Can Bitcoin Be Shut Down?
Hey JessCoiners
I came across this question while speaking to my dad, his quite the naysayer when it comes to cryptocurrency. I guess he prefers systematic economic oppression, but hey, everyone should be allowed to choose what they want to do. A lot of people in cryptocurrency are tied to a brand or an idea, a protocal or mechanism of consensus. To me, cryptocurrency regardless of the one you choose is about owning your purchasing power and the value you earn through your time.
As I venture deeper down the rabbit hole, I openly admit I become more radicalised against fiat, how it is used, how exploitative it is, and how it has been used and abused. That's not to say cryptocurrency cannot be exploited and abused, but at this point, it seems a safer bet. It has an incentive to provide a better option since we are free to choose to leave.
Take our purchasing power elsewhere and support something we feel maintains the value we put in and provides us with additional value.
Image source: - smartereum.com
Can Bitcoin be taken over?
So back to the question or rather a statement my dad made. He was like if governments wanted to, they could set up mining pools, buy them out and start to build towards 51% ownership of the network. They could change transactions, freeze them, double spend and bring down the network.
This would require a substantial amount of money, time, resources and expertise, and even if they could get it right, it would not be the end for crypto as we know it.
However, once they revealed themselves, we could fork them out of the network and move on with our lives. Their coins would be worth fuckall as people dump it as quickly as possible and the stake would be returned/allocated from a blockchain snapshot.
At this point, I'm relatively confident that cryptocurrency has reached a point of being unstoppable by law, regulation or a planned attack. As the network effects keep growing each year, it continues to become stronger and even beefing up the strength of altcoins which are more vulnerable to an attack by a central body.
Have your say
What do you good people of steem think? Do you think crypto can be stopped?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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I think and hope Bitcoin cannot be stopped by any government...
Posted using Partiko iOS
Honestly I don't think it can be nor can it be banned because it gives countries that don't ban it a leg up on others and we all know countries want to compete so its in their interest to allow it. Yes they want to regulate it and keep people away but this is only sentiment and will change in the years to come.
It's hard to be stopped now... Adoption is starting to get some traction.
However, there are strange accumulation games being played.
As you can see, 17.51 Million of BTC are being held in long term positions. 🤔
Considering that the current supply is 18.23 Million, this leaves very few Bitcoins for the rest of us.
It also means that all of these games of manipulations, with severe pumps and dumps is being done with a mere 500 000 Bitcoins or so! 😲
We also need to account for BTC lost in dust and BTC lost forever which combined is a few million too. I agree there is very little liquidity and I don't exactly see that as a bad thing, it will always be that way and continue as the inflation decreases pushing it into higher price points until the liquidity exchanged has very little effect on the price and we're having things like 1% - 3% changes as our regular ebbs and flows
Lol until then i'll be stacking my sats and being part of the long term HODL
Jessie....here...🙃
Posted using Partiko Android
Lol I'm starting to like seeing this jessies commitment to checking out my blog ☺️
Not bad...is it? You wanted Jessie, well you got one 🤪🤪😂
Posted using Partiko Android
Lol not at all, love the enthusiasm. Are you on discord?
I think I might have found you already...🤪
Posted using Partiko Android
Both will coexist at this point with some turbulence in the way!
I think they will always both co-exist, they need to balance one another out. People will decide which they prefer for certain needs but it will be interesting to see how they play off one another as the years progress and more people realise they can opt out.
I was just reading today that the EU has a bail-in law in case of bank bankrupsy, I think thats a stark realisation that your money isn't safe
I do not think Bitcoin be shut down.
The thing I know about it is Bitcoin will die if Internet die too. It is an humanity gift who has been made so good.
As you said cryptocurencies are unstoppable by law and moreover now gouvernment has adopted it too, like in Japan. That is a major ahead for us and profitable for them. A win-win situation.
I'm also feeling the same way, that the cat is out of the bag now and its reached a level now where there are too many people who like it all over the world to let it die now.
Exactly they're fighting a losing battle, if governments got on board they could see the benefits but they all about holding on to power and not sharing it
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