Could there be any importance and need for some kind of mild regulations?

beerlover

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Quote from: michellee on May 30, 2023, 05:24:28 AM

Well, maybe there are important and needs behind all the regulations made by the government. But I don't think all of them because that just seems too complicated to think about. If everyone were allowed to do what they wanted, the world would be disorderly and we would see the law of the jungle reign. The strong oppress the weak even though it still happens with the rules.

While the freedom and anonymity of Bitcoin can be abused, I remain convinced that there are still people who will use Bitcoin for the right things. We may hate the centralized system but it is necessary to manage everything. You can imagine what would happen if no one was in charge of a country, a city, or even a neighborhood.

And while we don't trust those in complete control, we must be sure that not everyone in government will abuse their power. There are still those who can use their power well for the benefit of the people.

I do agree that regulations are important, I agree with that no doubt. However, we need to make sure that regulations are done by fair people, that's the real trouble. If we keep thinking that regulations are done by people who fairly assess the situation before they make it, we are kidding ourselves and that's not the truth.

The reality is that we end up with much worse because the ones who do it end up being a bit different and they just end up focusing on towards making a bigger return from bribes they got, and whoever paid their bribe will have an opinion about bitcoin. If it's pro-bitcoin then regulations will work for us, but if it's anti-bitcoin then it's going to be regulations that hurt us the most, just like how New York did it.

jostorres

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Quote from: Minhxx on May 29, 2023, 05:34:33 PM

Yes, I hate having my money controlled at the banks. They always dared to follow my money back and forth. When there is a large flow of money into my account, my account is locked. That's why I use big coins for hoarding
My asset future will increase in price

That's exactly why most people love the decentralized nature of Bitcoin and some other cryptocurrencies because there is no one to lock your account up and sit an inquiry and ask you a lot of questions about the money that is your own, they wouldn't care much when there is a deposit but they do care more when you are asking for a large withdrawal and that is even more frustrating.

Why do I need to explain why I need a large amount of money when the money that I'm taking is my own in the first place? I'm not asking for a loan or something that I should explain everything, but they do this and it isn't something people like.

michellee

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Well, maybe there are important and needs behind all the regulations made by the government. But I don't think all of them because that just seems too complicated to think about. If everyone were allowed to do what they wanted, the world would be disorderly and we would see the law of the jungle reign. The strong oppress the weak even though it still happens with the rules.

While the freedom and anonymity of Bitcoin can be abused, I remain convinced that there are still people who will use Bitcoin for the right things. We may hate the centralized system but it is necessary to manage everything. You can imagine what would happen if no one was in charge of a country, a city, or even a neighborhood.

And while we don't trust those in complete control, we must be sure that not everyone in government will abuse their power. There are still those who can use their power well for the benefit of the people.

irhact

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Quote from: Bananington on March 22, 2023, 01:30:18 AM

I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

We have tried giving control to the banks and they have failed as they only do what's best for their selfish interest and that of the elite while neglecting the individuals that gave them their money to control. Now we have to try something else which is decentralization through adopting Bitcoin. I believe decentralization can't fail. We only have to educate ourselves on the needful things to know so we don't fall victim to scammers.

Decentralization puts the power in our hands instead of giving the banks the power to control our money. They had the power but didn't use it wisely. When we take the power from their hands they become useless and that's why they're fighting to not allow Bitcoin to succeed.

Minhxx

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Yes, I hate having my money controlled at the banks. They always dared to follow my money back and forth. When there is a large flow of money into my account, my account is locked. That's why I use big coins for hoarding
My asset future will increase in price

S A KHAIR

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Quote from: panganib999 on March 22, 2023, 02:21:57 PM

I think the regulations are necessary, especially in the business standpoint of the cryptocurrency industry. For instance, back in 2014 when ICOs are the big thing in the industry, everyone who scammed people out of their precious money got away from it scot-free because regulations back then were pretty much ass and exchanges are very lenient with how they deal with bad actors. This is why I believe that these regulations must first be implemented on these business entities if not exclusively imposed upon them only. The hackers in this industry although hauling millions of dollars are practically just dime-a-dozens and could easily be tracked and apprehended, however, businesses in the crypto-world could easily get away scot-free until now.

