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DooMAD

legendary

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Leave no FUD unchallenged

Quote from: ?? on ??

Regulations are always good

Heartily disagree. Regulations are what make most hacks possible to begin with. If companies weren't required to store so much of our personal information and payment details, there wouldn't be as much for hackers to steal.

Take this place, for example. If this forum gets hacked, I don't have to worry about identity theft (my real-world identity, that is) or someone getting a hold of my payment details. Aside from my IP address and an email address, my personal information is not tied to this website. That's a rare thing these days.

But if an online retailer gets hacked and I happen to use that service, then I have a problem, because they've likely got my real name, my physical address, probably my phone number and my card details. Everything a nefarious actor needs to commit identity theft or steal my money. And the regulations tell companies they need to keep all that info stored, like a nice big lucrative pile of hidden treasure. The world would be a much safer place if it didn't work like that.

Antonas1

sr. member

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Quote from: EarnOnVictor on October 30, 2022, 11:57:26 AM

Quote from: Antonas1 on October 30, 2022, 08:40:19 AM

~

I must say that you make things contradictory with the post you made and the proofs from what people merely opined based on the angle they view it. You have to wake up to the reality that despite the regulation of fiat, money laundering still happens, what about blockchain technology that is underregulated? More laundering will surely happen.

Argh, what do you mean? Did you really have read my reply? Because your reply now confuses me. I repeat; if crypto is easier to use for money laundering, why do criminals prefer to use fiat then crypto?

Quote from: EarnOnVictor on October 30, 2022, 11:57:26 AM

Also, you surprised me with the claim that all blockchain transactions could be traced, have you heard of mixers and some internal dealers that make your transactions untraceable with a little stipend? Aside from that, money laundering could be easily done with blockchain technology because you are free to open as many accounts as you want without KYC.

What? I don't make any claims about blockchain transactions by the way, I quote them, but don't you think his words make sense?

kawetsriyanto

legendary

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duelbits.com

Quote from: ?? on ??

Regulation will help each and everyone to use cryptocurrency. Even nowt there are people who fear about the cryptocurrency as something against the law and stand away from the cryptomarket. When regulated the people who are in dilemma whether to be an user of cryptocurrencies or not will make their decision.

Regulations are always good, but with cryptocurrency it is quite hard for execution in a perfect way. This is a major reason regulation of cryptocurrencies is still a question mark. Just on regulation the illegal activities taking place can be limited, yet there'll be incidents happening around. So, regulation is good to some extent fo have positive thoughts on cryptocurrency.

It is not as simple as you think, mate.
Ideally, crypto is decentralized, supports privacy, and upholds freedom. It is against centralization, KYC, and regulation.
You must understand why Satoshi created Bitcoin, it was because he didn't like centralization and wanted people to have freedom in managing/transferring their money. So, if there is an idea for regulating crypto and asking for KYC, it has deviated from the real purpose.

Well, regulation is needed to manage a country. But it is not needed to manage a crypto world.
Regulation can be considered to secure crypto users, but it shouldn't limit the activities of crypto users.
It is no problem if the government cares about crypto users, but they don't bother crypto world.

erythia

newbie

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One of the advantages of crypto has been minimizing the need for middlemen profiting from transactions. Regulation might mean more charges to be shouldered by sender or receiver or both.

EarnOnVictor

hero member

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Leading Crypto Sports Betting & Casino Platform

Quote from: Antonas1 on October 30, 2022, 08:40:19 AM

Quote from: EarnOnVictor on October 27, 2022, 03:15:10 AM

Quote from: fuguebtc on October 26, 2022, 04:01:18 AM

Crime existed hundreds of years before bitcoin and cryptocurrencies, and without bitcoin, the government would never be able to stop all crime. Regulating bitcoin will never stop criminals, they will find another way to continue their behaviour, don't always associate crime with bitcoin.

This is where you guys are getting it wrong when I read your replies. No one is saying that crimes don't exist before cryptocurrencies, I was just referring to how easier it is for criminals to use the decentralization and anonymity of crypto. No doubt, crypto has huge benefits, but don't let us always turn blind eye to its shortcomings.

Then why is fiat still more popular as a money laundering tool than cryptocurrency? I've read two articles that published in March 2022 about reports from the U.S. Treasury that say fiat is still on top compared to crypto in financial crime. You can read here:
- Fiat Still Accounts for Majority of Financial Crimes, Says U.S. Treasury Report.
- Fiat - Not Crypto - Still The Top Choice For Financial Crimes, US Treasury Says.

