Recently scams are happening a lot and regulation is a good thing to prevent it. Although it may not be enough as the people behind this scamming are smart enough to dodge regulations. However it's worth trying.
Topic: Crypto Regulation Does not take away the concept of Decentralization (Read 453 times)
October 15, 2018, 12:40:03 PM
October 15, 2018, 12:38:27 PM
I am not so sure about global regulatory commision but I do believe there should be at least some kind of verification process which an ICO must go through, perhaps register the company under local goverment so that accountability rises.
October 18, 2018, 02:12:34 PM
Like the saying goes, where there is no law, there is no sin.
I've never heard this before, but if it is a saying it's a bad one. Law is to abide by people. Sin is to disobey God. Sin always exists, even for those that don't believe in a God. And the absence of law ensures that when sin is committed it is considered "OK". It's the law that declares what actions are not "OK".
Anyway, sin has nothing to do with cryptocurrency regulation. And yeah, the beauty of regulation (if there can be any) is that most cryptocurrency networks are broader and larger than any jurisdiction for regulation. The network spans beyond county, province, country, or continent. They can't end cryptocurrency unless they seize control of every node that exists.
October 18, 2018, 02:03:12 PM
Of course, if there is an appropriate body with good powers,
which would regulate ICO, it would be very good. If the ICO teams took their personal documents, made copies, checked their authenticity and checked for the presence of such a citizen about his criminal past, then the number of frauds would immediately fall tenfold. One could still manage to escape from the collected funds, but then the whole ICO team would be in the international wanted list and sooner or later they would suffer the punishment. The current situation does not threaten punishment for fraudsters, since they sell their tokens and perform other actions anonymously, no one sees them. If available, if the ICO team impersonates other people, it’s almost impossible to catch them.
which would regulate ICO, it would be very good. If the ICO teams took their personal documents, made copies, checked their authenticity and checked for the presence of such a citizen about his criminal past, then the number of frauds would immediately fall tenfold. One could still manage to escape from the collected funds, but then the whole ICO team would be in the international wanted list and sooner or later they would suffer the punishment. The current situation does not threaten punishment for fraudsters, since they sell their tokens and perform other actions anonymously, no one sees them. If available, if the ICO team impersonates other people, it’s almost impossible to catch them.
October 15, 2018, 03:30:36 PM
By implementing regulations, ICOs become more trustable. Thus, some trash ICOs will be elected before obtaining funds. But who will be the authority? Is it aganist to the decentralization concept of crypto? What about legislation? It is so complicated to be solved in a short term and to solve these problems may take years.
the possibility of implementation can be carried out by developed countries, but it will be very difficult in the discussion of the draft law in other countries. I think even if crypto always wants to blend in with clarity in real business, then they must be willing to let go of the attributes of decentralization for legal recognition. Perfection will not be realized if a system of controversy always focuses on a certain point, there must be a progressive unification of vision.
October 15, 2018, 02:54:40 PM
By implementing regulations, ICOs become more trustable. Thus, some trash ICOs will be elected before obtaining funds. But who will be the authority? Is it aganist to the decentralization concept of crypto? What about legislation? It is so complicated to be solved in a short term and to solve these problems may take years.
October 15, 2018, 12:33:42 PM
Cryptocurrencies can be regulated to a certain extent withouth totally hindering its nature. A passing board for legitimized ICOs can be one form of regulation that can be implemented.
October 15, 2018, 10:55:31 AM
Regulations won't help the main concerns with crypto as people are interested in the first place because it is not something controlled. But, in the future a lot might change and it might not be so far off as crypto regulations to be something people won't consider as a reality so we'll have to wait and see how it turns out regarding any decisions made.
October 15, 2018, 07:15:43 AM
It seems like a good idea; but is there any garruanty that the Global Regulatory Authority will not be corrupt or if the GRA will be able maintain a complete regulatory control over the market? If it goes corrupt, it will bring a disaster in the market and it will most likely try to centralise the crypto currency.
October 15, 2018, 06:27:58 AM
As the market grows - alts tend to grow at a faster pace, and the share of the cue ball decreases. Because everyone understands that you can earn more on altos.
I saw an exception to this rule only in October and November 2017. Then, at the same time, the market grew and the share of Bitcoin grew, the altos trampled on the spot. I see only one explanation for this phenomenon - at that moment a mass of people went to the market from the street, newly minted, inexperienced, uneducated investors without outlook and fantasy who, except for the cue ball, stupidly did not know anything. However, this did not last long - in December, institutional investors again went into alts and the balance of cue / alts began to change again.
I saw an exception to this rule only in October and November 2017. Then, at the same time, the market grew and the share of Bitcoin grew, the altos trampled on the spot. I see only one explanation for this phenomenon - at that moment a mass of people went to the market from the street, newly minted, inexperienced, uneducated investors without outlook and fantasy who, except for the cue ball, stupidly did not know anything. However, this did not last long - in December, institutional investors again went into alts and the balance of cue / alts began to change again.
