They cant shut it down completely but they can have a big affect on it value .blockchain is good because it decentralized. But its how the end user understands the tech for any crypto currency to survive long-term. we need to learn from MTgox Bitstamp not repeat the same mistake again
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I think the more government tries to legislate, the more value it will acquire because people are beginning to see through the problems of centralised fiat currencies.
MTGox became a vulnerability point because they became a centralised platform for a decentralised protocol. This is the problem with centralised cryptocurrency trading platforms. These are the ones that the government can target but decentralised exchanges already exist as a correction to MTGox.
The government can affect the price temporarily but they can't determine the value of bitcoin.
Decentralised exchanges are a start but they need fiat gateways so we can have a true free market and let the best coin win because for me any other altcoin does not stand a chance to compete we see this when bitcoin goes red so do all the others
Bitcoin is like the reserve cryptocurrency. It has the advantage of being the pioneer as well as the underlying technology behind cryptocurrencies.