Topic: BBC News - Bitcoin Island: cleaning up the crypto currency (Read 713 times)
It is no accident that the isle of man is doing this. It is the location of the largest poker site on the internet. Sold for $5 billion cash last year. The news story about the taxi driver and the pub owner are fluff. The real clearinghouse will be coincorner. Look https://www.coincorner.com/About
Smart move. They accepted the fact that bitcoin itself is quite regulation resistant, so they going to regulate businesses. As almost every second bitcoin/crypto business ends up as scam, I'm not against such kind of regulations. Not happy, but I recognize the necessity of such actions.
A certain level of regulation is indeed needed for massive mainstream adoption, but nonetheless they can never stop people meeting in real life and exchanging BTC for cash anonymously, unless they start putting coverup feds in LocalBitcoin selling BTC to scare people away.
I think relevant and legitimate services/apps are needed for mainstream adoption. Bitcoin can completely operate outside of gov't control. In fact, it can PROVIDE gov't control.
+1. And it's ridiculous to say that banks' hostility towards bitcoins is based on an aversion to high-risk financial activities. Who has engaged in more high-risk activity than the banks? Sub-prime morgtage fraud, laundering hundreds of billions for drug cartels, Forex trading scams, and tax-evasion services for the wealthy are a few examples of high risk stuff the banks have been involved in. Banks love high-risk investments as long as they get all the profits and tax-payers foot the bill if the risks don't pan out.
The Banks only "fear" that if they don't follow government regulation then they'll be heavily fined. They haven't adopted BTC in anyway because they fear any kind of investment they put in may randomly be wiped out by new regulation or an out right outlawing of BTC adoption by the government. So currently, the push back at banks is solely based on the fact the government-bank relationship hasn't formally declared operational restrictions, aka regulation, on the crypto-currency world. If banks were involved they would be acting a state of constant unknown.
It's not that BTC needs to be regulated for wide-spread adoption... it's simply that banks are already acting in a regulated environment and need to know how any new regulations would effect them before they get involved. You won't see widespread adoption until the average user can have a BTC balance sitting right next to their fiat balance on a bank account.
Governments & banks fear what they can not control.
Fair play to the Isle of Man for being innovative & forward thinking.
People need to realise they can't control or stop bitcoin.
Fair play to the Isle of Man for being innovative & forward thinking.
People need to realise they can't control or stop bitcoin.
A certain level of regulation is indeed needed for massive mainstream adoption, but nonetheless they can never stop people meeting in real life and exchanging BTC for cash anonymously, unless they start putting coverup feds in LocalBitcoin selling BTC to scare people away.
I think relevant and legitimate services/apps are needed for mainstream adoption. Bitcoin can completely operate outside of gov't control. In fact, it can PROVIDE gov't control.
A certain level of regulation is indeed needed for massive mainstream adoption, but nonetheless they can never stop people meeting in real life and exchanging BTC for cash anonymously, unless they start putting coverup feds in LocalBitcoin selling BTC to scare people away.
After reading the article my perception about regulatory control imposed on bitcoin begins to change. Note that what they said here is that generally banks don't see bitcoin as a threat but more towards the risk level that they have to take. If some form of regulation can help towards mainstream adoption then the question we need to ask ourselves is, why not? Reading the article about how bitcoin is accepted in businesses like pubs and cabs certainly project that kind of positive news and hope we are waiting for. An interesting line that I picked up was "The government is behind it... there's a lot of will behind it.". Perhaps it's time for us to change our mindset.
Where does the regulation stop? Will it affect every user globally?
After reading the article my perception about regulatory control imposed on bitcoin begins to change. Note that what they said here is that generally banks don't see bitcoin as a threat but more towards the risk level that they have to take. If some form of regulation can help towards mainstream adoption then the question we need to ask ourselves is, why not? Reading the article about how bitcoin is accepted in businesses like pubs and cabs certainly project that kind of positive news and hope we are waiting for. An interesting line that I picked up was "The government is behind it... there's a lot of will behind it.". Perhaps it's time for us to change our mindset.
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