October 15, 2018, 03:20:16 AM
Its good to have regulatory body, it could be prevent more scam or fraud, at least this regulatory could wipe out the unnecessary and unpotential coin to over flow the market and give more confidence to the investors, but when we talk about regulation of course it will take away the concept of decentralisation, but if it can make crypto grow bigger and better then I dont mind with the regulation
October 15, 2018, 12:21:27 AM
the fear that I had last year is coming true today.
I said this before during the happy hour of altcoin pumps that everyone was enjoying the shitshow of shitcoins. their pumps is now biting us in the ass. all the scams, all the manipulations and the crashes and losses,... are making the whole system look bad not just them. today we see multiple articles talk about shitcoins and their negative sides while implying that altcoins and bitcoin are all the same.
as for regulations, I say ICOs should be banned. but not by the government. instead they should be banned by the community. people should stop allowing them to even exist. the same way they stopped paying attention to any altcoin that had premine. this is what decentralization means.
I said this before during the happy hour of altcoin pumps that everyone was enjoying the shitshow of shitcoins. their pumps is now biting us in the ass. all the scams, all the manipulations and the crashes and losses,... are making the whole system look bad not just them. today we see multiple articles talk about shitcoins and their negative sides while implying that altcoins and bitcoin are all the same.
as for regulations, I say ICOs should be banned. but not by the government. instead they should be banned by the community. people should stop allowing them to even exist. the same way they stopped paying attention to any altcoin that had premine. this is what decentralization means.
October 14, 2018, 11:22:30 PM
Yes, there is a need to curb such frauds. Yes, there should be a governing bofy keep a check on ICO's. Yes, things have to change otherwise the end of Cryptos will be soon.
But, Regulation may or may not stop scam is a debatable topic. In my opinion Regulation will not stop Scam. If it was possible then Bank fraud/Scam would have Stopped.
I believe it is the responsibility of Investor/trader to educate themselves in Identifying such Scam projects.
But, Regulation may or may not stop scam is a debatable topic. In my opinion Regulation will not stop Scam. If it was possible then Bank fraud/Scam would have Stopped.
I believe it is the responsibility of Investor/trader to educate themselves in Identifying such Scam projects.
October 14, 2018, 10:56:39 PM
all the crypto-related scams are trips where crypto will get better, I think if we are all crypto users then we have to be crypto users who are quite smart, namely crypto users who always do research before joining investment activities related to crypto. and I think in terms of fraud in the form of investment, of course not only related to crypto, even in the form of real investment, it can happen because fraudsters will cheat from any field, so as I said, as a crypto user, it must always do enough detailed research so we never make mistakes.
October 14, 2018, 10:51:52 PM
the thing about fraud and scammers is that as long as people are gullible, there will be scammers. the more gullible and desperate they are the more scam cases we will see. for example the ICO scams that OP mentions that grew in 2018 is a good example. the reason for it was simple. with the growth of bitcoin we had a lot of newcomers and among them were a lot of gullible newbies. on the other hand we had this simple method of creating a token fast and cheap and easy, so obviously the result was a fast creation of thousands of ICO scams.
in other words the growth in scam cases was not just because of the community size growth but mostly because of the easy methods that were created for scamming.
in other words the growth in scam cases was not just because of the community size growth but mostly because of the easy methods that were created for scamming.
October 14, 2018, 10:08:12 PM
Its true that the number of scams are increasing. But mere regulations is not enough to get rid of the scams completely. Also regulations can defeat the purpose of cryptocurrency.
October 14, 2018, 10:07:09 AM
It is rumored that the SEC is secretly investigating thousands of ICOs.
Considering the growth of complaints about fraud, I think that we need to wait for new criminal cases, since cryptocurrency is being equated to securities.
Considering the growth of complaints about fraud, I think that we need to wait for new criminal cases, since cryptocurrency is being equated to securities.
October 14, 2018, 09:04:56 AM
Like the saying goes, where there is no law, there is no sin.
This is why the crypto world has been plagued with so much frauds and scams.
This is why the crypto world has been plagued with so much frauds and scams.
i strongly disagree because of the type of majority of these scams.
for example the biggest plague is the plague of ICO scams, Ponzi schemes, and other way-too-obvious-scams that always makes you think why people would even fall for them in first place.
regulations and "law" won't change this. the problem is people themselves, their greediness combined with their idiocy creates this opportunity for scammers to rip them off!
October 14, 2018, 08:42:01 AM
Agree with you, regulations would bring back the trust to some aspects of cryptocurrency such as in ICOs. Also, this might pave the way to fully recognize digital coins in different countries. Some countries such as Australia is planning to set up its regulations
I definitely agree with you, the government sould finid the issue to control the digital coin worldwideBy starting to build a supervisory agency where it will reduce the fraudulent impact of a coin coin scam or ico itself. That will make a significant impact on the progress of crypto currencies in the world in the end.
October 14, 2018, 07:28:55 AM
Agree with you, regulations would bring back the trust to some aspects of cryptocurrency such as in ICOs. Also, this might pave the way to fully recognize digital coins in different countries. Some countries such as Australia is planning to set up its regulations
I definitely agree with you, the government sould finid the issue to control the digital coin worldwide Jump to: