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Author Topic: Do you think that government can stop Bitcoin?  (Read 247 times)
Marvelockg
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May 02, 2024, 09:30:27 AM
 #21

Their is something I confide on me toward the existence of cryptocurrency and government, so do you think that government can make Bitcoin not be functioning, or do you think that politics of a particular country can obstruct the existence of Bitcoin, because their one particular things I know that can not make Bitcoin to stop because it's a safe independent coin, when looking at Bitcoin government can only make a control of Bitcoin in their country to restrict Bitcoin but can not stop the existence of Bitcoin. I don't know for any body in your country can government stop Bitcoin?
whatever rules and regulations that the government has, they have limitations and can mostly excecise thier powers in Thier jurisdiction. We can't say that the government can just decide to stop Bitcoin and that's just it, they can set laws that makes it deficult for users or Bitcoin to transact efficiently and we've seen instances like this with cases where some government stoping binance from carrying out thier operation in Thier region and although within some short space of time it did affected crypto users, it didn't take long before an alternative was sorted out for and it's now a thing of the past.

The whole crypto ecosystem is a sort of pseudo decentralized system that can exist independent of whatever policy the government is trying to set out and the only thing they can in most cases set out policies that will affect is mere exchanges and not the whole crypto ecosystem itself.

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May 02, 2024, 09:51:00 AM
 #22

Their is something I confide on me toward the existence of cryptocurrency and government, so do you think that government can make Bitcoin not be functioning, or do you think that politics of a particular country can obstruct the existence of Bitcoin, because their one particular things I know that can not make Bitcoin to stop because it's a safe independent coin, when looking at Bitcoin government can only make a control of Bitcoin in their country to restrict Bitcoin but can not stop the existence of Bitcoin. I don't know for any body in your country can government stop Bitcoin?
Government can't stop bitcoin from existing,  if it was possible for them to stop bitcoin from functioning  by now I don't think we will still have it till this time. Though they tried their best to end Bitcoin but they couldn't because bitcoin is a decentralized currency and its network is one that can't be tampered with. After they tried to bring down bitcoin but didn't succeed they placed restrictions on bitcoin just to frustate people from getting and using bitcoin,  but with all these it couldn't stop people from using bitcoin.

The government can't shutdown bitcoin and since it is impossible for them to do this that means their is nothing they can do trying to put bitcoin off from existing. Atleast before now there were countries that bitcoin was banned but now same countries bitcoin has become legal and widely use by people.

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May 02, 2024, 03:34:37 PM
 #23


The government can't shutdown bitcoin and since it is impossible for them to do this that means their is nothing they can do trying to put bitcoin off from existing. Atleast before now there were countries that bitcoin was banned but now same countries bitcoin has become legal and widely use by people.


A large government could obtain enough servers to achieve over 50% of the hashrate, and take over Bitcoin and do whatever it wanted with it, including effectively shutting it down if it wanted to (although such a government would probably just corrupt it in certain ways e.g. add their own blocks and take out other ones).

It's naive to use words like "can't" when it comes to governments who possess trillions of dollars and nuclear weapons Smiley.




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May 04, 2024, 05:46:41 PM
 #24


It used to be so before the Chinese mining ban that came in 2021. These days majority of the hashing power comes from United States (40%), china has only half of that. Also if one pool would have 51% of the hashpower, it would make no sense to use all those millions in mining for one double spend and get kicked out of the network, and cause bitcoin price to drop because of panic, when they could just keep mining cash in by selling those mined bitcoins.

Real problem is that regulations could cause these incentives (bitcoins) to become a less popular and lower the overal acceptance and liquidity.


Got it. My point was that it was theoretically possible for a nation-state actor to gain control of Bitcoin if they really wanted to.

As for the network double-spending, I don't think they would do it that way:they would simply invent transactions to their own blocks or something. If you controlled the nodes, you control everything, and the majority of the hashing power dictates what is reality and what is considered "wrong".

As for the motive? It would be one hell of a hostage standoff Smiley. A country holding $1.5 trillion in wealth hostage could conceivably extract major concessions e.g. control of Taiwan.
Majority of the hashpower only does that in theory. In reality no one would just accept that when it was obvious hostal takeover.

All cexes would halt their trading. And this 51% attact couldn't sustain for a long time before counter measures were in place. That chain government controlled would have zero value, because no one would trade those bitcoins. Rest of the users would stick with the prior version before the hostile takeover, because no one sane would support the obvious government intervention chain.

