High possibility major governments will BAN Bitcoin in the near future

[dothebeats]

Governments have been struggling to prohibit the total ban of illicit goods for decades, and most of these goods are even being smuggled and distributed by the people of the government. How sure are you that these same people would be rallying for a ban on bitcoin, especially now that their best buddies--the institutional investors--are already in the game with billions of dollars already dunked in the crypto? They might restrict the usage of bitcoin on some fronts and impose regulations that limits the normal user on what to do with their coins, but full-on ban is most likely not on their list; not now, not ever.

[1715184396]

1715184396

[Ludmilla_rose1995]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

My question is;
If the state and government completely prohibit bitcoin, either the owner, miner or trader will be punished and jailed. How can they find out or trace who owns the address?

Maybe they can find out the owner of the wallet address through centralized exchange transactions that require users to do KYC. But, what if someone sends and receives a certain amount of BTC via a decentralized wallet?

[Ozero]

It will matter for the price. AND it will turn Bitcoin into an underground and little used tool. You can also say goodbye to 100% of any institutional and large buyers, killing the price in the process.

Sure, and I'm pretty certain that has always been a possibility since forever; heck, anyone who tried to think about Bitcoin's potential downsides as an investment could easily think of that. The question is, to what extent can a certain government "ban" it? Knowing that some institutional investors(that has a crap ton of lawyers, even from Blackrock alone), are already in, and are continuing to get in.

Governments can do as in Russia. There, some officials were ordered to get rid of the storage of cryptocurrency by April 1, after this period, responsibility for its storage will be in effect.
It is possible that states and their governments will try to restrict or even ban the circulation of cryptocurrency. This cannot be ruled out. Their digitized central bank currencies will be issued anyway, as this makes their circulation faster, more convenient and cheaper to maintain. At the same time, stablecoins of states will indeed be used to compete with cryptocurrencies.

[thecodebear]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

...

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

Not even remotely likely. It's like saying the US government will ban Fedex and UPS because they are direct competitors to the Postal Service.

Also, Bitcoin is not a direct competitor to nations upgrading their legacy digital money systems to cryptocurrency (CBDC). It is inevitable that nations start issuing their fiat currencies as cryptocurrencies because it is a superior technology. This inevitability was brought about by the invention of Bitcoin. But Bitcoin is very different than CBDC's. In fact CBDC's aren't anything different than the fiat that is already used, it's just a tech upgrade. Why would nations suddenly ban bitcoin just because they gave their own monetary systems a tech upgrade?

So, no, it doesn't matter at all that nations will eventually all upgrade their digital money systems to use cryptocurrency tech. It's not changing anything about fiat itself. Nothing in the bitcoin/fiat relation changes simply because nations upgrade their monetary tech. This does nothing to make it more likely nor less likely that nations will ban bitcoin. It is a non-factor. And Bitcoin is not going away, that much has been obvious for a few years now, so the answer is no, bitcoin is not going away, and free nations have no reason to ban bitcoin, and certainly not just because they gave their own monetary systems an upgrade which in no way changes government's relationship to Bitcoin.

[Mike Mayor]

Lol I love how some very very foolish gullible people seem to think if something is banned it disappears. Firstly doing this is beyond unconstitutional even bordering the line of civil disobedience. I can promise you right now I would both reject and fight the government with everything I have if ever they did this. May as well bring back slavery laws. STOP SPREADING FUD!!!

Ok so.... Drug war? Increased the price of drugs and increased the number of users. increased the black market hold and profit for criminals. Great job government.
Ban on gold? People still hold it. There is no way to know who has and who does not hold gold. You don't even have to hold the gold in your own country.

This will never happen and will explode in the government's face.

A ban is just a sily law written in a book it means nothing. If a ban happened as a write this no one will sell anything. In In fact we will all laugh at the government.

Before the government wants to point pictures they should stop corruption that robs the taxpayer.

[CODE200]

Ban for what? because they will make their own cryptocurrencies? I highly doubt. There are already existing cryptos which are fiat based but that doesn't seem to affect other cryptos negatively. Things will coexist, I believe. It is more likely to happen that regulation to cryptos will be implemented than for them to just ban the use of this technology. In such way they will be able to tax every transactions, which is their primary concern. I do really think there's no need for total restriction and it does seem for me that they won't. This is just I think an assumption since there's no given supporting details for the claim and, this is just making no sense.

[cr1776]

I love it. This is the way to point out the issues with OP's post.

It is very easy to speak in grand generalities but when one has to be specific, and put up real money, it certainly sharpness and forces one to crystallize the position.

