Cryptocurrency regulation? - page 8.

chaoscoinz

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Quote from: OlegGichan_05 on July 20, 2017, 04:57:04 AM

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

Fiat being completely replaced by cryptos? Not likely...
The current model of cryptos is too sophisticated for the every day consumer. Crypto currency would have to work seamlessly and be implemented into a user friendly interface, so that every one, from children to grandparents can operate successfully without hassle.
Sad to say, but the average joe can barely operate a computer without trouble.
Also, regulation is needed, because freedom without order is anarchy, while order without freedom is tyranny. Centralization on the other hand, is quite complex and debatable.
The core of these same types of problems, centralization, and regulation have plagued civilizations and their societies for over a millenia.

Rigorous

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Quote from: OlegGichan_05 on July 20, 2017, 09:05:41 AM

Quote from: Rigorous on July 20, 2017, 08:28:22 AM

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

You mean people won't trust cryptocurrency or won't have to?

Won't have to. Trust is the weakest link, it's easily corruptible.

In a trustless system, however, things are quite a bit more complex. For starters, one can not rely on a report by any single entity. Cryptocurrency developers take an even stronger view — that one can not rely on a report by any number of entities. The reason for this is simple: we assume that there is little to no cost to creating any number of colluding malicious entities, which means that faced with conflicting information deciding whose report to believe may be impossible.

The assumption that one can’t trust anyone’s reports leads to the conclusion that one has to be able to confirm things for oneself.

https://keepingstock.net/explaining-blockchain-how-proof-of-work-enables-trustless-consensus-2abed27f0845

OlegGichan_05

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Quote from: Amph on July 21, 2017, 02:41:55 AM

Quote from: Blocken on July 20, 2017, 05:02:37 PM

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

Yeah, agree about the fact that fiat money won't be replaced in the nearest future. But for the long term, there
s a good chance for it to happen. For fiat money means it is accepted as money because a government says that it’s legal tender, I think it's possible the government establishes some law or regulation on cryptocurrency and therefore admitting its national legality.
And then in some sense cryptocurrency may become part (perhaps, the main part) of fiat money.

Amph

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Quote from: Blocken on July 20, 2017, 05:02:37 PM

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

Blocken

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They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

JuliaJulia

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This is a very controversial topic. Some people are of the opinion that regulation of the cryptocurrency is the main enemy of digital money. Mainly decentralization distinguishes coins based on the blockchain from any other asset, which allows them to stay independent of any particular people or organizations. Perhaps especially this feature attracts most people who do not recognize the current financial system.

OlegGichan_05

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Quote from: blakeh on July 20, 2017, 09:05:33 AM

Quote from: OlegGichan_05 on July 20, 2017, 04:57:04 AM

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

I would say no. There's always ways around regulation.

Yeah, sure there're tons of ways. But centralised control always goes with huge transaction costs...
All in all, I think government's gonna be part of cryptocurrency world not total regulator.

OlegGichan_05

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Quote from: Rigorous on July 20, 2017, 08:28:22 AM

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

You mean people won't trust cryptocurrency or won't have to?

blakeh

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Quote from: OlegGichan_05 on July 20, 2017, 04:57:04 AM

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

I would say no. There's always ways around regulation.

Rigorous

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I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

OlegGichan_05

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Quote from: nunchuck master on July 20, 2017, 05:26:02 AM

The concept of cryptocurrencies is based on trust. If it is fully implemented in all aspects, there is trust within the community and technical solutions applied to provide the security of network, then there will be no need for centralised control.

Got your point. But what about security? I constantly hear about hackers who steel tons of investor's money...

And goverment won't give up its influence easily. USA, Canada and some european countries tend to establish their rules on cryptocurrencies.

nunchuck master

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The concept of cryptocurrencies is based on trust. If it is fully implemented in all aspects, there is trust within the community and technical solutions applied to provide the security of network, then there will be no need for centralised control.

OlegGichan_05

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No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

Topic: Cryptocurrency regulation? - page 8. (Read 21769 times)