And while you are talking in theory, cost for that hostile takeover would be insane. Not only the cost of the power, but all the miner rigs too.

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May 04, 2024, 06:12:06 PM
 #25

As we have discussed this in the past I firmly believe that government cannot stop or control Bitcoin since it's decentralised but the government can control people by applying so many restrictions and it complicated for people to use Bitcoin again let me be clear they cannot stop but make it difficult to use and this will remain same they will never be able to stop Bitcoin and even people will figure out some or the other way to use Bitcoin.









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May 04, 2024, 06:25:09 PM
 #26

Majority of the hashpower only does that in theory. In reality no one would just accept that when it was obvious hostal takeover.


First of all, how would anybody know it was a "hostile takeover"?

Second, the software accepts a new server, not individual people. (If it was individual people, China could get at them in other ways).

You don't really have a choice to "accept" anything on the Bitcoin network, it just.. is.

Quote
All cexes would halt their trading.


They would halt their trading in what would be a gigantic run on the market because of a panic? I'd like to see them try Smiley.

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And this 51% attact couldn't sustain for a long time before counter measures were in place. That chain government controlled would have zero value, because no one would trade those bitcoins. Rest of the users would stick with the prior version before the hostile takeover, because no one sane would support the obvious government intervention chain.


China would be holding Bitcoin hostage, so nobody would be ready to declare their holdings "zero value". The average holder of Bitcoin would just want their Bitcoin to be okay. If that meant siding with China, that's what they would do.


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And while you are talking in theory, cost for that hostile takeover would be insane. Not only the cost of the power, but all the miner rigs too.

1.5 trillion dollars is an insane amount of money. China already has, in the past, controlled over 50% of the hashrate. They could again.






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May 04, 2024, 11:05:59 PM
 #27

Actually governments are so many powerful in their own counties. I means if they want,. They won't let the people using Bitcoin then they can! I mean they cant stop anyone cause there are lots of source and facilities so get connected with Bitcoin as well as use it. Even vpn is also common thing to bypass but imagine, your government Just ban all of these major exchanges and websites, then what will you do? Then you need to go low quality exchange or low quality website and always you have a risk during transaction or buying or selling cryptocurrency. But yeah, still you can!

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May 05, 2024, 11:11:09 PM
 #28

We discussed a lot only topic before. Many governments already ban Bitcoin in their country and Gave many restriction so that people can't buy. But how can they stop this decentralized altcoins? Haven't you seen that Bitcoin is getting more higher than before? Days by days bitcoin Getting spread among worldwide. So it isn't possible for any government to stop Bitcoin. Maybe govt can for their country but not possible to stop using it

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May 06, 2024, 10:25:52 AM
 #29

Their is something I confide on me toward the existence of cryptocurrency and government, so do you think that government can make Bitcoin not be functioning, or do you think that politics of a particular country can obstruct the existence of Bitcoin, because their one particular things I know that can not make Bitcoin to stop because it's a safe independent coin, when looking at Bitcoin government can only make a control of Bitcoin in their country to restrict Bitcoin but can not stop the existence of Bitcoin. I don't know for any body in your country can government stop Bitcoin?

The government can't ban Bitcoin. However, they don't have the power to stop the existence of cryptocurrency, the only power the government has is to stop their citizens from operating anything related to cryptocurrency, but they lack the power to prevent Bitcoin from existing. Many countries have stopped their citizens from using Bitcoin, and even those that hold it don't seem to be comfortable because their governments make it illegal.

I come from a country where the government did not allow the use of cryptocurrency, our government has announced many times to arrest everyone who is holding anything related to cryptocurrency in the country and nothing seems possible, whenever they announce such things the citizens use it more than before because we are from country where the government did not care about us, they don't know how we are surviving, so if they ban bitcoin and anything related to cryptocurrency the youths are going to suffer a lot. In my country they have banned many exchanges, so we shouldn't get access to it. The only thing the government may control is people, not Bitcoin.

R


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May 06, 2024, 04:09:03 PM
 #30

It's also worth noting that while a major government like the US couldn't outright stop Bitcoin by legislative action, they could certainly tank the price of Bitcoin down to 2012 levels.

Today, virtually all Bitcoin is held in centralized databases today, e.g. brokers and apps. All of those are companies that must necessarily respond to government laws and regulations.

