Rich people causes cryptocurrency ban

[MrcMrc]

The major reason why government ban cryptocurrency is because they can't control it.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

Looking around the world one will discover one or two countries that have ban bitcoin and crypto transactions this is near to being connected as the currency of the internet which is called the dark world because its transactions can not be traced to an individual sometimes.

[TheUltraElite]

The fact that they would most definitely take a hit in terms of taxes getting collected alone would heavily incentivize them to enforce a ban.

Bitcoin transactions getting taxed or not becomes the point of debate there. Without tax many government services cannot be offered for free because the taxpayer's money is used to fund different government projects, development and services. Therefore fiat will be there even if bitcoin gets accepted or a system for paying taxes in bitcoin needs to be developed.

The common notion is that ruling class always imposes stuff on the lower strata. This is not always correct, the educated people need to make a proper analysis before making such a statement otherwise what is the use of logic?

Still some countries will be against having bitcoin getting accepted - this will effect them and put their country's technological development 10years back, which I hope does not happen.

Would also like to remind the OP about a plot twist : the rich people already own bitcoin, more than what this forum users can amass. 

[jaresmerel001]

From my point of view, I believe that the government's reason behind all these is that they taught bitcoin is another device that people use for money laundering , and most particularly rich people who are in official position, because looking at the rate that different nations emphasizes on btc as even it is a crime to deal with cryptocurrency.

[romero121]

Rich people always look for an opportunity to make themselves richer than before. When this is possible with bitcoin, there is no chance of rich ones causing the ban of cryptocurrencies. Ban on cryptocurrency happens for the following causes

1. Revenue loss for banks.
2. Governments fear over cryptocurrency usage, because any form of corruption can be clearly identified when adopted mainstream.
3. Increased usage of cryptocurrencies on darkweb.
4. Misunderstanding as a quick rich scheme.
5. It is hard to tax cryptocurrency precisely.

More reasons can be found, but these seems to stand major and I don't find anything wrong with the rich ones.

[Vishnu.Reang]

I agree with most of the replies posted so far. Rich people and the corporations don't want cryptocurrency to be banned because it gives them an opportunity to increase their wealth and to protect their wealth. On the other hand, it is the governments who have adopted a hostile stance against Bitcoin, due to the fact that they won't be able to print banknotes like crazy if cryptocurrency becomes popular. In simple words, rich people have a stance favoring cryptocurrency, while the politicians are opposed to it.

[maculeth]

I see, bitcoin is still considered dangerous because of its fluctuating value, and if it is used as a means of payment it will be very risky. then anonymous bitcoin transactions are also very dangerous because they can be misused for illegal transactions. It is only natural that some countries ban crypto.

[Becky666]

<snip>

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

*Whenever parents can't control the children; then there will be restrictions from parent to children, 'this is likened to what is happening to our dear countries that had banned cryptocurrency'*. Take for instance my country Nigeria: due to lack of regulations around cryptocurrency made them raised restrictions in this regard in order to gain the control back from the citizens. The freedom the cryptocurrencies brought is such the government of the world won't accept easily, but with time they will come to the reality that the world is moving very fast into future.

[Kong Hey Pakboy]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

* The rich bankers would not want bitcoin interfere with the current system, because that's the way how they earn. If that would be interrupted, they would not want that the stable process would be hindered by some currency that's decentralized.
* Main negative effect that I know would be that volatility. I think that's one of the reasons why the government still not use it for their country and make it official.
* I have seen some posts regarding doing illegal things and the transactions are made through bitcoin. No one would want that, of course, there is a law in a country and of course once they will found out that the criminals used bitcoin, there's a chance that there will be a discussion about it.

[lovesmayfamilis]

I think the opposite is actually true - the more institutional investors come to Bitcoin, the less likely it will get banned. We are witnessing not only the growth of the number of investors, but also potential lobbyists who would protect Bitcoin in parliaments around the world. It's easy to ban something that very few people care about, it's hard to do so with something popular.

I agree. Today there is evidence that more than a million dollars of bitcoin are stored on 94,000 wallets.
https://twitter.com/glassnode/status/1361948460061237249


It is generally assumed that the owners of such wallets are institutional investors. These are not ordinary people without fame and influence. Smart executives insure their assets against inflation by buying bitcoins. Others are hesitant to buy bitcoin, fearing regulators and bitcoin volatility. Regulators will certainly try to create barriers to the adoption of cryptocurrencies, but it is also difficult to prohibit what is popularized with such great force.

[zanezane]

I agree with most of the replies posted so far. Rich people and the corporations don't want cryptocurrency to be banned because it gives them an opportunity to increase their wealth and to protect their wealth. On the other hand, it is the governments who have adopted a hostile stance against Bitcoin, due to the fact that they won't be able to print banknotes like crazy if cryptocurrency becomes popular. In simple words, rich people have a stance favoring cryptocurrency, while the politicians are opposed to it.

OP thinks otherwise, the only one that hates cryptocurrency is the ones that are going to be replaced. Rich doesn't care that there is cryptocurrency, as long as they still have their luxurious lifestyle they do not have a problem with it, the only time that the rich are going to take action is when you hit their lifeline which is the financial institutions like the Gamestop short squeeze and real estate. I do agree that it is politicians that hates cryptocurrency but don't you think that there is a far more powerful person behind the scenes that are making these puppets ban crypto?

[ven7net]

I seen that cryptocurrency want to be highjacked by rich people, looking around  countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

Indeed, it has become more and more obvious lately that rich people are interested in ordinary people not being able to buy cryptocurrency, or simply getting rid of it altogether. They themselves are buying up crypto assets in large quantities while releasing news in which they do not recommend buying cryptocurrencies. Information about new bans on cryptocurrency is also spreading very quickly and apparently the rich want to completely control the entire crypto sphere and make it so that ordinary people cannot make money on it.

