The Government Could Shutdown Bitcoin?

[bitsurfer2014]

Seriously, these type of dumb clickbaity articles are completely unnecesary right now, we get one of these (crackdown on cryptos from X govt) at least twice a week.

Actually that crypto news site mentioned in the OP have a reputation to publish articles that aren't consistent and don't have factual data to support it just like the example below as quoted from that article:

The observation of direct government influence has already been made regarding the launch of futures markets. Analysts commented that the decision to launch BTC futures on CME and CBOE back in 2017 was a concerted move, which “tamed” BTC market prices.

The statement above don't have credible reference or anything that will support it as to where that writer got that idea that I assume that story was just fabricated or in short, its all "fake news!"

[todiboa]

I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

For me, this is easier said than done, making the bitcoin market price lower than 1000$ would encourage investors to invest in bitcoin that will inevitably affect the market price.

What is your opinion about this? Could the government do this?

https://bitcoinist.com/bitcoin-could-be-stopped-by-governments-pretty-simply/

If the price will be within $1000, then Bitcoin will be easy prey for whales who will buy thousands of coins at the wholesale price, thereby launching the growth of the coin up. The government will not likely be able to control this

[Fappanu]

I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

For me, this is easier said than done, making the bitcoin market price lower than 1000$ would encourage investors to invest in bitcoin that will inevitably affect the market price.

What is your opinion about this? Could the government do this?

https://bitcoinist.com/bitcoin-could-be-stopped-by-governments-pretty-simply/

Wow I guess that could be one potential way to attack Bitcion and cryptocurrencies a like. Another and more efficient way would be for the all of the Governments and banks to simply go through congress, lobby against Bitcoin heavy, then create new policies that stop the conversion of any cryptographic currency into fiat. How then will one expect to cashout? If you can't trade you digital coins for real fiat, your practically screwed! What could you do if all of your wealth was tied up in crypto and then you could no longer convert it? many would lose the shit off of their backs.

All they can do is buy person to person, so we can still sell our bitcoins and keep using them. And I think governments will find it difficult to keep the bitcoin price at $ 1,000 and even if they print more money it's still useless because bitcoin holders will not allow the government to destroy what Satoshi has already started.

[Viscore]

In what sense people will lose interest when BTC stays below $1000?
Didn't you consider the adoption happening here, in the gambling industry alone, we can already see a big demand of bitcoin as most of the gambling sites are accepting BTC and gamblers trust BTC more than altcoins.

Please remember that not all users here are investors, some are just using crypto as a tool for fast and cheap online transaction, and one thing, BTC died many times before we even reach $1,000 and it was good that time, so I don't think price is really an issue here, and lastly, how can the government manipulate the price if they are not the whales?

[airdnasxela]

I don't know why this idea would even be an issue. However, i don't think this idea will work. How come a single government can manipulate and control bitcoin's price? Unless all countries or bigger countries would agree to shutdown bitcoin that I doubt they would even do.

[joinfree]

I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

In other words you are saying the bitcoin will be controlled by a single power?

Seriously! What is wrong with you people? When you see a sudden fall then you lot start to panic and forget about this that this kind of things happened thousands times with Bitcoin but still it had 20,000x gains against this shit dollar currency.

You people really do not deserve bitcoins. If you are not okay to hold your coins if the price goes down to $1k (which is highly unlikely) then you people really do not deserve to see bitcoin price to have $100k against this dollar shit.

The funny thing that really puts me off is that they think upon all the debts that these developed countries owe each other you think they would worry their heads on spending their scanty dollars on trying to keep bitcoin down? Oh then they have a big amount of money to do that lmao. They would rather use it to pay off their huge debts.

I guess it's high time we told some folks if their hands are too itchy to hold their bitcoins then can send it over to theymos address is for forum development and other important stuffs.

[vintages]

I think more of the way this will be possible is if a good quality of Bitcoin are being purchased and manipulated by the government but it will cost them so much. I was thinking the only way governments can shutdown Bitcoin is by banning it and putting a strict threat to anyone who use and purchases it in their country.
Moreover if the price of Bitcoin go down to 1k, a lot of people will panic terribly .

[Bitcoinislife09]

I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

For me, this is easier said than done, making the bitcoin market price lower than 1000$ would encourage investors to invest in bitcoin that will inevitably affect the market price.

What is your opinion about this? Could the government do this?

https://bitcoinist.com/bitcoin-could-be-stopped-by-governments-pretty-simply/

I think they could do this kind of trick in the market but it is not going to be easy also they cannot control the supply and demand at the same time in the market.
For me the government cannot control the bitcoin even if the bitcoin market price stay in 1000$ for a long time there is no guarantee that bitcoin and investor is not going to be interested at the first place low market price of bitcoin is the one that attracts more investors in the bitcoin, because it is a good opportunity for sure to invest in bitcoin.

