Run on the banks in Canada.

[MKTrader]

I truly believe that the day will come where there won't be anything that a government can do about their fiat currency. It might take a while for this to happen to the USD or Canadian dollar, but once the slide starts, it will be ugly. Look at home some governments have to raise interest rates to double digits just to stabilize their currency. This clearly won't be possible given the debt of these so called first world currencies. The market will eventually decide who goes down next, and when a clear bridge to get off fiat like crypto is growing every day, the move will perhaps be an easy one for the majority to see.

Let's hope and pray you're right.

 

[deaddog]

China for sure does. Unfortunately, I think some would-be tyrants in the U.S. and Canada would like to do something similar, along with China's social credit system.
China’s domestic restrictions on online freedom of expression | Chatham House – International Affairs Think Tank

The Canadian move got me thinking. What can the government control easily. How many internet providers are there in the country? How difficult would it be to restrict access. If you can't access the internet is crypto of any value at all?

 

[NoahA]

The Canadian move got me thinking. What can the government control easily. How many internet providers are there in the country? How difficult would it be to restrict access. If you can't access the internet is crypto of any value at all?

For one, the crypto will always be there on the blockchain, so no need to worry if you can't access it temporarily. But more importantly, shutting down the internet essentially means shutting down the economy. In that case, you have more important problems than just money. How on earth would the government agencies even talk to one another? I highly doubt they could be so coordinated as to selectively restrict certain parts.

 

[deaddog]

For one, the crypto will always be there on the blockchain, so no need to worry if you can't access it temporarily. But more importantly, shutting down the internet essentially means shutting down the economy. In that case, you have more important problems than just money. How on earth would the government agencies even talk to one another? I highly doubt they could be so coordinated as to selectively restrict certain parts.

That's what I thought. But I never imagined that my access to my financial institutions might be compromised because I made what I thought was an anonymous donation to an organization protesting government legislation.

 

[MKTrader]

For one, the crypto will always be there on the blockchain, so no need to worry if you can't access it temporarily. But more importantly, shutting down the internet essentially means shutting down the economy. In that case, you have more important problems than just money. How on earth would the government agencies even talk to one another? I highly doubt they could be so coordinated as to selectively restrict certain parts.

Yeah, a true shutdown of the internet is almost like shutting off all electrical power (which would also shut down the internet, of course). I can't think of an industry, utility or other core service that wouldn't be severely hampered by their communication and data being shut down. "Severely restricting" is different. I think it would be hard to do Chinese-style restriction in a short time frame, though we have Big Tech with their censorship and memory holes...and the government's ability to shut down websites.

 

[Bugsy]

Realistically what control does the Government have over the internet? Without it crypto doesn't work.
Do foreign governments (Russia China) have internet restrictions?

I just remember being huge in online poker back around 2010. The Feds seized every online poker domain and website. Forced banks not to send money to online sites. Forced all credit card holders not to fund any holders account. This, for all intents and purposes killed online poker in America. Wiped out 90% of the player base in America. Any regular citizens werent going to go through hoops to try to fund accounts of the government told them it was illegal. Without universal adoption it lost the majority of US markets.

Government is far more advanced and clever over a decade later, and an alternate currency is far more of a threat than online poker, and without stability your funds would crash when everyone sold real quick should the government hit crypto.

 

[virtusa]

I highly doubt they could be so coordinated as to selectively restrict certain parts.

You clearly have no clue. Watch what Russia is doing with Russian internet. Completely isolated from the rest of the world, and everything passes St Petersburg, that decides what gets in or out, and what not. They also track the identity of those who send or receive things the Russians don't like and pay them a visit if needed.

Ooh, I understand you don't know about Russian internet... yet you are an expert in that area. At least you think you are.

 

[virtusa]

That's what I thought. But I never imagined that my access to my financial institutions might be compromised because I made what I thought was an anonymous donation to an organization protesting government legislation.

All depends on what kind of protest. I have never heard about these measures for people protesting for equal rights, lower taxes...
But if you try to damage the economy, or use extensive violence, your account might be at risk.
Government gave a few warnings to stop blocking the roads. That was a clear signal that what the truckers did was beyond the reasonable.
If your children are naughty, you warn them. If they don't stop, you punish them. It is called education.

 

[cesfx]

Bitcoin won't help, a run to the bank might.
Trudeau failed miserably to contain the issue. Most western politicians failed at managing the pandemic, from the start.
I would leave a country for a lot less. This is authoritarian crap, I'd live in China if I could stand authoritarian governments.
Some countries are removing all restrictions, some other are on it like nazi (Austria, Italy, Canada, Australia...).
All countries with strict measures deserve the people division and anger they caused.

 

[Nine_Ender]

LOL some traders believe in a lot of complete crap. Gee, I wonder why more people immigrate from Russia to Canada then the reverse ? And what is this "run on the banks" our banks have never been stronger and some are taking over various regional American banks. TD has developed a significant presence in the US and BMO has some regional pockets of business including a recent takeover in California.

The irony of course is if you value freedoms and your health there is almost nowhere better to live then Canada or Australia. And if you value your money you can't go too far wrong invested in Cdn banks longer term. Wait for a pull back though from here.