Quoting from Dave Weisberger, the CEO of CoinRoutes, which was published in the article Comparing Money Laundering With Cryptocurrencies and Fiat;

Quote

“The goal of money laundering is to create a chain of transactions that can't be traced, so since the bitcoin blockchain is designed to have an indelible public record of all transactions, it makes 'laundering' much more difficult.”

I must say that you make things contradictory with the post you made and the proofs from what people merely opined based on the angle they view it. You have to wake up to the reality that despite the regulation of fiat, money laundering still happens, what about blockchain technology that is underregulated? More laundering will surely happen.

Also, you surprised me with the claim that all blockchain transactions could be traced, have you heard of mixers and some internal dealers that make your transactions untraceable with a little stipend? Aside from that, money laundering could be easily done with blockchain technology because you are free to open as many accounts as you want without KYC.

uneng

hero member

Activity: 2044

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Leading Crypto Sports Betting & Casino Platform

Scammers and exchanges faking volume can be already spotted and caught with the currently tools and mechanisms regulators have at this point.

The problem is that the law forces act too slow, therefore more regulations wouldn't solve the main issue. It would only make things worse, with common investors being prejudiced by bureaucratic demands and even impediments, like we see at the traditional financial markets, while the big wealthy investors are the only ones capable of participating investments' activities.

Unfortunatelly I guess more regulations, censorship and limitations for us are inevitable in some years. We have no resources to fight against it.

Antonas1

sr. member

Activity: 771

Merit: 293

Quote from: EarnOnVictor on October 27, 2022, 03:15:10 AM

Quote from: fuguebtc on October 26, 2022, 04:01:18 AM

Crime existed hundreds of years before bitcoin and cryptocurrencies, and without bitcoin, the government would never be able to stop all crime. Regulating bitcoin will never stop criminals, they will find another way to continue their behaviour, don't always associate crime with bitcoin.

This is where you guys are getting it wrong when I read your replies. No one is saying that crimes don't exist before cryptocurrencies, I was just referring to how easier it is for criminals to use the decentralization and anonymity of crypto. No doubt, crypto has huge benefits, but don't let us always turn blind eye to its shortcomings.

Then why is fiat still more popular as a money laundering tool than cryptocurrency? I've read two articles that published in March 2022 about reports from the U.S. Treasury that say fiat is still on top compared to crypto in financial crime. You can read here:
- Fiat Still Accounts for Majority of Financial Crimes, Says U.S. Treasury Report.
- Fiat - Not Crypto - Still The Top Choice For Financial Crimes, US Treasury Says.

Quoting from Dave Weisberger, the CEO of CoinRoutes, which was published in the article Comparing Money Laundering With Cryptocurrencies and Fiat;

Quote

“The goal of money laundering is to create a chain of transactions that can't be traced, so since the bitcoin blockchain is designed to have an indelible public record of all transactions, it makes 'laundering' much more difficult.”

DooMAD

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

It's a fairly simple distinction for the most part. As a general rule, speculators want and need regulation. Real users who transact peer-to-peer and who respect and appreciate why bitcoin exists don't want regulation.

Those who leave their funds in the possession of intermediaries and already bend over and take KYC/AML have nothing to lose. Centralised entities probably do need regulation to help keep them secure. Custodians holding large caches of bitcoins are painting a target on their backs. It's only natural that scammers and thieves are going to target them. But that's not how this invention was designed to be used.

If you use Bitcoin like the whitepaper describes, one sender, one recipient, then you shouldn't have those issues. And adding middlemen to get in the way of one sender, one recipient, makes the system weaker, not stronger.

So if there's going to be regulation, it should only ever be regulation of third party custodians and intermediaries.

adzino

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www.Crypto.Games: Multiple coins, multiple games

They do think regulation is a good thing because it will help more business to legally and more easily accept bitcoin. But I bet most of those investors are also those people that are super rich, has power and prefers centralization because it helps them to keep more power to themselves. They are scared that once decentralization takes place, they will lose control of everything which hamper them more from building their wealth. Most of those investors are very likely market manipulators. If everything becomes truly decentralized, market manipulation won't be as easy as it is right now.

BlackHatCoiner

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Farewell, Leo

Quote from: AakZaki on October 29, 2022, 07:13:30 AM

They will benefit a lot by providing regulation so that crypto users will be regulated as they wish.

You've fundamentally misunderstood the situation. Crypto users don't want regulation. It's the authorities that want it.

Quote from: Franctoshi on October 29, 2022, 08:27:10 AM

No investor wants to invest his money where there are no security of their funds.

Define me "security of their funds". Is buying bitcoin secure enough? Is holding fiat currency secure enough? Views differ.

