Can They Find A Way to Do It To Bitcoin?

[Newchanka]

I mean what they're doing to exchanges....


Edit: Thanks for your contributions. Can some mining experts explain to us how centralized or decentralized Bitcoin mining is? We know that the big miners control most of the mining power? if the big players can be identified in the top 5 countries and their governments collaborate, can BTC survive?

cc: o_e_l_e_o, Notatether, nc50lc, ImThour

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[Oshosondy]

Bitcoin would have been controlled if government can, but as of today, you can still use noncustodial wallet and decentralized exchanges. Bitcoin still remain to be censorship resistant and decentralized. Satoshi tried his best to make bitcoin an asset and a commodity, just like gold in digital form.

Centralized exchanges are centralized and licensed and they have nothing they can do than to face more regulations.

[Ojima-ojo]

I mean what they're doing to exchanges....

Bitcoin network cant be controlled and for the government to ban bitcoin then alot of things like tge internet will go down with it and that is something the wolrd can not attempt to undergo right now since this development holds the foundation of the globalized economy and many government institutions and agencies relies on this development to operate adequate and this is something we have to understand deeply.


Bitcoin services such as excahges who are centralized can be seized and ban at anytime but bitcoin as ling as there is an internet connection and a device to hold the wallet it can be operated regardless of what the government stance are on this matter.

[Dr.Bitcoin_Strange]

Can They Find A Way to Do It To Bitcoin?
I mean what they're doing to exchanges....

The answer is no! Bitcoin is not centralized, which means it is not controlled by anyone, not even the founder of Bitcoin. The SEC can only disturb and attack centralized platforms dealing with Bitcoin and other crypto transactions. They can possibly fight against Bitcoin through platforms used for Bitcoin transactions, both centralized and DEX, which can slow down the adoption of Bitcoin in countries where those restrictions are serious, especially if people buying Bitcoin in such countries can only acquire it through one medium, which is a centralized physical or online exchange.

All these are the reasons why some experienced forum users discourage the use of centralized exchanges and also any platform that requires you to pass KYC, because if you buy your Bitcoin through KYC platforms, there is every possibility that any investigation agency can get your details from those exchanges and can investigate you and cease your Bitcoin (but that's if the situation gets to that extent). So, it's wise and very advisable to use a decentralized exchange to buy and sell your bitcoin, so that there is no way your identity can be exposed.

[Zaguru12]

The question will have been who will the later for suing like that if binance be sent too. Bitcoin doesn’t have any central representatives that the government can use to regulate. Part of this brilliant idea was why satoshi actually did want his identity revealed. The only thing the government can do to directly affect bitcoin aside regulating exchanges will be to ban it’s mining and even if this happen people will migrate to a favourable environment or country. So it is entirely had to attack or regulate bitcoin directly

[Nwada001]

I mean what they're doing to exchanges....

No, they won't be able to do it; they have access to the centralized exchanges because those exchanges have a legal license, a name, someone managing them, and a physical office. So what they do is attack those associated with those exchanges and the exchange as an entity as well. But Bitcoin doesn't have any of this, so they won't know where to start from. They can only control a few Bitcoin holders, sanction them, and seize their holdings, but they can't harm Bitcoin directly; they can't file a law suit against Bitcoin; they can't arrest Bitcoin; and they can't freeze Bitcoin transactions. So the answer is no; they can't do the same with Bitcoin.

[Onset]

To some extent, they can. It’d work against people who don’t care much about what Bitcoin can do but about how much its price is. But to people who truly care about what Bitcoin can do, BTC is pretty much invincible.

They can’t fully destroy it. I will continue using BTC even if only a handful will. To me it’ll always be value and it can’t really be stopped but rather slowed down. The exciting part is that I’m not the only one who thinks like this, which proves my point.

It’s not like shoes. You wear them out and replace them. Bitcoin’s more like a plague/epidemic. You can’t fully wipe it out no matter how much you try.

[BitDane]

Government can control centralize exchanges because centralized exchanges needs license from the government to operate.  It is the term centralized that enable the government to control them because there is a central body that the government can go after.  Unlike in Bitcoin where the very nature is decentralization, the government action of controlling the Bitcoin network is futile.  They cannot control the network because it has no central authority.  Meaning if the government wanted to stop Bitcoin or control Bitcoin, they need to control all the miners, nodes, and community and we all know that it is impossible.

[SatoPrincess]

Bitcoin is decentralized and cannot be controlled by a person or entity and as Satoshi Nakamoto remains anonymous there is nothing the government can do to destroy bitcoin directly. They can only resort to using the media to paint bitcoin in a bad image as a currency used by criminals, more recently we have seen government attack bitcoin indirectly by sanctioning various exchanges. Since they can’t touch bitcoin directly, I believe “ the powers that be” are trying to make it difficult for people to buy bitcoins.

[Baofeng]

I mean what they're doing to exchanges....

No, if they think that they can stop it, going to be hard, China once try to do it, with all the exchanges the Chinese exchanges in 2018, so what they did? just left Mainland China and established themselves somewhere else. And then China attack the Chinese bitcoin mining industry, and yet several countries took over and many companies established themselves to carry the torch.

So no one can stop Bitcoin at this point, it's too big to fail and many entities including government like El Salvador see it as beneficial to them. So it's going to be cyclical, there might countries who will go hardline against BTC, nevertheless on the others side of the fulcrum, there will be groups who are going to embrace it.