You cannot be greedy when you want to make a profit of thousands of percent and be protected by the law. There is no game that is so easy. Regulation will inhibit the development as well as the cases of manipulation and market hype, and since then we will no longer see the tremendous growth of projects. Everything has both pros and cons. If you like regulation, join the stock and forex markets.

Artem Sereda

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Any resource can be used for illegal purposes, but advertising has made BTC the primary tool abused. By the same logic, we can say that oil is being abused. Bitcoin's decentralization is a benefit that is being manipulated.

pgbit

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Quote from: Bananington on March 22, 2023, 01:30:18 AM

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

Yes, there is definitely a need for mild regulations in regards to the use of Bitcoin. While the freedom and anonymity of Bitcoin are beneficial, it is also important to ensure that these features are not abused. Regulations can help to ensure that Bitcoin is used for legitimate purposes and not for any criminal activities. Additionally, regulations could help to protect consumers from fraud, scams, and other malicious activities.
Centralized systems can provide benefits like efficiency and easier regulation, but lack of trust in those in control can be a concern. It is crucial to ensure accountability and trustworthiness in those managing such systems.

borovichok

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Quote from: The Cryptovator on March 22, 2023, 01:29:15 PM

The objective of Bitcoin is to enable peer-to-peer transactions without the need for intermediaries, allowing for seamless cross-border transactions. Contrary to popular belief, the goal is not to remain anonymous because every transaction is publicly visible and traceable. Therefore, if you are authorized to use Bitcoin in real life, it does not matter whether you remain anonymous or public. You can store a small amount in your wallet for daily use and maintain privacy by utilizing a Bitcoin mixer or a centralized exchange to obscure your transaction history. This is simply a way to safeguard your privacy, rather than attempting to achieve complete anonymity.

Cryptocurrency is beneficial to us and we can't stop trading, I've achieve countless earnings from it. Peer to Peer keeps growing by the day, specifically in countries that have ban the regulations of Bitcoin but we all know the true facts about the project, it can not be ceased to exists, because it's very important for traders and investors. It can be highly restricted but as times goes on, there's more chances of trading Bitcoin in these countries. Bitcoin is necessary needed in our daily routine because it's beneficial to us and our businesses.

panganib999

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I think the regulations are necessary, especially in the business standpoint of the cryptocurrency industry. For instance, back in 2014 when ICOs are the big thing in the industry, everyone who scammed people out of their precious money got away from it scot-free because regulations back then were pretty much ass and exchanges are very lenient with how they deal with bad actors. This is why I believe that these regulations must first be implemented on these business entities if not exclusively imposed upon them only. The hackers in this industry although hauling millions of dollars are practically just dime-a-dozens and could easily be tracked and apprehended, however, businesses in the crypto-world could easily get away scot-free until now.

kryptqnick

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I believe in some control and regulations. While those in power can often abuse it, that's why there must be a system of checks and balances to minimize the abuse, alongside with a civil society ensuring everything is going alright. I think that expecting people to pay the same kind of taxes they'd pay for their fiat income when they profit from trading or hodling is reasonable. I also believe that it's good when crypto exchanges are regulated to minimize the risks of them scamming people, as well as so that centralized platforms like that follow general economic sanctions when those are introduced.
So yeah, some regulations and some control make sense to me.

The Cryptovator

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The objective of Bitcoin is to enable peer-to-peer transactions without the need for intermediaries, allowing for seamless cross-border transactions. Contrary to popular belief, the goal is not to remain anonymous because every transaction is publicly visible and traceable. Therefore, if you are authorized to use Bitcoin in real life, it does not matter whether you remain anonymous or public. You can store a small amount in your wallet for daily use and maintain privacy by utilizing a Bitcoin mixer or a centralized exchange to obscure your transaction history. This is simply a way to safeguard your privacy, rather than attempting to achieve complete anonymity.

indah rezqi

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Quote from: Bananington on March 22, 2023, 01:30:18 AM

I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

I agree with you, even if the generation changes with the next generation, the same thing will still happen because it is always difficult to entrust the control of corrupt people.

