Why won't the US government give up?

[Amphenomenon]

Is over a decade now and US government has not given up on their pursuit to control bitcoin, just read an article about Sam Altman being dissappointed against the US government desire to control bitcoin and about him being against CBDC Here. Am surprised to see US government is also planning to create their own digital currency, I thought they where smarter than this, for them to be thinking that CBDC will fight against Bitcoin is funny.

Question

• what is the reason why countries are still going for CBDC when they speak of regulating bitcoin?
• Why do the US government give up their pursuit to control bitcoin after over a decade because bitcoin is Decentralise and no one can have total control over it so won't they just give up on their pursuit?

[1714890582]

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[1714890582]

1714890582

[BitcoinsGreat]

• what is the reason why countries are still going for CBDC when they speak of regulating bitcoin?

The government failed to control the popularity of Bitcoin and cryptocurrencies and in order for them to stay in the game, they would most probably issue CBDC, a digital product equivalent to paper money, while having full control over its supply just like the fiat money.

• Why do the US government give up their pursuit to control bitcoin after over a decade because bitcoin is Decentralise and no one can have total control over it so won't they just give up on their pursuit?

They won't give up as they never will want bitcoin to become a global currency and US dollar to lose its value. They will do whatever they can, to stop Bitcoin and stop its acceptance as a currency,

[Upgrade00]

what is the reason why countries are still going for CBDC when they speak of regulating bitcoin?

They can influence people to use it plus it gives them more control over how people interact with the financial institution.
Countrues can use incentives to encourage their citizens to use it, or make it compulsory for some services that are vital.

Why do the US government give up their pursuit to control bitcoin after over a decade because bitcoin is Decentralise and no one can have total control over it so won't they just give up on their pursuit?

Bitcoin is decentralized but can be indirectly controlled if we use it through centralized platforms
The more people who use custodian wallets to store their bitcoins the more indirect control they give governments over it.

[Bananington]

Well, it isn't as it seems because if the government wants to ban BTC it would. They have however come to know the worth of it and the fact that it is gaining value against the dollar makes it one to either control or regulate. In the end the regulators will win but I don't think it would hold much weight as to when it becomes more used and an investment friendly option for users.
The issues of ftx crash, luno saga , Binance and kraken lawsuit still tastes sour on the government lips and as such it must endeavor to do all it can to prevent a further recurrence of such an event.

[serjent05]

Question

• what is the reason why countries are still going for CBDC when they speak of regulating bitcoin?

It is quite simple, they can't control Bitcoin so they will look for an alternative to lessen the influence of Bitcoin and the government see that creating CBDC may get majority of Bitcoin users and have a change of heart.  It is also possible that the government sees that blockchain tech is good and wanted to try it out through CBDC even though CBDC can be not a blockchain tech.

• Why do the US government give up their pursuit to control bitcoin after over a decade because bitcoin is Decentralise and no one can have total control over it so won't they just give up on their pursuit?

The US government wanted to exercise its power so it wouldn't easily give up on their pursuit to control bitcoin.  Since they found controlling the Bitcoin network impossible, they instead wanted to control bitcoin that flows in centralized services by setting up regulations and limitations to these centralized services.

[hatshepsut93]

1. They aren't really trying to control Bitcoin, whatever that means. If they did, you'd see a lot more efforts to control developers, control exchanges, control the flow of money between banks and Bitcoin ecosystem and so on. None of this is happening on a large scale, amercians have no problem with buying/selling or using Bitcoin.

2. Nearly every government in the world talks about CBDC, because its a trendy thing and makes them look all high tech and progressive. But it's just talk, there's no signs that they are actually planning to implement it on a wide scale.

[DabsPoorVersion]

Question

• what is the reason why countries are still going for CBDC when they speak of regulating bitcoin?
• Why do the US government give up their pursuit to control bitcoin after over a decade because bitcoin is Decentralise and no one can have total control over it so won't they just give up on their pursuit?

The government can't control Bitcoin as they were unable to identify who owns it. If this is the case, whatever plan they have to make Bitcoin keep on their control, it will never be possible. What they came up is to create their own digital money as we are in the digital era. They go for CBDC to improve the mode of payment and make it efficient for everyone while making payment.

As I have said above, no one can identify who owns/created it. They are unable to take control of something that owns by an anonymous person/group. Aside from that, they have a different goal, their aim is to keep up on the digital era and make their own digital money that is equivalent to their fiat money.

[philipma1957]

Is over a decade now and US government has not given up on their pursuit to control bitcoin, just read an article about Sam Altman being dissappointed against the US government desire to control bitcoin and about him being against CBDC Here. Am surprised to see US government is also planning to create their own digital currency, I thought they where smarter than this, for them to be thinking that CBDC will fight against Bitcoin is funny.

Question

• what is the reason why countries are still going for CBDC when they speak of regulating bitcoin?
• Why do the US government give up their pursuit to control bitcoin after over a decade because bitcoin is Decentralise and no one can have total control over it so won't they just give up on their pursuit?

