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

We need it to a degree. I think having cyber security forums like ciphertrace that help with AML are much more of a priority than say full regulation of the governments.

You are saying that regulations are good ?  And centralized exchanges are regulated therfor we must prioritize it if want more safety ? Am i right with that  ?   But i heard that decentralized exchanges are more secure/safe because no one can see our data's  .  we can trade on our own and no one control our funds  . the hack and scams are also less to to little or no posibilities to occur at all   . 

I believe you did not hear about the SEC commission's regulations over the exchanges. That is a cage of legalization team whilch is working against all the scams actions and here to trash the worst frauds.
You can find both the centralized and decentralized exchanges available in the market.
You may need to choose the exchange according to your own wishes.

If you want to use cryptocurrency as a mode of exchange then cryptocurrency and regulation must go hand-in-hand. 

Need sacrifice for big development, it doesn't matter to do KYC as long as you can use bitcoin more easily, the price is much higher?
I think it's quite worthed for a data verification that we might have to do, we need regulation!

There's always two sides of the story, mainstream wants a regulation this is to protect a huge number of people that are flooding the ICO, but Bitcoin was created to be decentralized, it's a status quo and I don't think it will be resolved some part of it says no and some part says yes to regulation.

However, it should be borne in mind. that if there is no state regulation of cryptocurrency, then it will not develop further, because no infrastructure will be created for its use as a means of payment. We need a state regulation of cryptocurrency so that the cryptocurrency develops in a planonomic way and without undue delays. Without cryptocurrency regulation, fraud in it will constantly grow and we will not cope with it ourselves.

But the question is, do most government will consider cryptocurrencies adoption? There might be some but most of them would really block it.This is why i dont
really expect too much for government/regulation to involved with it.They do see always negative things when it comes to crypto and havent considered their
benefits rather than always making some suspicion.

Wha are the good things you can get from regulations when you are using crypto currencies,if a country uses the tax amount for the development of country and increasing the life standards of citizen then it is okay to pay all the taxes they were asking for but many countires here are just making money and get all of them into their pockets but the citizen keep paying their taxes regularly with the hope of they will get something from it.

I think that the certain measure of liberty must be sacrificed for a certain measure of protection of other liberties,rights and security,just for this reason it is impossible and unrealistic hypothesis that we don't need regulations.regulations don't always mean bad things,I mean that each should have access to the opportunity to manage their assets in good faith, therefore  there are too many regulations have already created and I think this process will be finished soon...

If you want a cryptocurrency to exist legally, then without certain regulation by cryptocurrency states is not enough. Regulation of cryptocurrency necessarily includes the establishment of its legal status and the determination of the order and conditions of its circulation within the state. This is quite normal and necessary for its further development. Of course, in the future, states will try to limit the circulation of cryptocurrency, since the goals and objectives of cryptocurrency and the state are somewhat different. However, without this, we still can not do.

I agree with you that regulation will narrow a lot of progress that still needs to be made for the cryptocurrency ecosystem to get a foothold for long term mass adaption.
it's odd how people want regulation for technology like bitcoin, but not real life things that have long term damage on the actual world.
seems like a way to stifle creativity and the tech that could be used to possibly replace fiat.

Agree, I think regulation will open a wider path for cryptocurrency, stagnant prices occur because there is no passive adoption from outsiders because of obstructed restrictions and unclear rules, adoption will bring great adoption and many other positive things for cyrpto

For now, in my opinion, there is no need for regulation because the market is still in the development stage, where if a regulation is held, it will narrow the movement space which will result in investors not interested.
Let the market be as wide as possible that reaches the entire world, so that networks can occur anywhere and in any country. If these conditions are achieved, it is better to make regulations that regulate trade, transfers, payment instruments, taxes, intensive and others concerning crypto traffic so that there is no crime or fraud. Besides that the state also feels the benefits.

That is very true. If other people in the crypto market wants to stay stagnant and red for more years then don't support regulation. But if they are using their heads then push it and have faith in it. Crypto is not just about our own interest but it should be about everyone.