So yeah, maybe in that scenario a few hard-cores would still hold Bitcoin, but 98% of Bitcoin holders, and thus almost all of its market value, would be eliminated if a major government decided to come after Bitcoin.






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May 14, 2024, 06:23:23 PM
 #31

Their is something I confide on me toward the existence of cryptocurrency and government, so do you think that government can make Bitcoin not be functioning, or do you think that politics of a particular country can obstruct the existence of Bitcoin, because their one particular things I know that can not make Bitcoin to stop because it's a safe independent coin, when looking at Bitcoin government can only make a control of Bitcoin in their country to restrict Bitcoin but can not stop the existence of Bitcoin. I don't know for any body in your country can government stop Bitcoin?
To stop Bitcoin the governments of all countries in the world must simultaneously impose strict regulations to stop the use of Bitcoin and even direct execution of anyone found in its existence. Otherwise, there is no way to dissolve the existence of Bitcoin. For example in my country cryptocurrency is banned and illegal in my country but if you make a survey that will show that 75% of youth in the country are involved with Bitcoin. And it goes without saying that people no longer like to carry money in their pockets. So later Bitcoin or Cryptocurrency will rule.

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May 15, 2024, 03:00:06 AM
 #32

Government can stop Bitcoin no matter how they tried but it's very funny and I keep wondering what they really want to do that Bitcoin keeps disturbing them like a nightmare, they don't want to hear or do anything with Bitcoin even if it serve in helping some individuals in a beneficial way yet they don't like it and they are really fight a lot to stop Bitcoin, they don't want it to exist again, that is why they are even creating laws just to make sure Bitcoin stops existing but we as the individuals won't allow that to happen, no matter how they tried, we will always look for our way out.

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May 15, 2024, 03:18:54 AM
 #33

Government can stop Bitcoin no matter how they tried but it's very funny and I keep wondering what they really want to do that Bitcoin keeps disturbing them like a nightmare, they don't want to hear or do anything with Bitcoin even if it serve in helping some individuals in a beneficial way yet they don't like it and they are really fight a lot to stop Bitcoin, they don't want it to exist again, that is why they are even creating laws just to make sure Bitcoin stops existing but we as the individuals won't allow that to happen, no matter how they tried, we will always look for our way out.

The reason why the US or some other large government hasn't stopped Bitcoin is because they don't want to. There's no reason to. Any large government could take over 50% of the hashrate and do whatever they wanted with Bitcoin if they felt like it.

Bitcoin is legal in almost every country in the world, even in China for the most part. I'll ask the same question of this post I ask of every post that asserts that "the government is out to get Bitcoin": what country are you from that is making Bitcoin illegal? I know there are a few out the 450 countries in the world, but it sure seems like a lot of people here are convinced their government outlaws Bitcoin even though it's pretty likely they don't.

(I continue to be amazed at how badly people need to feel like they are "defying the government" or something by investing in Bitcoin).


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atookz
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May 15, 2024, 04:41:56 AM
 #34

Their is something I confide on me toward the existence of cryptocurrency and government, so do you think that government can make Bitcoin not be functioning, or do you think that politics of a particular country can obstruct the existence of Bitcoin, because their one particular things I know that can not make Bitcoin to stop because it's a safe independent coin, when looking at Bitcoin government can only make a control of Bitcoin in their country to restrict Bitcoin but can not stop the existence of Bitcoin. I don't know for any body in your country can government stop Bitcoin?
The government cannot stop bitcoin completely because bitcoin is a decentralized peer-to-peer network. So there is no institution or person who controls bitcoin. But governments can stop bitcoin in their countries, by regulation. If the government makes regulations that reject bitcoin or crypto in their country then bitcoin or crypto cannot be used there, or at least it will be very difficult to access and may have to do it secretly.

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May 15, 2024, 07:45:22 AM
 #35


The government cannot stop bitcoin completely because bitcoin is a decentralized peer-to-peer network. So there is no institution or person who controls bitcoin. But governments can stop bitcoin in their countries, by regulation. If the government makes regulations that reject bitcoin or crypto in their country then bitcoin or crypto cannot be used there, or at least it will be very difficult to access and may have to do it secretly.


A larger government like the US or China could easily claim over 50% of the hashrate can thus control Bitcoin. This would take an unthinkable amount of money and resources for an individual or terrorist group, but for a major country it would be no problem.

