Banning bitcoin and other crypto currencies

[watgate]

I was wondering since the central bankers are freaking out with the proliferation of bitcoin and huge run up in price will the US Government ban bitcoin and other crypto currencies at some point? They are using all sorts of excuse but the bottom line is that the decentralized nature of bitcoin has become a direct threat to the World's central bankers and they are paranoid of losing their monopolistic control of the masses who are at the mercy of their debt ridden fiat currency which is on life support. The central bankers look like they will be transitioning to their own crypto currency but it will be controlled by them, unlike bitcoin. So my question again is do you think the US government will eventually ban bitcoin as well as other decentralized crypto currencies?

[Heng]

I'm going to lean towards no... because they are going to look pretty silly when people simply circumvent the ban from the comfort of their own phones.   I'm guessing that the powers that be understand that any kind of ban would be as "successful" as the failed war on drugs.   And that's when they have a chance at intercepting physical goods.   They don't have a chance at winning a war where you have to seize something digital that is everywhere and nowhere (on the blockchain).   

[SiamAndy]

This hedge fund guy in the article thinks they will ban it.

 

https://finance.yahoo.com/news/dalio-bitcoin-good-probability-outlawed-124304454.html

 

[fdsa]

There is a common misconception that Bitcoin is decentralized. In fact it is centralized: 3/4 of Bitcoin network belongs to China, thus Bitcoin is controlled by Chinese Communist Party, what poses a major threat to Bitcoin, that's why govs (especialy US govt) might try to ban it.

 

As for other cryptocurrencies - if truely decentralized and not premined, they are very unlikely to be banned.

Edited March 26, 2021 by fdsa

[userabcd]

21 hours ago, fdsa said:

There is a common misconception that Bitcoin is decentralized. In fact it is centralized: 3/4 of Bitcoin network belongs to China, thus Bitcoin is controlled by Chinese Communist Party, what poses a major threat to Bitcoin, that's why govs (especialy US govt) might try to ban it.

 

As for other cryptocurrencies - if truely decentralized and not premined, they are very unlikely to be banned.

 

Simple web searches on bitcoin Information seems contest your unilateral statement that 3/4 of the Bitcoin network belongs to China and is thus controlled by them.

 

From Wikipedia:

 

Country or territory

Legality

China (PRC)

Legal /  Banking ban Financial institutions are not allowed to facilitate bitcoin transactions.[13] Regulation prohibits financial firms holding or trading cryptocurrencies.[8]:China On 5 December 2013, People's Bank of China (PBOC) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.[83] On 1 April 2014 PBOC ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks.[84] Cryptocurrency exchanges or trading platforms were effectively banned by regulation in September 2017 with 173 platforms closed down by July 2018.[85] In early 2018 the People's Bank of China announced the State Administration of Foreign Exchange led by Pan Gongsheng would crack down on bitcoin mining.[86][87] Many bitcoin mining operations in China had stopped operating by January 2018.[85]

 

and an extract from global bitnodes.io

 

GLOBAL BITCOIN NODES DISTRIBUTION

Reachable nodes as of Sat Mar 27 2021 10:46:04 GMT+0700 (Indochina Time).

9402 NODES

24-hour charts 

Top 10 countries with their respective number of reachable nodes are as follow.

RANK	COUNTRY	NODES
1	United States	1804 (19.19%)
2	Germany	1745 (18.56%)
3	n/a	1591 (16.92%)
4	France	593 (6.31%)
5	Netherlands	420 (4.47%)
6	Canada	318 (3.38%)
7	United Kingdom	280 (2.98%)
8	Russian Federation	256 (2.72%)
9	China	189 (2.01%)
10	Singapore	160 (1.70%)
More (102)

 

 

 

 

 

 

 

Edited March 27, 2021 by userabcd

[fdsa]

2 hours ago, userabcd said:

 

Simple web searches on bitcoin Information seems contest your unilateral statement that 3/4 of the Bitcoin network belongs to China and is thus controlled by them.

 

 

 

I'm talking about mining nodes that create and control transactions, not usual nodes which do nothing but merely proxy transactions from users to mining nodes.

Please do a bit not "simple" research and learn where Bitcoins are being mined geographically.

Also it would be nice if you learn what "mining" and "blockchain" is, as well as "51% attack" (not as an attack itself but the way to create a longer chain if you have enough power).

 

And then question yourself - will your transactions be accepted by Bitcoin network if Chinese government won't like you?

Edited March 27, 2021 by fdsa

[Heng]

The market may care.  It may not.  That's the market.   The Chinese market doesn't seem to care that their aircraft are under the "control" of Toulouse and Everett, Washington... can you really trust people who have trouble with chopsticks?  

 

Most of the world doesn't seem to care that most microchips are of Chinese origin.   Don't they know of the subliminal messages we program into them (stare at your screen and don't worry that we're taking over)?