Topic: Enforcing government regulations - page 4. (Read 689 times)
No promise has been declared, nor any assurance of government's non intervention. Sure thing that Bitcoin aimed that separation from the government and traditional financial methods, but saying that it assured it would be maintained that way is utter false. You cannot stop governments from interfering with anything unless you (the people) demolish your own government, in which case it would just be chaotic. They could, and would, monitor all things under their sovereignity because that's their job.
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?
For hardware requirements, it's not "enormously expensive" to set up, and run a full node. For bandwidth, the expenses do add up.
Big blockers will never care until constant 10mb pass through their networks, but I believe they believe it's impossible. Hahaha.
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,...Quote
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.
actually if someone doesn't want to use a full node they use an SPV client, which could still be decentralized and resilient to any kind of regulations or censorship. 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?
I think the government have ways to regulate cryptocurrency and bitcoin but it is not going to be easy, making a move in the market could easily affect differently the economy of the country.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 think bitcoin cannot be regulated in a country as a currency, to be an implemented currency in one country just like fiat money we need to regulate the currency itself to control the price of the money,
it is different in bitcoin because it depends on its market price in the supply and demand of the users and we cannot implement a currency that is over a thousand market value. It is better just for the bitcoin to be a secondary currency all over the world that we could use as a currency and also as an investment.
These are the things governments can do to prevent you from using bitcoin:
1. Prosecute the bitcoin miners.
2. Raid the exchange offices running in that country
3. Some banks will freeze accounts if they are suspecting you to transact in bitcoin or so.
4. Attempt to extort you of your money or honeypot information from you.
5. Internet censorship
Although all of these are not possible some like 1 and 2 have happened in the world and thus people should be cautious. We have seen exchanges shift their location once or twice to keep away from authorities and run their businesses or just shut down.
However none of these stop your from using bitcoin.
1. Prosecute the bitcoin miners.
2. Raid the exchange offices running in that country
3. Some banks will freeze accounts if they are suspecting you to transact in bitcoin or so.
4. Attempt to extort you of your money or honeypot information from you.
5. Internet censorship
Although all of these are not possible some like 1 and 2 have happened in the world and thus people should be cautious. We have seen exchanges shift their location once or twice to keep away from authorities and run their businesses or just shut down.
However none of these stop your from using bitcoin.
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.
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
But if the government uses the regulation to start investigating al their crypto users then we have a problem
?
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.
Right. And right now, most governments are pretty lenient when it comes to bitcoin and cryptocurrencies. I think there's no need to be concerned about it. As you've said, and I agree, governments can enforce any regulation if they want to. And a lot of people also feel a little more comfortable and confident if it comes to this because they're already used to government backed banking systems.
the government cannot enforce these rules fully, but they can limit or narrow the circulation of bitcoin in that country, for example the government will give heavy sanctions to bitcoin holders, of course people will think twice when they want to have bitcoin in the country.
It depends. They can't enforce it enough where it is completely banned, or so they actually control the prices of the coin (since it's a decentralized coin), so that aspect of bitcoin still remains true to this day.
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.
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.
More than that I've see one country regulation geing opposite the other
It depends. They can't enforce it enough where it is completely banned, or so they actually control the prices of the coin (since it's a decentralized coin), so that aspect of bitcoin still remains true to this day.
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.
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.
?
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.
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?
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