crypto banned?

[alexyong342]

For eastern countries, who don’t have things like democracy to worry about, it was easy. They banned it.

The West took a more subtle approach using the jab-cross-left-hook of fear, dis-accreditation, and tax. Fear of capital loss and distrust. Stories of stolen coins, bankrupt and corrupt exchanges. Linking cryptocurrency to crime, and what the government will do to anyone who actually makes a profit.

It worked.

Globally the response to the rise in the market capitalisation of cryptocurrencies was not homeopathic.

Governments didn’t bring out the heat lamp and cream to soothe the problem.

They brought the sword and started swinging.

On the demand side…

China outright banned ICO offerings and cryptocurrency trading, but India was slightly more subtle. The Indian government made an offer the banks couldn’t refuse — sure, you (banks) are free to do what you want. But if you let your customers swap between rupees and cryptocurrency the Indian Central Bank will cut you off. Not quite waking up with a prize stallion head in the bed, but Johnny Fontaine got his movie.

South Korea, a country whose citizens are understandably Bitcoin crazy, initially banned ICO’s but allowed the restricted buying and selling of cryptocurrency. The restrictions include prohibiting anonymous deposits and reporting anyone who moved more than 10 million won ($9,300) a day into the cryptocurrency market.

In the West, while not outright banning cryptocurrency trading, the campaign to stop cryptocurrency demand moved into full swing and included…

Full KYC (know your customer) requirements to open a cryptocurrency account.

Restrictions on how much fiat currency can be moved in and out of exchanges.

Huge increases in fees from credit and debit cards to fund cryptocurrency accounts.

New tax laws. The IRS now treats cryptocurrency as property. Any profit must be disclosed. Not just from moving fiat currency into cryptocurrency and then back again, but on every individual transaction.

Strong-arming cryptocurrency exchanges with new regulation caused massive delays in account opening, and all this combined with a negative media frenzy successfully killed the demand.

Big companies too joined the anti-cryptocurrency stance.

Facebook and Google outlawed cryptocurrency advertising. Perhaps they have been persuaded by the wisdom of the establishment, considering the lightness of touch over regulation and taxation. Why bite the hand?

The speed and aggressiveness in response to the rising value of cryptocurrencies is a significant tell on the future of this technology.

The establishment wants your seat at the table.

[XinXan]

Right... but it didn't really work, did it? Cryptocurrencies are traded more than ever and the price is still significantly higher than it was 3-4 years ago. Not everything is a conspiracy, government fear about taxes makes sense, can you imagine if no one paid any taxes? The fear of linking cryptos to crime is also fair, of course crime has existed way before cryptos but it's not crazy to think crypto might enable criminals to do even more harm even though it doesn't seem to be the case.

[Fred3030]

Great write up on the travails of this wonderful currency called bitcoin and its underlying blockchain. The government of many nations have tried to stop the use of bitcoin through various legislation but still bitcoin has even grown stronger. These government would all be swept by the crypto wave sooner than expected.

[fabiorem]

The very conceptual idea of the State is to keep people under control, and for that, people need to be poor, undernourished, distracted and ignorant. A State exists to protect an aristocracy which have the monopoly of force. Without the armies and the weapons, they cant enforce poverty and enrich at the costs of the enslaved.

Fiat money is based on the PoS model, where the money is stacked into debt. People who criticize the PoS model says it will eventually go to zero. Fiat money had already reached this level, after it was debased from gold, and hence it became negative: each bank note is a garantee for a unpayable debt, which in some countries is equal to the GDP, implying that each citizen is a slave, cattle to be grinded in the machinery of what they call "honorable" work.

People are taught since childhood to be poor, and to accept work as it is: enslavement where you work like a mule for the entire day, doing repetitive stuff you dont like. In this way they dont have time to think and ponder about what they are doing. For the weekends, they can be brainwashed with stupid television programs, or look for breeding "needs" in nightclubs, spending their hard-earned money with drinks and drugs.

Unfortunatelly, we cant change this. Bitcoin will not change it. The whales manipulate the price, and this brings misery to the enslaved ones who dont have enough money to invest on it. How can you have bitcoin as a currency if its manipulated as a speculative asset? And then theres the electricity costs: people rejoice at the idea of bitcoin valuing 1 million dollars, but dont think about the electricity it would need to mine at that level. The large ammounts of electricity would bring a Matrix-like scenario in a matter of years: people would need to plug their own bodies in the network and offer their own energy to mine bitcoin, which could become the framework for an AI. But then I wonder: would it be better or worse than the current system? We cant know it.

[Genemind]

Banning has been happening for years and the fact that Bitcoin is continuously developing only proves that banning it couldn't stop it. In fact, people are even wiser. They know how to deal and to get involved in cryptocurrency despite all the bannings and restrictions. Lucky are those countries who are accepting and adopting cryptocurrency because it will be a big help in their economic growth.

[XinXan]

The very conceptual idea of the State is to keep people under control, and for that, people need to be poor, undernourished, distracted and ignorant. A State exists to protect an aristocracy which have the monopoly of force. Without the armies and the weapons, they cant enforce poverty and enrich at the costs of the enslaved.

