The U.S. Government Tried To Shut Down Bitcoin

[Mometaskers]

Who knows if they still weren't trying to kill it... or worse, coopt it.

About Libra though, I don't feel sorry for it. It's an idea worth killing in the crib.

It is likely that governments around the world are thinking about all the ways in which they can take control of bitcoin, and I'm sure that they have realized that the only way to do that is to try to do the same to bitcoin that they did to gold, they are going to do their best to begin hoarding it, this is a very slow method and it will likely rise the price of bitcoin but eventually they will end up with most of the bitcoin of the world just as is the case right now with gold.

This. Who knows who those whales are, whether they are actual people or institutions. It's like using one of bitcoin's fundamental virtue against it.

[TheUltraElite]

If bitcoin system was possible to shut down, I am sure that even countries like China and France would have joined hand with the United states to do so, but I think they have already seen it as something that is impossible which they will never even think towards that angle of shutting it down again.

It more or less points to the direction that bitcoin is not going to be stopped but people are going to be punished for laundering money through it. I believe that is a good thing for the future. Let people use crypto as they wish to but punish those who try to use it for wrong purposes. There is still the problem of governments snooping on your transaction and that how would happen is still a question mark.

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

[7788bitcoin]

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

On a different idea what happens if all the big mining farms are forced to shut down by the governments around the world, it is possible as it is easy to identity the big farms easily and if the governments around the world takes a collective decision to shut all these big farms then it will be easier for the government to manipulate bitcoin and take complete control. This is just a hypothetical situation but it is possible.

[atjiat]

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

On a different idea what happens if all the big mining farms are forced to shut down by the governments around the world, it is possible as it is easy to identity the big farms easily and if the governments around the world takes a collective decision to shut all these big farms then it will be easier for the government to manipulate bitcoin and take complete control. This is just a hypothetical situation but it is possible.

Today, many countries have a different attitude to cryptocurrency, and in particular to Bitcoin.  As an example, the US negative attitude to Bitcoin, but nevertheless in some States, cryptocurrency was recognized as digital assets.  In Germany, for example, startups are held at the official level, with the help of which blockchain will be introduced into the economy and use cryptocurrency on an ongoing basis.  Japan in general is practically a leader among countries that are positive about cryptocurrency.  Well, if countries forbid mining, then in any case there will be rebellious countries, for example, from the sanctions list, which will be able to provide better opportunities for miners.

[el kaka22]

Of course they have "looked into it", I mean we wouldn't expect anything less from the US government to be honest with you, it takes power from the rich and gives power to poor, why would they want something like that.

Rich people bribe the politicians, politicians do something that makes rich people richer, and rich people keep paying bribes to politicians with the money they make, that has been like that for years. There are few politicians like Bernie Sanders and now AOC that doesn't take big money and bribes but the generally almost all of them does take it, it is just how it is in USA.

So, when bitcoin made other people rich politicians tried to save their buddy rich people but since bitcoin is decentralized there is no way they could have closed it.

[South Park]

If bitcoin system was possible to shut down, I am sure that even countries like China and France would have joined hand with the United states to do so, but I think they have already seen it as something that is impossible which they will never even think towards that angle of shutting it down again.

It more or less points to the direction that bitcoin is not going to be stopped but people are going to be punished for laundering money through it. I believe that is a good thing for the future. Let people use crypto as they wish to but punish those who try to use it for wrong purposes. There is still the problem of governments snooping on your transaction and that how would happen is still a question mark.

Shutting down bitcoin is not possible as well. It would mean shutting down the internet/electricity. Though a regulation may be needed in future.

It is possible that governments are looking for ways to try to filter the bitcoin traffic from all the other traffic that happens on the Internet, if they are somehow capable of doing this they could shut down bitcoin without shutting down the Internet, I do not know how likely this can be since I am not an expert on the topic, but that could be another way in which the governments could try to shut down bitcoin, but I'm sure the developers could find a way around it if they had to.

[Bitcoin Seller]

Bitcoin is not subject to control, at least in the usual understanding of control.

It is foolish to think that the governments of other countries will be able to somehow block Bitcoin, for example, by making it outside the sign, imagine how the price rises.
In one of the African countries, there was already a precedent, the price of bitcoin there rose to $ 50,000.

However, the government can form a frightening negative image of cryptocurrency in society.

It is likely that governments around the world are thinking about all the ways in which they can take control of bitcoin, and I'm sure that they have realized that the only way to do that is to try to do the same to bitcoin that they did to gold, they are going to do their best to begin hoarding it, this is a very slow method and it will likely rise the price of bitcoin but eventually they will end up with most of the bitcoin of the world just as is the case right now with gold.

