The Authorities Are Not Smart Enough to Do This

[Questat]

It is very unfortunate that the government treated Bitcoin as the reason for increasing illegal activities - scams and fraud. I'd see they are finding ways to prevent the issues but making crypto a huge contributor to this is somewhat not really good. They instead help the community to understand how scam and fraud works in order not to fall into it rather than making crypto an excuse. But for sure, it was not the reason why they are against crypto, their greed seems to be making it as they can no longer make money if people are only using Bitcoin. They will still fail in the end.

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[RioBlemz]

You cannot fix fiat currency and no government in the world has the capability to do such. I say this respectfully. Every technology was built to be improve on and it is the imperfection in it that creates innovation. Computers have evolved over time and also look there is a big difference between Iphone 5 is different from Iphone 12. What I am saying is that the Idea about Fiat has not been revisited and improved on. What The Central Banks does is that they just bring more policies and regulates their currency. Even in Stable economies inflation is still a problem this is because we are not paying attention to production with the need to manage human excesses.

Your second point is valid because persecution create resolve and build community. Is the fight against Bitcoin that also lead to the spread of BTC. On the issue of ignoring Bitcoin my take is that Bitcoin can no longer be ignored. It has grown beyond boarders and as long as people still buy into it, it will remain forever valuable. I believe I said something

[Dunamisx]

It is very unfortunate that the government treated Bitcoin as the reason for increasing illegal activities - scams and fraud.

I always frowned at seing this when the governments are making a repeated retereition on it that bitcoin is used to perpetrate scam, what about fiat the grandfather of scam, but because all of them in governments has the right to make use of fiat and control the financial authorities and regulations under this which also covers all their own financial scams, they wouldn't kicked against fiat or refer to it financial scam accusations since they are the masterminds, but why bitcoin, when the target is for the poor and masses, they are indirectly fighting us and not bitcoin because they don't want us to have financial freedom.

[wiss19]

In the second approach, by simply ignoring Bitcoin or avoiding direct confrontation through over-regulation or restriction of its use, Bitcoin would just remain in a corner and not emerge as a significant threat to the financial systems.

I don't see how that would work. Their aim is to stop people from using Bitcoin since Bitcoin provides people the opportunity to be their own bank and keep their wealth with themselves instead of giving it to them in traditional financial institutions like banks, and if they simply ignore Bitcoin, don't ban it or put any sort of regulations, they know that the people within their countries will be free to use it however they want and that is what they don't want happen.

So, I don't think they are this dumb to not have thought of such a thing but they know this isn't going to work and in the long run, people will start getting attracted more towards Bitcoin than traditional currencies not only because of the existing problems of the financial systems but because of it's volatility which provides people the opportunity to grow their wealth.

[Silberman]

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it. In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin. I say this with utmost certainty because, in my country Nigeria, one of the major reasons why we are ranked among the top 10 countries in the world with the highest rate of crypto adoption is because of the instability of our national currency, high inflation rate, poor and deteriorating economic conditions, and lack of transparency in the financial systems leading to distrust in traditional financial institutions. If they can fix these shortcomings in traditional financial systems, Bitcoin will be less appealing to us. I know this is not exclusive to my country only.

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“It is not a bug, that is a feature.”

The economy is working as intended, we often talk about how high inflation is bad for the people, but you know who benefits? The government of course, they get to spend all of that recently printed money and buy whatever they want with money they just created out of thin air, if a person does that then they call it counterfeiting, but if they do it then this is called monetary policy, so what government will give up the right to print as much money as they want? None, which is why they attack bitcoin instead.

[taufik123]

I always frowned at seing this when the governments are making a repeated retereition on it that bitcoin is used to perpetrate scam, what about fiat the grandfather of scam, but because all of them in governments has the right to make use of fiat and control the financial authorities and regulations under this which also covers all their own financial scams, they wouldn't kicked against fiat or refer to it financial scam accusations since they are the masterminds, but why bitcoin, when the target is for the poor and masses, they are indirectly fighting us and not bitcoin because they don't want us to have financial freedom.

There will be no financial freedom as long as it is still faced with the government, they want to have full control over the finances we have.
One of the real financial freedoms is with Bitcoin or crypto, which is not controlled by anyone, including the government.

Looking at the facts that have happened so far, financial freedom has always been taken away by the government.
They want to have complete control, otherwise they will fight back and say that anything that provides financial freedom without a government role is illegal and will be banned.
Like Bitcoin, which is the same as Fiat, but the treatment is certainly different.

