hiding an easily discoverable and tangible object even when the US government offered to pay them cash for it.   The idea of hiding a highly intangible, deniable set of numbers which can be encrypted seems a smaller leap doesn't it?

[nastybit]

The first part is nonse however, because govs can really simply ban bitcoin by banning all the bussiness that accept it.. if no normal bussines (grocery, electronic, housing, energy, transport etc. etc. etc.) accept it, the price CRASHES= bitcoin is dead. (using it only in the black market wont save it). Decentralization is worthless argument here.

And if this happens how do you think people will react?
This is not a game for nerds anymore, there are serious money invested, serious businesses in the industry and global visibility thanks to internet.

[Mikcik]

The first part is nonse however, because govs can really simply ban bitcoin by banning all the bussiness that accept it.. if no normal bussines (grocery, electronic, housing, energy, transport etc. etc. etc.) accept it, the price CRASHES= bitcoin is dead. (using it only in the black market wont save it). Decentralization is worthless argument here.

And if this happens how do you think people will react?
This is not a game for nerds anymore, there are serious money invested, serious businesses in the industry and global visibility thanks to internet.

sorry but no, people wouldnt care... omg people get real, do you think that the majority of people would "riot" due to some crypto currency (ban)... you cant be serious, a lot of people arent even sure what inflation is, and you expect that they would "fight back" againts gov. ban on bitcoin... really... sorry but thats naive.

[Mikcik]

Thats a stupid argument, i adresses it several times. Gold banned? Where? Global: Hardly, Locally, maybe... did you see any GREAT swing in price of gold due ot ban? No, maybe swing downwards yes...

The US government criminalized private ownership of gold.  Read up on Executive order 6102.  Residents could sell gold to the government at the official exchange rate of $20.67 per ounce or face fines  and up to 5 years in prison.  Less than a year later the US government changed the fixed exchange rate for gold from $20.67 to $35 per ounce.   Those that held (and millions violated the law) saw the value of their gold almost double in a year.  

bitcoin is banned by gov. the majority wouldnt give a fuc* and risk some problems due to some stupid virtual money... Belive me that. There would have to be serious financial economical issues globally to encourage people having problems with gov. simply by using bitcoin. You didnt realize that??

Once again what government?  The terran overlord government which runs the single police state for all citizens of earth?   Millions of people violated the US ban on gold.  A ban by one government wouldn't wipe out Bitcoin, there are 270 nations on earth.   Unlike gold Bitcoin has deniability.  Pretty easy to claim you lost the wallet.  Prove I have Bitcoins.   People in the US risked hiding an easily discoverable and tangible object even when the US government offered to pay them cash for it.   The idea of hiding a highly intangible, deniable set of numbers which can be encrypted seems a smaller leap doesn't it?

Yeah i know about that gold ban, but this isnt the same even a little, your point is misleading.
There wont be even any consfication of bitcoin, simply Ban the retailers from accepting it, and you have it, do you have your coins, yes, what can you buy for them - nothing.
omg it has been adresses so many times, its so tiring.

BTW i think people should in advance of their post write down their IQ, education (yeah thats not that important, but still), age and job, to give a signal if its worth reading and discussing.

As somebody stated, you are not entitled to your opinion, you are entitled to your INFORMED opinion.

[Peter R]

People in the US risked hiding an easily discoverable and tangible object even when the US government offered to pay them cash for it.   The idea of hiding a highly intangible, deniable set of numbers which can be encrypted seems a smaller leap doesn't it?

It's really quite amazing when you think about bitcoin like that.  

256 bits to unlock the treasures of the world.

[justusranvier]

if no normal bussines (grocery, electronic, housing, energy, transport etc. etc. etc.) accept it, the price CRASHES= bitcoin is dead. (using it only in the black market wont save it). Decentralization is worthless argument here.

Not everybody is as deficient in imagination as you.

Soon enough we'll be able to use Bitcoins to obtain products and services from virtually all normal businesses whether or not they accept it.

