Topic: Begining of the END for BTC. Bitcoin is becoming ultra regulated currency (Read 5773 times)

I seriously doubt we are going to see any "serious" government regulation start coming into play until bitcoin has hit a potential market-cap of at least 100 billion.

*I can see this in my crypto-ball :-)

Do you really want "InternetApe" managing your coins?
http://www.darkcoin.io/meetteam.html

There are other coins dudes. If you are concerned about regulations, you are welcome to invest in coins such as DarkCoin.  BTC isn't the only crypto in town.

And for all the regulations, bitcoin is difficult to truly challenging to effectively regulate. As opposed to fiat. 

This is exact reason why I`m not buying any more BTC.

From now on there`s no way this 2 points of view are going to conciliate.

If like me and others in this thread you want to stay royal to the principles stated by Satoshi you`ll leave if BTC becomes regulated.
That`s ok. Let`s agree to disagree. That`s diplomacy guys not war.

But before that time comes I can`t stress this enough... Let`s remember that BTC is not only a new type of currency.
IT CAN BE A NEW WAY OF SOCIETY. One in which we wouldn`t have to trust anybody to do anything.

Strip those principles from Bitcoin and you did it! It will be just a coin (with less costs etc etc).
Sry, but for me BTC is not bigger than what it brings inside. If the majority of BTC`s community pick regulation I`ll leave for sure.


The Code brought us this far, let the Code push us further. It is possible to regulate within BTC`s code I believe.




Peace brothers,
AMVM

There is 0 exchange in the US for a reason. Now that government is regulating it, it won't be too long before all major bitcoin holders in the US will leave the country also.

I don't know what to think now. It seems most countries have regulated Bitcoin in some way and people are reacting badly to it. We all knew this was going to happen sooner rather than later.

"Well, good news! My business just dissolved into a bunch of people selling stuff we've 'acquired over the years' and I have other people helping me and I'm just compensating their effort with some cash!"

I'm probably skipping over some laws or something, but that seems like the most logical way to counter the liscenses. Otherwise anyone in the market section living in New York State is screwed over.

I hate the liscenses because they're a bunch of bloody red tape, making it even harder for startups to actually do something! It's damn paperwork everywhere!

Thankfully I live in Canada, but there's always the possibility those licenses will spread up here too...

The US is bound to collapse soon. Everything is showing it, economy, politics, everything. So don't worry about the liscenses, just be sure you can get through the wake of a dissolution (some how) of the United States. Now don't quote me, and I'm not a US hater, but just looking at the signs makes me worry.

What do these regulations mean for online tipping services? It would be impossible for them to know the physical addresses of parties involved in a transaction, among other things. Also, what does this mean for Distributed Autonomous Companies?

It seems to me that these regulations completely stifle the possibility of legal innovation in the financial sector with digital currencies. Please tell me I have misunderstood because my interest in Bitcoin is its potential to facilitate new types of transactions and entities like those I listed above that are impossible with fiat currencies.

Your misconception is ridiculous.

Bitcoin is not being regulated. Bitcoin businesses are. Get that straight buddy.

This actually is really good news.

These are essentially the same rules that apply to any business that acts as an intersection between financial institutions and the regular cash economy.

I read through all of these comments and I really don't understand the uproar. I read this as both reasonable and expected. It simply says that exchanges, brokers, and online wallet services need to have 100% BTC reserves and follow standard IRS and AML guidelines. These types of institutions are Bitcoin's intersection to the traditional finance system and these regulations are standard. This gives avenue to the liquidity that the bitcoin markets desperately need while still taking a hands off approach in the retail and consumer sectors of the bitcoin economy.

Registering companyes is only way state can get their taxes from bitcoin, and i dont see it as bad thing. As noone can track every individual and their BTC assets (or they can but really really hard) only place where they can keep track on how much is spent and get their tax share are companies. As far as i know, paying taxes isnt big deal. BTC was not created as tax evasion tool (yes it can be used as one)....or maybe i'm wrong?

That is their intention.

Welp, now you understand the goal.

These licences are total bullshit.

The purpose of Bitcoin is to free ourselves from this kind of tedious red tape and state involvement in personal finance.

Fuck the bureaucrats. This adds NOTHING to Bitcoin or its economy. Its just another source of drag that would seek to make Bitcoin no better than fiat currency after burying it in red tape.

This is why Privacy is Needed for cryptocurrencies.

Yeah, you're right that the regular consumer or user of bitcoin woudn't want to register his/her addresses with some entity. Too complicated and too much of a hassle. That will really hinder mainstream adoption if this becomes the law. We'll have to see how laws, regulations and guidelines adopt to be compatible with a rather new technology like bitcoin. Those laws have to consider the unique aspects of bitcoin and other cryptocurrencies.

Those won't take off.
Bitcoin had people accepting it because there was no law against it and fuck it let's experiment.

Once the laws come into effect they will cover alt coins and they will make using untraceable alt coins illegal and while people may try and rebel companies will not so the places to spend it and infrastructure won't even get to where Bitcoin is now, never mind rising to where it could compete with the Bitcoin 10 years from now.

The short term politics could go anywhere - long term everyone has to leash the beast and tame it before it grows big enough to eat them.

but there are still many uncertainties. you have to admit that Germany is a pretty big wild card. aside from the merkel wiretaps, there's the gold repatriation issue. there's the issue regarding Russian and EU oil contracts. there's countries like Singapore and Switzerland that just do their own thing.

I agree the US probably has not one ace but a whole deck of them up their sleeve, but one thing we have to acknowledge is we don't know shit about what's really going on. everything is so compartmentalized and classified, not even congress and high-ranking generals or bureaucrats like eric holder know half of the story, imo. I think it could go many different ways.

I also know it's been said tons of times around here, but if bitcoin goes too mainstream and becomes tainted, something like zerocoin is bound to pop up eventually. and if/when it fizzles out, along comes subzerocoin. and so on.

Exactly "in the last two days" - you think they won't converge over decades because they made a token gesture of disagrement on a separate issue on Tuesday?

This is money and control over the creation of money, they'll put aside their differences there because if they don't they'll lose their power to give themselves money by diluting money they already promised you the value of.

It doesn't need to be the WHOLE rest of the world, just a good number of places. Laws don't need to be identical, just similar.

They don't even need to be the exact same laws to be compatible - there just needs to be legal islands that inhibit the completely free transfer of money. Since they don't need to be exactly the same laws it won't even look like countries are cooperating with each other, it'll look like they are independently trying to protect their own interests.

"Oh, we're regulating this because of Mt Gox, we'll save you losing millions, promise..."
You have to remember - you kill the IDEALS of Bitcoin, you leave Bitcoin standing and no one knows anything happened - we aren't talking about ending Bitcoin and leaving a void, we are talking about perverting it, stringing it up and showing people it's still "fine". You have to leave people something to point at so they won't be suspicious.
It won't even look like violence.

They'll just make the laws so strict that only the existing rich (so, we're talking like 10 people from our community + everyone who got rich under the existing system) are able to achieve compliance and we'll end up with gateways run, monitored and controlled by the status quo.

It'll have all the faces of Bitcoin, we'll just be priced out of using it to influence significant change because all your Bitcoin will be tied to you and you won't be able to spend it to influence change the government isn't happy with without them knowing.
It'll be just enough there are people still happy with Bitcoin. If it happens slowly enough people won't care because Bitcoin will still be worth money. Ideals will be bought and compromised in that manner. You'll never feel like you've lost freedom, there will just be one company changing their rules here, a country changing a small law there... and it'll add up.