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How Governments will Destroy Cryptocurrencies [Theory]

I have a few theories how the Governments around the world will eventually crackdown on cryptocurrencies, especially Bitcoin. It will either be a coordinated effort amongst G20 or just independently creating more and more regulations until crypto will die off. I may be wrong, there is a chance that we can win, but it's still good to consider the follow scenarios so that people can prepare themselves against them.

1) Mass Quantum Hack [Unlikely]

Allegedly govts may have at disposal secret quantum computers. There is already commercially available QC, but it's less powerful, and we can, from observation suspect that military technology is about 30 years ahead of commercially available ones, so there is a likelyhood of this. Quantum technology is not "magic", it doesn't solve issues instantaneously like it's portrayed in the media, but to our misfortune it can specifically crack wide open SHA256, RIPEMD-128 and AES256 cyphers which Bitcoin and other cryptos use.
Now the likelyhood of this is small, not because they can't do it, but because even if they can, if they would do this, the cat would be out of the box and then other governments would start hacking banks, which also using these algorithms, so it could collapse the entire global economy creating global hyperinflation and mass chaos.
So they would by all means avoid this, no matter how annoying Bitcoin will become for them they would not use this option, unless Bitcoin would really take over the planet, but they probably have other measures against that. And they probably have agreements with other governments too, to avoid this option, not even North Korea would do this in my opinion because the Chinese would put pressure on them.

2) Demonize and ridicule Bitcoin users in the Media [Likely, Inefficient]

This is likely and they are already doing this, but it's not effective. People don't care about chit-chat, they care about results. So if a starving African family can feed their kids from the remittances that their family members sent them back with Bitcoin, they would totally dismiss whatever the media would tell them.
Bitcoin has practical results, it doesn't need propaganda to spread, and propaganda against it is ineffective, because the results speak for themselves.
So while they might scare a few mainstream sheeps, it won't work forever and eventually the media would either have to get behind Bitcoin or become obsolete.

3) Criminalize Bitcoin and prosecute everyone [Unlikely]

They could have easily done this back in 2009-2010, and for some reason they didn't. They could have just easily labeled any Bitcoin user a hacker and cybercriminal when there were only a few thousand of them and jail them like with any other cybercrime. But they have missed this opportunity for some reason, either they thought Bitcoin would not be as big as it is now, or they had other plans for it. Some theories say that governments created Bitcoin, we don't know.
The point is that the genie is out of the bottle, now it's not going back. There are tens of millions of crypto users worldwide and as time goes on it would be harder and harder to ban Bitcoin completely. In fact now many politicians and elites are getting behind it so the political capital this would require would be near absolute totalitarianism, at which point we'd have bigger problems.
They could still crack down on many aspects of it, and criminalize certain bitcoin transactions, but it would then be as inefficient as the war on drugs and such.

4) Hijack developers to sabotage Bitcoin [Likely]

They could hijack or bribe some of the developers in order to destroy Bitcoin from within. First they would place their minions inside the community and make them celebrities, then they would be given positions of authority. And then use them to slow down Bitcoin and create as much chaos within as possible. For example like not increasing the block size so that average fees become close to 100$. Now African families can't feed their kids anymore and the entire 2nd and 3rd world would be cut off, so only a few rich first worlder would be able to use it, at which point it would be no different than a stock in a stock market, it would lose it's global revolutionary aspect. They could also use their minion developers to introduce intentional bugs and patches that would give them more control. Creating centralized payment processors, and removing people's abilities to store their own coins without a custodian. Then they would have control over everone's money and could forfeit it at will.
So a combination of slowing down Bitcoin's growth, like with massive censorship and character assasinating dissenters, while also introducing evil software patches to give them control over it. At this point the developers would be worshipped and would have a cult of personality with many useful idiot fanboys supporting them, not realizing that they are getting screwed.
After they have the influence over the community they could use this to justify any further crazy upgrades: like implementing "tax patch" where every transaction would automatically be taxed at 50% and sent to a govt controlled address.

5) Regulate developers, exchanges and miners [Likely, Inefficient]

They could just regulate and implement laws to coerce all developers and miner to implement policies the governments want. Given that all developers are public they are easy to reach and most miners are either LLC's or Corporations, they are directly controllable. They will comply.
The issue is that this is not very covert and people would start speaking up against this. Of course they would immediately implement KYC/AML policies for all transactions, and it would be pretty hard to argue against that as they would just use arguments like "for the children" , "evil drug users" and so forth, which have became curse phrases lately.
It is likely that they would be done as the banking system is fully regulated and you don't control your money and can be forfeited, they could just make people have to use a "Bitcoin Bank", maybe even legalize Banks to open BTC accounts, so most people would just go back into the government controlled world.
However the decentralization momentum lives on, so there will be solutions to decentralize everything. If they regulate exchanges, people would just move to decentralized ones. If they regulate miners, then people would invent more stealthy mining algorithms, and so forth.
The enforcement of these draconian laws would be very hard, even harder than the war on drugs, so they could try but they would fail.

6) Tax and Regulate Cryptocurrency use out of Existence to save Humanity [THIS]

If the government would really want to destroy crypto, they would definitely choose this path as it's the most easily enforceable and they have the most propaganda justification for this.
The way this would work is the following:
“Scientists have solid experimental and theoretical evidence to support …the following predictions: In a decade, urban dwellers will have to wear gas masks to survive air pollution…by 1985 air pollution will have reduced the amount of sunlight reaching earth by one half…”
-- 1970 Life Magazine
"If the climate change is as profound as some of the pessimists fear, the resulting famines could be catastrophic."
-- 1975 Newsweek
"By 1995, the greenhouse effect would be desolating the heartlands of North America and Eurasia with horrific drought, causing crop failures and food riots…(By 1996) The Platte River of Nebraska would be dry, while a continent-wide black blizzard of prairie topsoil will stop traffic on interstates, strip paint from houses and shut down computers…The Mexican police will round up illegal American migrants surging into Mexico seeking work as field hands.”
-- Michael Oppenheimer, 1990, The Environmental Defense Fund
So the GLOBAL WARMING HOAX is really extremely catastrophic therefore you must ban Bitcoin immediately to save human civilization. Mark my words, they will definitely choose this option.
submitted by alexander7k to Anarcho_Capitalism [link] [comments]

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