[batang_bitcoin]

Nope. They'll be able to stop people on their jurisdiction and geographical location but they'll never be able to control and sue Bitcoin. Who are they gonna sue just as what they're doing to exchanges? Satoshi Nakamoto? The miners? The traders? Us? Well, they can just make laws out of it based on what they prefer but on the other side of the world, they can't control people that have been using Bitcoin, trading and holding it.
Whilst it is here to stay and the network is secured and they can't do something about it. Even if they fund to attack it, that will be useless, worthless and just a waste of money if they do so. The point is totally pointless if they ever try to do that with Bitcoin and I think, they all understand it.

[hatshepsut93]

Exchanges can be easily regulated or shutdown because they are large centralized entities tied to the banking system. Obviously the same won't work with Bitcoin, but the attack on exchanges will do a lot of harm, because that's were most of the market is.

But the network itself could also be attacked by convincing or pressuring miners and community to switch to an alternative version. The old Bitcoin in this scenario would still exist, but will be very small and weak, so a poor store of value and currency,

[sheenshane]

I mean what they're doing to exchanges....

Because centralized exchanges act as intermediaries between the decentralized crypto world and the regulated traditional financial system.
Since exchange also accepts traditional financial systems which means they are bound to regulate their system and by regulating exchanges, governments aim to strike a balance between protecting consumers and maintaining the integrity of the financial system while allowing the benefits of cryptocurrencies to flourish.

Yes, Bitcoin is decentralized but it's hard if you will mixed it up with the decentralized world and the centralized one which is in the most well-known exchange platforms.  No one regulates you if you will use purely decentralized, then use a decentralized exchange on decentralized crypto.

[Wiwo]

Bitcoin is decentralized and cannot be controlled by a person or entity and as Satoshi Nakamoto remains anonymous there is nothing the government can do to destroy Bitcoin directly. They can only resort to using the media to paint Bitcoin in a bad image as a currency used by criminals, more recently we have seen the government attack Bitcoin indirectly by sanctioning various exchanges. Since they can’t touch bitcoin directly, I believe “ the powers that be” are trying to make it difficult for people to buy Bitcoins.

At the moment, the government have lost its legitimacy in the eyes of the people so at that, no matter what their campaign of columns is it can not distract us from investing our time and resource into Bitcoin, since Bitcoin offers us the best form of. Alternative to the fiat traditional financial system which is highly controlled by the government and the central bank there agents.

But with Bitcoin, one becomes a del custodian of your finances, which is out of all control In the hands of the holder.

[BenCodie]

I mean what they're doing to exchanges....

No. Centralized exchanges are controlled by a central entity...therefore they can be sued and held liable for misconduct. They can also act outside of their purpose, which is considered misconduct when it violates securities law/market regulations.

Bitcoin on the other hand is decentralized. It does not act outside of its intended purpose, it is governed by hundreds/thousands (or more) interests, and does not have one central point that is able to be taken down or fined. The only way Bitcoin can be hindered is if government block traffic to nodes within that specific country, even if so would not be effective as there are always ways to work around this kind of limitation.

[Outhue]

Bitcoin would have been under the control of the government if...

1. Satoshi Nakamoto's real identity is known.

2. If all the exchanges in crypto space are all centralized exchanges.

3. If all available crypto wallets are closed-source and centralized.

The most beautiful thing about Satoshi Nakamoto is he used a time machine and travel into the future, kidding, he knew what he created the best.

He knew that the government won't like Bitcoin and they will like to control it.

[GreatArkansas]

If they can do it on Bitcoin for sure they already did it long before.
Their targets now are these decentralized exchanges only where they can take advantage as they know that they are the government and they have the rules.
But what they are doing on these centralized exchanges now are also got an effect on Bitcoin as you can see on prices, but for me, people must not panic and if they panic, they can just withdraw all their Bitcoins off the exchanges and store it to their personall Bitcoin wallets.

[Adbitco]

I mean what they're doing to exchanges....

No matter how hard they try bitcoin has come to stay only exchanges that would be affected and that does not mean bitcoin trading won't exist anymore.
If Bitcoin were to be controlled by Government i wonder what would had been the result by today, the reason why bitcoin defeated Government was as a result of its decentralized nature where no could find the creator.

As a trader do not entrust your funds into any centralized exchange because of the attack from Government and SEC at this point is very risky, its best advisable to pull your funds to a self costudian wallet.

[salad daging]

I mean what they're doing to exchanges....

The exchange will always be controlled by the government as they have the license and also the regulation so this will be subject to the central local government so the exchange will not do much except it will be a lot now as recently happened with some other centralized exchanges.
But to do it to Bitcoin I don't think it will be able to, bitcoin will still remain anonymous because some of them don't store assets on exchanges so this will be safe from the snares of the government who always try to destroy it, and the best advice from many people is to keep assets in personal wallet then you will not have any problems later.

[palle11]

This stuff is not new in the history of the existence of bitcoin or the exchange. Centralized exchange will keep having a continuous adjustment because it is the government that license them and also regulate them. They are like under the government and the worse that an exchange would do is to relocate out from the particular country if they can't bear the rules of operation anymore. This has happened around 2017 in China but bitcoin is still existing. So talking regards to bitcoin, it would have been easy for the government if they can sue satoshi like they did to CZ. Bitcoin is the community project and it bears no ownership. No need for panic because it is not a new occurrence.