Quite the irony. While I don't believe Bitcoin is created to create and ditch government, but somehow more people believe government approval is needed to grow ecosystem. I believe government will eventually accept the fact that it's impossible to ban crypto, and they'll regulate it in order to make sure nobody will fall for scams, but the pessimistic approach that crypto won't grow without government help is a little annoying.

We've grown so much right now, without any help from government. Peer to peer exchange is almost impossible to stop, and government certainly realize that too.

State regulation of cryptocurrency is necessary, because through a certain regulation of cryptocurrency, its legalization takes place, and without legalization it cannot further develop. Without legalization of cryptocurrency by the state, the infrastructure for the practical use of cryptocurrency as a means of payment cannot be developed. Especially regulation is now necessary for the activities of ICO projects, no public scrutiny can eliminate the problem of fraud in ICO, this can only be done by authorized state bodies.

I mean the government too? if the government provides regulation, of course all communities, whether merchants or services, will certainly adopt bitcoin as well, now our concern and purpose is to get regulation from the government, because that will be the key to mass adoption and many other positive things

The regulation serves to bring every investor who still has doubts, I am sure many investors are already looking for bitcoin but he is still waiting for a regulation. The brain of an investor is not fixed on this day, but they will guess what will happen and what must happen in the future. Having a prediction is important, so that you believe in the future of bitcoin, don't just focus on today.

The community cannot effectively fight cryptocurrency fraud, especially in ICO. Scammers will simply ignore any social rules. I'm not talking about hacking. Only state bodies can effectively deal with these problems. Therefore, we need the legalization of cryptocurrency if we are going to feel more secure with cryptocurrency, and not at our own risk.

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.

I think regulation can make an important contribution to building trust. However, a distinction must be made between regulation by bitcoin and regulation for ICO. ICOs are almost dead at the moment and regulation would be an advantage for future projects.
This could take the form of certificates and it would not always be necessary to hand over full control to the state. However, I think a healthy form of regulation is good for the community.

But, when bitcoin is legal, doesn't it mean that the decentralized system of bitcoin change? When it becomes legal, there will be regulation for bitcoin, when it does, government will be part of your 'private area', they will take control of your account; of your money; of you. So, I think there's no need regulation, unless there's a change in bitcoin itself.

actually the regulation in bitcoin has a good effect, one of which we can feel safer because we feel we have entered the system of our government, we can pay taxes and of course we can avoid the perpetrators of crime, because we are very easy to report everything can happen to us, but for the perpetrators of crime must be very dislike of the regulatory system because they are afraid that the money from their crimes can be detected by the security apparatus, so all of it depends on our position, whether we are perpetrators of crime or not ..

indeed bitcoin requires legality from the country we live in, but if this cannot be done then things like this should not be considered a barrier , because as long as bitcoin does not violate the law the word is still free to buy and sell bitcoin , indeed bitcoin cannot be used as a payment tool directly, but this is not a problem. don't be pessimistic , always forward thinking don't give up easily.

I think, we need not any regulation, including banks, 'whales" etc. Now we can make small decentralized system. Governments must solve centralized problems for the first.

from many reasons, I think of the most important rules in the regulation of each user transaction account and the investment pattern in the ICO, both of which are very important to regulate because conversion stimulants do not run transparently and without strong controls from investors and developers, even I want insurance to prevent things from happening worse, we really need that for consumer protection.

Most governments favors regulation and this seems to be inevitable to happen in a country that want to put all finance and currency under their control. Control is necessary for the government so they can be able to run the economy and the whole nation into the right path. Scams, hackings,money laundering and other illegal activities that uses cryptocurrencies are some of the reasons why the authorities wants to impose some regulation on crypto exchanges.

If government provides convenience against cryptocurrency users, I guess they are reasonable to make a rule and regulating taxes on cryptocurrency users. Take a look at the impact of cryptocurrency if it is legalized by several governments, every cryptocurrency price will increase and even will attract many new users, the cryptocurrency goal is made to be used by everyone, and to make that happen is the government.