[Siegfried]

Everyone is right to be concerned about the sinister intent of those in power in the United States. Of course if bitcoin threatens their power they would want to stop it. However, the Constitution is the supreme law of the land and it does not give the government the power to ban bitcoin. Yes, the the government does have a long history of violating the Constitution, but when it does so, it does so secretly or in the name of national security. Another fact about the U.S. government is that it is usually very slow to act. That is why the present moment is extremely important. It is critical that awareness and adoption must increase rapidly now before the government can act to ban it under the radar. If enough of the population cares about bitcoin and is aware of its benefits, there would be sufficient outrage to prevent the government from banning it. Look at the anti-SOPA protests for an example what can be achieved if enough people unite in resistance against an objectionable government action. The United States is not a dictatorship like China; the fate of bitcoin in the United States is in the hands of the people. We need to take responsibility and act.

[Mikcik]

if no normal bussines (grocery, electronic, housing, energy, transport etc. etc. etc.) accept it, the price CRASHES= bitcoin is dead. (using it only in the black market wont save it). Decentralization is worthless argument here.

Not everybody is as deficient in imagination as you.

Soon enough we'll be able to use Bitcoins to obtain products and services from virtually all normal businesses whether or not they accept it.

all normal businesses whether or not they accept it.

OH... I see... :-)... Yeah... "whether or not they accept it"... yeah...

[justusranvier]

all normal businesses whether or not they accept it.

OH... I see... :-)... Yeah... "whether or not they accept it"... yeah...

It will make sense in due time and be obvious in retrospect.

[tabnloz]

Everyone is right to be concerned about the sinister intent of those in power in the United States. Of course if bitcoin threatens their power they would want to stop it. However, the Constitution is the supreme law of the land and it does not give the government the power to ban bitcoin. Yes, the the government does have a long history of violating the Constitution, but when it does so, it does so secretly or in the name of national security. Another fact about the U.S. government is that it is usually very slow to act. That is why the present moment is extremely important. It is critical that awareness and adoption must increase rapidly now before the government can act to ban it under the radar. If enough of the population cares about bitcoin and is aware of its benefits, there would be sufficient outrage to prevent the government from banning it. Look at the anti-SOPA protests for an example what can be achieved if enough people unite in resistance against an objectionable government action. The United States is not a dictatorship like China; the fate of bitcoin in the United States is in the hands of the people. We need to take responsibility and act.

Wonder what would happen if, before many governments get around to formulating & passing law on bitcoin, we have another Cyprus style bail in or similar economic event?

Doubt we will see economic conditions change meaningfully to the upside in the next 6-12 months, infact probably more currency wars.

One poster said if no stores / businesses accept it, it will crash. Likewise if everyone flocks to it, it will skyrocket.

If adoption lags price spikes by 3-6 months, then Feb / Mar will be interesting.

Further, if the protocol proves to be as revolutionary as some predict, then regulating it harshly will drive away money, innovation and growth

I'm going long popcorn. Will be great viewing.

[Pente]

In a democracy, it takes some time to pass a law. Imagine if they tried to ban Bitcoin. There would probably be Senate & House meetings. Eventually a bill would be passed, then signed into law.

There would be a date that the law would go into effect.

I will be on a plane to another country before that law goes into effect.

As Bitcoin grows, some countries will embrace it. Those countries will experience strong economic growth. Other countries will try to ban it. This will chase innovation to other countries that embrace.

Eventually, there will be an economic divide, just like we have an internet divide.

We are living in interesting times.

[Honeypot]

Oh no, the EBIL US government. As if plenty of other nations don't play by the same rule book.

Why don't you bitch at your own governments before mouthing off about US?  Why don't you say the same about the chinese government that took the first major step in actually outright clamping down on bitcoin?


This is called a bitch mentality.




Let's have a serious discussion with substance. WHAT CAN WE DO IN ORDER FOR CRYPTO TO SURVIVE AND REACH THE HEIGHTS WE WANT?

