The Continuity of Power and Influence of the Banks and the Governments

[CottonGuy]

I just want to ask the opinions of the members of this forum regarding the gradual yet obvious turning of events in the world as regards the development of cryptocurrency vis-à-vis the banks and the governments.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

As we all can see, cryptocurrency is being regulated now by the government due to some negative reasons that it can be used in money laundering and funding of terrorism. I know that those things already did happen previously due to the anonymity of cryptos that's why some of the country's are banning bitcoin or any other crypto.
With this adoption of the banks to cryptos, I can clearly analyze that the decentralization that we all want will be gone forever since it will be controlled again by the banks and government. They wanted to tax everyone who is holding any crypto as well. So you are right in your way of thinking that sooner or later the new system of decentralization that we all dreamed of will go down the drain. I'm just hoping that the cross border fees will not be as high as what the old system.

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[pooya87]

No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

i disagree mainly because it wasn't that big but the media made a big deal out of it like they always do with these small stories. but also because it is harder for a shop that is legit to accept bitcoin specially in countries that don't see bitcoin as a currency, they have to jump through hoops  even if they wanted to add bitcoin so they think twice and that means slower adoption but in anywhere that is not regulated like the deep web you can do anything you want.

[Hallmader]

No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

i disagree mainly because it wasn't that big but the media made a big deal out of it like they always do with these small stories. but also because it is harder for a shop that is legit to accept bitcoin specially in countries that don't see bitcoin as a currency, they have to jump through hoops  even if they wanted to add bitcoin so they think twice and that means slower adoption but in anywhere that is not regulated like the deep web you can do anything you want.

You have some nice points. Perhaps the media indeed made a mountain out of a mole hill for Bitcoin and this whole cryptocurrency thing but it came a little late. By the time the media turned its attention to Bitcoin, it already showed some great potential, turning from being almost worthless to a few dollars in value. That was already a big deal. You are right that shops did not accept Bitcoin at the start. That would be absurd for them since only a very small percentage of people know about it. Even almost a decade from its beginning, shops accepting Bitcoin are still very few. But even so, we have seen an enormous growth of the value of Bitcoin.

[Reid]

Somehow it is also freaking me out but not on the bitcoin side.
It is like a big whale is playing with altcoins that keeps on moving it. Making a lot of money in the process and also bringing down other investors since they cannot see when it will come.
Those could be what you are saying now. The power of banks and the government since they have the freedom to do it while one investor needs to go through taxes and other legal documents just so they could invest in crypto making them doubt to do it.
Hate to see it but this is also one reason for a lot of panics.

[Dudeperfect]

I don't think that governments and banks are supporting cryptocurrencies but they are willing to adopt a blockchain technology to optimise their process. However, the core concept of blockchain is all about decentralization and when it comes to the government's projects, I don't think that government will anytime share the control with anyone else including the users so it doesn't make any sense to me in that way. It is true that we don't have the mass maturity yet and hence any news from the government might affect the price in the domestic territory.

[pooya87]

No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

i disagree mainly because it wasn't that big but the media made a big deal out of it like they always do with these small stories. but also because it is harder for a shop that is legit to accept bitcoin specially in countries that don't see bitcoin as a currency, they have to jump through hoops  even if they wanted to add bitcoin so they think twice and that means slower adoption but in anywhere that is not regulated like the deep web you can do anything you want.

You have some nice points. Perhaps the media indeed made a mountain out of a mole hill for Bitcoin and this whole cryptocurrency thing but it came a little late. By the time the media turned its attention to Bitcoin, it already showed some great potential, turning from being almost worthless to a few dollars in value. That was already a big deal. You are right that shops did not accept Bitcoin at the start. That would be absurd for them since only a very small percentage of people know about it. Even almost a decade from its beginning, shops accepting Bitcoin are still very few. But even so, we have seen an enormous growth of the value of Bitcoin.

last year changed a lot about bit coin though. it was not just a huge price rise, it was a huge adoption that happened around the world. when Japanese did announce bitcoin as a legal way of payment, that adoption as a currency pushed everything forwards by a great deal which meant a lot of people changed their minds about bitcoin and it washed away 8 years of FUD for many of them. and the merchant adoption of course grew big.

[Virginia Nevess]

Bitcoin has the potential to become a new currency, unchecked by any major government or bank. That is why both governments and large banks want to limit this potential. Many major governments tighten regulations on financial mobilization (ICO), closed the trading floor, or even announced a ban on digital currency transactions, such as in China.

[Hallmader]

I don't think that governments and banks are supporting cryptocurrencies but they are willing to adopt a blockchain technology to optimise their process. However, the core concept of blockchain is all about decentralization and when it comes to the government's projects, I don't think that government will anytime share the control with anyone else including the users so it doesn't make any sense to me in that way. It is true that we don't have the mass maturity yet and hence any news from the government might affect the price in the domestic territory.

At this age of cryptocurrency development, there are still a lot of undiscovered territories in between the banks and the governments and crypto. For example, we talk of Bitcoin possibly becoming the main currency of the world. We shall ask, will the governments accept that? Will they ever accept a decentralized financial system? And even if they do, will the rich bankers, that actually dictate the decisions of the government leaders around the world, allow such a thing to happen?

There are so many other uncharted territories in between. It is exciting to see how things eventually unfold.

[Tylev]

Banks and governments are indeed gradually turning to the use of crypto currency. However, they use basically the centralized crypto currency created by them. So the banks switch to the ripple coin created by them. It is fully centralized, although they write that they want to make it decentralized. The states do not yet actively use the crypto currency. There are some facts about the use of bitcoin in international agreements. For example, in December last year, Russia supplied Turkey with barges of some kind of food. However, these are isolated cases. There are many statements of states about the intention to create their own centralized crypto currency, but in the main they remain intentions. So far we have a good example with the Venezuelan El Petro. However, this is a special case. This coin, allegedly, is provided with oil.

[hurry_hore]

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I think this is one reason of the downtrend of bitcoin price lately, because sooner there are more government will accept bitcoin and also supported by the banks. It means bitcoin will be  a stronger position and now it is good time to dump and collect as much as possible of bitcoin to wait for several 1-2 years for high gaining of the investment by the better supporting things to bitcoin.

[John Williamss]

Cryptocurrency has risen sharply in 2017. In 2018, governments around the globe began leaping into the market with regulatory regulations, trying to expand their role. According to the International Payment Bank (BIS) The central banks of the world can not ignore the boom of Bitcoin.
Specifically, the Chinese central bank has announced that ICO activities are not legally recognized, and that individuals and organizations stop all virtual money-raising activities. At the same time, a series of Chinese trading floors announced the closure starting from the end of September 2017.

[Michael Thomass]

In the context of Bitcoin and other virtual currencies, which are becoming more and more popular as the payment system moves to the mobile direction and investors are constantly injecting money, central banks begin to study more deeply about  virtual currency and blockchain technology.
At the Bank of England, governor Mark Carney regarded electronic money as part of a potential revolution in the financial sector. The Dutch Central Bank has created its own electronic currency, but is only used internally. US officials are also investigating this issue.

[Generaldiscussion]

Actually, when I saw government officials and Wall Street's professionals taking part in bitcoin, I saw something wrong and would have a heavy impact on the bitcoin market.

[tobreak007]

We somehow make the point that electronic money is a way out of the influential and powerful ways of banks and governments. That's why so many governments are closing their eyes. Ignore the cryptos and try to ban it in many different ways. thus controlling it in a number of significant ways.