I agree with you, the government still can not control illegal transactions in Fiat, and cryptocurrency is even more difficult. I think regulation of cryptocurrency at the government level is not necessary.

it's better to have cryptocurrency with that rule, as well as to the discipline of crypto users and to prevent people from using crypto scams and to avoid hacking. there is a better regulation to learn from the crypto users not to disobey.

You are right and before they would engage theirselves to crypto they should first resolved into the issues on where fiat currencies have done.They cant even stop those illegal stuff or transaction
and now they are trying to regulated crypto as well,saying that it is prone to illegal matters like shady transactions and money laundering which they didn't even consider that fiat shady transactions is more rampant.
Crypto is for decentralization but hard to accept that if we would like to widespread its adoption we would really need to align with regulation.

I think we need no regulation - there are a lot of illegal deals without cryptocurrency. Government must find another way to control criminal elements.

For me there are no regulations, no binding rules, it is impossible to manage the country. It seems that those who do not want to be controlled will support the unmanaged. Or the criminals will be excited about this.
If you are the manager of a country, what do you think?
Maybe they will not let that happen

its bullshit. the government provides regulation and legalization provided the users want to verify like id card verifitcation. so that the government can control it and give taxes when everything is ready. regulation is only for the benefit of the government. I don't really expect regulation to happen

I agreed with what out said in terms of the cryptocurrency exchange KYC make some investors/traders not to put much fund into cryptocurrency and regulation the US SEC/Senior regulators ought to suppose to be prevention of scam ICOs but they choose to force control cryptocurrencies.
Mind you, we still have some exchange site which are still anonymous.

For me, what is happening right now with price which declined drastically was due to some regulations particular on exchange sites like having KYC. The anonymity of a person has been exposed publicly, so if made anonymous traders became more hesitant with crypto investments. I am not yet in favor with that certain regulations, and maybe this has to be put into serious review before it will be fully implemented.

Yeah that’s there is no absolute freedom, we should also abide the law, we should abide the law, although bitcoin is anonymous and know boundaries, in a country with their own they will  provide counter measure to insure the welfare of their citizens, which I believe if we look it in a positive outlook it isn't bad. 

Regulation of cryptocurrency by the state is necessary, because regulation is part of the legalization of cryptocurrency. Without legalization and regulation of cryptocurrency, it will not be able to work on the territory of the state and be used by business structures. In this case, it can only be used by citizens and very limited. Therefore, we need regulation. Especially if the regulation is only in the order of circulation and use of cryptocurrency on the territory of the state. Regulation is good because the state, determining the status of a cryptocurrency, takes it under legal protection.

I do not think that there is a need to associate regulation with the negative impact!! In fact, regulation sometimes prove to be beneficial for the country because everything moves in a systematic and organized manner. So the environment of the crypto market, remains friendly for the community because there would be lesser scams and frauds. This way there would also be a controlling authority to look over the market conditions and regulate the acts of the market. Yes, we do need regulation unless it curbs the activity of the market in a negative manner.

For those of you interested, our author wrote another article on the issue of wash trading in crypto exchanges, which is also a highly debated topic. You can read it here: https://medium.com/xtechblog/crypto-exchanges-a-growing-divide-e0f2b3709f5d

Many users also have the same mind that the cryptocurrency should not be intervened by the government but if the regulation helps to develop of bitcoin, and many users can feel safe with the regulation, because it can suppress online crime, of course we will support it, as long as it does not destroy the development of bitcoin

I agree if the regulation can be used to make crypto become better and give more secure feelling to the users, I personally feel that crypto doesn't need any government interference, but I know there are some scenario from crypto that could create threat to the country's economic, so I don't mind crypto being regulated as long as it doesn't destroy crypto potential to grow

I think drugs is a way more different scenario compared to people using ICO scams to steal money. For people who are doing drugs, I think that it is ok for me as long as they don't put me into it. But if some of my countrymen are being deceived by this scams and they are actually losing money from it, I think we need to take action from it as this kind of crime is actually destroying the lives of people who are hoping to get rich on what they believed is a good investment which they will late find out is a scam.

