Block Chain eliminates regulators - page 2.

olubams

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Quote from: Ramya494 on November 19, 2018, 07:12:30 AM

I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

Decentralisation is a a great one and the main reason is control which is why the argument against crypto currency has been on the high side and its really simple. Majority of people of relevance in the finance world are already used to the principle that only regulated environment can thrive and every other thing outside that is not sustainable and unfortunately for us, people who hold this view are the ones are the helms of affairs of most countries which is responsible for the continuous downplaying of the various efforts of enthusiasts.

Jiamaf

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Quote from: magneto on November 26, 2018, 03:09:18 PM

Quote from: Ramya494 on November 19, 2018, 07:12:30 AM

I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

I wouldn't say that centralised entities are necessarily going to be eliminated by blockchain technology or cryptocurrencies.

The fact of the matter is that blockchain technology can and is being integrated into business systems, including central banks of certain countries currently trialling the technology, and cryptocurrencies will still have centralised third party services such as banks in the future, if they do go mainstream.

As a result, there will also be regulators which look after the third party services that uses cryptocurrencies or blockchain no matter what, despite the fact that they will never be able to "regulate" the bitcoin network itself.

The main reason why I think a lot of centralised institutions oppose bitcoin is obviously that they are concerned that control will be moved away from them, and that a lot of older generation financiers still don't fully understand the concept of decentralisation.

I agree that centralised regulators such as SEC is necessary so that we will not get scammed by ICO. Currently, most ICO are scams.

PlusOne88

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“Tackling Climate Change Using Blockchain”

Quote from: Ramya494 on November 19, 2018, 07:12:30 AM

I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

I am not against your ideas but honestly you missed some important things to look at why authorities are really trying to stop or regulate the use of cryptocurrency. The main reason of all and the biggest is the effect it can cause to a certain economy. You know how cryptocurrency can be used to transact between people being limited by boundaries so easily. Money can be at hand anytime anywhere but these may not be good to a country who losing too much money true expenditures that might not be so necessary at the moment and thus creates wastage on the part of resources held by the said country. This is why there must be regulations for the good of all and not just for a few. Though I don't like this either but this is also the reality to face.

FunGate

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The motivations are many and impossible to be certain of, but one thing you said is definitely true: "crypto enthusiasts need to put out maximum efforts to empower decentralization."

In a decentralized world, the public has complete control over what happens and is dependent on itself alone for its prosperity or demise. No one is going to give us freedom we have to take it!

jimbo2000

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Decentralization doesn't eliminate regulators but it makes their jobs much harder to do. They don't have control other than through the law. Unlike with traditional markets where they can for example, confiscate or freeze assets, they are powerless. They are only able to impose the law and hope that people follow it.

Domicbora

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Quote from: Ramya494 on November 19, 2018, 07:12:30 AM

I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

Bitcoin is already taxed and almost everyone in USA pays taxes for the profits they made from the bitcoin trades (I mean some people don't but there has always been tax evaders). Hence decentralized means nothing when it comes to regulators. Regulations for usage is not based on decentralized ideas, regulations are about how they can regulate the way you use it and how you should pay taxes and how you can't do illegal stuff with it and so forth. Decentralized means they can't touch bitcoin, they can't touch bitcoin itself not the bitcoin you own, they can take your bitcoin just fine but can't make bitcoin 210 million instead of 21 million, can't make the blockchain 1 gb per block, can't make transactions come to a halt. Basically decentralized is not a way to run from regulations but a thing to keep it untouched by any one person with power.

timerland

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Quote from: Ramya494 on November 19, 2018, 07:12:30 AM

I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

Who told you that blockchain would make regulators redundant?

I don't think that is true honestly. Yes, it does take away the intermediaries out of transactions and settlements, which is obviously an advantage since there is no risk in terms of banks freezing funds or not processing payments, on a global scale especially.

But regulation is still going to be there. Blockchain can't be regulated itself, but certainly exchanges and other companies that offer a product revolving around blockchains are still going to be regulated. We're actually seeing a lot of governments right now actively trying to monitor and regulate the crypto trading scene at the moment, which is quite controversial in terms of its results.

mazdafunsun

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Very narrow view, not all goverments are trashing Bitcoin and cryptocurrencies. A lot of goverments are going to make regualtions for this industry becaue they are needed.
And no block chian in general does not elimante regulations.

magneto

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Quote from: Ramya494 on November 19, 2018, 07:12:30 AM

I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

I wouldn't say that centralised entities are necessarily going to be eliminated by blockchain technology or cryptocurrencies.

The fact of the matter is that blockchain technology can and is being integrated into business systems, including central banks of certain countries currently trialling the technology, and cryptocurrencies will still have centralised third party services such as banks in the future, if they do go mainstream.

As a result, there will also be regulators which look after the third party services that uses cryptocurrencies or blockchain no matter what, despite the fact that they will never be able to "regulate" the bitcoin network itself.

The main reason why I think a lot of centralised institutions oppose bitcoin is obviously that they are concerned that control will be moved away from them, and that a lot of older generation financiers still don't fully understand the concept of decentralisation.

Kemarit

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Quote from: Ramya494 on November 19, 2018, 07:12:30 AM

I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

That could be one part of the equation but their main concern should be decentralization eliminates third party i.e banks, so imagine the profits they're going to lose in case they allowed Bitcoin to flourish in the next 10 years or so. That's why they wanted to at least minimize or cut crypto as early as today so that they're profit making scheme will continue and not giving the people any options. So that's how monetary system has been doing to us for centuries, totally enslaving us.

Ramya494

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I always wonder what might be the reason of centralised authorities not accepting the power of Decentralization and then found the reason,if so decentralization becomes the only means for the transactions then most of the regulators and authorities might be jobless and so they are putting maximum to let down this technology by creating a hype that all the crypto currencies are scam and you can making nothing out of them investing,so we Crypto enthusiasts need to put our maximum efforts to empower decentralization .

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