Topic: Enforcing government regulations - page 2. (Read 694 times)
What regulations are you talking about? Nothing has been inforced here. How can it be? How can you claim governments can make whatever regulations they want. Where the hell do you get this info? Im sorry but that's crap. How will the government know how many assets you have. Thy cant control crypto. They can try though.
Let me write my own opinion on this. I think states will not use Bitcoin. No state can willingly enter the Blockchain economy. This is not an easy event, maybe it would force this transition. Bitcoin is a great puzzler.
We are now on the edge of the cliff where we are to decide on two choices, whether to accept the technology or to stay firm with the current that we have right now. And it is not impossible for government and to state to utilize bitcoin and cryptocurrency. In fact, they way they are allowing blockchain projects to run on their country is already one of the signs that they will accept it, we don't know if the people working inside the government do really utilizes bitcoin? holistically, they might show some negativity, but in the end, we'll all benefit on bitcoin.
Bitcoin, (Satoshi) already did it's (his) part making it decentralized. No government and third parties. Bitcoin already achieved that. It's just the government are the one trying to involve themselves with Bitcoin because they saw that it's succeeding with its goal being decentralized and having no regulations. They're just trying to stop it by using the law which the only advantage they have. But the so-called promise, was already fulfilled in the very first place.
As many said, the main advantage of Bitcoin is to bypass those regulations. In a country like India where the RBI has banned banks from transacting with exchanges, people are still trading using P2P exchanges. I agree that these regulations affect the community but with crypto there is always a new way.
I doubt it will be easy to keep government away from bitcoin if it gains more traction. Whenever money is involved people trust government. That's the inbuilt mechanism of humans. As you must have noticed that the crime rate when it comes to crypto has risen significantly. In such a case if you want more people to come and buy crypto, you need to gain their trust which is in a way connected to government only as people trust government in money matter. So, a few rules and regulations without jeopardizing the basic idea of bitcoin won't harm anyone.
Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.
So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.
What do you think? Is the Bitcoin promise broken?
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.
So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.
What do you think? Is the Bitcoin promise broken?
I cannot find anywhere that Bitcoin promise anything. Yes it is created for p2p currency that can be send anywhere without 3rd party intrusion which is still in effect. Regulation of government does not necessary means that it can't be send the way it used to be.
What bitcoin promise? Bitcoin is a way for people who want to feel free to manage their money, even if the government cannot control it. But we cannot deny that bitcoin growth in a country in which we need regulations from the government so people can use bitcoin without any problem.
Bitcoin will grow fast with approval from the government, so we cannot force the government to approve shortly. I think the government will create regulations about decentralized currency, and the government will authorize cryptocurrency in the long term.
Bitcoin will grow fast with approval from the government, so we cannot force the government to approve shortly. I think the government will create regulations about decentralized currency, and the government will authorize cryptocurrency in the long term.
Maybe you have a wrong perception, bitcoin never makes promises. Bitcoin is claimed to be able to disrupt the banking system at this time, therefore a government regulation is made to limit the use of bitcoin only as an asset not a currency. The proof is that bitcoin so far has disrupted the banking ecosystem, it can be seen from the many appeals from the government to stop using bitcoin because they have the potential to have a high risk.
?
Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.
Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.
Actually the government can't enforce anything and do what it wants. Laws must be carefully voted into legislation. Bad laws never work. Forcing people into something will never ever work because people don't obey laws they cannot respect. As you say you can easily bypass restriction since bitcoin is free and nothing can ever hold it back even the government. It is impossible to stop bitcoin and the governments have better things to do. Not enough people are using bitcoin for it to be a problem for them.
Let me write my own opinion on this. I think states will not use Bitcoin. No state can willingly enter the Blockchain economy. This is not an easy event, maybe it would force this transition. Bitcoin is a great puzzler.
?
Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.
Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.
Actually the government can't enforce anything and do what it wants. Laws must be carefully voted into legislation. Bad laws never work. Forcing people into something will never ever work because people don't obey laws they cannot respect. As you say you can easily bypass restriction since bitcoin is free and nothing can ever hold it back even the government. It is impossible to stop bitcoin and the governments have better things to do. Not enough people are using bitcoin for it to be a problem for them.
