Can Governments Stop Bitcoin
interesting article that is well worth the read.
it sort of begs the question: “can government/fiat/ central bank currency compete with bitcoin?”
if the us is indeed a capitalist country and the market should be able to decide, then why is the government afraid to let the people decide which currency they prefer? or better yet why are some people afraid of the very possibility that there is a better currency and a better economic system? which one is more democratic, fair, honest, immutable, tamper proof, the best one for “the people”?
a discussion worth having
Can Governments Stop Bitcoin?
Only if all the world governments act against it together, which would never happen. If only one government keeps it legal, all the crypto business flows there. Cha-ching!
Short answer; Yes they can.
“if the us is indeed a capitalist country and the market should be able to decide, then why is the government afraid to let the people decide which currency they prefer? or better yet why are some people afraid of the very possibility that there is a better currency and a better economic system? which one is more democratic, fair, honest, immutable, tamper proof, the best one for “the people”?”
Sort of answered your own question. We are NOT a capitalist country that is governed by markets or even by rule of law anymore. We are a country that is ruled by a central elite that manipulate markets and laws to their own ends.
Closer to what you might consider a neo-feudal system. The second bitcoin, or anything else threatens the death grip they have on this system it will be smashed to a bloody pulp.
IMO the only reason they let it go this far is because they see some benefit in aiding the transition from physical money to a purely digital currency. When we do get a digital currency it wont be a decentralized money ‘of the people’ it will be a fully centralized, fully controlled, tracible, digital fiat that they can turn on and off.
It might be that they co-opt Bitcoin itself [ and dont think they cant do it ], or they will destroy it and replace it with their own. Right now they are studying bitcoin and trying to figure out how [ or if ] it could be worked into their model.
wow mr brushog both guns blazing and shooting assertions left and right.
got any data to back up anything you said? did you read the article? no didn’t think so.
ftr the federal reserve does not have to study btc to understand digital currency 98% of federal reserve notes are digital. btc has been around for 12 years it is pretty simple and does not need further study.
btc is among the top 5 currencies in the world. people are speaking
Its not the technology that needs study but how it behaves in real use. How people use it [ whether they use it and in what way ]. They may know how bitcoin is put together but they dont know how human beings will react to it.
Its more a study of human behavior than the technology of bitcoin. The reality is they can crash bitcoin to nothing anytime they want;
Print a a few billion FRNs, buy up bitcoin, wait a few months and dump them. Circulate endless stories of bitcoin “crashing”, highlight people who lost big, open up an investigation…etc…etc. If bitcoin exists, its because they WANT it to exist. No other reason.
PS just a heads up, there is nothing you ever do on your computer or phone that is in any way, shape or form “private”. There are back door keys built into every device and everything you do is accessible, probably downloaded by microsoft with every new update.
Straw man argument. The Resetters have no interest in “stopping bitcoin.”
The Resetters just need to make sure very few within their sphere of influence can use it as an escape hatch. And they do this by punishing anyone they catch using it with severe criminal penalties.
Trying to figure out the mechanism doesn’t take much brainpower. Its utterly non-technical. Very 20th century. Just take “drug laws” + “counterfeiting laws” = anti-bitcoin laws.
Possession of anything crypto = “conspiracy to commit counterfeiting” = years in prison. If you have one of those wallets = conspiracy. If they trace bitcoin packets to your home = conspiracy. If you fail to report your bitcoin to tax authorites = tax fraud. If you have a miner = counterfeiting.
Violation of any of these hypothetical laws will involve years in prison. Most people will decide not to play.
That’s if they want to make it difficult for their own people to use it as an escape hatch.
The sole question we have to ask is, is it in their interest to do so? Once they do, the outcome is quite predictable.
Would you continue to “HODL” if, when caught, you would face 10 years in the Big House? I suspect the answer for most people is “no’.
Bitcoin should work; but the problem I have is that when people start using bitcoin instead of fiat currency at the grocery and hardware store, will the government be happy? What will its likely response be. Being no more than bug on the windshield to the ‘elite’, will they respect me in the morning.
Why do governments want to “stop” bitcoin? They have not put Phillip Morris or Altria out of business. With Covid expenses and the lost taxes, governments need tax revenue. As long as bitcoiners pay their taxes, they will do fine.
When do governments put taxpayers out of business?
Bitcoin is down a bit today, so sellers will have to settle with the government next year.
I suggest that bitcoin will never be used at your local store. It will be used for large transactions between rich guys and big businesses. The will invent bitpennies for the rest of us. And if they do, then bitcoin becomes just any other fiat currency. Maybe that Japanese programmer is Bill Gates. IMO, of course.
This is supposed to be a reply to 2retired. Sorry,