Kakashi2020 Posted November 5, 2018 Share Posted November 5, 2018 It's a historical fact that governments impose controlling policies on every financial instrument or product whenever it becomes popular to the masses to as they say, "to keep it in check". What will happen to Bitcoin if this happens? Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/ Share on other sites More sharing options...
Martinsx Posted November 5, 2018 Share Posted November 5, 2018 Once the government manages to impose its control on cryptocurrencies, it's automatically turned into fiat currency. Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2470 Share on other sites More sharing options...
focusedwriter10 Posted November 5, 2018 Share Posted November 5, 2018 11 hours ago, Kakashi2020 said: It's a historical fact that governments impose controlling policies on every financial instrument or product whenever it becomes popular to the masses to as they say, "to keep it in check". What will happen to Bitcoin if this happens? Bitcoin will definitely lose its value. However, do you think this is possible if they are yet to know the developers? Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2476 Share on other sites More sharing options...
menchuuy58 Posted November 6, 2018 Share Posted November 6, 2018 16 hours ago, Kakashi2020 said: It's a historical fact that governments impose controlling policies on every financial instrument or product whenever it becomes popular to the masses to as they say, "to keep it in check". What will happen to Bitcoin if this happens? I agree also in this checking of the government. This might go out of their control. The masses should be ensured of their safety and development. Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2490 Share on other sites More sharing options...
Martinsx Posted November 6, 2018 Share Posted November 6, 2018 14 hours ago, focusedwriter10 said: Bitcoin will definitely lose its value. However, do you think this is possible if they are yet to know the developers? I doubt that this is going to be happening any time soon or even ever. Cryptocurrencies are here to stay for ever. The world is moving towards digitalizing everything and currencies wouldn't be left out. Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2515 Share on other sites More sharing options...
focusedwriter10 Posted November 6, 2018 Share Posted November 6, 2018 8 hours ago, Martinsx said: I doubt that this is going to be happening any time soon or even ever. Cryptocurrencies are here to stay for ever. The world is moving towards digitalizing everything and currencies wouldn't be left out. I agree the Bitcoin is here to stay, but even though the world is moving towards digital, do you think the rich will sit back and watch the space? It is not that easy as it sounds. Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2525 Share on other sites More sharing options...
Steve5 Posted November 7, 2018 Share Posted November 7, 2018 On 11/6/2018 at 3:07 AM, Martinsx said: Once the government manages to impose its control on cryptocurrencies, it's automatically turned into fiat currency. Sounds fascinating. I only just read about it now. So fiat currency is something that the government recognizes as money. It's hard for me to explain but I kind of get it. If it does happen, it will lose its edge as being somewhat unpredictable. I'm sure they're working towards controlling bitcoin eventually. 😁 Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2549 Share on other sites More sharing options...
cks003 Posted November 7, 2018 Share Posted November 7, 2018 The exact mechanism involved in controlling block chain is not really available and central banks around the world realise it takes an uphill task to control the chain and the network in a protocol. To qualify as a chain, a new transaction has to be validated and approved by nodes in the network and that requires references to the history of the previous transactions of a commodity, a hash string has to be created, connected to the previous string and stamped by the nodes/miners. If central banks were to control, then they have to control the creation of the hash strings throughout the network. Given the network is decentralised, collusion among the nodes to change/control the network is impossible. Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2574 Share on other sites More sharing options...
Martinsx Posted November 7, 2018 Share Posted November 7, 2018 10 hours ago, Steve5 said: Sounds fascinating. I only just read about it now. So fiat currency is something that the government recognizes as money. It's hard for me to explain but I kind of get it. If it does happen, it will lose its edge as being somewhat unpredictable. I'm sure they're working towards controlling bitcoin eventually. 😁 Fiat currencies are the normal accepted currency each country uses for any kind of business transaction and settlement of debts. They are very well recognized and approved by the federal government but cryptocurrencies are not. Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2586 Share on other sites More sharing options...
Martinsx Posted November 7, 2018 Share Posted November 7, 2018 19 hours ago, focusedwriter10 said: I agree the Bitcoin is here to stay, but even though the world is moving towards digital, do you think the rich will sit back and watch the space? It is not that easy as it sounds. Well, from what I know about taking advantage of any business opportunities, the rich and the brave are the ones who are always in the front role of snapping up such opportunities and make tons of money from it. So, the rich will definitely take advantage of this. Quote Link to comment https://slingbank.com/forums/topic/1600-controlling-cryptos/#findComment-2587 Share on other sites More sharing options...
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