Topic: Cryptocurrency and regulation, do we need it? - page 2. (Read 1060 times)

I think for bitcoin there is no need for regulation, except altcoin. Both are very different, altcoin is a pure business idea and they print money based on coins and tokens they have, very different from bitcoin. Because there are hundreds of developers, ideas and energy to create bitcoin can run until now, many developers on bitcoin are not to get rich instantly. And bitcoin was created as an alternative payment as well as a criticism of the central bank.

Atleast there are options and i am more on the dont wanna watched and controlled by the big brother,regulation is needed just for the sake of security and assurance but not to the point of interfering

Absolutely,we are still a small community and we must be regulated by the crypto rules and not by the governments or any other third party

Therefore regulations must be made so that many agencies and stores start accepting payments with bitcoin.
without regulation of course merchants will think twice about adopting bitcoin. we really need this regulation

SEC had already imposed these regulations in some part of the world, there ain't no baking out now. This is going to be done because of the potential scam that arises complains from investors the only question is whether they can truly regulate it because even today they can't do it. If anonymity is the issue of the players in this market, there are still ways not to be part of it but the scams are still there.

Perhaps China and the United States have agreed wholeheartedly on a matter for the first time in their history. You cannot perform Cryptocurrencies activities without permission.   
 
The basis for the "closed" China and "free" America to restrict Cryptocurrencies transactions has been the unfair competition activities experienced in the Cryptocurrencies system (frauds, false information, Cryptocurrency Scams etc.)
 
A bigger loss than the billion dollars the Cryptocurrencies industry has lost due to Unfair Competition, is the several trillions of US dollars which was expected to come in, but only because of the loss of confidence due to unfair competition, that cannot enter the Cryptocurrencies industry.
 
There is only one problem confronting the Cryptocurrencies industry. The Cryptocurrencies industry should determine how and by which means, based on which rules and foundations it will implement its specific commercial rules by self-regulation. It is obvious that self-regulation is the solution. It is also clear that when considered in the legal grounds Cryptocurrencies is software-based industry, and that the software actually does not differ anymore from books, movies, or photography.
 
The fact that the Cryptocurrencies industry's software is mostly qualified as open-source and public domain leads to the conclusion that this industry should be considered as a part of or within the scope of freedom of expression, such as books. Since it is not possible for a payment or exchange instrument in mention subject to an unprohibited form of expression (software) to define itself as a security that is subject to the activity permit before the law, the positioning of local governments themselves as forbidding country or vice versa, as Cryptocurrencies as paradise, will not have any legal response.
 
For example, Malta, declaring to be a Cryptocurrencies-friendly country, issued a fairly comprehensive legislation. However, on the concession agreement of Binance, who has announced that it has moved to Malta and has positioned itself as one of the largest stock exchanges in the field of Cryptocurrencies, the addresses and titles of the company (or persons) that own the market still do not appear.  Let's assume that an investor with an account in Binance, although provided all the necessary conditions, is hacked; in such a case its only legal interlocutor will be a virtual platform whose address or the titles of the executives are unknown. Therefore, a governmental or supra-governmental super-centralized structure, whether it be a Cryptocurrencies-friendly, or a limit-enforcing structure, clearly cannot be a solution. In fact, it is also crystal clear that Malta is not a solution, as explained in this example.
 
The method that will ensure the arrival of trillions of dollars into the Cryptocurrencies industry, and the bases and practices of this method should, in summary, be based on the following principles;
 
•   A governmental or supra-governmental super centralized structure cannot be the solution; first and foremost, this situation is contrary to the constitutions of the free countries and additionally, it contradicts with the open code, open book and centerless features of the Cryptocurrencies system.
 
•   It can only be delusion to expect for trillions of dollars to come to an area where there is unfair competition and trust cannot be provided.
 
•   Self-regulation is the only remedy to prevent unfair competition existing in the Cryptocurrencies system. With the self-regulation system, the Cryptocurrencies industry must determine its own commercial customs and rules (standards).
 
•   However, it is necessary to carefully determine the implementation methods of the self-regulation system. Firstly, the principle of solving justified investor and customer complaints must be accepted as a “prerequisite" standard. In addition, the rule of truthful declaration where the players in the Cryptocurrencies system (according to their license types) each month regularly fill in the digital questionnaires in the platform, so that they will disclose their information to the public in a correct and accurate manner should be considered as the second standard. These two ethical standards will not harm the free and fair structure of the Cryptocurrencies system. On the contrary, the two ethical standards described above will leave those who give false information and bad players that have infiltrated into the world of Cryptocurrency, which cannot solve justified customer complaints out-of-the-game / out-of-the-platform. The basis of this application method can be provided by certificates based on self-regulation system. 
 
