What would you do if you wanted to stop Bitcoin?

[nextgencoin]

Ok I know to some what I'm saying is 'Conspiracy' but I say to them stop watching the mainstream media and wake up to the real world.

https://www.youtube.com/watch?v=6O8vM0-6EEE


So it seems to me Bitcoin if and when it develops and grows WILL be a threat to the Western banking system, its a fact. So if you think the West won't do whatever they need to do to stop it or neutralize it then you're wrong.



The question is we should think seriously how we would try to stop Bitcoin so we can predict what the Western governments will do to stop it. My first one is simple, they will first do their best to create fear and misinformation about it. (where we are today). I think at some point they might make illegal anyone who accepts it but this will bring too much attention to the why they would even do that....I don't rule it out however. They will try to create a government backed cryptocurrency that has a backdoor that allows them to increase the supply.

What would you do if you wanted to stop Bitcoin?

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[NeuroticFish]

I would buy slowly huge amounts of BTC then dump them to make the price fall.
Then do that again.
And again..

..until 90% of the people here will give up.


Yeah, it would cost some money. But banks' smallest problem.

[lucky88888]

they will find a way to centralise bitcoin. then control it. no need to fight it, just use brains.

[albert11]

Trying to stop bitcoin is pointless as people will use other cyptocurrencies, there are already over 500 different ones http://coinmarketcap.com/all/views/all/

So they will have to ban cryptocurrencies as a whole and in this case they will have a hard time to get people using their illegal cryptocurrency.

Banning cryptocurrencies will not stop people from using it and if government wanted to ban cryptocurrencies they would have done so long time ago, now it is almost impossible to ban it without a kinda revolution, there is too much money at stake

[nextgencoin]

I would buy slowly huge amounts of BTC then dump them to make the price fall.
Then do that again.
And again..

..until 90% of the people here will give up.


Yeah, it would cost some money. But banks' smallest problem.

problem is it hits the symptoms not the cause. I would say government dumping of conficated Bitcoin is already trying to do this, but its life pushing a beachball under water it will only pop back up. I guess those in power could simply buy most Bitcoin and buy holding they become the new power rich. But I think banks want to be able to create inflation, simply being the richest isn't enough. But it could become a default and last resort that they simply  decide if you cant beat them join them. But I think they would want to be creating some kind of Bitcoin deriverative that they control.

[nextgencoin]

Trying to stop bitcoin is pointless as people will use other cyptocurrencies, there are already over 500 different ones http://coinmarketcap.com/all/views/all/

So they will have to ban cryptocurrencies as a whole and in this case they will have a hard time to get people using their illegal cryptocurrency.

Banning cryptocurrencies will not stop people from using it and if government wanted to ban cryptocurrencies they would have done so long time ago, now it is almost impossible to ban it without a kinda revolution, there is too much money at stake

I think one way to destroy Bitcoin is to create too many cryptocurencies, it kind of undermines the concept in the eyes of the mainstream I think.

[NeuroticFish]

I would buy slowly huge amounts of BTC then dump them to make the price fall.
Then do that again.
And again..

..until 90% of the people here will give up.


Yeah, it would cost some money. But banks' smallest problem.

problem is it hits the symptoms not the cause. I would say government dumping of conficated Bitcoin is already trying to do this, but its life pushing a beachball under water it will only pop back up. I guess those in power could simply buy most Bitcoin and buy holding they become the new power rich. But I think banks want to be able to create inflation, simply being the richest isn't enough. But it could become a default and last resort that they simply  decide if you cant beat them join them. But I think they would want to be creating some kind of Bitcoin deriverative that they control.

As long as bitcoin value price is on decreasing trend, people are in fear. And fear makes adoption .. not really happen.
If people will not trust bitcoin, but they like the technology, the banks may make their own regulated, centralized, safe, "backed up with their money" currencies.
This would be the second step.

[albert11]

Trying to stop bitcoin is pointless as people will use other cyptocurrencies, there are already over 500 different ones http://coinmarketcap.com/all/views/all/

So they will have to ban cryptocurrencies as a whole and in this case they will have a hard time to get people using their illegal cryptocurrency.

Banning cryptocurrencies will not stop people from using it and if government wanted to ban cryptocurrencies they would have done so long time ago, now it is almost impossible to ban it without a kinda revolution, there is too much money at stake

I think one way to destroy Bitcoin is to create too many cryptocurencies, it kind of undermines the concept in the eyes of the mainstream I think.

not sure about that,people usually only heard about bitcoin and merchants are only accepting one crypto or 2 at most, so if you are not into trading i doubt you will hear about all of these.

my point is that satoshi gave us an alternative to the fiat system and this can't be destroyed, if government bans cryptocurrencies they will be traded underground on the tor network

there is a distinction between stopping bitcoin and preventing it to reach mass adoption

[nextgencoin]

I would buy slowly huge amounts of BTC then dump them to make the price fall.
Then do that again.
And again..

..until 90% of the people here will give up.


Yeah, it would cost some money. But banks' smallest problem.

problem is it hits the symptoms not the cause. I would say government dumping of conficated Bitcoin is already trying to do this, but its life pushing a beachball under water it will only pop back up. I guess those in power could simply buy most Bitcoin and buy holding they become the new power rich. But I think banks want to be able to create inflation, simply being the richest isn't enough. But it could become a default and last resort that they simply  decide if you cant beat them join them. But I think they would want to be creating some kind of Bitcoin deriverative that they control.