My position is they founded bitcoin core to get the world introduced to the blockchain. The next step is do CBDC and then make blockchains not legal unless they are cbdc.

Finally they will zero out all cash and throughout the world debts will be cancelled.

You know the story. Alan pays Bob the 10 he owes him. Bob pays Charlie the ten he owes him and Charlie pays Alan the 10 he owes him. As simple as A B C


I give the above conspiracy theory as least a 20% shot of being true.

[SamReomo]

It's important to know that Bitcoin is a huge threat to the traditional banking system but the governments are the supporters of the traditional banking system because that's how a system works. They want to have complete power over all the citizens of a their region and that's why they really don't want a payment system like Bitcoin that's totally free from the game of centralization.

The Bitcoin can't be controlled by any governments but they'll always try to control it in the form of regulation. The CBDCs were introduced as a combat force to suppress Bitcoin only and the governments will support CBDCs a lot in order to suppress the growth of Bitcoin, but I'm quite sure that instead of suppressing it they will promote it.

The CBDCs work as a part of the crypto-market and the king of the market is Bitcoin. The more people adopt the CBDCs the more people will learn about Bitcoin and they will also start adopting it. The Bitcoin will grow in value no matter how many competitors the governments put against it. In the end the king will be victorious.

[mk4]

Because they actually have the incentive to try to control it? They simply just have so much control through the US Dollar that even the slightest chance of BTC overtaking it is enough incentive for them to try to gain control over it.

[Blitzboy]

Can governments control what they dont know?

Its no wonder the US and others want to control Bitcoin and other decentralized systems. Their business is regulation and oversight. They do that. They cant control Bitcoin, but they can regulate its use. Thinking taxes, limits, laws, etc.


CBDCs are the government's "If you cant beat them, join them!" Their goal is to build a digital brand, not combat Bitcoin. They want in on the trend. Will it work? Thats uncertain. Its funny to watch major companies struggle with current tech as they catch up.

To answer your question on why the US government wont give up on Bitcoin: They believe its preferable to maintain some control, even a little.

[MusaMohamed]

Am surprised to see US government is also planning to create their own digital currency, I thought they where smarter than this, for them to be thinking that CBDC will fight against Bitcoin is funny.

They create their CBDC, the USA government, as well as other governments globally and their CBDCs are under developments and testings, don't aim at control or beat Bitcoin and cryptocurrencies with their CBDCs.

They use CBDCs to help their monetary issuance and governance more easily with less resources required from human to physical infrastructures. They will reduce a lot of cost by using less resources to cut their operational and governance budget. With CBDCs, they can more easily to track their citizen monetary flows and can get more money from taxation.

Along the way, CBDCs can help them to gain some more citizens to use CBDCs and reduce users in Bitcoin and cryptocurrencies but I believe they don't aim at totally beat cryptocurrencies and I am sure they will not succeed.

[philipma1957]

It's important to know that Bitcoin is a huge threat to the traditional banking system but the governments are the supporters of the traditional banking system because that's how a system works. They want to have complete power over all the citizens of a their region and that's why they really don't want a payment system like Bitcoin that's totally free from the game of centralization.

The Bitcoin can't be controlled by any governments but they'll always try to control it in the form of regulation. The CBDCs were introduced as a combat force to suppress Bitcoin only and the governments will support CBDCs a lot in order to suppress the growth of Bitcoin, but I'm quite sure that instead of suppressing it they will promote it.

The CBDCs work as a part of the crypto-market and the king of the market is Bitcoin. The more people adopt the CBDCs the more people will learn about Bitcoin and they will also start adopting it. The Bitcoin will grow in value no matter how many competitors the governments put against it. In the end the king will be victorious.

