Can be Bitcoin destroyed by banks?
Well, before I would have answered with a "NO", but after some thoughts I think they can do it, very easy.
Those bankers who don't understand Bitcoin & cryptocurrencies or who understand this movement but realised it is a thread for their companies can easily destroy Bitcoin but with some costs of course.
Or the bankers are the dumbest people alive or they are secretly investing in Bitcoin.
Banks could easily accept Bitcoins and give cash to the people and then hold and destroy/burn all the Bitcoins received. That's so easy to be done by those big Banks in the world.
Of course it was easier last two years because of the low popularity and hype of Bitcoin but also because of the lower number of the cryptocurrency alive.
Now it is almost impossible to destroy the crypto world. People realised we need decentralised systems.
Even if there will be big steps made by big companies trying to destroy a cryptocurrency, another one will be created.
The freedom is in our hands!
Impossible. There are some bitcoin holders that will simply HODL. If banks were to try this, the value of 1 bitcoin would shoot up to billions of dollars per bitcoin.
Hold 0.01 BTC and you'd be a multi-millionaire.
The banks don't have enough money to print to do this, without devaluating fiat to an unusable level.
@fitzgibbon You are spot on.
I wrote about the HODLers who would just never sell only last week :D
https://steemit.com/bitcoin/@lucygarrod/what-happens-when-peter-thiel-buys-bitcoin
What if regulations stop crypto to fiat conversion? What if exchanges are shut down? Will the crypto economy be able to survive on its own?
If regulations stop crypto to fiat conversion, that's only in one specific country. Crypto to Fiat and vice versa will simply migrate to countries that do want to make money or even tax it.
Also, how to shut down a decentralized exchange? I think the days for centralized exchanges like Polo, Bittrex and Binance are numbered. Bitshares, CryptoBridge, Waves, OpenLedger, Bisq and Stellar are already rapidly gaining traction. Any idea how difficult it is to shut down a running blockchain (with the knowlegde that any 12y old kid can simply grab the code from github, compile it and reboot the entire network in minutes)?
Will be crypto economy be able to survive on its own? Well, I think you have the question backwards. What future is there for fiat?
Points accepted, I was coming from the POV that if negative regulations are brought in by some of the major economies like US, EU or China that can become a huge roadblock.
those are small roadblocks. Look at https://eosscan.io/
That's an ICO, completely blocked by US and China. So far, $9,194,300,000 USD has been invested. Yes, you read that right, over 9 billion USD into an ICO.
There is no stopping crypto
Wow!!! Mind-blowing...
What's your take on many of these altcoins and ICOs ultimately not being able to produce anything worthwhile?
What if coins and ICOs are treated as securities and IPOs with legal requirements for accountability and responsibility towards investor money?
Hard to predict the future is.
I recommend following @jwolf, @kevinwong, @taskmaster4450 and many more steemians with high reputations for inside knowlegde on these topics.
Thanks, will do. It's really interesting to know more about this
The fact that Visa just "banned" a couple of Crypto Credit Cards shows that they are getting afraid imo.
I think for one Bank it would be hard to destroy Bitcoin as they would need to go deep into their pockets.
With privacy coins like Monero it will be impossible to destroy the whole movement imo.
BTC was created to avoid bank system in order to make people really independent financially. So if people keep having banks on the list they we 'll stay 'system slaves' ...
Resteeming and wish you all the best for the new year.
The freedom is in our hands and always will be!
this is true bro i understand real true, i have a dude who is always like Banks would destroy crypto i do not argue with him i just laugh
IMPOSSIBLE
its just simple that banks wants to take the control of people financial life,they dont want people to live financial free life.
Nicely projected
Bitcoin is born to compete
Upvote & Resteemed
banking system is very old and now so stable in this world.so it is almost impossible to destroy banking system.thank for sharing @jwolf
yep!! i agree with you because all people will invest on bitcoin rather than in bank as bitcoin gives us a lot of profit!!thank you for sharing ....@jwolf