Topic: Enforcing government regulations - page 3. (Read 689 times)
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
P2P still offers decentralization and some coins are pretty much unregulated still. If you are onto that, you should move on into those privacy coins.
Privacy coins do not offer much of an advantage. It's very difficult to find someone that's accepting them. I really expected privacy coins to take over like a year ago, but I couldn't be more wrong.I underestimated how important brand awareness and acceptance is, and there is only one coin popping up as the absolute nr 1, and that's Bitcoin despite the fact that it doesn't offer any actual privacy features.
Governments probably see that as a good development because the transparent nature of Bitcoin makes it easier to trace criminals, especially when they feel they can't be traded and start to act recklessly.
The nature of BTC still is decentralize, it hasn't changed but then we are now regulated because of the illegal use of cryptocurrencies. You can't expect the government no to intervene because if its not going to be controlled, more will probably scammed. We saw these happened when in 2017 and were just jumping out after the bullrun.
P2P still offers decentralization and some coins are pretty much unregulated still. If you are onto that, you should move on into those privacy coins.
I agree, but the problem with government regulation in general is that they don't have to answer to anyone. Some amount of regulation is generally good but who draws the line? The people who benefit from it. Banks. All kinds of institutions connected to governments. And these institutions don't want regulations to be good for people, they want regulations to be good for themselves. But this is no secret, everyone knows how these things work. That's why someone tried to create technology layer to prevent it. But technology alone can't do this. I guess our only option is to educate people. Because so far people don't care what the government is doing as long as they have enough to bring the food on the table.
The nature of BTC still is decentralize, it hasn't changed but then we are now regulated because of the illegal use of cryptocurrencies. You can't expect the government no to intervene because if its not going to be controlled, more will probably scammed. We saw these happened when in 2017 and were just jumping out after the bullrun.
P2P still offers decentralization and some coins are pretty much unregulated still. If you are onto that, you should move on into those privacy coins.
I will partially agree to your point because it's true that the government can regulate a cryptocurrency or the taxes for miners and other stuffs like that, but they cant regulate Blockchain in general, because the decentralisation will be off if they do that. There are privacy coins in which we can use to bypass them.
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i don't know what scale you use when you say "enormously expensive" but it sounds like you have never bothered trying to run a bitcoin node before you make this statement. of course you aren't downloading a tiny app like a music player that takes up 20 MB!! but the cost is by no means "enormous". not to mention that there are a lot of different options to reduce the resources it needs such as limiting upload rate, connection count, storage space,...I was about to say that and looked for a similar comment.
I guess OP wanted to say mine Bitcoin not run a node, because running a node is pretty cheap. For most people a 1TB drive is very affordable and that + any computer, even an outdated one is enough to run a node. You can even buy an old laptop for $100 and run a node on it.
What I meant was that for ordinary people wanting to use Bitcoin as a payment instrument, the $100 laptop seems overly expensive. You wouldn't pay $100 just to have your payment card working. Or maybe you would - depends on the part of the world you live in.
(I myself run several nodes, two of them are full nodes, one of them serves as a backend for LN node. But that's not how majority of people would use Bitcoin, so..)
What governments can make expensive is mining as increasing the cost of power can make it impossible to mine in a given country. That does make BItcoin dependant on the government. You can't effectively ban it but you can ban mining and you can ban fiat trading.
That's another possible attack vector from governments. I would say they have a lot of options now.
You all are right, Bitcoin didn't literally promise anything. But we all had the same expectations, hadn't we?
The majority of governments of the world are against Bitcoin in its original form which is decentralized, distributed and free from manipulation. You can still send and receive Bitcoins without any intermediary like majority of us do.
The only way the government willing to accept crypto is through regulations. In my view regulations destroy the main purpose which satoshi proposed. You have both ways to use, the choice is yours.
Centralization will break the intentions of this system. But likewise the only way government will accept or embrace it completely is by means of controlling it inside their jurisdictions. The government will make certain rulings in order to imposed laws that will grant them much higher authority to control this industry inside their premises. The only way the government willing to accept crypto is through regulations. In my view regulations destroy the main purpose which satoshi proposed. You have both ways to use, the choice is yours.
The government unfortunately does not understand that crypto is the future, and resistance to this future will only slow progress.
How did you talk to bitcoin?
How come he can make a promise?
There is no promise there. It is how you will use it.
Other governments doesnt like the idea of people having privacy but we are not a one government in this world. Some did accept it and others might also.
Are you speaking in behalf of your country?
How come he can make a promise?
There is no promise there. It is how you will use it.
Other governments doesnt like the idea of people having privacy but we are not a one government in this world. Some did accept it and others might also.
Are you speaking in behalf of your country?
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes.
i don't know what scale you use when you say "enormously expensive" but it sounds like you have never bothered trying to run a bitcoin node before you make this statement. of course you aren't downloading a tiny app like a music player that takes up 20 MB!! but the cost is by no means "enormous". not to mention that there are a lot of different options to reduce the resources it needs such as limiting upload rate, connection count, storage space,...I was about to say that and looked for a similar comment.
I guess OP wanted to say mine Bitcoin not run a node, because running a node is pretty cheap. For most people a 1TB drive is very affordable and that + any computer, even an outdated one is enough to run a node. You can even buy an old laptop for $100 and run a node on it.
What governments can make expensive is mining as increasing the cost of power can make it impossible to mine in a given country. That does make BItcoin dependant on the government. You can't effectively ban it but you can ban mining and you can ban fiat trading.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes.
i don't know what scale you use when you say "enormously expensive" but it sounds like you have never bothered trying to run a bitcoin node before you make this statement. of course you aren't downloading a tiny app like a music player that takes up 20 MB!! but the cost is by no means "enormous". not to mention that there are a lot of different options to reduce the resources it needs such as limiting upload rate, connection count, storage space,...I was about to say that and looked for a similar comment.
