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Author Topic: Rich people causes cryptocurrency ban  (Read 1251 times)
GeorgeJohn (OP)
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February 17, 2021, 06:08:00 AM
Merited by CryptopreneurBrainboss (5), Symmetrick (3), Halab (2), Miaallen (2), palle11 (1), Smartvirus (1)
 #1

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?

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February 17, 2021, 06:32:03 AM
 #2

No, the bankers are causing the cryptocurrency ban, they are technically rich people but generalizing is not a helpful aspect of the argument. How come rich people invest money in bitcoin, look at Grayscale, Microstrategy, Tesla, Square and other companies that bought bitcoin, they are rich people then how on earth are they causing the ban when they are buying a lot of bitcoin, it won't be profitable for them if their peers were to ban bitcoin, the only reason that the rich are banning bitcoin is they are suppressing those below them.
* 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?
*They are or might be threatened that bitcoin will give the people financial freedom even though they are investing in it.
*There are no big enterprises that accepts it yet and your local market wouldn't bother integrating their measly stall with cryptocurrency payment option.
*If we are being real, the only threat is the ability to use it for money laundering, doesn't matter how some people say that bitcoin is "pseudonymous", it can still be used.

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February 17, 2021, 06:36:30 AM
 #3

* 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?

Lose of control. One way of countries having control over their people is through the local currency. If Bitcoin ends up booming in that certain country, they lose a significant amount of control. 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.

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February 17, 2021, 07:39:06 AM
Merited by Charles-Tim (2)
 #4

No, the bankers are causing the cryptocurrency ban, they are technically rich people but generalizing is not a helpful aspect of the argument. How come rich people invest money in bitcoin, look at Grayscale, Microstrategy, Tesla, Square and other companies that bought bitcoin, they are rich people then how on earth are they causing the ban when they are buying a lot of bitcoin, it won't be profitable for them if their peers were to ban bitcoin, the only reason that the rich are banning bitcoin is they are suppressing those below them.
* 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?
*They are or might be threatened that bitcoin will give the people financial freedom even though they are investing in it.
*There are no big enterprises that accepts it yet and your local market wouldn't bother integrating their measly stall with cryptocurrency payment option.
*If we are being real, the only threat is the ability to use it for money laundering, doesn't matter how some people say that bitcoin is "pseudonymous", it can still be used.
From my views I think that government the reason behind all these, is that them taught bitcoin is another device which people adopt for money laundering as you said, and most especially rich people who are in official position, because looking at the rate different countries is emphasising at btc as even its a crime to transact with cryptocurrency, I don't know when this mess will stop.

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February 17, 2021, 07:52:01 AM
 #5

~
From my views I think that government the reason behind all these, is that them taught bitcoin is another device which people adopt for money laundering as you said, and most especially rich people who are in official position, because looking at the rate different countries is emphasising at btc as even its a crime to transact with cryptocurrency, I don't know when this mess will stop.
You think that it is the government because they do the important announcements and they are always on the news, what you don't know won't hurt you right? The real showrunners are those that didn't pay to get listed top richest people in the world, the ones that pull the strings, the one who keeps the economy from tanking and at the same time making it hard for average citizen. Government entities are just a puppet for the bankers and rich clans to continuously control the world without the general public knowing about it, they see bitcoin as threat then they will pull the strings and let the authorities do the dirty work.

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February 17, 2021, 09:31:23 AM
 #6

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.

For the record though, not all government are banning bitcoin because rich people are investing on it. Maybe we can see regulations, but majority are still allowing bitcoin to flourish, with Japan and Australia leading the way.

Bitcoin may not be adopted by government simply because they have gold as their main commodity or reserve assets or even USD.


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February 17, 2021, 09:39:26 AM
 #7

I dont believe that rich people want to ban cryptocurrency, because this might be a good instrument to get more money and become even more richer. Why loosing such an opportunity. This is same like running a marathon and in the middle of it taking 1 shoe off, while trying to reach finish.

Banks are the ones who are against cryptocurrency, because crypto is stealing a part of their profit. However, they are not fully against crypto, as they are not a simple intermediary between crypto owner and fiat money. Some banks might plan to introduce crypto in their banking services (for example buy crypto directly from banking account dashboard) and that would be great.

R


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February 17, 2021, 12:14:55 PM
 #8

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.

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February 17, 2021, 12:25:03 PM
Last edit: February 17, 2021, 06:13:48 PM by franky1
Merited by vapourminer (1)
 #9

the idea is simple.
if they cant control it themselves. then they have to control who accesses it
stage one is to ban the access. then they hold the control for stage 2
stage 2 is to then allow licenced usage if particular things are met.

yep thats how the NYbitcoin licence done it. first ban. then need the licence to use.

its not about stopping people forever. its to make a wall. then make a door
you cant have a door without a wall

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February 17, 2021, 12:39:10 PM
 #10

Quote
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,

Can you give us a proof,that governments are banning Bitcoin because rich people are buying more BTC?
Can you mention the countries,where governments are attacking Bitcoin,because of rich people buying BTC?
If you can't provide a valid proof,then your statement is pretty bold.
The countries,where the crypto industry is under attack are Nigeria,India and maybe a few other underdeveloped countries in Asia,Africa and Latin America.Those countries aren't attacking crypto because of the rich people buying more cryptocurrencies.They are attacking the crypto industry for two reasons:
1.To avoid export of capitals outside of their jurisdiction.
2.To get more tax revenue(but the end result will be less tax revenue). 