America is the most Bitcoin-friendly country. Despite all these attempts to legalize crypto and take taxes for it, the USA lets people do with BTC and alts whatever they want. Officially, over 14% (now, probably more) hold cryptocurrencies. In reality, this is about 25%. In a couple of years, 40% of Americans will deal with virtual money. By the way, Trump joked that in a couple of years (being not a president), he will buy BTC for almost all the money he has.

[alyssa85]

The source is legit so i think the US really want to shutdown Bitcoin but maybe by Donald Trump demand.

Wont do be so sure about it. Trump knows the current market scenario and though he may not accept bitcoin into the government mode of payment he wont try to stop it. They more or less know who and how are using bitcoin and though they dont attempt to stop it they wont punish you for it.

They might have tried that and after several failure, I think they now want to look for a way to actually incorporate it into their own system, and I think that they will only accept it as digital asset as against using it as currency, so everything they will do in their power right now too is to ensure that they changing people's mindset towards accepting it as digital asset which they think it is even more beneficial to them as they will be able to create platforms that will make it taxable.

If bitcoin system was possible to shut down, I am sure that even countries like China and France would have joined hand with the United states to do so, but I think they have already seen it as something that is impossible which they will never even think towards that angle of shutting it down again.

I think once they realised that it wasn't really anonymous but was a public ledger system, that made them happier about it. After all no need to get warrants to look at someone's bank transactions - it's all there on the public ledger.

[enhu]

I would be hoping to see Trump also hurrying to regulations and probably the blockchain adoption as well in US for they will be behind with what China had been doing in the couple of years because there had been so much developments of projects related to blockchain and cryptocurrency. Tradewar is going to be tougher if they are not going to hurry.

[ice098]

I would be hoping to see Trump also hurrying to regulations and probably the blockchain adoption as well in US for they will be behind with what China had been doing in the couple of years because there had been so much developments of projects related to blockchain and cryptocurrency. Tradewar is going to be tougher if they are not going to hurry.

They cannot shutdown bitcoin! Bitcoin has been there years ago and still kicking in the modern world. Trump is a bussinessman I know that he already notice bitcoin and also have plan on it. If they saw that China is already on a digital currency I think US will follow it and start to be more competitive than in China.

[oktana]

I would be hoping to see Trump also hurrying to regulations and probably the blockchain adoption as well in US for they will be behind with what China had been doing in the couple of years because there had been so much developments of projects related to blockchain and cryptocurrency. Tradewar is going to be tougher if they are not going to hurry.

Sentiment changes very quickly, and the blockchain starts entering the trade war you mentioned. Jinping is good at seeing opportunities even though he doesn't say bitcoin at all. Trump will think twice after yesterday's China announcement.

blockchain development can be used potentially and the US should not take the anxious attitude first. This actually benefits speculators against crypto, especially bitcoin because differences of opinion have emerged from two different economic giants.

[eaLiTy]

Sentiment changes very quickly, and the blockchain starts entering the trade war you mentioned. Jinping is good at seeing opportunities even though he doesn't say bitcoin at all. Trump will think twice after yesterday's China announcement.

I do not see any hidden message from Xi Jinping about BTCitcoin, all he did is appreciate the blockchain technology and it has far more meaning from what we see from the surface, the Chinese government can come up with their own version of crypto currency and i do not think a country like China will accept BTCitcoin just like that as they like to restrict what people does and BTCitcoin gives you the freedom to trade and transact.

They cannot shutdown bitcoin! Bitcoin has been there years ago and still kicking in the modern world. Trump is a bussinessman I know that he already notice bitcoin and also have plan on it. If they saw that China is already on a digital currency I think US will follow it and start to be more competitive than in China.

Trump is a real estate guy and he does not understand technology and i have never seen him speak highly about the new market either and i am not expecting it from him either. It is a fact that BTCitcoin has grown and it cannot be shut at this stage any government could have during the initial phase but not anymore.

[Wintersoldier]

I would be hoping to see Trump also hurrying to regulations and probably the blockchain adoption as well in US for they will be behind with what China had been doing in the couple of years because there had been so much developments of projects related to blockchain and cryptocurrency. Tradewar is going to be tougher if they are not going to hurry.

They cannot shutdown bitcoin! Bitcoin has been there years ago and still kicking in the modern world. Trump is a bussinessman I know that he already notice bitcoin and also have plan on it. If they saw that China is already on a digital currency I think US will follow it and start to be more competitive than in China.

But considering the business by Trump, it is not inclined in the track of cryptocurrency, in that case, he is subject to be an opposition to what cryptocurrency is achieving in the latter future. The only way we can make him turn the table is when he realizes how the world is now changing to cryptocurrencies. In this case, he will enter the market and invest his assets onto it. We are all bound to the changes which crypto is experiencing right now, if both of these huge country enter the race officially, every country will follow.

