Bitcoin will be banned

[Pablo Cruise]

I am not sure I would call Bitcoin a currency. To me it is ore of an asset class or hedge like gold. I doubt it will be banned since the big boys have bought plenty of it.

The govt, which is getting more like 1984 by the day, will eventually find a way to trace it or tax it so if you made "money" on Bitcoin no one will disappear from our friendly tax collectors.

 

[Fred]

They mysterious origin story of bitcoin, and its unlikely success, further suggest government origins.

 

[meatbag]

They mysterious origin story of bitcoin, and its unlikely success, further suggest government origins.

yeah i got the same impression

 

[Fred]

yeah i got the same impression

Did you see the Microsoft cryptocurrency payment system patent? WO/2020/060606 . It looks like a potential nightmare.

 

[meatbag]

Did you see the Microsoft cryptocurrency payment system patent? WO/2020/060606 . It looks like a potential nightmare.

yes, i think there is some kind of interface between government and corporations

 

[MyUsernameHere]

You cannot ban Bitcoin unless you also ban the Internet and most forms of digital communication, and by that point I think we will have far greater problems.

If all else fails, Bitcoin can even be sent via radio waves:

No Internet, No Problem: How to Send Bitcoin by Amateur Radio – Technology Bitcoin News

Using simplistic technology such as short-wave radio, cryptocurrency transactions can circumvent network censorship imposed through government shutdowns.

news.bitcoin.com

What I'm saying is it will take nothing short of brutal dictatorial tyranny to achieve a 'ban' of Bitcoin. Certainly, in countries like India, they make it harder to buy Bitcoin by shutting down local exchanges and maybe filtering the Internet to deny access to global ones, but people can and do find ways around that.

If you believe that 'government / NWO' are 'promoting' or behind Bitcoin, you don't have a very good perspective. The amount of FUD they have put out over the years is incredible.

Here is a great site collecting all these disparaging articles about Bitcoin (along with how much money you would've made, if you had invested on the day of the article):

Don't Buy Bitcoin They Said

It's pretty clear they want it to fail. It stands in the way of the 'crypto' dollar / Euro, and that's the kind of garbage you need to watch out for.

 

[MrGilbert]

just tell them u lost ur btc in a boating accident

The only cryptocurrency that could work with is Monero...

 

[Fred]

If you believe that 'government / NWO' are 'promoting' or behind Bitcoin, you don't have a very good perspective. The amount of FUD they have put out over the years is incredible.

Here is a great site collecting all these disparaging articles about Bitcoin (along with how much money you would've made, if you had invested on the day of the article):

Don't Buy Bitcoin They Said

It's pretty clear they want it to fail. It stands in the way of the 'crypto' dollar / Euro, and that's the kind of garbage you need to watch out for.

The promoting stories easily match the discouraging stories (which might just be an attempt to lower the price, making it appear more accessible). Just searched bitcoin "news". The first four results were all talking about big names investing in Bitcoin. AND there was a Forbes article entitled "Institutional Support Is Coming To Bitcoin", where they say things like "Local municipalities in the United States are starting to think about putting their city treasury into bitcoin. " So yes, this is very likely a NWO op. If they didn't want to generate interest, they would simply not cover it. MSM can kill any story if it wants to.

 

[S-VV]

No, it won't. I would say there is a 99.5% it won't be.

Why would it be? Gold and silver haven't been banned. They've just been manipulated and regulated. They can already manipulate BTC's value and perception thru the news and exchanges. Why ban that?

If Bitcoin was going to be banned, or destroyed, the time to do that was back in 2009. It's too big now, even though it's a relatively tiny asset class.

If retail investors can't buy or sell it, well, then institutional investors have no one to sell their coins to when the price goes up. It would be pointless if institutions just traded it among themselves.

Here's a visulization of all the world's money. See how tiny all cryptos are in comparison?

All of the World’s Money and Markets in One Visualization

Our most famous visualization, updated for 2020 to show all global debt, wealth, money, and assets in one massive and mind-bending chart.

www.visualcapitalist.com

Go back and listen to Jamie Dimon's words about Bitcoin in 2017, which were not all negative.



And lastly...... what makes you think governments and/or banks didn't have a hand in inventing Bitcoin in the first place?

Yeah, but bitcoin is the antithesis of modern monetary policy: it can not be printed and is inherently deflationary. What I meant by being banned is that the plebes (99%) will not access it, fiat will hyperinflate, and btc will be the store of value for the elite.

 

[MyUsernameHere]

The promoting stories easily match the discouraging stories (which might just be an attempt to lower the price, making it appear more accessible). Just searched bitcoin "news". The first four results were all talking about big names investing in Bitcoin. AND there was a Forbes article entitled "Institutional Support Is Coming To Bitcoin", where they say things like "Local municipalities in the United States are starting to think about putting their city treasury into bitcoin. " So yes, this is very likely a NWO op. If they didn't want to generate interest, they would simply not cover it. MSM can kill any story if it wants to.

Sounds to me like they just don't want to be left without their share of the cake. The tanking dollar is making everyone poop their pants.

I'm going to keep stacking coins while the getting is good. If you're right and it's an 'op' you can still sell for a much larger chunk of fiat before the whole thing bursts. People have already made life changing amounts of money on it.

If you're wrong, you're going to be very sorry and kicking yourself a few years down the line.