Quote from: AakZaki on October 29, 2022, 07:13:30 AM

For example, today, regarding the application of taxes to every crypto user or crypto industry that runs, everything will be subject to income tax, the fee will certainly be more expensive.

Unless merchants use intermediaries to transact, governments will have a hard time collecting taxes from peer-to-peer transactions.

_BlackStar

legendary

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Playgram - The Telegram Casino

Quote from: AakZaki on October 29, 2022, 07:13:30 AM

the government that starts to regulate regulations will certainly not stay silent because the cryptocurrency industry will be very promising.

Governments recognize that, and that's why they regulate rather than ban. The government recognizes that cryptocurrencies have advantages and disadvantages so they won't reject it sooner before learning about it. Now many countries are preparing for CBDC, and it is fully centralized.

Quote from: AakZaki on October 29, 2022, 07:13:30 AM

For example, today, regarding the application of taxes to every crypto user or crypto industry that runs, everything will be subject to income tax, the fee will certainly be more expensive. Regulation is not really the best way, there will be a purpose behind the regulation.

You're right, taxes are one of the benefits governments get from crypto users, but there's a lot more to them if they let the industry thrive.

Bitstar_coin

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SecureShift.io | Crypto-Exchange

Quote from: Symmetrick on October 25, 2022, 05:29:25 PM

But at the same time, without regulation, a huge number of scams and scammers appear, many exchanges manipulate prices with impunity. How to find a balance between regulation and the fundamentals of cryptocurrencies (Bitcoin) and is it possible? What will the industry look like in 10 years in terms of regulation and KYC?

I think the above is where the problem lies, how to find the balance. Institutions supporting regulations don't like it just as the rest of us (i want to believe) but the rate at which scammers and scam project flood the space was a big concern.
If this should go on for another decade, who knows what the space will turn out to be? KYC sucks no doubt but with a high rate of scams and impunity, manipulation sucks even more.

electronicash

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Quote from: Franctoshi on October 29, 2022, 08:27:10 AM

Regulation of cryptos is good if done properly. No investor wants to invest his money where there are no security of their funds. Institutional Investors needs regulatory clarity before they will invest their money and the industry needs their money in order for the market to move, If there a proper set of rules / guides in cryptocurrency space to help protect investors without altering the decentralized nature of Bitcoin , Therefore, I support regulation that will protect investors.

we invest in BTC where regulators can't control though. if crypto industry is just too little and not popular today, the authorities wouldn't really care about it as they will just see BTC as internet money meant for gambling. we're just find without regulations.

its only the institutions that needs the regulations which they can ask to be bailed out like what happened to Celsius and the likes.

Doan9269

hero member

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Quote from: Franctoshi on October 29, 2022, 08:27:10 AM

Regulation of cryptos is good if done properly. No investor wants to invest his money where there are no security of their funds. Institutional Investors needs regulatory clarity before they will invest their money and the industry needs their money in order for the market to move, If there a proper set of rules / guides in cryptocurrency space to help protect investors without altering the decentralized nature of Bitcoin , Therefore, I support regulation that will protect investors.

If there must be something to regulate then it's other cryptocurrencies which have done much of bad on investors than the good, I've not for once seen someone who has invested in bitcoin over the years now regretting his decision, government want o regulate crypto because they don't want it to serve the same way as unregulated ponzi scheme, which they wouldn't want to be identified in support for fetchy things like that, only bitcoin is safe and others use this fact to hide under it since they were all cryptos but the difference is clear, bitcoin cannot be regulated, other cryptocurrencies can.

Franctoshi

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Regulation of cryptos is good if done properly. No investor wants to invest his money where there are no security of their funds. Institutional Investors needs regulatory clarity before they will invest their money and the industry needs their money in order for the market to move, If there a proper set of rules / guides in cryptocurrency space to help protect investors without altering the decentralized nature of Bitcoin , Therefore, I support regulation that will protect investors.

AakZaki

legendary

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zknodes.org

Quote from: uchegod-21 on October 28, 2022, 01:57:51 PM

When we talk about cryptocurrency regulation some people do not actually understand the pros and cons of the regulations. What always come to their mind when they talk about cryptocurrency regulation is the regulation of price, they are of the opinion that if the crypto industry is regulated price will be stable. Actually this is a bait that is been told them in order to lure them into the regulation that we finally seize their privacy and liberty.
Many of those people clamoring for regulation does not actually understand what crypto regulation is. You can easily hear them say when cryptocurrency is regulated there will be massive adoption and they give their reasons. We have nothing to do than to watch and see how things happen but I know many things will be lost in the quest for regulating the cryptocurrency industry.

the government that starts to regulate regulations will certainly not stay silent because the cryptocurrency industry will be very promising. They will benefit a lot by providing regulation so that crypto users will be regulated as they wish. about some adoptions that will be carried out, regulation is the main way so that the adoption will go well but there will be many there are many rules behind all that. For example, today, regarding the application of taxes to every crypto user or crypto industry that runs, everything will be subject to income tax, the fee will certainly be more expensive. Regulation is not really the best way, there will be a purpose behind the regulation.

