Quote from: partysaurus on June 09, 2019, 05:07:49 PM

Quote from: alexyong342 on June 09, 2019, 02:37:52 PM

For eastern countries, who dont have things like democracy to worry about, it was easy. They banned it.

The West took a more subtle approach using the jab-cross-left-hook of fear, dis-accreditation, and tax. Fear of capital loss and distrust. Stories of stolen coins, bankrupt and corrupt exchanges. Linking cryptocurrency to crime, and what the government will do to anyone who actually makes a profit.

It worked.

Globally the response to the rise in the market capitalisation of cryptocurrencies was not homeopathic.

Governments didnt bring out the heat lamp and cream to soothe the problem.

They brought the sword and started swinging.

On the demand side

China outright banned ICO offerings and cryptocurrency trading, but India was slightly more subtle. The Indian government made an offer the banks couldnt refuse sure, you (banks) are free to do what you want. But if you let your customers swap between rupees and cryptocurrency the Indian Central Bank will cut you off. Not quite waking up with a prize stallion head in the bed, but Johnny Fontaine got his movie.

South Korea, a country whose citizens are understandably Bitcoin crazy, initially banned ICOs but allowed the restricted buying and selling of cryptocurrency. The restrictions include prohibiting anonymous deposits and reporting anyone who moved more than 10 million won ($9,300) a day into the cryptocurrency market.

In the West, while not outright banning cryptocurrency trading, the campaign to stop cryptocurrency demand moved into full swing and included

Full KYC (know your customer) requirements to open a cryptocurrency account.

Restrictions on how much fiat currency can be moved in and out of exchanges.

Huge increases in fees from credit and debit cards to fund cryptocurrency accounts.

New tax laws. The IRS now treats cryptocurrency as property. Any profit must be disclosed. Not just from moving fiat currency into cryptocurrency and then back again, but on every individual transaction.

Strong-arming cryptocurrency exchanges with new regulation caused massive delays in account opening, and all this combined with a negative media frenzy successfully killed the demand.

Big companies too joined the anti-cryptocurrency stance.

Facebook and Google outlawed cryptocurrency advertising. Perhaps they have been persuaded by the wisdom of the establishment, considering the lightness of touch over regulation and taxation. Why bite the hand?

The speed and aggressiveness in response to the rising value of cryptocurrencies is a significant tell on the future of this technology.

The establishment wants your seat at the table.

they banned it but they are having a hard time regulating it, its easy for them to say that something is banned but to realy stop it is a whole other ball game.

All governments clearly have a specific intention to take any action, as long as it is in the interests of the benefit of course done. It usually happens like this and it's not strange anymore because it often happens, but I totally agree with your opinion. prohibit it but cannot take further action. because they also know that they need it.