[GeorgeJohn]

I seen that cryptocurrency want to be highjacked by rich people, looking around  countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

Indeed, it has become more and more obvious lately that rich people are interested in ordinary people not being able to buy cryptocurrency, or simply getting rid of it altogether. They themselves are buying up crypto assets in large quantities while releasing news in which they do not recommend buying cryptocurrencies. Information about new bans on cryptocurrency is also spreading very quickly and apparently the rich want to completely control the entire crypto sphere and make it so that ordinary people cannot make money on it.

But people are still disputing the fact that rich people are not the problem we are having with cryptocurrency network, while I'm emphasising on rich people is because their the government and government is the rich, so any of them wants to oppose each other they will look for possible way to bring each other source of incomes down, so more going into cryptocurrency more their opponent is attacking them with government power.

[milewilda]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

* Government does have that common reason on why  they do hate out or tend to ban crypto or generally Bitcoin and thats because of decentralization and anonymity.
  These characteristics are the most hated things by centralized things like the government.Theyre trying to get rid of those things that they cant control on.

* Some said it would be a main currency but to think that nothing still beats out fiat when it comes to that.Crypto would really be just as an alternative but not would
  play out the entire role.

* Just like those typical news or events, due to anonymity where it do increases out criminal rate which is just a bullshit reasoning.

[AakZaki]

Mate, is quit understandable but people don't want to understand the concept, the secret behind everything while government is eradicating crypto is because their mindset is that cryptocurrency is use for fraud, so that's the major concept I understood from their reactions, and is obvious that before existence of cryptocurrency illegal altitudes has been in existence, so it's a conspiracy from leaders.

The statement about cryptocurrency being used for scams cannot explain everything. even Fiat can also be used for fraud, depending on how to use it. The existence of cryptocurrency was initially not wanted by some governments, but over time cryptocurrency was well accepted even though there were some who disagreed and it was still illegal. Many conspiracy leaders have been planned, cryptocurrency remains strong and is increasingly recognized by many people.

[posi]

I seen that cryptocurrency want to be highjacked by rich people, looking around  countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.

The rich does not by chance cause the eradication of cryptocurrency, they only support/join the movement but it the government that find it difficult to deal with since they are going to loose their power and control of their people.
The rich people did not hijack crypto either and what we are seeing now is the birth of mass adoption we prayed for.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

The government operated in centralization system and most cryptocurrency that are widely used are decentralized crypto so they are using if you can not beat them ban them strategy.

* What is the negative effects using crypto as currency?

Absolutely no negative than the market volatility in nature.

* what harm does bitcoin contributes a country that can lead to ban?

No harm but to help common people to be financial freedom. It the government that want to power to rule over their people than allowing them to have liberation.
We are in modern slave era.

[ReiMomo]

~snip~
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

To tell you frankly, they aren't people of what you think that have a threat to bitcoin.

*1 - Any country has nothing to do with having bitcoin transactions, everyone has the freedom to use bitcoin even though it is heavily banned in any country you are. But the problem is when it comes to a local exchange where you will hardly enough to exchange your crypto into fiat, alternatively, using P2P exchange.

*2 - Possible is money laundering, but for now, most of our law enforcers that assign cybercrime are very intelligent. Also, if you will make bitcoin for daily transactions will I guess you will have a problem charging the fee which is quite expensive.

*3 - Possible country I guess will usually ban bitcoin is the reason they had a fear that bitcoin will become their big competitor of fiat currencies and there is a price inflation increase.

[Yamifoud]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

Unfortunately, in the eyes of the government crypto is a threat to their financial capabilities because they can get taxes from its holders. They claim that it increases fraud and scams but they never think that there are more fraud and scams happening using paper money.
And just like @mk4 said, it is all about of lose control. They can't ride over crypto and they can't take benefit from it. They'll think banning is the best idea but they are totally wrong and so unfair.

[Traderbtcc]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

The government generally hates bitcoin so they would take any slight chance they have to place a ban on bitcoin transaction, just like in Nigeria the government complained about money laundering and also about how the Nigerian naira keeps losing its value in terms of USD, in places like India i heard crypto was banned due to the rate at which their citizens got scammed after they invested in so many ponzi schemes,the government would ban it for many stupid reasons, but they can't stop it cause the citizens will keep using crypto more and more no matter the restrictions they place on it.

[Ryker1]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

The government generally hates bitcoin so they would take any slight chance they have to place a ban on bitcoin transaction, just like in Nigeria the government complained about money laundering and also about how the Nigerian naira keeps losing its value in terms of USD, in places like India i heard crypto was banned due to the rate at which their citizens got scammed after they invested in so many ponzi schemes,the government would ban it for many stupid reasons, but they can't stop it cause the citizens will keep using crypto more and more no matter the restrictions they place on it.

Well, if so, --and how about China?
They banned cryptocurrencies before but now they lifted such a ban because they saw a potential used of bitcoin and also they are planning to have their own cryptocurrency. I don't think rich people cause a crypto ban, in fact, those like big institutions are influenced government to be friendly on cryptocurrencies. Perhaps, not all cases of rich people can cause of a ban.

[palle11]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

Many reasons to this in my own feeling.
It is a wicked world , you remember that? Many individuals don't want you to get to a level they are. So having that as a view, the ruling class always like to oppress. Study the theories of Karl Marx to understand the class system and capitalist.

The reason is that they don't wish to see more wealthy people and they believe that you need to labour physically to get rich.

They believe that bitcoin is easy for people to instantly getting to wealth without staying under the sun.

Apart that they think of bubble on bitcoin and trying to stop investors, they have hidden selfishness because people who are taking risk in bitcoin should be an individual decision.