Ayers

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Quote from: uchegod-21 on October 28, 2022, 01:57:51 PM

When we talk about cryptocurrency regulation some people do not actually understand the pros and cons of the regulations. What always come to their mind when they talk about cryptocurrency regulation is the regulation of price, they are of the opinion that if the crypto industry is regulated price will be stable. Actually this is a bait that is been told them in order to lure them into the regulation that we finally seize their privacy and liberty.
Many of those people clamoring for regulation does not actually understand what crypto regulation is. You can easily hear them say when cryptocurrency is regulated there will be massive adoption and they give their reasons. We have nothing to do than to watch and see how things happen but I know many things will be lost in the quest for regulating the cryptocurrency industry.

look at the stock market, that's how a financial market works when it comes to regulation, the biggest loss we have to suffer is privacy. regulations are inevitable because simply you and I are also living under their control, so whether we like it or not, we have no right to refuse or agree. i don't like regulation but people say price is stable or it will be more popular, that's true. simply because the government will control and once the trust of the government is gained, people will feel more secure. that's the point of view of citizens who don't care about privacy.
apart from privacy, what I fear is stability, if the stable market can't bring big profits then I will give up the market

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Quote from: NotATether on October 26, 2022, 04:48:56 AM

I hope you are differentiating between scam tokens/companies and privacy,

Of course, I do.

Quote from: NotATether on October 26, 2022, 04:48:56 AM

Actually, the fact that things like ICOs are heavily regulated now is a good thing, if you look back at the time when this forum was buzzing with scam ICOs to such an extent that Wikipedia blacklisted us.

Are ICO's still a thing? Try another form of shitcoins... Like NFTs Grin

Governments don't give a damn about regulating ICOs so that the general population do not get scammed. You and I know better why the Government's are trying to put a tight grip on cryptos.

Quote from: Casdinyard on October 26, 2022, 03:57:10 PM

Bloomberg although notoriously being a hater of bitcoin actually had a fair point in this one, at least to some degree. Regulating bitcoin or cryptocurrencies for that matter warrants more sophisticated systems of security that would then force scammers and hackers to be very tricky to get the upper hand in this cat and mouse game. Besides that I don't think there's any other benefit one could get from a centralized cryptocurrency regulated by an authoritative power like the governments.

There goes your privacy!

Governments don't care!
If they did, then why are we still seeing scam and ponzi ads on Google which is a centralized service? Roll Eyes

_BlackStar

legendary

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Quote from: Symmetrick on October 25, 2022, 05:29:25 PM

In it, the majority of retail investors support the regulation of the crypto sector, believing that this will benefit the industry. 65% of retail investors and 56% of professional investors support regulation.

I don't know what they think, but whatever it is then investors don't seem to want to go against government regulations. Maybe because they are not adopters of bitcoin as a means of payment and they just want to profit from their trading and investment. So it is safe for them to think that the regulation is good even though they have to pay high taxes to the government.

Quote from: Symmetrick on October 25, 2022, 05:29:25 PM

Weird things are starting to appear in cryptocurrencies, such as reversible transactions, specifying the KYC of the sender and recipient when making a transaction,

Obviously this is going to be really weird, and I don't want to endorse this one. The government's first rule always wins, but users have to be smarter.

Quote from: Symmetrick on October 25, 2022, 05:29:25 PM

What will the industry look like in 10 years in terms of regulation and KYC?

The government's desire to centralize bitcoin users through regulation and KYC will probably work to some degree, but anyway I don't expect them to be able to centralize bitcoin.

uchegod-21

hero member

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BTC, a coin of today and tomorrow.

When we talk about cryptocurrency regulation some people do not actually understand the pros and cons of the regulations. What always come to their mind when they talk about cryptocurrency regulation is the regulation of price, they are of the opinion that if the crypto industry is regulated price will be stable. Actually this is a bait that is been told them in order to lure them into the regulation that we finally seize their privacy and liberty.
Many of those people clamoring for regulation does not actually understand what crypto regulation is. You can easily hear them say when cryptocurrency is regulated there will be massive adoption and they give their reasons. We have nothing to do than to watch and see how things happen but I know many things will be lost in the quest for regulating the cryptocurrency industry.

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