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February 17, 2021, 12:48:42 PM
 #11

Some groups of rich people who came into the party late are the ones asking for the government for a temporary ban to 'license' the usage of such financial tools. If they cannot capitalize on being on the line early, they would have to control who gets the passes or not in order to save some seats for themselves. Not all rich friends have ties to the government, and those who do usually are the ones pushing or tipping their public official buddies to do something about a growing investment right even before it booms to explosion before they could even place their bets on.

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February 17, 2021, 12:51:10 PM
 #12

Personally, I will not go with the topic of your thread saying rich people cause cryptocurrency ban. I am not seeing any correlation between the two when you are talking about rich people do you mean JP Morgan, Elon Musk, Mastercard, etc. The recent ban that happened was in Nigeria and as matter of fact, it was the people in government who supported the ban. And if I will say any factor that causes the ban will be an economic factor, not money affluence.

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February 17, 2021, 03:50:57 PM
 #13

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?

Government is the main reason for all of these things the reason why it can be listed in some exchanges, it cannot be purchase in some exchange and many more it is because government prohibited its citizen to use it, some Americans cannot buy in some projects because they are restricted and they cannot use some exchange because it is not yet accepted that is binance has a separate domain exchange for US.
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February 17, 2021, 06:16:07 PM
 #14


* What is the negative effects using crypto as currency?


For the Elites and people in control, the entire concept of cryptocurrency eradicates the control system that the government through the banks have on us the citizens. They are now faced and on the verge of loosing the control they have over our financial life because they can not keep track of transactions made in cryptocurrency, hence they need to fight this new innovation through bans and policies.

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February 17, 2021, 06:39:14 PM
 #15

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
The public reasons depend on the country, but the main concern of all countries restricting bitcoin usage is about weaking their national currencies and consequently the local economies.
In Nigeria for an example, politicians fear that bitcoin weaks their fiat more than it already is.

Bitcoin has made the Naira almost useless, says Nigerian Senator

* What is the negative effects using crypto as currency?
Transactions which can take a long time to be completed if you don't pay expensive fees is the main negative side of bitcoin and crypto currency in general in my opinion.

* what harm does bitcoin contributes a country that can lead to ban?
Nothing justifies a bitcoin ban. Bitcoin can't harm a country which is already harmed by a weak economy and corrupt public agents. It only benefits a country's citizens on their individuality, by increasing their purchasing power for real, protecting their patrimony against corrosive inflation.

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February 17, 2021, 06:53:18 PM
 #16

I dont believe that rich people want to ban cryptocurrency,
Read the paragraph of the text repeatedly so that you may comprehend the full gist of the content, because I did say that rich people want to ban cryptocurrency, the point is that based on rich people adventuring into cryptocurrency that should be one of the major reasons while some countries government is attacking cryptocurrency, because government is now seeing Bitcoin from my perspective as a source of shifting money or saving money without the awareness of banks, so banks is oppressing cryptocurrency with the directives of government.

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February 17, 2021, 07:59:42 PM
 #17

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
They don't understand it. The main thing that they've heard about bitcoin is that it's used for illegal transactions, that's all they know about bitcoin transactions and they're close minded to it and won't change any impression after that.

* What is the negative effects using crypto as currency?
I guess this time is the fee.

* what harm does bitcoin contributes a country that can lead to ban?
Maybe the same impression about illegal transactions.

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February 17, 2021, 08:27:21 PM
 #18

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
They don't understand it. The main thing that they've heard about bitcoin is that it's used for illegal transactions, that's all they know about bitcoin transactions and they're close minded to it and won't change any impression after that.

* What is the negative effects using crypto as currency?
I guess this time is the fee.

* what harm does bitcoin contributes a country that can lead to ban?
Maybe the same impression about illegal transactions.
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.

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February 18, 2021, 08:09:28 AM
 #19

-snip-
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.
Yes, that's what I've said about illegal transactions. And that includes fraud transactions, we cannot help it if they don't want to understand the underlying concepts about bitcoin or just the basic knowledge and understanding about it.

Although we should also give credit to where it is due for those countries that have good governance towards bitcoin. And in fact, they have considered making good and favorable policy for it.

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February 18, 2021, 08:32:23 AM
 #20

no its not the rich peoples fault on why cryptos are now hot in the eyes of the government because even before rich people came , the governments are already after on crypto and there was a proof to that if you search for countries that banned cryptos and when it was started  . dont tell me that we dont want adoption and price increase ? rich people can supply that because they have more power than us regular individuals . there is no harm in using a crypto but idk if what is the real reason why government bans them  . they are the ones that can answer these question accurately
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