People are so many concerns about how their money grow from the risk inside crypto, thus they looked somebody could give them assurance and that is how important to see that the government will protect with them. But somehow some of us here are in doubt about what will happen next if the government will take control of crypto.
First of all, they are afraid that taxes may impose( as we are celebrating it for free till now) and next, the control about market prices and afraid of not seeing bullish again. Enforcing government regulations might have a positive and negative impact, may some of us will agree to have it but some also declines. It runs into a process( might be long), if the government will finally after the benefits they might get in the crypto market, then they will work on it for sure.
First of all, they are afraid that taxes may impose( as we are celebrating it for free till now) and next, the control about market prices and afraid of not seeing bullish again. Enforcing government regulations might have a positive and negative impact, may some of us will agree to have it but some also declines. It runs into a process( might be long), if the government will finally after the benefits they might get in the crypto market, then they will work on it for sure.
Exactly. In fact, most governments are concerned about the misuse of cryptocurrency for illegal activities, thereby limiting their mobility. However, if the government is in line with the cryptocurrency scheme without interfering too deeply in the case you explained, then that is no problem.
Especially if people really want proper use of cryptocurrency, abiding government regulation is a good thing to consider. It doesn't mean that since bitcoin or other crypto is providing us freedom in our financial assets, we will not abide the government. Let us help them do their part in maintaining good governance. Blocking illegal sites that will promote misuse of cryptocurrency should be supported thinking that it is for us not for them in the first place.
I agree. There are some regulations that are good, amongst others.
Exactly. In fact, most governments are concerned about the misuse of cryptocurrency for illegal activities, thereby limiting their mobility. However, if the government is in line with the cryptocurrency scheme without interfering too deeply in the case you explained, then that is no problem.
Especially if people really want proper use of cryptocurrency, abiding government regulation is a good thing to consider. It doesn't mean that since bitcoin or other crypto is providing us freedom in our financial assets, we will not abide the government. Let us help them do their part in maintaining good governance. Blocking illegal sites that will promote misuse of cryptocurrency should be supported thinking that it is for us not for them in the first place.
Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
bitcoin never really promised that. it depends on the internet (at least it does today) and the electricity infrastructure, among other things. those are totally subject to government regulation.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.
the claim that bitcoin nodes are extremely expensive to run is not self-evident. the storage costs are actually quite cheap, and significant optimizations have been made over the years to mitigate for low bandwidth conditions.
i think the reason so many people use 3rd parties is out of convenience.
But we should ask ourselves how bad is regulation?, some months ago we have the Fintech regulation in México and that bring order about crypto business, that way anyone could have their own crypto-related business, so, for that kind of moves, bitcoin regulation isn't bad at all.
But if the government uses the regulation to start investigating al their crypto users then we have a problem
Exactly. In fact, most governments are concerned about the misuse of cryptocurrency for illegal activities, thereby limiting their mobility. However, if the government is in line with the cryptocurrency scheme without interfering too deeply in the case you explained, then that is no problem. But if the government uses the regulation to start investigating al their crypto users then we have a problem
Restriction and prohibition is the main weapon of any government. Bitcoin can not circumvent that, in everything else the coin is still unregulated because it is a decentralized asset
The real question is why any government needs a weapon against its own citizens.
The government can do/make any regulations regarding of the needs and security of their people. And if Bitcoin will become a threat to them due to its decentralized attribute they may follow the steps of other countries for banning Bitcoin and cryptocurrency.
No, they won't fight Bitcoin and cryptocurrency when it becomes a threat. They will fight it when it becomes personally beneficial for them to do so (regardless of it being a threat or not). That's the problem.
Restriction and prohibition is the main weapon of any government. Bitcoin can not circumvent that, in everything else the coin is still unregulated because it is a decentralized asset
The real question is why any government needs a weapon against its own citizens.
The government can do/make any regulations regarding of the needs and security of their people. And if Bitcoin will become a threat to them due to its decentralized attribute they may follow the steps of other countries for banning Bitcoin and cryptocurrency.
where did you mention it was a promise .. ?? I think it's just a conclusion that you made yourself ... 
Restriction and prohibition is the main weapon of any government. Bitcoin can not circumvent that, in everything else the coin is still unregulated because it is a decentralized asset
The real question is why any government needs a weapon against its own citizens.
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