Yes, I generally agree, of course, as with ordinary money, it will become more bureaucratic and less free in terms of control over operations with crypto that and longer, but on the other hand, confidence in cryptocurrency will increase, which will make them more open to everyday and wide circulation for the mass user.
This will attract new investors, users and business and government structures. For example, it seems to me that it would be faster and more convenient to sign contracts on blockchain, without powers of attorney of notaries and actual signatures with the presence of the parties, without an exchange of copies, in fact everything will be faster and more reliable, even concideration by the state apparatus.

Governments will not run a survery to their citizens asking: "Do you want us to regulate Bitcoin?" in fact, specially when it comes to the status quo of money, they don't care about the citizens opinions, they do what's on their agenda.

They are going to keep regulating all exchanges that fall on their jurisdiction and it will keep getting worse. Just look at Poloniex for a picture of what will happen to all exchanges within reach of big brother governments. I used to trade there with some fake name, I was free to trade any coins I wanted. Recently it seems its impossible to do anything without a picture of your ID, phone number, address and what not, and I never trusted crypto exchanges with my data so I left when I still had the opportunity and never came back.

Now the problem is, if I want to cash out some of these coins to buy a house, the government will ask for the origin. I hope it's not a problem that I used a fake name, I mean years ago it was the wild wild west.
Even if I don't cash out and buy it directly with bitcoin a couple years from now, they most likely still ask for origin of funds, you must be able to prove that your coins don't come from illegal activity. Obviously all of my coins are legal, but the trace is not clear since I lost some trading history on some exchanges.

I do think that hackers are being tracked by authorities, remember the BTC-e and Mt. Gox heist connection? They're doing their job but it will take a lot of effort on their end as hackers are also evolving and very careful in hiding their tracks. But sooner or later government or authorities will hunt them down.

I also believed that crypto regulation is about to happen in the near future. Regulations will somewhat put legitimacy and we might see investors confidence going back to market because of this. Investors are getting smart, they're not willing to shell out their cash specially if they are not that confident about the current market situations. Majority of them are just waiting in the corner and might be looking at clear regulations before they enter the market again.

Different people are having a different perspective view about legalization in cryptocurrencies, but yes I oppose with you that this legalization and regulation have a good impact to all of us to bring us in a safety precaution that possibly happens. Like in having illegal activities, through transaction we can easily track them. But as what you have said there are pros and cons if that happens, the word ''decentralize" in cryptocurrency is just like a legend.

This article gives us a really good perspective on the pros and cons of non-regulation. I suppose the thing to do would be to keep this in mind as it's for the good of the investor ultimately. We should also try to see if we can use the open ledger to try and track the hackers. Now that would be a great innovation.

I actually believe that the banks are more of an obstacle for growth than regulations. It has been a returning topic that banks freeze bank accounts of crypto related businesses, and reject applications for bank accounts in case it concerns a crypto related applicant. It's a nasty move just because they can't stand what crypto stands for.

I have dealt with two banks in the last couple of years where they forced me to either stop completely with crypto activities, or to close my bank account immediately. The latter I did. I'm glad that my current bank isn't such a jerk.

It's definitely over. ICO's had free game last year, and that's largely over at this point, and with how regulations are continuously being deployed on a much larger scale, the demand for ICO's will continue to diminish. If you also take into consideration that top tier crypto exchanges won't be blindly listing every ICO token anymore (also for legal reasons), it makes another ICO pop even less likely than it already was.

It will be interesting to see how the utility platforms will adapt to far lower ICO demand, because that's what they have been banking on all the time.