Hint: wild jr-grade conspiracy theories and bitching about 'evils of US government' when you don't even take as much look into your own governments won't cut it. Governing and running a nation is a dirty business. Wake up to reality and stop squealing everytime someone does something you can't.

[DoomDumas]

Within few years, the actual fiat currency will fall appart by itself.. it's inevitable, built-in this system..  
This will be the real start of a world wide BTC economy.  When it will happen, we'll no more price BTC in fiat.

It's money V4..

[johnyj]

The governments around the world are all heavily debt laden. They used housing bubble to save the IT bubble from crashing, now when housing bubble crashed, they need another bubble that is magnitudes higher than previous housing bubble (e.g. at least one million dollars investment/consumption from every person) to restart the economy, and the best choice is bitcoin, since it has the ability to grow to whatever size when needed

The first government who mass invest in bitcoin will first get their economy back on track, because the extremely high return of bitcoin investment would help them to get rid of their debt quickly

[Peter R]

The governments around the world are all heavily debt laden. They used housing bubble to save the IT bubble from crashing, now when housing bubble crashed, they need another bubble that is magnitudes higher than previous housing bubble (e.g. at least one million dollars investment/consumption from every person) to restart the economy, and the best choice is bitcoin, since it has the ability to grow to whatever size when needed

The first government who mass invest in bitcoin will first get their economy back on track, because the extremely high return of bitcoin investment would help them to get rid of their debt quickly

I've thought about this too, johnyj.  What if we intentionally blow bitcoin into the biggest bubble yet?  Maybe the bubble that never pops?  A lot of people here say that governments would never want to allow bitcoin to thrive, but, like you point it, it would solve a lot of the problems with government debt and entitlement funding. 

[Honeypot]

The governments around the world are all heavily debt laden. They used housing bubble to save the IT bubble from crashing, now when housing bubble crashed, they need another bubble that is magnitudes higher than previous housing bubble (e.g. at least one million dollars investment/consumption from every person) to restart the economy, and the best choice is bitcoin, since it has the ability to grow to whatever size when needed

The first government who mass invest in bitcoin will first get their economy back on track, because the extremely high return of bitcoin investment would help them to get rid of their debt quickly

I've thought about this too, johnyj.  What if we intentionally blow bitcoin into the biggest bubble yet?  Maybe the bubble that never pops?  A lot of people here say that governments would never want to allow bitcoin to thrive, but, like you point it, it would solve a lot of the problems with government debt and entitlement funding. 

If we can get those cheating and scamming chinos to invest money and get money back for all the IP and fraudulent fakes, not to mention all the bribes paid to the officials, then I say let BTC thrive.

Hell, payment for all that theft alone will wipe out the foreign exchange reserve of china. At LEAST.

[undeadbitcoiner]

Which Government are you talking about?
How many government?
Bitcoin is a decentralized and we are going to cover global
40000$ is minimum prediction it could go more
potential and bitcoin adoption will define it.

[ArticMine]

Instead of calling contributors to your thread fools, why don't you go study history and quote 1 example of a power being successful in stopping the adoption of a technology they did not like?

http://www.youtube.com/watch?v=oKmYqUSDch8

This begs the question of the economics of using a nitenol engine to recover some of the electricity consumed in Bitcoin mining from the waste heat produced in order to lower the effective cost of the Bitcoin mining operation.

[nodroids]

The question is not whether governments will allow a $X bitcoin economy, the question is whether Bitcoin will allow oversized governments to exist and retain the kind of power they currently do.

Hellz yeah! I suggest we arrange for planes to fly with banners over Mumbai, Chennai, and Delhi. The banner should read, "We free ppl of the world choose gold and Bitcoin!". Who is in India who can take our donations and make this happen?

[woutersteven]

The more cryptocurrencies grow, the more difficult it will be for governments to stop it, why, because maintaining the illusion of a democracy (at least in the west) will become harder and harder if they start to ban it.

However, before bitcoin can reach a 500 Billion market cap is has some current limitations to overcome. Pruning will have to be implemented and block sizes have to be changed to handle more transactions per second.