Rich people causes cryptocurrency ban

[DarkDays]

the past story if the issue of crypto is used for criminal matters can be used as one of the factors for the government to ban bitcoin and besides that in my opinion there are special factors for the government why it prohibits the rich in a country but the government does not publish this, so the ban is impressed secret.

The reasons to ban Crypto-currency in different countries can be of different reasons, countries that has been using crypto-currency for years now resolved in placing a ban to it, the reasons are not far from a present findings, I will not speak very much of other countries but Nigeria was as a vengeance from the government on the youth and government rivalries than is it to prevent crypto-currency underworld activities.

The reasons may seem different but the underlying truth tends to be the same. Governments want to seize some authority over this decentralised resource and they find it more and more difficult to achieve that control. People in themselves make the matter worse by agreeing to what the media feeds them, they, themselves not really knowing what cryptocurrency is.

It feels to me that it is an exploitation many don't see because they're too ignorant to understand/learn, while others in power take advantage of their ignorance to keep them in the same self-isolated circle- an economy with a majority not minority!

[Wipeout2097]

There are many reasons but one conceivable reason why a few nations boycott Bitcoin is that they think that its a risk to the central bank and its a medium to evoke exercises. Individuals ought to halt utilizing it as money intead they ought to treat it like a metal resource like gold absolutely for speculation and store of esteem. Bitcoin can’t hurt anybody, it depends on how somebody will use this kind of innovation.

[molsewid]

Well, in my opinion, I think it is about ignorance. What the government don't fully know or understand, they will perceive it as a threat. That is already at play for many years now, even if you have noticed that Bitcoin is lately becoming the talk of the town. It was the talk of the town many years ago then it declined, but with the rise of many more cryptocurrencies, there is no stopping Bitcoin and cryptocurrency as a whole now.

By reading OPs thread title, i was thinking if does these rich people do causes a cryptocurrency ban? So far what i have know was one of the reason that causes cryptocurrency to ban was the mere fact that the government are seeing this blockchain technology as a threat to the economic growth of their country which is for now was made as speculation and no evidences that proven about the statement. But one thing for sire that was made bitcoin now as a good crypto was the fact that some other countries already seen yhe great opportunity that a bitcoin could offer

[GeorgeJohn]

Any one can say anything base on what you understand and what you saw in your domain because right my research concerning all these also pointing at political leaders who is trying to condemned the images of cryptocurrency especially bitcoin, so Rich people is really our problems we have into cryptocurrency, so no point for argument because it has become obvious people that so called rich people are against cryptocurrency.

[1083ivangod]

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.

There is no clean money, no matter how hard they try to launder it. As a rule, official words are needed only to mislead, to say one thing, but to do something completely different ...

[GeorgeJohn]

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.

There is no clean money, no matter how hard they try to launder it. As a rule, official words are needed only to mislead, to say one thing, but to do something completely different ...

At these point we are not saying that Bitcoin is a dirty money or  is a dirty source of getting money, what we are our really concerned of, is the people after Bitcoin, because right now many people is turning up into Bitcoin transaction and network but they are still set of people castigating Bitcoin not to elevate or accelerate, the only thing I found out is that Bitcoin increments does not depends on rich people,and them don't power to bring Bitcoin down.

[finaleshot2016]

Is it the wealthy who are the problem, or the government, which refuses to acknowledge cryptocurrency, deeming it a threat to the economy? So I doubt that the wealthy are behind this because it's another way for them to make money; they have a big head start and can make a lot of money. The government, on the other hand, needs wealthy people to pay taxes on a regular basis because they are wealthy, have a lot of money, or own a company.

According to many articles I've read, the government is always the first to oppose cryptocurrency because they are the only ones who will not benefit to this. People are wondering why the government refuses to invest in bitcoin.

Very simple.

The government prioritizes tangible assets such as gold because, in the circumstance that anything catastrophic occurs in our digital world, gold will still exist, whereas the government is unsure whether this crypto will survive in the period ahead.

[kopijos]

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?

Rich people are not the main cause of bitcoin ban, I think there are other factors that cause bitcoin ban. nowadays if we think rich people are also using bitcoin and get profit from bitcoin, so this is just an issue that is not fundamental. the government in each country is one of the main factors regarding the ban or approval of bitcoin.

[TedMosby]

If I may ask what is the major reason while some countries ruling class ban bitcoin transaction?
they can't track it properly, so they can't put taxes on it.

What is the negative effects using crypto as currency?
no rollback, once it leaving your wallet, it's gone, unless you have an agreement with the recipient.
volatility is not a problem anymore because we have stablecoin now.

what harm does bitcoin contributes a country that can lead to ban?
money laundering activity, massive illegal activity that involves bitcoin, etc.
(bitcoin mining power consumption issue soon).

[Vishnu.Reang]

Any one can say anything base on what you understand and what you saw in your domain because right my research concerning all these also pointing at political leaders who is trying to condemned the images of cryptocurrency especially bitcoin, so Rich people is really our problems we have into cryptocurrency, so no point for argument because it has become obvious people that so called rich people are against cryptocurrency.

It is not surprising that the rich are against cryptocurrency. They are more comfortable with other assets such as stocks and real estate, because they can manipulate these sectors through insider trading and other methods. But with a decentralized asset such as Bitcoin, this is not possible. The billionaires (apart from a very few) have missed the boat with Bitcoin investment and that explains their hatred towards this innovation.