You're right, we need regulation for better conditions. You know if there are a lot of fraud, scamming, money laundering and other illegal things and it can be suppressed by the regulation and control of the government, besides regulation also gives a different mindset about bitcoin, and there may be mass adoption then

So you're in favor of the police state.
Say somebody is breaking the law, why do you want him to be caught and prosecuted if he's not harming you? If your neighbour bought drugs with Bitcoin, would you call the police on him only because his actions were illegal? Have you ever considered the possibility that law isn't ethical or moral? The truth is your neighbor could be dealing with a lot of stress and just wants to relax and have a smoke, but now he's going to face some more stress because they're going to break into his home and search it, put him in cuffs and humiliate him. I know I'm going too far with it but where's the line that they shouldn't cross? If you want the government and the police to interfere every time what will make them stop when the government makes the internet illegal or makes it illegal to hold bitcoins? Will you comply or face the consequences?

I actually can see this be a favorable outcome. It speeds up the process of having regulators finally dig into this space, which otherwise would annoy you and me somewhere in the later future.

Regulations are inevitable, and for that reason I rather see them be forced through right now than tomorrow. It will take away uncertainties as well, which should open the door even further for non crypto parties to enter.

Do you think that ICOs were the biggest ever crypto related shitshow or will we face a new hype that will make the ICO boom look like a joke? I personally believe that we've seen the worst.

The proliferation of ICO scams that has already victimized a lot of people in the online world and the use of cryptocurrencies from illegal activities are just many of the reasons why some governments are determined to impose regulations on many crypto exchanges to control the flow of transactions. In a country where crypto scams and money laundering is hard to control, a regulation is needed to put an end to this kind of illegal activities.

Sad to say but I do agree on this one but it isn't really necessary for bitcoin to be regulated but if we do talk about its usage it would really need to collaborate with governments acceptance for its adoption to scatter.
We do know on what would be the position of bitcoin when most government would ban it? We might say it can still stand on its own but would really be hard to utilize if we know that anyone is against it. Crypto is solely made for decentralization but we cant really break the chain of reality where government would still have the biggest effect depending on what decision they would made to bitcoin.

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Decentralised exchanges are still in their extremely nascent stages. I wouldn't give up on them yet. At some point relatively soon there will be a truly compelling option. I certainly am not tempted to use any of the current ones.

It's irrelevant asking whether crypto needs regulation. It's going to get it regardless.

I think the ICO shitshow has done more than anything else to bring unwelcome heat. Had that not blown up there might've been more time available for crypto to infiltrate things under the radar. That chance is now blown.

They are right, different people are having a different perspective insight about legalities on bitcoin, IMO, it is better to have a legalization for the good relationship between bitcoin and governments and can join their forces by having regulation. So far, our country now was friendly to the bitcoin and other crypto's. Besides, they recognized bitcoin as a part of payment currency. As what I have seen here it's better to have a regulation in bitcoin to have a minimal risk in having illegal activities both parties.

We need to have and comply with the crypto regulation. it's even better for our well-being and secured accounts. and it would be better to have anyone who violates the crypto regulation.

I think that regulation for exchanges are probably needed due to the fact that there are simply so many of  these scam exchanges out there that are taking user funds or selectively scamming users on a daily basis.

Having a regulation code for them is going to potentially help people understand the risks and also better credit the legitimacy of such businesses.

However, even with that said, education is far more important than regulation in this sense because there will still be unregulated entities, and if people are not educated, they could still use these shady exchanges.

But as to regulation on bitcoin itself, I don't think that's possible nor feasible, nor wanted within the community. Only services that are centralized can be regulated effectively.

Personal opinion and views do differ from such other and this is the main reason behind crafting a set of common rules and regulation. As crypto is a new system adapted, every country decides upon their security environment and the it's economic growth. And such rules and regulations will keep things on track though few still skip them over. Always there will be conflicts and contredictions when implementing new rules and regulations at the beginning.

Accepting to see the cryptocurrency regulated is no more different than accepting to be still controlled by institutions/govt. Which is exactly what Bitcoin ideology didn't want to see.
It's not going to make you safe from hackers, How a regulation could make you safe online?

there are more cryptocurrency regulation options available for those who want to enter the crypto. and for that we have disciplines in ourselves. it is better to have those who breach the crypto regulation will have more penalties.