They are deliberately tearing down the old banking system in front of our eyes

https://www.investopedia.com/us-national-debt-by-year-7499291

1971   $398   Wage-price controls
1972   $427   Stagflation
1973   $458   Nixon ended gold standard; OPEC oil embargo
1974   $475   Watergate; Nixon resigns; budget process created
1975   $533   Vietnam War ended
1976   $620   Stagflation
1977   $699   Stagflation
1978   $772   Carter budgets and recession
1979   $827   
1980   $908   Fed Chairman Volcker raised fed rate to 20%
1981   $998   Reagan tax cut
1982   $1,142   Reagan increased spending
1983   $1,377   Jobless rate 10.8%
1984   $1,572   Increased defense spending
1985   $1,823   
1986   $2,125   Reagan lowered taxes
1987   $2,350   Market crash
1988   $2,602   Fed raised rates
1989   $2,857   S&L Crisis
1990   $3,233   First Iraq War
1991   $3,665   Recession
1992   $4,065   
1993   $4,411   Omnibus Budget Reconciliation Act
1994   $4,693   Clinton budgets
1995   $4,974   
1996   $5,225   Welfare reform
1997   $5,413   
1998   $5,526   Long-Term Capital Management crisis; recession
1999   $5,656   Glass-Steagall Act repealed
2000   $5,674   Budget surplus
2001   $5,807   9/11 attacks; Economic Growth and Tax Relief Reconciliation Act
2002   $6,228   War on Terror
2003   $6,783   Jobs and Growth Tax Relief Reconciliation Act; second Iraq War
2004   $7,379   Second Iraq War
2005   $7,933   Bankruptcy Act; Hurricane Katrina
2006   $8,507   Bernanke chaired Fed
2007   $9,008   Banks crisis
2008   $10,025   Bank bailouts; quantitative easing (QE)
2009   $11,910   Bailout cost $250 billion; American Recovery and Reinvestment Act (ARRA) added $242 billion
2010   $13,562   ARRA added $400B; payroll tax holiday ended; Obama tax cuts; Affordable Care Act; Simpson-Bowles debt reduction plan
2011   $14,790   Debt crisis, recession, and tax cuts reduced revenue
2012   $16,066   Fiscal cliff
2013   $16,738   Sequester; government shutdown
2014   $17,824   QE ended; debt ceiling crisis
2015   $18,151   Oil prices fell
2016   $19,573   Brexit
2017   $20,245   Congress raised the debt ceiling
2018   $21,516   Trump tax cuts
2019   $22,719   Trade wars
2020   $26,945   COVID-19 and recession
2021   $28,428   COVID-19 and American Rescue Plan Act
2022   $30,928   Inflation Reduction Act


in 1971 Nixon killed off gold standard just see the debt spiral out of control since then

[jrrsparkles]

Question

• what is the reason why countries are still going for CBDC when they speak of regulating bitcoin?
• Why do the US government give up their pursuit to control bitcoin after over a decade because bitcoin is Decentralise and no one can have total control over it so won't they just give up on their pursuit?

You are talking about the US, even China failed to control the adoption of Bitcoin in their country even when they said its banned x number of times so US probably understood that its not possible to ban Bitcoin no matter what so they turned the other way which is regulating/taxing with that they can generate revue from the crypto users and if they really impose unfair tax rates and strict surveillance for crypto-related platform then it will discourage the new people from entering into the space.

Why did they develop CBDC even though they already regulated bitcoin?

They want to convince people that Bitcoin is not permanent and it may go to zero but CBDC is completely backed by the government dollar.

[bittraffic]

While its true government is up to control BTC, I would really take the word from SBF being disappointed to governments action. He works with Gensler the whole time yet now he is acting like he is a victim.

Its not surprising to see government wanting BTC to be doomed and win back the control for if they don't have the control of money they couldn't not carry out law and order. 

[DapanasFruit]

There is no incentive for the government to stop fighting Bitcoin so people who are in power especially the SEC and same agencies are putting many roadblocks with the aim of controlling something that is actually already unstoppable and uncontrollable. Now, with the coming approval of ETFs, am not sure how the government will be using them to further its own interest of being an anti-crypto entity. For as long as we don't have people who are crypto-friendly at the helm of these related agencies then we can never expect some comfort and support from them. But then good luck to the government for making a losing fight...in the end the people will prevail.

[mindrust]

This is like asking “Why don’t the US government disband?” The government’s purpose is to control money and the people. Even if they can’t achieve it right now, it doesn’t mean they will give up. They are getting paid to do this stuff. You don’t like the US gov? Then fight back. Stop paying taxes. Be warned though, they won’t respect your decision. They will hurt your for this. They even caught McAffee in Spain for the same reason.

[adaseb]

The fact that they listed Coinbase on the stock market and we have a Bitcoin etf and futures is proof that they don’t want to ban it. They want it to be regulated and it’s where many are having an issue. Nobody wants too much regulation.

If it wasn’t for FTX then we would have so much bad press. However the government needs to take action so there isn’t another FTX event. Many lost their life savings and if the government did nothing then they would seem irresponsible. Hence why they are tough on crypto lately.

[GeorgeJohn]

At initial I have not seen country that  embrace bitcoin since 2009 bitcoin has been introduced and secondly, I really understand in cryptocurrency is that generally government is against of their existence because of they taught that bitcoin have to do with embezzlement of funds and other fraudulent acts, what Government wanted is anything centralized and when you say decentralized government is not in support of decentralized currency, assuming top ten (10) countries accepted bitcoin as a legal tender by now bitcoin would have been reached hundred thousand.

[yhiaali3]

The US government will not give up its quest to control Bitcoin easily, and even after a decade they will not give up. US policy towards its enemies is far-reaching (it resembles the Cold War).

Even if Bitcoin is decentralized, the United States seeks to control it by controlling central exchanges and all other crypto services through strict regulatory restrictions and KYC and AML policies. Central bank digital currencies (CBDC) are also another way in the US's quest to control Bitcoin.

This battle can be summarized as the will of the people (Bitcoin, decentralization, and privacy) versus the will of governments (centralization and absolute control). Do not expect it to end soon, so let us wait and see the result.