•   IP (Intellectual Property) rights, basically, can be said to be incompatible with the free and open-coded system of the Cryptocurrency world. However, the basis of the foundations (simple and ethical rules) that will be established between the players of a self-regulation system, let it be set up according to IP rights or set up according to the contract law, will not change the results. With IP rights, no ownership is granted from the system's open source codes. By taking only two code of ethics as the basis for self-regulation a commitment to compliance will be sought after in order to apply these ethical rules. They convey our open society policy to the public and do not keep the information in its own right. Naturally, the code of ethics cannot have its law or legislation. However, when extraordinary situations are encountered such as the hacking of a crypto stock exchange whose address and identity are inaccessible and losses are not compensated, it is an absolute necessity to be able to answer questions like "Do we have an insurance?" or "where are you located?". Those who do not disclose the most basic information primarily harm our right to access to open society and information.
 
•   What is important here is to enable a neutral, fair implementation structure (platform) to reach up to a model closest to the ideal with warnings and notifications of the Cryptocurrencies industry.

•   One of the critical issues here is how to understand whether the player to enter the platform is honest or not. It is also possible that bad players cannot be detected at the time of the application and that they may infiltrate to the platform (the self-regulating platform). First, the platform will examine all applications very thoroughly. ICOs will require additional commitment and ICO applications without trust and escrow accounts will not be accepted by the platform. Licenses of platform members (licensees) who are not able to resolve unjustified investor complaints or gave false information, will be canceled. However, it is important to note that investors should carefully examine the information disclosed, that this information is declared by the platform participants and that this information may not be accurate. At this point, the seventh aim of the platform (i.e. the damage compensation project of those affected by the licensees) is not yet disclosed. The project to be carried out for this purpose will be announced as a result of the study to be conducted with licensees and WCCS community members. Yet, it is fair to say that it will not cover the past but the future, and its content will be explained in the same way in the future.


The World CryptoCurrency Standards online platform is developped to perform as an indicator to distinguish  the dedicated blockchain crypto projects (Cryptocurrencies, Tokens, Markets, Service Providers and Icos), among inconsistents.

https://wccstandards.com/home (WCCS) itself is an independent platform. WCCS has no relation or conflict of interest with any crypto project or blockchain bussiness. WCCS has no subject on appreciation of any crypto project. As blockchain and crypto enthusiasts, the main purpose of the platform is to stabilize the valuation of crypto world; by validating transparency and reliabiity of the applying Crypto projects.

WCCStandards.com is the only solution to the question of how the CC system can defend itself against the attacks claiming that it is an unreliable bubble. We are saying, if the Crypto Eco-system manages itself to be more transparent and project-dedicated, than it will automatically regulate itself against speculation and manipulation. Therefore potentially there would be no need for governmental regulations.

Many Crypto actors in the world of Cryptocurrencies (CC) don't bother themselves to indicate their project headquarters.

The decentralized, P2P, open-source software terms is the soul of the Crypto Eco-system but those terms are so much twisted and used by the Crypto Project Holders to cover their responsibilities and identities to Crypto Eco-system.

The responsibility of a Crypto Project is huge but simple in order to maintain a healthy structure for a transparent and reliable Crypto Eco-system. That goes for all Cryptocurrencies, Tokens, Markets, Icos and Service providers.

As the community grew - as more and more enthusiasts joined - as more people interested in Crypto wallet ownership;  many more unreliable, inconsistent  actors came out to fraud people with cover identities and fancy but not working so-called Crypto Projects.

A strange wave of greed covered the whole eco-system. The noisy cheers of those who started to double their money in a very short period of time took more and more attention than working on and questioning the life-changing reliable Blockchain and Crypto projects. As the value of cryptocurrencies and tokens multiplied, fraud ıco and market actions multiplied. Thus the Eco-system started to face the trust and bubble issues.

The questions about the efficiency, reliability, and sustainability of the Blockchain and Cryptocurrency technology soon turned to be accusations of bubble and fraud.

Investors intend to differentiate Blockchain projects from Crypto projects. Fintech investors intend to ignore the Crypto world. Big actors repeat themselves saying they believe in Blockchain future but Crypto world might collapse.

WCCstandards.com separates itself from that arguement, however, as a determination, there can’t be efficient blockchain future without benefiting reliable crypto projects and without tokenization.