We must know it by now that regulations are an inevitable thing to happen as it is the government's way of accepting cryptocurrencies in there country. The reason of regulation is not only for them but also for the protection of their citizens as the article also stated other things that the government is facing is money laundering (and other criminal activities) and also the protection of their financial system all of which can be protected with proper regulation involve. Regulation can protect their citizens by not letting fraudulent ICOs and other scams being promoted in their country as an investment opportunity, countries monitoring their cryptocurrency industry is helping their citizens not to fall victim in these kinds of scam.

I thinkб that ordinary citizens cannot influence the regulation of cryptovalues. No matter how much we talk about this topic, the government will do it anyway. I have a lead that you just need to work both in unregulated mode and in regulated mode.

Much more funny is that you used the word KYC to promote that exchange.. It is off topic even though you tried to connect such reply to make a point..

Reported to moderator..


You won’t be sure about that,, we might be protected by outside criminal organization,, but within the government and the one implementing the regulation.. Corruption is rampant..

If it can be addressed then regulation be necessary..

Funny you say that, because the exchange we are building currently (XTECH) is going to be completely free of KYC for the first months it is online. If you participate in our bounty or trading competition you can even get up to 6 months of feeless trading once we go online. Right now the date is set for the 4th of November, and currently registration only requires an email address, not even a name https://beta.xtechtrading.com/

Given the history of Bitcoin and why it was created in the first place, it seems contrary to it's creation to 'regulate' it - in saying that, every system needs some sort of guidance to run by and regulations are the easiest forms of that (well I believe anyway)

i wish i could feel the same way. the options for trading without KYC are getting slimmer and slimmer everyday. binance, bitmex and a few others are the last of a dying breed.

and unfortunately, decentralized exchanges can't begin to compare to centralized exchanges in terms of markets offered, liquidity and functionality. it's simply getting harder to safely hedge or profit from crypto markets. that's nothing to be happy about.

Of course.

Without regulation, consumers won't be protected, and criminals will run rampant.

If you want to be legalize , you need government's regulation.
For me it's important because you have the advantage by let them legalize for example : you can see the demand for bitcoin will increase because you can use bitcoin as payment like fiat.

Meanwhile, my government still against crypto so it's impossible for my government to make regulation about it.

Being regulated would mean that there would be restrictions when it comes to implementing something but it would also be an advantage of the investors because the projects that would be launch would be properly checked before they would be able to collect some funds from the people. It would also be more trusted especially for those who are traditional who wouldn't believe something unless it has support from the government.


If we think about it, having regulations really is opposite to what the creator of bitcoin is trying to achieved having a decentralized kind of currency that would be free from the control of the government. Form the looks of it, we still need regulation though but is due time, I believe we can do it on our own without the control of government.

People would always have different insights some would prefer due to convenience where crypto is already being adopted but the negative side where its decentralization wont really already suited it out.
Its just really good as an alternative but some people do much prefer to be legalized but off of these things are actually contrary on cryptocurrencies true purpose.

Does it really matter for people whether or not they think regulations are needed? It's not that we can prevent governments from regulating the ecosystem around crypto.

I'm not bothered by any regulations with how I barely use a centralized service anymore. If needed I will quit using Bitmex as well and from there be free from anything and everything trying to decide for me what's good or bad. Bitcoin is the first convenient way to cut through the governmental and banking system allowing people to obtain the purest form of financial freedom there is.

The mass is one economical collapse away from embracing Bitcoin as such. By the time they finally realize what Bitcoin is really capable of, it has scaled enough to serve them.

I agree with the author that there are two sides of regulation and there will always be those who embrace it and want to run a legal business and pay taxes. I'm more on the purists' side and believe that we don't need it and shouldn't fit BTC into the current system, just like Andreas said. We should leave it as an alternative to those who don't want to be watched and controlled by the big brother.

Take a look at this article on cryptocurrency and regulation, do you agree with it?
https://medium.com/xtechblog/cryptocurrency-and-regulation-do-we-need-it-4ea0c6bb2733