Fiat money is based on the PoS model, where the money is stacked into debt. People who criticize the PoS model says it will eventually go to zero. Fiat money had already reached this level, after it was debased from gold, and hence it became negative: each bank note is a garantee for a unpayable debt, which in some countries is equal to the GDP, implying that each citizen is a slave, cattle to be grinded in the machinery of what they call "honorable" work.

People are taught since childhood to be poor, and to accept work as it is: enslavement where you work like a mule for the entire day, doing repetitive stuff you dont like. In this way they dont have time to think and ponder about what they are doing. For the weekends, they can be brainwashed with stupid television programs, or look for breeding "needs" in nightclubs, spending their hard-earned money with drinks and drugs.

Unfortunatelly, we cant change this. Bitcoin will not change it. The whales manipulate the price, and this brings misery to the enslaved ones who dont have enough money to invest on it. How can you have bitcoin as a currency if its manipulated as a speculative asset? And then theres the electricity costs: people rejoice at the idea of bitcoin valuing 1 million dollars, but dont think about the electricity it would need to mine at that level. The large ammounts of electricity would bring a Matrix-like scenario in a matter of years: people would need to plug their own bodies in the network and offer their own energy to mine bitcoin, which could become the framework for an AI. But then I wonder: would it be better or worse than the current system? We cant know it.

''People are taught since childhood to be poor'' Meh, are they really? Where exactly does that happen? I don't believe my parents ever said to me, hey, you should be poor all your life, they always wanted me to be someone important as most parents do, like a doctor or a lawyer, etc. People are poor because people are idiots. We need idiots, though, we need people to do the shitty jobs, at least for now, hopefully in the near future we will have robots to take care of that for us.

[davis196]

What's the point of this thread?
We are already familiar with the history of governments banning crypto trading,ICOs and all the KYC policies and "transparent" regulations.
Most of the doesn't work,so the government clerks will invent new regulatory BS.Don't worry about that.

[Tipstar]

In my part of research, what I concluded is opressive governments are the ones that restricts the use of cryptocurrency.
Crypto is associated with freedom and several countries in this world are just a bunch of bugglers eating off from terrorising it's own people and keeping them in dark.
China doesn't want's its citizen to know what's the world about so that they never revolt against the regime.
India keeps it's people illiterate and poor just for the politician to buy votes for cheap. US is controlled by oil and arms elite who runs the largest scam country in the world.

[metalglowd]

Banning has been happening for years and the fact that Bitcoin is continuously developing only proves that banning it couldn't stop it. In fact, people are even wiser. They know how to deal and to get involved in cryptocurrency despite all the bannings and restrictions. Lucky are those countries who are accepting and adopting cryptocurrency because it will be a big help in their economic growth.

This increasingly heated competition between economic and crypto policies makes lay people feel more curiosity about how crypto works. Actually, I also haven't seen a significant impact because of crypto trade even since 2 years ago when Bitcoin and several other Altcoin reached ATH. This crypto affect nothing.

[fiulpro]

Government bans cryptocurrencies for following reasons :-

1. They are afraid of the power it's giving people
2. People are using it for illegal activities and government is not able to control it
3. They want to bring their own cryptocurrencies
4. People are hiding behind it to save them from paying taxes

Etc...

Whatever they are doing , they are just making it more likely that people will use more underhanded methods to use it.

[jak3]

We can do nothing about it, government and banks are still exist because most of the people do not withdraw their money and they are also afraid of thieves around them. So baby lives that money can be safe inside banks but little they know that money is being used on other stuff like giving loan or giving someone else as his money. I do not care if government ban cryptocurrency there's just making another mistake and it was very expected from them.

[partysaurus]

For eastern countries, who don’t have things like democracy to worry about, it was easy. They banned it.

The West took a more subtle approach using the jab-cross-left-hook of fear, dis-accreditation, and tax. Fear of capital loss and distrust. Stories of stolen coins, bankrupt and corrupt exchanges. Linking cryptocurrency to crime, and what the government will do to anyone who actually makes a profit.

It worked.

Globally the response to the rise in the market capitalisation of cryptocurrencies was not homeopathic.

Governments didn’t bring out the heat lamp and cream to soothe the problem.

They brought the sword and started swinging.

On the demand side…

China outright banned ICO offerings and cryptocurrency trading, but India was slightly more subtle. The Indian government made an offer the banks couldn’t refuse — sure, you (banks) are free to do what you want. But if you let your customers swap between rupees and cryptocurrency the Indian Central Bank will cut you off. Not quite waking up with a prize stallion head in the bed, but Johnny Fontaine got his movie.

South Korea, a country whose citizens are understandably Bitcoin crazy, initially banned ICO’s but allowed the restricted buying and selling of cryptocurrency. The restrictions include prohibiting anonymous deposits and reporting anyone who moved more than 10 million won ($9,300) a day into the cryptocurrency market.