Bitcoin does have a high volatility risk compared to Fiat.
Bitcoin is decentralized, has a limited amount, while fiat can be printed any amount and is fully controlled by the government.

[Mauser]

In the second approach, by simply ignoring Bitcoin or avoiding direct confrontation through over-regulation or restriction of its use, Bitcoin would just remain in a corner and not emerge as a significant threat to the financial systems. For instance, the authorities in my country, through the Central Bank, placed a ban on Bitcoin transactions and ordered the banks to freeze the accounts of individuals transacting business with Bitcoin. Did this stop Bitcoin adoption and increase? No way.

But I doubt that the authorities are smart enough to do this. Please leave a comment.

Ignoring something never sounds like the what politicians would do. At least in my country the government would rather spend a few millions, creating a dozen working groups to overregulate a topic that should be better left alone. I think that it’s the fear politicians have, when the voters realise the country would also function and work well without all those regulations. Instead of doing nothing the government would always do much more than is necessary, only to seem important and to show how hard they are working. Regulations to a certain extent are fine, but once you limit your citizens too much, they will find other ways to solve their issues outside of the law. That is also why bans are not going to work forever. Some people might follow the rules of the government and not engage in crypto currencies anymore, but the black-market will grow over time, especially if the value of bitcoin and other crpyto coins is increasing.

[AmoreJaz]

It is very unfortunate that the government treated Bitcoin as the reason for increasing illegal activities - scams and fraud. I'd see they are finding ways to prevent the issues but making crypto a huge contributor to this is somewhat not really good. They instead help the community to understand how scam and fraud works in order not to fall into it rather than making crypto an excuse. But for sure, it was not the reason why they are against crypto, their greed seems to be making it as they can no longer make money if people are only using Bitcoin. They will still fail in the end.

in time, people will understand more about bitcoin and crypto market in general. even if the government is saying negative towards this market, they can't stop people from learning what is the truth behind this technology. do remember, almost everything can be found or asked now over the internet.
in my opinion, the better route is to educate its people and leave the decision for them on how they will manage their funds.

[philipma1957]

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it. In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin. I say this with utmost certainty because, in my country Nigeria, one of the major reasons why we are ranked among the top 10 countries in the world with the highest rate of crypto adoption is because of the instability of our national currency, high inflation rate, poor and deteriorating economic conditions, and lack of transparency in the financial systems leading to distrust in traditional financial institutions. If they can fix these shortcomings in traditional financial systems, Bitcoin will be less appealing to us. I know this is not exclusive to my country only.

In the second approach, by simply ignoring Bitcoin or avoiding direct confrontation through over-regulation or restriction of its use, Bitcoin would just remain in a corner and not emerge as a significant threat to the financial systems. For instance, the authorities in my country, through the Central Bank, placed a ban on Bitcoin transactions and ordered the banks to freeze the accounts of individuals transacting business with Bitcoin. Did this stop Bitcoin adoption and increase? No way.

But I doubt that the authorities are smart enough to do this. Please leave a comment.

most governments work on might makes right.

Oh they can wrap it with fancy words. My Country USA 🇺🇸 plays the role of freedom fighter for the world’s oppressed countries. Who the fuck believes that any more.
So smart is not the correct word but I am searching for a better way to say it.

I will post back later. If I can word it better.

[Mr.right85]

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it. In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin. I say this with utmost certainty because, in my country Nigeria, one of the major reasons why we are ranked among the top 10 countries in the world with the highest rate of crypto adoption is because of the instability of our national currency, high inflation rate, poor and deteriorating economic conditions, and lack of transparency in the financial systems leading to distrust in traditional financial institutions. If they can fix these shortcomings in traditional financial systems, Bitcoin will be less appealing to us. I know this is not exclusive to my country only.

While I might be in on your second option, I’m not so sure the first one isa case here.

I don’t think the issues with traditional currency being lack of transparency with financial institutions and inflation is much of the issues here to have lead to more and more crypto adoption.

I think cryptocurrency adoption has been about having an alternative to traditional means of finance, the privacy it provides, the ease of having to send funds across time and space in an instant, less fee and having little need to worry about the government. This is just but a few but yeah, it goes far beyond those reason as stated in the first instance.

Talking about Nigeria, I agree that the government have failed its people and you have everyone looking out for a means to survive, some of those means are found in Bitcoin but yeah, it’s by far means to transact and survive in a nation where majority of the population are below the middle class and not employed.