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Author Topic: Government sanctions on Bitcoin - What impact will they have?  (Read 296 times)
TBboys
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December 15, 2018, 08:24:44 AM
 #21

I actually think that it is impossible to prevent bitcoin transactions by legal means, which is the biggest difference between Bitcoin and traditional currency.

They are impossible to prevent. It's one of the reasons why Bitcoin is being described as uncensorable. It can't be stopped unless you bring the entire network down, which is virtually impossible. They can be penalized after the fact though, which this case clearly demonstrates. But we'll see, I suppose. Sanctioning a Bitcoin address is unprecedented so we don't know its exact effects yet.

The problem is that if your address is "sanctioned", then you can change to a new address. It's easy to do because of the anonymity of crypto, and it's hard for others to trace it, you can even change it every transaction.
If want to solve this problem by legal means, then the premise is that you must publish your bitcoin address, but this is simply impossible. Who is so stupid?

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December 15, 2018, 08:35:17 AM
 #22

As a political news, this probably doesn't have a positive impact on BTC but I don't think that it will drastically make any change or influence it anyway. Bitcoin protocol is censorship proof, this is a benefit. But in a way, I believe that it is one of the reasons why BTC is not globally governmental accepted and it will probably never be. They will not take chances with anything they cannot control and look into at any point.
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December 15, 2018, 08:35:37 AM
 #23

The problem is that if your address is "sanctioned", then you can change to a new address. It's easy to do because of the anonymity of crypto, and it's hard for others to trace it, you can even change it every transaction.
If want to solve this problem by legal means, then the premise is that you must publish your bitcoin address, but this is simply impossible. Who is so stupid?

The US government's intention was not just for coins to be blocked from the published addresses. It was to get exchange services to block coins tainted by those addresses. Basically, they want exchange services to do their work for them -- follow the money, confiscate it, then inform them after the fact.

If you want to remove -- or rather, swap -- taint, you need someone else's coins. Changing to new addresses isn't good enough.

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December 15, 2018, 08:44:22 AM
 #24

As of the reason why the US government decided to sanction those accounts could probably be a good one as those accounts could probably be used by scammers to scam people or have been used to carry out cladestine deals in the past.
But as for bitcoin being any less uncensored or decentralized,thats not possible as pseudo anonymity still makes it possible for users of those accounts to easily bypass this sanctions and cover up all their tracks
Bitcoin is never losing this privilege to the government
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December 15, 2018, 11:29:14 AM
 #25

Government sanctions can be both good and bad.

Good in the sense that people who were scared that bitcoin transaction might get them sued would not fear any more about it and transact/trade without any apprehension. This could improve the overall health of the situation in the market.

Bad in the sense that banking system and no-coiners would blame the government about accepting something that is potentially a ponzi or a scam or simply FUDing about it. We all know how far these people can go to brainwash the common people. This will have a negative impact on the market - however it will not be sustained.

Hence I believe overall it will be a good thing. Still we are narrowing down to few conditions and not looking at it from a broad perspective.

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December 15, 2018, 11:38:32 AM
 #26

A government as the highest authority of any country has the right to sanction any thing within it jurisdiction and at that the sanction on certain bitcoin address does not necessarily mean it a general sanction on the entire bitcoin network, those sanctioned addresseay have commit one crime or the other.
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December 15, 2018, 03:00:40 PM
 #27

Every country has regulations according to the laws of its government and does not apply the same law to Bitcoin.
And sanctions for bitcoin, so far are prohibited from becoming official payment instruments in several countries that exist and do not become an impact on users, as long as they are converted to official fiat
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December 15, 2018, 03:33:00 PM
 #28

We don't have to worry about the involvement of governments. Because of the huge popularity bitcoin is gaining, most governments around the world are trying to bring regulations into the use of Cryptos. Gradually bitcoin will be widely accepted all around the world as a means of exchange for goods and services
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December 17, 2018, 08:28:26 AM
 #29

A government as the highest authority of any country has the right to sanction any thing within it jurisdiction and at that the sanction on certain bitcoin address does not necessarily mean it a general sanction on the entire bitcoin network, those sanctioned addresseay have commit one crime or the other.
You mean to say that the "owner" of the address if they commit some "fraud/steal" from another address should be persecuted for crime? The question arises that how do you verify the owners of the addresses? Do you think the fraudstar would reveal that at all? And its not difficult to cover up your transactions using mixers, exchangers and all. No cyber crime department would be willing to look into such things at all.

Bitcoin was born to be unregulated. What needs to be regulated is the trading volumes market manipulation and not the transactions.

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