Short of that, since most holders of Bitcoin don't hold their actual private keys, and they instead use a broker, and since these brokers are ordinary centralized companies, then a government could effectively outlaw Bitcoin for almost all of its current users (and thus drop the price of Bitcoin by about 99% while they were at it).

This idea that Bitcoin is "government proof" is a myth.


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May 15, 2024, 05:43:23 PM
 #36

Bitcoin has been around for so many years, so many countries has been against it, banning it, being called scam, ponzi scheme and many more.
But it is still with us, doesn't that answer the question already? or it isn't enough proof for others to believe in it?



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May 15, 2024, 06:20:39 PM
Last edit: May 16, 2024, 03:17:11 AM by legiteum
 #37

Bitcoin has been around for so many years, so many countries has been against it, banning it, being called scam, ponzi scheme and many more.
But it is still with us, doesn't that answer the question already? or it isn't enough proof for others to believe in it?

Bitcoin is legal to hold and trade in almost every country in the world, including China.

If any major country like the US actually made it illegal, the price of Bitcoin would probably drop by 90%.

There are no major governments even remotely threatening to ban Bitcoin. Spreading this kind of misinformation about Bitcoin makes it a less attractive investment for mainstream investors, so please stop that.





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May 16, 2024, 03:03:43 AM
 #38

Their is something I confide on me toward the existence of cryptocurrency and government, so do you think that government can make Bitcoin not be functioning, or do you think that politics of a particular country can obstruct the existence of Bitcoin, because their one particular things I know that can not make Bitcoin to stop because it's a safe independent coin, when looking at Bitcoin government can only make a control of Bitcoin in their country to restrict Bitcoin but can not stop the existence of Bitcoin. I don't know for any body in your country can government stop Bitcoin?
Government has limits when it comes to bitcoin because bitcoin is transacted in a blockchain through nodes, that is to say that government cannot stop bitcoin, but they can place restriction on bitcoin.
Government in other hand has serious effects on bitcoin because their regulation can affect the transaction of bitcoin in a particular country and thereby reducing and preventing people from taking part in activities that relates to bitcoin through bank regulations and other exchange mediums that can be tracked by any government enforcement agencies. government plays a very pivotal role in the activities of every country and they have serious impact in so many things that concern the citizens.

finally, government cannot stop bitcoin because they do not even know the source, and there is no country that have the activities of bitcoin installed in their constitution therefore they will find it very difficult to pass laws that will stop the existence of bitcoin.

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May 16, 2024, 07:56:26 AM
 #39

Their is something I confide on me toward the existence of cryptocurrency and government, so do you think that government can make Bitcoin not be functioning
They have no means of stopping the Bitcoin network but through shutting down the entire world's internet. But are they capable of that? maybe but unlikely.

do you think that politics of a particular country can obstruct the existence of Bitcoin, because their one particular things I know that can not make Bitcoin to stop because it's a safe independent coin
You're right, they can't stop but they can stop businesses that are more focused to Bitcoin and other cryptocurrencies by implementing policies that will strengthen their strictness and compliance to their regulations. We see this already from exchanges, the enterprises that are connected to crypto or mainly into the crypto business, they can do something with them.

when looking at Bitcoin government can only make a control of Bitcoin in their country to restrict Bitcoin but can not stop the existence of Bitcoin. I don't know for any body in your country can government stop Bitcoin?
Wrong, they have no control over Bitcoin even with their own country's. But as I have said, they have control to the users of BTC but not entirely with Bitcoin and that's different from what you're saying and I agree that they cannot stop the existence of BTC.

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May 16, 2024, 07:59:28 AM
 #40

No country's government is capable of shutting down Bitcoin. But the government of a country can stop the public use of Bitcoin in that country and punish the user. I know of countries where any kind of crypto usage is strictly prohibited and crypto usage is illegal. If someone uses crypto and the administration comes to know about it, he is punished. Crypto mining is prohibited in those countries as well as crypto use. I found in a report in Bangladesh, some students of a university in Bangladesh came to know about bitcoin mining and they started mining bitcoin in their residential hotel, at one point when the issue of mining reached the ears of the administration, the administration arrested the miners and gave them 2 years of imprisonment. So if a country's government can't stop Bitcoin, it can ban Bitcoin usage

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