It reminds me of the innumerable discussions about "needing bitcoin to expire if not moved for X years".  No one has had a successful fork that incorporates those provisions because they are idiotic.  This sounds similar where a simple request stops the nonsense.

The odds that all the countries will do this is infinitesimal because there is competition.  Would Russia cooperate with China or the US or Europe or Central or South America or Africa or Asia to do this?  No, they want to beggar they neighbor and competition will help keep them semi-honest. (Well, at least somewhat honest with regard to bitcoin,  nothing else.)

. . .The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000. . .

Silly rabbit.

People have been saying this nonsense for more than 10 years.

I can prove that even you don't believe it.

Let's make a bet.  You are CONFIDENT that this will happen in the "NEAR FUTURE". I assume that "near future" means less than 2 years?

So, how about a bet of $2000 USD? I bet that the U.S., Canada, Mexico, or any country in the European Union will NOT pass a law before Jan 1, 2023 which demands any jail time or a fine of more than the equivalent of $100 USD for any private citizen solely for the acts of sending, receiving, or holding Bitcoin.

Notes, this doesn't apply to:

• "using Bitcoin to launder illegally acquired cash".  That law already exists.
• "Using Bitcoin in the activities of a Money Service Business without a license"  That law already exists.
• "Failing to report transactions of high value to the appropriate reporting agency" That law already exists.
• "Using Bitcoin in the act of fraud or theft" That law already exists.
• Or any thing else which is already illegal without Bitcoin

This bet specifically applies to a NEW law that applies not to a business or other non-person legal entity but rather to individual citizens.


Your click-bait subject line says that this is a High possibility, so this should be an easy bet for you to win, right?

EDIT: If you accept this bet, I'm happy to digitally sign a statement of agreement to the bet as well as place $2000 worth of bitcoin (or whatever smaller amount you wish if you aren't willing to bet $2000) into escrow with a trusted third-party member of this forum.

[Kittygalore]

Banning will be a shot on their foot, this will be like drugs, cutting off the supply will not be enough but instead will in turn increase the prices overtime. People have a history of resisting oppressive authority, banning bitcoin with the narrative that it does not help with the interest of the state will only spark a problem that does not need to exist in the first place, bitcoin never hurt anybody it's the people that does, don't shoot the messenger as they said. Banning will only make the prices higher and make more people flock to it, introducing the same concept will not work because shitcoins have existed.

[A62662]

Banning will be a shot on their foot, this will be like drugs, cutting off the supply will not be enough but instead will in turn increase the prices overtime. People have a history of resisting oppressive authority, banning bitcoin with the narrative that it does not help with the interest of the state will only spark a problem that does not need to exist in the first place, bitcoin never hurt anybody it's the people that does, don't shoot the messenger as they said. Banning will only make the prices higher and make more people flock to it, introducing the same concept will not work because shitcoins have existed.

No, Bitcoin isn't like heroin, cocaine or speed. If banned price would go down to almost nothing, probably in the hundreds of dollars, not in the thousand's like today. People would not flock to it, they would in fact avoid it.

[habo8]

Before paper currency, people use different method to trade but after become of paper currency so a mechanism was developed and paper currency was regulated. Now, Cryptocurrency is also a new and fast ay of trade without limitation beyond the borders. I think a mechanism can be developed to tackle it in a secure way. There is no chance of killing of bitcoin because of its hold. If we points at crime issue, so people are also doing crime with paper currency also.

[masterrex]

I think some major governments are already done it, they can ban Bitcoin if they want but they can't kill it because it was decentralized. The Government of China through its Central Bank has already made a digital Yuan, But my question is how it will compete with BTC when the Digital Yuan is a Stablecoin, CBDC more likely a Stable coin for sure it will only use for payment, etc. unlike BTC it can be used as an investment because it was a store of value. that was my opinion about it.

[A62662]

Before paper currency, people use different method to trade but after become of paper currency so a mechanism was developed and paper currency was regulated. Now, Cryptocurrency is also a new and fast ay of trade without limitation beyond the borders. I think a mechanism can be developed to tackle it in a secure way. There is no chance of killing of bitcoin because of its hold. If we points at crime issue, so people are also doing crime with paper currency also.

The governments want's to do away with paper currency. Why, because they can fully track the coming government cryptocurrencies to fully have total social control over all of us, and what we do with our money. Thats why they will also ban Bitcoin.

[A62662]

I think some major governments are already done it, they can ban Bitcoin if they want but they can't kill it because it was decentralized. The Government of China through its Central Bank has already made a digital Yuan, But my question is how it will compete with BTC when the Digital Yuan is a Stablecoin, CBDC more likely a Stable coin for sure it will only use for payment, etc. unlike BTC it can be used as an investment because it was a store of value. that was my opinion about it.

