Us shuts down bitcoin
There are a couple of points why, us shuts down bitcoin it can be summed up as: Governments have significant power and are not going to give it up anytime soon. Governments exist for a single purpose: But they are spending it in a manner that they believe to be best. Anything that threatens their ability to collect taxes is a direct threat to their survival and they will fight it in any way they can.
To survive, bitcoin will need to fall in line with tax regulation. If there is a real existential risk to their survival, why would they not leverage these other powers to protect their revenue? The Internet is a great parallel here. Ask Egypt, Turkey, Us shuts down bitcoin, Venezuela, or any other country that goes through a chaotic turmoil or Coup, and at the first sign of a threat they shut down the internet.
For now, cryptocurrencies are in a crazy frothy growth stage, but the market cap still relatively minuscule when compared to government budgets. If governments might do it, let's look at a couple of ways that they could stop the adoption of bitcoin if they wanted to: Even a negative market perception with enough negative press it could kill the widespread adoption of bitcoin.
Or an even worse fate of it just being used by a small number of people. The best hope bitcoin has of survival is for it to be regulated and for it to work alongside governments and not to be heralded as a way around them. Self-regulation would be a very positive step forward. I dabble in cryptos and am skeptically observing the tech and possibilities but am continuously surprised by the misinformation being spread around it. This is the easiest one for them to do, but would probably be the easiest for people to work around.
The exchanges need to be registered companies somewhere, they need to hire staff and they will need to pay something in fiat somewhere along the line. They do trade in fiat. Governments can go after and shut down those touch points, imprison the employees and shut down assets by making it illegal. Fine businesses that accept bitcoin: This would be a bit of a mission to police, but would be quite possible to do. Governments work together all the time.
Us shuts down bitcoin US and EU can throw a lot of weight. Throttle bitcoin-related traffic on the ISPs: There are certain identifiers on bitcoin-related traffic that they could force ISPs to block. The US is fielding draft policies around this even without the threat of lost taxes. If they really wanted to focus their resources on destroying or even just discrediting bitcoin there could easily change any positive sentiment around it or make the network unreliable.
Even flooding the network and environment with scams or hacks that flood the network or DDOS us shuts down bitcoin could make bitcoin unusable to the general us shuts down bitcoin. Force identity confirmation for transactions: I believe that forcing wallets and exchanges to verify identities would actually us shuts down bitcoin a good thing. The thing to note is that bitcoin may be anonymous but is highly traceable.
If they can trace a wallet ID to you then they can look through the public ledger for every interaction that your wallet has made. Which is how they shut down the Silk Road. Us shuts down bitcoin if they forced all endpoints exchanges, wallets, and other us shuts down bitcoin to verify your identity before allowing transactions they would then be able to track and tax the individuals — even if this would be incredibly difficult to implement in practice.
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