When Is The Government Going To Shut Down Bitcoin?

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BitcoinDo you actually believe that the central banks of the world are going to sit back and do nothing while their monopoly over money creation is being threatened?  Do you actually believe that the governments of the world are going to allow a digital currency that they have no control over to become “the future of money”?  If so, then you are incredibly naive.  Wars have been started over much less.  The global elite are very, very sensitive when it comes to the creation of money, and Bitcoin has definitely gotten their attention.  Yes, there have always been alternative currencies created by local communities, but none of those has ever been a real threat to the central banks of the world.  The truth is that Bitcoin is different.  It has the potential to really be something, and I expect a serious move to be made against Bitcoin before it explodes in popularity.  If Bitcoin was solely a domestic currency, the U.S. government would have already shut it down long ago.  The fact that it is a decentralized international currency makes things trickier, but without a doubt right now officials are thinking of ways to restrict the use of Bitcoin or shut it down altogether.  Bitcoin is already being portrayed as a currency that attracts criminals involved in such things as tax evasion, drug dealing, gambling, terrorism and money laundering.  In fact, the Wall Street Journal recently reported that the Treasury Department has ruled that money laundering rules will be applied to Bitcoin.  But this is just the beginning.


At some point, the establishment will bring out the big guns.  It is only a matter of time.  And there are already some major banks that are shutting down the accounts of Bitcoin dealers.  Just check out what is happening up in Canada

Virtex, based in Calgary, is an online market that matches Bitcoin buyers with sellers, with about $13-million of trades under its belt.

But earlier this month Royal Bank of Canada quietly informed Mr. David that it would no longer do business with his company.

“They shut down our account without any reason,” said Mr. David, an ebullient entrepreneur with a background in technology companies. “They just said we have the right to refuse service to whomever we wish.”

For whatever reason, many in Canada’s small but fast growing Bitcoin community are suddenly dealing with the same problem: The banks have decided they don’t like the cryptocurrency and they’re shutting down some of the accounts of businesses that deal in it.

An isolated incident?


But many of those that are closely associated with Bitcoin know that they are being closely monitored.  They know that bankers and government officials are watching them.  Just check out what Jeff Berwick of The Dollar Vigilante recently had to say…

If there is one thing that my involvement with BitcoinATM has shown me very plainly in the last month is that bitcoin has the direct attention of the governments, central banks and banks.  It took them nearly two decades to figure out the internet would be their downfall.  In this case, it has only taken them months to realize that bitcoin could end their monopoly on money and banking.

And they aren’t watching because they like what they see.

Rather, they are watching because they see a threat that needs to be stamped out.

Robert Wenzel of the Economic Policy Journal recently suggested how they will attempt to do this…

I continue to believe that the point of vulnerability for Bitcoin remains the point of exchange between bitcoins and other currencies. I fully expect government to make a massive shutdown of these exchanges at some point.

And I agree with him.  I believe that a day will come when those exchanges will be shut down.  The powers that be just have to figure out how to sell it to the public.

So what will happen to Bitcoin once those exchanges are shut down?  The following is from a recent article by Max Keiser

Here’s a thought exercise. What if all bitcoin exchanges were shut down by various governments? What would the current value of a bitcoin be? This is an important question because of the implied outcome of the current trend by governments to shut down — or prevent the creation of — bitcoin exchanges.

The mining of bitcoin would continue but spending them becomes a problem since there would be no quoted price. The bitcoin protocol is about mining bitcoin not pricing bitcoin. There is nothing in the protocol about establishing a market price for bitcoin; you need a market for that, but what if all the exchange markets are shut down?

And already we are starting to see Bitcoin being demonized in the mainstream media.  For example, the following is a brief excerpt from a recent CNN article about Bitcoin…

No one really knows who is really behind Bitcoins, as the creator is just a pseudonym Satoshi Nakamoto. That in itself should be a huge red flag. I would certainly not trust my life savings to some mysterious computer algorithm created by shadowy anonymous characters in a system that attracts underworld types.

One of the self-proclaimed largest Bitcoin exchanges is Mt. Gox. The name originally stood for Magic: The Gathering Exchange, an online site designed to trade cards used in playing the card game popular with the younger set. An exchange based on trading kiddy cards does not seem like a sound foundation for a monetary system.

There is no government regulating participants in the system to prevent fraud and abuse. I would not be surprised if the Bitcoin mining software becomes a magnet for computer viruses. After all, the tax evaders, drug dealers and terrorists attracted to Bitcoin would not be likely to cooperate with authorities when they have been hacked and robbed.

It would be close to the perfect crime to create a pseudomonetary system that rips off other evildoers. Just be careful when the bad guys find out where you live.

