Can the government crack down on bitcoin?
Will the decentralized paradise come crashing down to earth? Will the government try to ban all exchanges? Or will they try to create their own centralized coin(s)? What are your thoughts?
Will the decentralized paradise come crashing down to earth? Will the government try to ban all exchanges? Or will they try to create their own centralized coin(s)? What are your thoughts?
i just upvoted to your post
follow me please :)
Yes of course governments could crack down on cryptos. Honestly it's not an if they can/will but how long till they do. US is already cracking down on ICOs, SEC regulations are popping up, and alt coins are no longer going to be the tax-free money laundering haven that some people have gotten used to.
As for what they would do when they crack down, that's a whole different story. I don't see any way they would make their own coin because coins only work with adoption. If the Crypto made by the government was centralized (which they'd want it to be), no one would buy it as the point of the crypto scene is decentralization. Integration with already existing coins would be a smart move on their part. Some businesses are looking into their own coins as well but those that are thinking of working with existing coins (ripple, ETH, BTC) are having more success and gaining more publicity.
If you're really worried about the crypto scene, don't worry about the governments because they'll always just do what they want. The people we need to watch out for are big companies that may feel threatened. If any major banks or businesses choose to mine they could probably centralize one or two POW coins by themselves (google could definitely get 51% of a few popular coins if they wanted).