I believe in centralized systems to some extent because it's difficult to escape completely from this truly centralized world. The idea of decentralization serves as the best option when privacy and control are getting harder to entrust to those in control, but as far as I can imagine decentralization still won't dominate centralization.

so98nn

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I completely agree with the part where you said it’s all about the peeps we don’t trust. That one is right on the point. Yes, that’s the barrier and that’s what we don’t want when they are running a crypto exchanger. One thing about the crypto exchanger, it’s all the time flooded with lot of money. There is always a point when owner of these centralised exchanges would go nuts about the wealth they are looking at. There comes the point when partnerships are broken due to financial concerns and there is always a point when wealth comes by you have more rivals around. Who gets hampered with this? Well peeps like you and me who are here to just exchange our bitcoins and have that desirable value and stay happy. But no, they will always break the chain. That’s why it’s not needed.

avikz

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Quote from: Bananington on March 22, 2023, 01:30:18 AM

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

What do you mean by mild? Do you mean positive or favorable regulation? If the regulation is positive and doesn't change the inherent features of a decentralised network, then it should be good.

However, majority of the big governments will never do such things which will actually promote bitcoin effectively. Rather what you will have is a heavy tax and a reporting requirement of every bitcoin transaction.

Aanuoluwatofunmi

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Can we accept even as little iota of regulation from government no matter how small it may appears, it's better we forget about that regulation threat from the US government over bitcoin, we all know it's a decentralized network with blockchain together cannot be regulated, they have tried it with censorship yet things doesn't work as expected, bitcoin remains a thick bone to their neck as government.

Wexnident

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I think that's something natural, the world we live in is a place full of regulations after all. A place without one would probably be just a barbaric place where strength rules all (with some scheming behind it, but mostly strength). The thing is a centralized and regulated system is supposed to make the lives of those who use it easier and safer, but instead the opposite happens, or somehow an alternate focus of those who implement the system is added, which makes it detrimental to the users when it can exist without those "add-ons".

In Bitcoin's case, I reckon most of those who use it simply just want to stay away from banks and all their bs. Simple as that.

tranthidung

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Quote from: Bananington on March 22, 2023, 01:30:18 AM

I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

Trust is a key point and also a dead point.

If you trust a scammer, you lose money, it's clear.

If you trust a good person who runs a platform, that does not mean you will not lose money. Even the CEO does not intend to scam anyone, black swan events can occur even they are barely occur. Like recent crisis in bank system from the USA. to Europe, it barely occurs but when it appears, we have serious issues.

The idea of Satoshi Nakamoto and the growth of Bitcoin network, mining community, user and investor community make it very decentralized. Fortunately, the Protocol of Bitcoin does not allow a single person can exploit it or make serious change in the protocol too easily. It's power of decentralization!

Fivestar4everMVP

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Quote from: Bananington on March 22, 2023, 01:30:18 AM

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

You are absolutely correct and you do have a really great point, the idea of total decentralization, without any form of regulation will likely breed some new set of really sophisticated scammers, which will have us all complaining again, and possibly jeopardize all the efforts put into seeing that bitcoin and cryptocurrencies in general is a success.

A mild regulation is really important in my own honest opinion, we all can say it's not needed and all that, but the heart of man, who can know it all?

maydna

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As long as the people in control are honest and can take responsibility for their work, I don't think we need to be afraid of a centralized system. But now that there are bitcoins that can give people the opportunity to make money, they can use them without anyone knowing unless they are asked to do KYC.

Governments don't want anything they can't control so they try to make regulations for crypto and crypto users. This is so that the government can find out who has succeeded in making money from bitcoin so that the government can see it on their tax returns. Everything people use bitcoin will ultimately be related to taxes set by the government, which the government has controlled.

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