And without a doubt, Bitcoin is a very, very unstable currency.  Just a few days ago a Bitcoin was going for around $150.  Now it has dropped below $100.

But I applaud the creators of Bitcoin for trying to come up with an alternative digital currency that actually works.  As I have written about over and over, the Federal Reserve and the other central banks around the globe need to be abolished.  They have trapped humanity in a debt-based monetary system that systematically drains our wealth.

We desperately need an alternative.

Unfortunately, I don’t believe that Bitcoin is going to be the solution.  At some point, the establishment is going to step in and try to shut down Bitcoin.  When that occurs, what is going to happen to all of the time, money and effort that people have put into the Bitcoin system?

  • krinks

    They raped Libya because Kadaffi was using debt free currency to help Africa by passing them. There is no way this bitcoin thing will last.

    • Robust

      I believe that more than the females and males teachers parroting the Msm and spewing Gaddafi was a dictator, terrorist, Muslim extremist, woman’s right violator mantra.
      Two wrongs don’t make a right. Just because Gaddafi was an alleged dictator, it doesn’t mean that he should have been killed. What purpose does the International Court hold?

      • Hammerstrike

        Kangaroo court to serve the interests of international plutocracy.

      • Sylvester

        Robust sir, lots of female teachers are twerking with the students. it a coincidences that the education system of America becomes dumbed down.

        • Marie

          how dare u @570adb1c6114d1cf5cc2cd8cd8376539:disqus ! if the female teacher does “tworking” to her students it’s none of ur f***ing business! Get a life!

    • WarriorClass III

      Since bit coin is set up like a trading commodity, they can crash it just like they do gold and silver. But with bitcoins, you don’t have physical after the price beat down. This will kill it without government intervention.

  • Robust

    Bitcoins, gold, silver, platinum and that other p-word metal might become criminialized by the Obama government and Stephen Harper fascist government.
    The banks might be checking your transactions and what you are buying. Welcome to the New World Order where there is the 1% rich and the 99% slaves and consumers. The 1% rulers of the New World Order believe that they are playing G-d with themselves but evil doesn’t last for long. Even the Hindu scriptures said that the dark ages of Kali-Yuga will lead to a Golden Age of Satya-Yuga. The concerning thing is that the book claims that the dark ages is for 432,000 years and only 5,000 years passed by. So could the world survive for another 427,000 years of the New World Order??

    • Marie

      God doesn’t exist dumbf*** Preach ur Islam terrorist woman beating propaganda on the railroad tracks until the train comes and runs u over. less Muslim filth and more rights for women! Terrible Muslimos abusing women. We must go and do something to stop those Muslims. Starting with Iran!

      • JSB103

        Marie, Marie,

        No need for such an unladylike outburst.
        By George! The things one must endure
        here on the world wide web of lies!

        Marie, Marie… tsk, tsk, tsk, tsk, tsk…

  • chilller

    Bitcoin is exactly what the NWO wants. They want to create 1 world currency and do away with hand held currency…the definition of Bitcoin. Only they don’t own it. They were moving slowly in that direction so’s not to excite the sheeple. Now it’s them who are excited as bitcoin has beat them to the punch.

  • Yes, there have always been alternative currencies created by local communities, but none of those has ever been a real threat to the central banks of the world. The truth is that Bitcoin is different.
    Jct All community currencies are a threat to the established financial order because the banks got no interest on the deal. They haven’ seemeda “big threat” yet but they are. As more and more LETS timebanks set up, they’re going to realize they can intertrade globally as a UNILETS timebank (Millennium Declaration C6 for a time-based currency to restructure the global financial architecture.)

  • RTG

    How can the government shut down Bitcoin?

    • Mark McBee

      1. Arrest bitcoin users.

      2. Arrest businesses that transact with bitcoin.

      3. Arrest internet service providers that don’t block bitcoin sites.

      Use your imagination.

      • Bob

        And all the while currencies are near collapse, more Cypress events happen, etc. You really think it is so cut and dry? There are laws in place that make it very difficult to do what you say.

        • Jim Davis

          You mean like the US Constitution which prevents the federal government from forcing individuals to buy health insurance? Laws are meaningless when the population is as dumbed-down as the US is.

    • jaxon64

      executive order…
      or how about just banning its usage within American borders or for intra-national commerce. They will undoubtedly use the “only congress holds the power to issue money” argument even though they passed that solemn and awesome power to the Fed 100 years ago.

      • Bob

        And though that may kill the BTC price short or mid term, it is sending a message to the world – These currencies are a threat to our currencies. But, the problem is, those other currencies are collapsing and big business is getting behind bitcoin. It is not as easy as you say.