I guess OP wanted to say mine Bitcoin not run a node, because running a node is pretty cheap. For most people a 1TB drive is very affordable and that + any computer, even an outdated one is enough to run a node. You can even buy an old laptop for $100 and run a node on it.
What governments can make expensive is mining as increasing the cost of power can make it impossible to mine in a given country. That does make BItcoin dependant on the government. You can't effectively ban it but you can ban mining and you can ban fiat trading.
Bitcoin now is really just becoming known to everyone. We are increasing and so are the people who wants to ruin it. Those are people who just earned it lately. Crab mentality as they say. Why are we just be happy and be as one to have a progressive nation. Government regulations if that would be enforce then I hope it is fair and just. Its not just about the money, its about how we can be improve and evolve in this fast-changing world.
it could be because some factors and one of them is because you are opening yourself to public and engage with govt too much.
And you expect to operate a mining farm without involving any sort of services like electricity and maintenance? Quote
centralized exchanges suck, that's all. Ideal exchanges for decentralized world should have no office and not centralized.
There is nothing called ideal in this world. Added on top is the number of DEXes being shut down with authorities tracking them. They are good but not even close to perfect.Quote
we don't need to use centralized bank anymore. You can cash your assets without bank.
How do you propose the same?Quote
any information should be kept for yourself, no one should give their information to public.
Easy for anybody to say that. You never know when a certain official who might be working in your operation and siphoning off information to authorities. That was how most whistleblowers have worked.Quote
Well, basically govt is free to do anything just like we always want to freely use bitcoin, should not be a problem here and we have solution for every problem.
Most of them have but again you wont be able to rely for too long on one method of circumvention. It ends up being a cat and mouse chase. 
The majority of governments of the world are against Bitcoin in its original form which is decentralized, distributed and free from manipulation. You can still send and receive Bitcoins without any intermediary like majority of us do.
The only way the government willing to accept crypto is through regulations. In my view regulations destroy the main purpose which satoshi proposed. You have both ways to use, the choice is yours.
The only way the government willing to accept crypto is through regulations. In my view regulations destroy the main purpose which satoshi proposed. You have both ways to use, the choice is yours.
What promise? is there any promise stated in the whitepaper? Even with regulations, the governments can't stop nor touch bitcoin. It's their people they are regulating about the use of cryptocurrency or bitcoin. As a matter of fact, it's not always bad when we're talking about the regulation of bitcoin. It would still depend on how they are going to regulate the use of bitcoin. As long as we're living under a government, they can always interfere whenever they want.
These are the things governments can do to prevent you from using bitcoin:
1. Prosecute the bitcoin miners.
1. Prosecute the bitcoin miners.
it could be because some factors and one of them is because you are opening yourself to public and engage with govt too much.
2. Raid the exchange offices running in that country
centralized exchanges suck, that's all. Ideal exchanges for decentralized world should have no office and not centralized.
3. Some banks will freeze accounts if they are suspecting you to transact in bitcoin or so.
we don't need to use centralized bank anymore. You can cash your assets without bank.
4. Attempt to extort you of your money or honeypot information from you.
any information should be kept for yourself, no one should give their information to public.
5. Internet censorship
there are so many way out there to solve this issue.
Well, basically govt is free to do anything just like we always want to freely use bitcoin, should not be a problem here and we have solution for every problem. Sometimes, people are just too far away from decentralization and make everything looks complicated.
~snip~
However, and we are currently seeing this happen with China, countries can basically bottlenet the coin and make it impossible for people to buy and sell the coin (by banning exchanges, etc), and also restricting peoples from use of the coin.
If many governments implement regulations like China, then bitcoin will be difficult to develop in that country. Because the ban carried out by China is so serious that it monitors all its citizens and prohibits the use of coins. But current government regulations vary according to their respective policies. There are those who support and there are those who close themselves from bitcoin. However, and we are currently seeing this happen with China, countries can basically bottlenet the coin and make it impossible for people to buy and sell the coin (by banning exchanges, etc), and also restricting peoples from use of the coin.
Sure, the governments can enforce some regulations about the use of bitcoin in the real world but what if we continue to use in the digital world like it has always been? There will always people who are willing to purchase bitcoin and others who might want to sell in this industry. I don't know about all of you guys but i think we made the governments believe this industry have seen great heights even without their participation.
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?
That's somewhat true! Bitcoin can't be controlled by the regulatory authorities! But they can certainly provide a framework to use cryptos within the mainstream economy and to mitigate the risk of illegal use of it. I think it is very important to curb the illegal usage of cryptos. The deepweb is one of the examples of illegal crypto usage and it is rising alarmingly. It must be stopped before it gets out of the hand!
So even if the bitcoin promise is broken, it's better to have some sort of legal framework around cryptos. It will fuel adoption as well as make things smoother for crypto users for longer term!
Not really buddy, i wouldn't say the Bitcoin is broken because bitcoin still works as it is supposed to work. I mean, you can still send money to someone using someone in an "encrypted identity" as it was built. The governments are however doing their best to stop the tech but the fact is that you can't stop this tech. You can't say China's ban on bitcoin and crypto trading has made Bitcoin incapable to work as it was programmed to. Regulations became necessary when bad actors joined the game.
You know what, in terms of cryptocurrency and its systems, what they can just do always is to block and ban, they cannot really interfere the inside structure or systems associated with a particular cryptocurrency. In this case, even though people are using nodes, it will not break the system of cryptocurrency, especially bitcoin. What I mean in simple terms, we all know that government wants to utilize taxes with crypto, and there is no way they can manipulate the codes and encryption that enables a cryptocurrency to run.
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