We are currently in a cycle; that many valuable blockchain and crypto projects - started up in order to bring favorable progress on the real-world problems - are facing hardest times to convince the world on their arguments.

https://wccstandards.com/home

Thats right, I think we really need regulation, with regulations many people will know about bitcoin, many of them start to believe because Bitcoin have been legalized, from that bitcoin market will be wider and bigger, of course it will make the market more crowded and prices will increase, many positive effects will come if regulation happen

A little implementation of rules is enough to support people's protection against little mischiefs. cryptocurrency's pre-centralized environment can be successful if people wouldnt implement a total hold of the law. This is what people like about this investment and they shouldnt take that away from us.

so in short do you wanna get charged by taxes ? bitcoin does not need to be regulated in order for you to do it because you can still pay your taxes if you really like it though  .  


cryptocurrency ? yes we do need it because it is verry useful and has improved our life alot .  regulation ? no we dont need it anymore because cryptos isnt a kind of usual money  . crypto is built purely for online purposes   and of course we dont like to get charged by a tax or any other value added charges  because right now we are already paying a high fees whenever we use our cryptos  . i cant imagine what will be left to our coins if we will get charged by both tx fees and tax  .

It is not a question of changing the principles of its existence in the regulation of cryptocurrency. The usual regulation of cryptocurrency includes the formal determination of its legal status, the determination of the order and conditions of its circulation within the state and, as a rule, the resolution of the issue of its taxation. Solving these issues not only makes it possible to legalize cryptocurrency, but also creates the conditions for the formation of an infrastructure for its practical use as a means of payment. Therefore, government regulation is necessary for the further development of cryptocurrency and its introduction into the life of citizens.

Without regulation, I can't purchase minimarket with crypto because there is no EDC machine.

Because of regulation, not just able to purchase with crypto but also support the currency so the value able to increase from time to time !

Regulations are not only for Government control but for everyone's good ultimately. The none regulatory nature on crypto so far has been damaging; failed ICO, Scam ICOs, Hackers on the prowl, If you mistakenly transfer your funds to a wrong address, it is lost forever ..... and the issues go on. So it is very necessary that we look at this regulation from an objective standpoint.

I have only one answer for present moment - we need no regulation now. Because market is small, and bitcoin using not a lot of people. It must be regulated only by crypto community.

for anyone who does not want to be taxed and does not want to be supervised by a country, it can be ascertained that the person is in trouble, because if we are recognized in a country and we are taxed then we will feel safe doing all trading activities and we will be categorized as traders legal, different if we avoid supervision and avoid taxes, we are no different from the perpetrators of crime, bitcoin is not a crime then we should not avoid the supervision of the state.

Regulation is not the silver bullet to these long established problems. Criminals and the like have been using fiat for decades in their operations and all the KYC and AML in the world is not going to stop or hinder their ability to bypass these regulations.

Just have a look in the Invites & Accounts forum as an example. Anyone right now can buy a fully verified bank account from some dubious seller.
This one example alone shows the that the current regulation regime is not fit for purpose.  

True, because of not having regulation, cryptos especially bitcoin can be easily used to commit such crimes and hideous thing. I remember watching movies and reading articles about a guy(not going to mention the name) who had managed to create such cyber crime and illegal selling of goods through bitcoin. It had been hard for police to detect him because of using bitcoin.

On the other side, though regulation had helped in keeping bad people away, having full regulation in cryptos may also mean that the government having control. We know that the government had their hot eyes on crypto and crypto earning. Regulation may also mean that now having government rules which will affect how we do things in here.

Actually for me there is positive and negative aspects of regulation. That i think Crypto currencies are booming last year 2017 because regulation is not fully implemented yet that most of the illegal money can be hidden inside crypto thru money laundering. The illegal people will simply buy much cryptos then their huge money is fully hidden resulting the crypto currency to become more expensive on that period but now that regulation is fully developed and implemented it makes these illegal people to stay away from crypto which makes the real demand of the market to reduce too. With this scenarios, i stand neutral regarding regulation.

Regulation of cryptocurrency is necessary for its legalization in each state. Legalization of cryptocurrency includes the establishment of its legal status, the determination of the order and conditions of its circulation within the state and, as a rule, the establishment of taxation. All this is necessary for the legal circulation of cryptocurrency in any state, protection of the rights of its holders by state authorities and courts, as well as for the active creation of infrastructure in order to create comfortable conditions for its direct use as a means of payment.

Yes, true words, but it doesn't always have to be limitations. As I said, it's better to create a secure framework for future projects. I think Liechtenstein is on the right track and if they implement the Blockchain Act in 2019, the small country in Europe could become the Cryptovalley. https://www.ico.li/liechtenstein-blockchain-nest

Crypto currencies can't be regulated at all only we can make restrictions to the trading platforms and ICO investments but no one can interrupt when the crypto currency transaction when a user want to send the cryptos to another address even the receiver can't do anything.

There are 2 sides good and bad ,first is about scamers if we have regulations then most of scamers would fail so its good ,but second then main meaning BTC  would lose.