In the West, while not outright banning cryptocurrency trading, the campaign to stop cryptocurrency demand moved into full swing and included…

Full KYC (know your customer) requirements to open a cryptocurrency account.

Restrictions on how much fiat currency can be moved in and out of exchanges.

Huge increases in fees from credit and debit cards to fund cryptocurrency accounts.

New tax laws. The IRS now treats cryptocurrency as property. Any profit must be disclosed. Not just from moving fiat currency into cryptocurrency and then back again, but on every individual transaction.

Strong-arming cryptocurrency exchanges with new regulation caused massive delays in account opening, and all this combined with a negative media frenzy successfully killed the demand.

Big companies too joined the anti-cryptocurrency stance.

Facebook and Google outlawed cryptocurrency advertising. Perhaps they have been persuaded by the wisdom of the establishment, considering the lightness of touch over regulation and taxation. Why bite the hand?

The speed and aggressiveness in response to the rising value of cryptocurrencies is a significant tell on the future of this technology.

The establishment wants your seat at the table.

they banned it but they are having a hard time regulating it, its easy for them to say that something is banned but to realy stop it is a whole other ball game.

[Mike Mayor]

It is laughable to be honest. How can you ban something that is not physical and exists only on a network created by the people for the people which connects to their private wallet which is outside everyone elses control but the holder. Will the government force people to unlock their wallets? They don't know if you have bitcoin.

They also have better things to do then run around arresting people or banning bitcoin. You will never prove that someone is a bitcoin holder.
Governments don't know how to even handle drugs and many other problems so how on earth will they deal with banning currency?

If criminals can launder money for all of history then crypto holders can surely bypass the ban as well?? The difference is it is their money not stolen funds. Having to resort to such heavy measures is ridiculous.

Good luck getting tax payers to go along having their money wasted chasing after digital currency that exists in cyberspace.

[BrewMaster]

China outright banned ICO offerings

China, among many other countries, have banned ICOs because even a blind person can see how scammy they are. and raising funds like this is illegal to begin with.

and cryptocurrency trading,

wrong! they have never banned trading. you are misled by the social media FUD

but India was slightly more subtle. The Indian government made an offer the banks couldn’t refuse — sure, you (banks) are free to do what you want. But if you let your customers swap between rupees and cryptocurrency the Indian Central Bank will cut you off. Not quite waking up with a prize stallion head in the bed,

a lot of banks all around the world have been doing the same exact thing! they close accounts of customers who dump fiat for bitcoin! it is not exclusive to India or even "eastern countries" as you put it.

Full KYC (know your customer) requirements to open a cryptocurrency account.
Restrictions on how much fiat currency can be moved in and out of exchanges.
Huge increases in fees from credit and debit cards to fund cryptocurrency accounts.
New tax laws. ..........

almost all of these were already true and that is in fact among the main reasons why bitcoin as a decentralized currency that is created to cut the power of the corrupt  banks and governmetns off, was created in first place.

[klaaas]

government and banks are still exist because most of the people do not withdraw their money and they are also afraid of thieves around them

No, governments force people to use there fiat to pay there taxes and stuff. Redrawing wont help since you still need to pay bills.

[Wingo]

It started from the reason that Bitcoin was used for illegal transactions, yeah I am referring about that infamous online black market. The government has a firm belief that cryptocurrencies are just used for this sort and the people are just wrapping that 'fact' by showing the efficiency of cryptocurrencies compared to the present system. Government wants control over everything, they are too paranoid over the things that they can't see.

But here's the thing, even if the government wants to remove digital currency, it is the solution for the problem of the people. We want freedom, privacy, efficiency and control over our own funds.
Have you red the news about facebook starting their own cryptocurrency? I hope this will encourage other huge tech companies to create their own coin. In this way, the bad image of cryptocurrencies will slowly be removed from the head of many people. The government cannot simply kill this digital revolution.

Btw, nice write-up.

[hahahafr]

The use of cryptocurrencies are frowned upon in countries like China and some others but that is also not enough to stop the development of the crypto industry. Switzerland, Philippines are some of the countries that have welcome the use of cryptocurrencies in their countries. I believe other countries would come round as well and legalize the use of cryptocurrencies.

[Adriano2010]

In my opinion is not good that some countries ban bitcoin, but this is it, we go forward, but is good that other countries accept bitcoin and some of them will put tax on bitcoin, this will help mass adoption.

[jakelyson]

Cryptocurrency is still strong even with these regulations and countries banning bitcoin. There is still a lot of countries where bitcoin is legal and not banned. That is enough to support the ecosystem of bitcoin.

[CryptoBry]

It is said that what did not kill you can make you stronger. And I think this is quite true with the world of cryptocurrency specifically bitcoin. As a decentralized network, we should not expect any government to just follow what the industry wishes...no that is impossible and no industry has been given an easy pass especially one that involves money and to some extent investment. Bitcoin is meant to ruffle the feathers of people in the establishments and if we don't get the reactions from them maybe bitcoin is not effective at all. Everything is a test for bitcoin because in the first place this is an experimental currency but once it can really bloom we will see its full beauty...and we should be looking forward to that time.