Not worth being on the wrong side of that bet, IMO. Certainly sounds like a better proposition than keeping your savings in fiat, rotting away in some bank account and losing value every year.

 

[Aspekt]

I always laugh when I hear being making predictions about crypto being banned, as it's a clear sign they don't understand it at all. The best a nation state can do is shut down exchanges and disallow bank accounts trading for crypto within the borders, but crypto itself is effectively stateless and any country that bans it will end up shooting themselves in the foot while all the other countries get in the game. Even if they arrested a majority of developers someone else can pick up the slack.
The ledger might be transparent but there's plenty of ways to wash coins, monero being one. At the end of the day people can still arrange an in person cash exchange. If there was appetite to treat it as an illegal currency and go nuclear on it, it would have happened years ago. It's been absorbed by the mainstream now, Gary Gensler, the new SEC chair is a crypto native and is teaching class at MIT on blockchain.

 

[meatbag]

I always laugh when I hear being making predictions about crypto being banned, as it's a clear sign they don't understand it at all. The best a nation state can do is shut down exchanges and disallow bank accounts trading for crypto within the borders, but crypto itself is effectively stateless and any country that bans it will end up shooting themselves in the foot while all the other countries get in the game. Even if they arrested a majority of developers someone else can pick up the slack.
The ledger might be transparent but there's plenty of ways to wash coins, monero being one. At the end of the day people can still arrange an in person cash exchange. If there was appetite to treat it as an illegal currency and go nuclear on it, it would have happened years ago. It's been absorbed by the mainstream now, Gary Gensler, the new SEC chair is a crypto native and is teaching class at MIT on blockchain.

blockchain is about surveillance and data collection

 

[Aspekt]

The promoting stories easily match the discouraging stories (which might just be an attempt to lower the price, making it appear more accessible). Just searched bitcoin "news". The first four results were all talking about big names investing in Bitcoin. AND there was a Forbes article entitled "Institutional Support Is Coming To Bitcoin", where they say things like "Local municipalities in the United States are starting to think about putting their city treasury into bitcoin. " So yes, this is very likely a NWO op. If they didn't want to generate interest, they would simply not cover it. MSM can kill any story if it wants to.

No conspiracies needed imo, occam's razer says people like money. And crypto is the best performing asset of the decade, there's no wonder it has a lot of interest. Crypto inherently creates evangelists of its buyers, since the crowd coming in just makes them more money. No doubt plenty of media folks pushing crypto news are keen to see their coin wallets fattened.

 

[meatbag]

Surveillance capitalism - Wikipedia

 

[tankasnowgod]

blockchain is about surveillance and data collection

How is it anymore about this than Wire Transfers, online banking, online purchases, and Credit Card transactions?

Here's Bill Binney talking about how all this type of data has been collected by intelligence agencies since 2001...... 8 years before the genesis block of Bitcoin was mined-



How is an address like 19gQm5iMCJq7YYdN9sXmfSLNa1iXHTh2JH (which I generated with the phrase billiejeanisnotmylover, I don't recommend doing anything with it) more traceable than an account in your all caps strawman like JOHN DOE?

If anything, Bitcoin brings some secret ledgers that the banks have used for decades out into the open.

 

[meatbag]

Bitcoin Was Created By DARPA | From the Trenches World Report

 

[TurboTime]

One bank + the NSA seeing your transfers is a lot more private than the entire world seeing it. That address you generated is doxxed the moment you want to actually use it. That's why "store of value"/"hodl" is the perfect cope for bitcoiners, because bitcoin is unusable. It might not be obvious to the average person who's btc that is and where it's going but to the Amazons, Googles, and Palantirs who have loads of data and processing power, the puzzle pieces come together very easily. And this goes directly against your last point. Bitcoiners often say that "pseudonymity" will work for the average person and in the same breath that big institutions will be brought to heel by the transparency. It's the opposite of course. Monero is the only real cryptocurrency that helps the regular person.

 

[tankasnowgod]

Bitcoin Was Created By DARPA | From the Trenches World Report

I think it's quite likely that big governments and/or big banks were involved in creating Bitcoin. But again....... how is Bitcoin more involved in surveillance and data collection than Wire Transfers, online banking, online purchases, and Credit Card transactions? Banks and major corporations can already collect data and view the vast majority of those transactions, and according to Bill Binney, the NSA collects 100% of those tranactions, and has for almost a decade before the first Bitcoin was even mined.

So what is the mechanism to enable more surveillance that's unique to Bitcoin or blockchain?

 

[meatbag]

I think it's quite likely that big governments and/or big banks were involved in creating Bitcoin. But again....... how is Bitcoin more involved in surveillance and data collection than Wire Transfers, online banking, online purchases, and Credit Card transactions? Banks and major corporations can already collect data and view the vast majority of those transactions, and according to Bill Binney, the NSA collects 100% of those tranactions, and has for almost a decade before the first Bitcoin was even mined.

So what is the mechanism to enable more surveillance that's unique to Bitcoin or blockchain?

There are a lot of people who want consumers data besides the state

 

[tankasnowgod]

There are a lot of people who want consumers data besides the state

Like, I don't know..... banks and major corporations? They already have access to quite a bit of that data, and neither Bitcoin nor blockchain is needed for their collection efforts.