[rosebrand]

It's obvious that crypto does more good to a country there is actually little or no negative effect, it's just so bad that bank and government sees crypto as a treat, banks are afraid of crypto taking away their customers because crypto services seems to be more preferred and even save users some stress there get from banks services while government dislikes crypto because there can't get full control of it and also find It difficult on laying taxes on crypto users not only that most rich people in government are just too jealous when there see the young ones making it big from crypto, their crave to be superior makes them hates crypto because it can't make anybody rich within a certain period of time.

[DarkDays]

The rich people understand crypto but not the government that is why they come in here, put their money at risk, and boom. The Government is just milking us (can't deny that) by collecting our taxes. They come to oppose rich people to go into crypto, coz they know that they can no longer ask them to pay huge taxes if they were already there.

This makes the government hated Bitcoin and they find a way to stop it, banning, and arresting people who use Bitcoin. They blame Bitcoin as the reason for increasing illegalities which I believe it was not. Because what they want is to stop people using this and come back to fiat where are in control with.

When there's opportunities, rich people will always be there. Knowing that with enough money it will be easy for them
to take part and take the shot to make some good profits.

Well, that has always been the drill. Those with money can make more money because they are not so risk adverse as the people who have little to spend.

In the otherside, government always  seek for money, they won't allow anyone to be freely earned without having cut
out from taxes, the very reason why cryptocurrencies are being strict to the point of banning it.

Governments can deterministically and in the long-term have a ban on the use of cryptocurrencies. This will cripple their economy and after the pandemic, a slow moving economy is  the last thing they want. Plus, with more organisations likely entering the crypto space governments will have a very difficult time putting in place such a drastic measure.

[buwaytress]

Is it the wealthy who are the problem, or the government, which refuses to acknowledge cryptocurrency, deeming it a threat to the economy? So I doubt that the wealthy are behind this because it's another way for them to make money; they have a big head start and can make a lot of money. The government, on the other hand, needs wealthy people to pay taxes on a regular basis because they are wealthy, have a lot of money, or own a company.

I'm not generally one to feed the conspiracy theories but the government, in general, in most places in the world, is put in place as a system and structure by and for the elites -- the wealthy, the powerful, the privileged, less so for and by the people.

I disagree that blaming the wealthy alone is the problem, since most of us subscribe and empower the structures propping up the elite anyway, knowingly or unknowingly.

But they are certainly at fault for setting the world on its current path. Bitcoin is a divergence from that path.

[Ridwan Fauzi]

First of all, they will not use another currency especially crypto currency as mean of payment that legal in their country. Because, they will think that the utilzation of their money fiat will be divided in two, and may seem disrespectful of the money fiat that they have made through a lot of processing.

Other than that, using money fiat is more easy than using crypto currency. When using crypto currency you have to find a merchant that accept crypto currency as mean of payment. Also, the fee transaction is already high as well especially for bitcoin. Comparing to money fiat they only spend the money that they need without fee transaction.

[TheUltraElite]

the government in each country is one of the main factors regarding the ban or approval of bitcoin.

Mostly, not all governments are lenient and liberal to allow different modes of transactions like that. You have to blame the normal human nature for this.

Rich people can though influence the government and they are doing it with a pro-bitcoin sentiment, this much I have seen in many countries where bitcoin or its usage is a grey area. This is only an anecdotal evidence that these rich families are also accumulating bitcoin and they are bullish on it.

Take this as a good or bad sign, new money into the market is a good thing for the short term. Remember that the bigger bag holders also get to manipulate the market for short periods too. Even then there are people who will help correct the movement.

[sapnu]

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?

Just by considering the fact that cryptocurrency are decentralized currency, we can already claim that the government wouldn't tolerate the use and legalization of it. Indeed, rich people are the one that has the capability to make crypto gain attention from the government as they continuously keep on investing on it. Aside from the fact that crypto is gaining much attention right now, another reason could be because of the illegal transaction being made with the use of it. Each transaction can be made anonymous which entertains illegal dealers to use it as a mode of payment which can be detrimental for the country. I can't see any threat posed by bitcoin which may cause it to get banned, only if people would start choosing crypto over fiat cause the government wouldn't be making any money out of us anymore.

[Alucard1]

A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.

[Expecto]

I don't give a chance for the reason being rich people. And banning Bitcoin also has no benefit for governments. Regulation comes into play here. If they regulate Bitcoin, they will be able to impose a tax on it. And they will be in profit also.

The reason behind wanting to ban Bitcoin could be its totally different system than fiat and trying to prevent people from using it. It is decentralized in the end. And they will want people to use their digital currency (which they will develop in time) more than Bitcoin or any other cryptocurrencies.

[tbterryboy]

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.

From what I have learnt their main reasons that they ban Bitcoin is because of money laundering and also because they believe it is being used in sponsoring terrorism. I don’t believe that the government can completely ban Bitcoin, although there are some areas they can tackle, just like the mining companies, but banning Bitcoin and stopping people from making use of it wouldn’t be that easy because of peer to peer exchanges which are so many these days.

I think it’s even best if the government allows the use of Bitcoin and not ban it, because that means that a lot of people will be using centralized exchanges, and these centralized exchanges can help the government in keeping an eye on all these transactions.

[oHnK]

A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.

Rich people who buy Bitcoin is a normal thing because they think how to benefit themselves, but if the government in a country does not accept Bitcoin and legalize it. It is a complex thing because almost all countries are currently implementing a capitalist economic system, so anything must be controlled and  centralized.  On this basis, the government can easily control the inflation that occurs.  This is opposed by the concept of Bitcoin, so it will be understandable because of the fundamental difference in government thinking because money as a transaction tool shows the sovereignty of the nation.