[ice18]

I would be hoping to see Trump also hurrying to regulations and probably the blockchain adoption as well in US for they will be behind with what China had been doing in the couple of years because there had been so much developments of projects related to blockchain and cryptocurrency. Tradewar is going to be tougher if they are not going to hurry.

Do you think US government and Trump administration are not doing anything for now in relation to bitcoin and blockchain technology? Im sure they are secretly studying and planning what will be the future actions in relation to digital currency and blockchain technology, for now they are against crypto but once they cannot control the momentum and user adoption they will follow what China is doing right now.   

[bitbunnny]

From my point of view this is just another conspiracy theory (and it seems that Bitcoin users love them very much).
US government is aware of new emerging technologies and that cryptocurrencies are one of them and that they are inevitable in any modern society. Also, it's very well aware what new technologies, including crypto, mean in competition with other countries, especialy Russia and China
Trump is a businesses man who doesn't know much about Bitcoin and cryptocurrencies but he certainly didn't try to do something like that, he knows what would that mean for the position of US.

[jets567]

I would be hoping to see Trump also hurrying to regulations and probably the blockchain adoption as well in US for they will be behind with what China had been doing in the couple of years because there had been so much developments of projects related to blockchain and cryptocurrency. Tradewar is going to be tougher if they are not going to hurry.

Do you think US government and Trump administration are not doing anything for now in relation to bitcoin and blockchain technology? Im sure they are secretly studying and planning what will be the future actions in relation to digital currency and blockchain technology, for now they are against crypto but once they cannot control the momentum and user adoption they will follow what China is doing right now.  

I somehow disagree with what you've said that US is against crypto because Bitcoin and other cryptocurrency are regulated as both currency and as security under US law. They don't fully adopt crypto but they recognized it and as far as I know, most of the regulations for cryptocurrency are made by US regulators and then followed by other countries.

[BitHodler]

Trump is a businesses man who doesn't know much about Bitcoin and cryptocurrencies but he certainly didn't try to do something like that, he knows what would that mean for the position of US.

Even if Trump doesn't exactly know what Bitcoin is, his advisors do and forward every detail that matters directly to him. It's impossible for him to not know much about Bitcoin with how even the federal reserve is talking about it.

I'm sure there have been a lot of closed-door meetings where they discussed the potential damage Bitcoin could inflict on their financial stability. It has grown past that joke no one would care about. It's impossible to ignore Bitcoin at this stage.

The funny part about Trump tweeting negatively about Bitcoin is the fact that it actually helps Bitcoin gain global exposure, so his attempt to discourage people from using it works against him.

[South Park]

I think once they realised that it wasn't really anonymous but was a public ledger system, that made them happier about it. After all no need to get warrants to look at someone's bank transactions - it's all there on the public ledger.

It is true that bitcoin is not truly anonymous and that everything you do is on the blockchain and available for everyone to see but there are some issues with that theory, first of all under the current system the only ones than can see those transactions are the banks so now one power they had over anyone else is gone and I am sure they do not like that, another problem is that you need to first link a person to an address and unless you do that you only know what happened but not who did it.

[boltz]

They can't shut down Bitcoin as they cannot control it and they can only control their citizens when it comes to Bitcoin so no wonder why Americans cannot participate into ICO's , have few exchages when they can trade , they have taxes on cryptos ..basically USA doesn't want population to use Bitcoin and cryptocurrencies and now they are trying to shut down Libra's project.

I don't know what to think about them ...looks like they are loosing this racer every day and China takes over slow and steady. I hope that in the end all the world will acknowledge the power of Bitcoin and Blockchain because there is no progress without it.

[darewaller]

It is likely that governments around the world are thinking about all the ways in which they can take control of bitcoin, and I'm sure that they have realized that the only way to do that is to try to do the same to bitcoin that they did to gold, they are going to do their best to begin hoarding it, this is a very slow method and it will likely rise the price of bitcoin but eventually they will end up with most of the bitcoin of the world just as is the case right now with gold.

This. Who knows who those whales are, whether they are actual people or institutions. It's like using one of bitcoin's fundamental virtue against it.

From what I have been able to analyze, I think that both individual and institution can be termed as whales. To manipulate the market really requires huge amount of money, and with the money that is involved in manipulating the market, only the very rich people and institution can do that, but what I still don’t understand concerning individual whale is that, they already have so much money because really, it takes millions of dollars to manipulate the market and see the effect instantly.

If they are so rich, I see no reason why they should still come to the market to manipulate it when they know that majority of their action on the market will affect the innocent masses that are just trying to have some means of investment for their future in life.