Yes. Even if other countries create their own digital currencies, bitcoin has always an edge over them. Although it is clear that it's quite possible for a government to ban bitcoin, actually enforcing a ban would provide difficult- if not impossible- in many countries. The US could enact, tighter restrictions for buying and selling btc, but an outright ban would be impossible to enforce.

The ban doesn't have to be a 100% successful, i'm sure they would be happy with 99.99%. And btw, if you face fines and jailtime, would you really use Bitcoin, would you?? If you really think about it, I dont think you would risk that.

[avikz]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

How come?? A National digital currency and a decentralized cryptocurrency is Nowhere related! A National digital currency is is as good as cash in your pocket no matter what ever digital convenience it brings!

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

There is a possibility that major governments may ban or criminalize the usage of cryptocurrency, especially bitcoin! However it is easier said than done! Cryptocurrency users can quickly move to privacy oriented coins if the need arises. So the enforcement agencies will have to find a needle in the haystack in the most literal sense.

[milani]

It will matter for the price. AND it will turn Bitcoin into an underground and little used tool. You can also say goodbye to 100% of any institutional and large buyers, killing the price in the process.

Sure, and I'm pretty certain that has always been a possibility since forever; heck, anyone who tried to think about Bitcoin's potential downsides as an investment could easily think of that. The question is, to what extent can a certain government "ban" it? Knowing that some institutional investors(that has a crap ton of lawyers, even from Blackrock alone), are already in, and are continuing to get in.

Yes, such a scenario has been always existing. Of course there's such a tendency in the world that lots of governments make different steps towards the tryings to regulate people's assets, especially crypto assets, to make them be in some rules and frames. And may be some day they will fulfill their ideas on some percentage, but ban Bitcoin totally it would be not so easy or not forever. As for BlackRock not so long ago they gave the go-ahead for two of its funds to invest in Bitcoin futures.

[death69]

I do not concern this as a important issue, although it can affect the adoption of bitcoin. Banning bitcoin can result as many people sell-off this asset. However, the majority of investors who have associated with bitcoin for many year will not leave bitcoin cause of their understanding that bitcoin is such a tool against the centralization created by the government. Mostly, no matter how the government try to trace back anyone using bitcoin, it is hard for them to figure out if ones know how to hide themselves in the decentralization

[NeuroticFish]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

No. The national crypto will be a digital version of their currencies. Not related to Bitcoin (they are centralized, Bitcoin is decentralized), no competition with Bitcoin.
The actual competitors, those who have to be scared of these moves should be major card companies, Visa and Mastercard, not Bitcoin.

[tippytoes]

It will matter for the price. AND it will turn Bitcoin into an underground and little used tool. You can also say goodbye to 100% of any institutional and large buyers, killing the price in the process.

Sure, and I'm pretty certain that has always been a possibility since forever; heck, anyone who tried to think about Bitcoin's potential downsides as an investment could easily think of that. The question is, to what extent can a certain government "ban" it? Knowing that some institutional investors(that has a crap ton of lawyers, even from Blackrock alone), are already in, and are continuing to get in.

Yes, such a scenario has been always existing. Of course there's such a tendency in the world that lots of governments make different steps towards the tryings to regulate people's assets, especially crypto assets, to make them be in some rules and frames. And may be some day they will fulfill their ideas on some percentage, but ban Bitcoin totally it would be not so easy or not forever. As for BlackRock not so long ago they gave the go-ahead for two of its funds to invest in Bitcoin futures.

Would be hard to implement the total ban of bitcoin. Let us put it this way, even if the government will create their own crypto, once their constituents learn more about the advantages of dealing with bitcoin over their centralized coin, I believe, some of them will move on to bitcoin. Now, the government will just pave the way for these previously noncrypto users appreciate the benefits of bitcoin over centralized ones. So nope, not gonna see that bitcoin will be banned by the governments. They can't have the full control of its usage.

[DannyHamilton]

Hello?

Is this microphone on?

I feel like we've got a bad connection.  Perhaps you were unable to read what I wrote?  Why hasn't this thread died yet?  I think that the OP troll has already proven that he doesn't actually believe what he's saying.  Why is everyone else continuing to play along with his nonsense?

[Mistafreeze]

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

I have been hearing this since a long time. What is the source of your assumption that these countries will ban BTC?
There is no news that support your assumption. On the other hand some governments are planning to regulate cryptos.