As long as bitcoin value price is on decreasing trend, people are in fear. And fear makes adoption .. not really happen.
If people will not trust bitcoin, but they like the technology, the banks may make their own regulated, centralized, safe, "backed up with their money" currencies.
This would be the second step.

I would argue thats simply not possible however many times we are all told the Price of Bitcoin has tanked I won't believe it. Look at a logarithmic chart of Bitcoin, after such a massive rise all it has done has paused slightly. Once bitten by Bitcoin do you personally think you can leave it alone completely?

[NeuroticFish]

I would argue thats simply not possible however many times we are all told the Price of Bitcoin has tanked I won't believe it. Look at a logarithmic chart of Bitcoin, after such a massive rise all it has done has paused slightly. Once bitten by Bitcoin do you personally think you can leave it alone completely?

How many of us are actually "bitten by Bitcoin"? 100000? 500000? That's too small number to actually count for the banks.

[nextgencoin]

I would argue thats simply not possible however many times we are all told the Price of Bitcoin has tanked I won't believe it. Look at a logarithmic chart of Bitcoin, after such a massive rise all it has done has paused slightly. Once bitten by Bitcoin do you personally think you can leave it alone completely?

How many of us are actually "bitten by Bitcoin"? 100000? 500000? That's too small number to actually count for the banks.

I agree, which is I believe the only reason Western governments are leaving us alone so far. But clearly as tech gets more user friendly and people send some bitcoin or a cureency collapse etc uptake will progress. Even at a snails pace we are progressing into the mainstream I believe. Look at how many companies are taking them we wouldn't dream would 2 years ago. Look at the CNN special about to be aired on Bitcoin. Its not going away.

[amaclin]

What would you do if you wanted to stop Bitcoin?

Nothing.
Just not use it.
This is more than enough to stop this ponzi.

[feryjhie]

Trying to stop bitcoin is pointless as people will use other cyptocurrencies, there are already over 500 different ones http://coinmarketcap.com/all/views/all/

So they will have to ban cryptocurrencies as a whole and in this case they will have a hard time to get people using their illegal cryptocurrency.

Banning cryptocurrencies will not stop people from using it and if government wanted to ban cryptocurrencies they would have done so long time ago, now it is almost impossible to ban it without a kinda revolution, there is too much money at stake

I think one way to destroy Bitcoin is to create too many cryptocurencies, it kind of undermines the concept in the eyes of the mainstream I think.

I thinks this is still not make bitcoin stop because the price of the cryptocurrency is based on bitcoin price

[MJK]

If they want to stop it or severely limit its use they will just make it illegal to use or accept as payment or at the very least restrict its use with legislation and restrictions etc. Simple as that. I'm not sure if it'll ever grow to be a threat but it could become a alternative means but I guess we'll just have to wait and see.

[nextgencoin]

If they want to stop it or severely limit its use they will just make it illegal to use or accept as payment or at the very least restrict its use with legislation and restrictions etc. Simple as that. I'm not sure if it'll ever grow to be a threat but it could become a alternative means but I guess we'll just have to wait and see.

It reaks of desperation on the establishment's part. I mean if you ban Bitcoin you got to have an actual reason otherwise people are going to protest, scream and shout if suddenly it becomes illegal. It will start the mainstream asking questions why?


I guess the reason I'm asking this question is for the community to think like they think and predict what kind of attacks Bitcoin will face.

[Madness]

If they wanted to stop it , they would've do that ages ago . Because now .. well now it's just too late to do that . They had to stop it once Satoshi Nakamoto launched it but I guess they didn't see it as threat back then .
As I said for now they can't do anything , one Country can for sure simply ban the Digital currency but it's expanding so fast and even if one Ban it , the others won't . so It's unstoppable .

~ Madness

[ranochigo]

Bitcoin cannot be stopped, if it had to be closed, you would have to bomb the entire internet and cut off internet access everywhere. Even so, people can still find a solution to transmit transactions.

[HCLivess]

Of course it can be stopped.
I would infiltrate the foundation and change the code at my will.

[nextgencoin]

If they wanted to stop it , they would've do that ages ago . Because now .. well now it's just too late to do that . They had to stop it once Satoshi Nakamoto launched it but I guess they didn't see it as threat back then .
As I said for now they can't do anything , one Country can for sure simply ban the Digital currency but it's expanding so fast and even if one Ban it , the others won't . so It's unstoppable .

~ Madness

That won't stop them trying I believe.

But is it bypassable? I wonder if Bitcoins biggest threat will simply be the ignorance of the mainstream who won't know the difference between Bitcoin and a Government sponsored Crypto.

[Madness]

If they wanted to stop it , they would've do that ages ago . Because now .. well now it's just too late to do that . They had to stop it once Satoshi Nakamoto launched it but I guess they didn't see it as threat back then .
As I said for now they can't do anything , one Country can for sure simply ban the Digital currency but it's expanding so fast and even if one Ban it , the others won't . so It's unstoppable .

~ Madness

That won't stop them trying I believe.

But is it bypassable? I wonder if Bitcoins biggest threat will simply be the ignorance of the mainstream who won't know the difference between Bitcoin and a Government sponsored Crypto.

They can try of course but they will never success . as I said one country , two , three maybe .. but all of them is simply impossible . Countries those days can simply not agree on the same things .
You got a point tho , people ignorance may make them switch to goverment sponsored Crypto and that's a problem . because this defeats the whole purpose of Digital currencies which is "being annonymus" and I wonder who will use such a thing

~ Madness