[aomakun]

I don't think it will be possible if only a few governments do that, and certainly to make it requires a lot of funds and devious methods. and it takes a long time, so the conclusion will not be possible because every government in a country has its own idealism

[pundit]

I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

For me, this is easier said than done, making the bitcoin market price lower than 1000$ would encourage investors to invest in bitcoin that will inevitably affect the market price.

What is your opinion about this? Could the government do this?

https://bitcoinist.com/bitcoin-could-be-stopped-by-governments-pretty-simply/

Do you think controlling Bitcoin's price is in goverment's hand, not its not then how come any government can bring Bicoin price to $1000. I do not say that Bitcoin can not have $1000 price in future but that will not be driven by any government. Bitcoin is still strong and driving the whole crypto market, it seems difficult that Bitcoin price will go much lower. The people who really know the benefits of blockchain technology wil not sell Bitcoin at low price.

[bitmatonline]

I don't really see how they are going to do that.

[maianh09]

I thought it was completely pointless. When one person sells a bitcoin, another will buy it. Through the timeline of bitcoin we can see that there were two large price drops that were at $ 1200 in 2013 and $ 20,000 in 2017, but then bitcoin continued to increase. Currently, bitcoin has been accepted in major countries around the world, the education program of major countries has put bitcoin and blockchain technology into the curriculum, a number of television channels showing movies on bitcoin and blockcahin. That means it is impossible to kill Bitcoin.

[Jammermob]

They will not be able to do this because bitcoin does not depend on any particular country.

[watergold]

The government cannot regulate the price of bitcoin because the crypto market price cannot be regulated by anyone, I just assume the government only gives FUD news so that many investors no longer trust it and it is reported that bitcoin will be closed.
Remember the development of technology continues to grow so that in the future bitcoin will always be used in any transaction, including the government will use it.

[Artemis3]

I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

For me, this is easier said than done, making the bitcoin market price lower than 1000$ would encourage investors to invest in bitcoin that will inevitably affect the market price.

What is your opinion about this? Could the government do this?

The answer to this is simple: Can the government shutdown internet? See them try.

They can become annoying and block access to it, but they cannot truly shut it down.

To manipulate bitcoin's price, you'd need an ever increasing amount of money, you would be effectively burning your reserves, and no government could sustain this, not even a coalition of governments (or all of them), and they know, therefore they won't ever attempt this. Its suicidal, the only result of this would be: collapsed economies, and Bitcoin happily running alone.

Btw bitcoin doesn't care how much fiat is exchanged for it, its an "out of code" thing. To bitcoin it matters not what price it has, it still works perfectly fine. The value is given by the free market. Rich people (even sovereign States) can try but they would be overwhelmed.

The sole goal of "keep it at 1000" is unfeasible. Go ahead, see them try, let them dump all coins they have, that fluctuation would correct itself faster than their whole effort sacrifices their entire economy. This is why socialist style "command economy" mindset in the end always fail, you just cannot govern the market by executive decree. Its exactly like when Mugabe made inflation illegal in Zimbabwe, i don't need to tell you what happened to their national coin after that. They tried the same thing in Venezuela with identical results.

In fact, here is a nice book you can read for free: Forty Centuries of Wage and Price Controls: How Not to Fight Inflation The common denominator in all the history of humankind rulers is, when they try to govern the market it always results in the same: failure.

One would think humans learn from their own mistakes, but alas...

[suzanne5223]

 

What is your opinion about this? Could the government do this?

They can manipulate the price of the bitcoin to the $1000 price and it will only encourage experienced investors into buying more when dip but I don't see them gaining anything from such act and the last time they have many important issue to handle rather than focus on bitcoin which will also cost them billions of $.

[Lecam]

I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

For me, this is easier said than done, making the bitcoin market price lower than 1000$ would encourage investors to invest in bitcoin that will inevitably affect the market price.

What is your opinion about this? Could the government do this?

https://bitcoinist.com/bitcoin-could-be-stopped-by-governments-pretty-simply/

I think government cannot shut down bitcoin why because bitcoin runs in internet and also in computer so no one person can stop bitcoin. Maybe if internet all over the world will shut down bitcoin can stop. And the price of bitcoin cannot manipulate because its base on how many investing in bitcoin and also how many can used it.

[Ziskinberg]

The problem is the government has no control on bitcoin, so they can't dictate its price, if bitcoin will stay below $1,000, that would be bad for investors who both during its peak and until now but people will still be interested since we have been seeing adoption on crypto.

Personally, I use crypto to pay bills and of course use it in gambling regularly, so there are still demand from people like me, and that is regardless of the price.

[Eclipse26]

The governments wouldn't give that much time and attention towards bitcoin since they have to focus on more serious problems their country is experiencing. As you can see, most countries still don't see cryptocurrency as a big deal and an issue. So how can they'll be going to shutdown bitcoin? Maybe in the future if bitcoin becomes a major threat to the government and banks.

[nreal]

If the scenario above, then the way the government must also hold a huge amount of bitcoin, then will have to sell off. I wonder which government in the world wants to lose billions of dollars to stop BTC, and what is the benefit of that. Moreover if the government holds BTC will make investors more interested in btc.