  • seth datta

    NWO, if they didn’t make/promote bitcoin, will either:

    (a) cause the currency to crash at some point in future

    (b) (more likely) take over bitcoin through underhanded means.

    Think it can’t happen? There’s a lot of things people wouldn’t have thought of years ago. Such as Amerika turning Communist. Think again.

  • Dave Webb

    The only currency that will last will be based on a set exchange for commodities. The problem is commodities change in value based on how much of the commodity is available. Take gold as an example. When Russia dumped huge quantities of gold on the market in the 90s the price went down. A similar thing might happen if India or China did the same thing for any reason. Like going to war with each other.

    We restored the value of the dollar in the 70s because Nixon set up cheap commodities from China. Still inflation was rampant at 12% per year for a while in the 70s.
    One commodity is never going to be in over abundance. That is because it is used every day. That is food.
    Until we change the game, the currencies of the world will go down to bankruptcy as governments over counterfeit more to pay their bills.
    Until government learns that money is based on value of commodities and works to maintain that ratio of currency to commodities, the value of our currency will be destroyed.

    • “We restored the value of the dollar in the 70s because Nixon set up cheap commodities from China.”
      WHAT?! We destroyed the dollar in the 70’s by Nixon taking it off the gold standard…resulting in over ten years of god-awful inflation.
      Anyone remember Ford’s lame “WIN–Whip Inflation Now?” Inflation raged until the late 80’s when Greenspan hiked interest rates to the high teens. Home mortgages were at 19%. CD rates were at 22% on long term Jumbos.
      That painfully necessary correction cost millions of jobs.
      When the true correction for the current depression comes it will be mind-blowingly worse.

  • hello

    thses comments are crazy stupid lol!!! Is it possible yes of course hell they could in ‘theory” do whatever they want but ironically the more they push the more power they lose, cause you lose more credilibilty and most people will and DO (bitcoin) find alt. Power is perception, like all wealth is ultimately perception. And they is way too much money to be made from this tech. The greed of the masses including the bureaucrats, will boost this currency and others like it. Greed and idealism is what moves society forward or backwards, but its moves and changes things nonetheless.

  • jim_robert

    I used a Bitcoin alternative called silver and gold. Works pretty well… in fact, as well as it has for 5,000 years. And any EMP issue ain’t gonna take it out, either. Don’t get me wrong, I like Bitcoin. It’s just that we do, in fact, have an alternative in place. Maybe spread your risk if you are in Bitcoin…..

  • How close are we to the mark being in your right hand or forehead? Even the rich won’t be able to buy or sell with out the mark. The elite are setting up a system, that at first will work great for them, but then, it will turn against their greater good. One person will even be controling the elite. Soon they will be programed by the very system they created. The sad news they will also be controled by it too.

  • TrevorLyman

    So, they’re going to get every government in the world to force all banks, credit unions, etc to stop doing business with bitcoin? That’s a very tall order and will never happen. Exchanges will go offline if they have to. Gold and silver coin shops will set them up. Governments are never going to be able to shut down bitcoin. The end. :)

  • Harrison Terran

    I suppose a marginal improvement is better than none, but in
    order to really counteract the effects of the crisis, maybe it’s time politicians and administrators together central banks took advice from professional economic crisis specialists with a proven track record of positive results. For example, the
    Orlando Bisegna Index, specialists in the economic crisis, have developed a program that has helped various counties with debt problems, business failures and unemployment, thus improving the economic condition of many families. The
    program has arisen from their development of the Orlando Bisegna Index, a unique index based on 206 diverse indicators that measures the intensity of the economic crisis in the G20 countries and other Euro countries. Given that none of the policies adopted so far seem to be working, a fresh approach could do no harm…

  • Ya’aqov ben Ya’aqov

    it’s digital it can be controlled and that is why they’re not concerned
    with it. However, it is the private possession of physical gold &
    silver bullion (i.e. real money) on the hands of knowledgeable citizens
    who are prepared & positioned to reject the banksters fiat reserve
    notes that they’re truly worried about.

  • JSB103

    If Bitcoin goes, something else, something different (and I don’t know what THAT might be) will spring up somewhere. People’s inventiveness knows no limits, especially when it comes to the art of survival, in particular when survival itself is threatened.

  • Gaetano Gagliano

    Do you actually believe BTC is not government ran?

    For those who cannot see the bigger picture – how else will they have us move to a totally cashless society?

    …Think about it

  • Government should take steps quickly.

  • Malt Vinegar

    For around $600 USD per coin, I would say Bitcoin is doing well.

  • Fiat Bank Hater

    And a year later your views are??? and the value is, over 500 dollars a coin. and governments are not abolishing it, they are embracing it, taxing it, licensing it.