Fiat, Banks and the future of Cryptocurrencies

Lexurdania

member

Activity: 840

Merit: 10

Quote from: Argoo on December 31, 2018, 05:26:18 AM

Quote from: Lexurdania on December 11, 2018, 08:08:32 PM

In my opinion, in the future cryptomarket should be regulated by government. We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

Not everything in cryptocurrency should be regulated by states. The basic principles of the existence of cryptocurrency, namely, its decentralization, relative anonymity and confidentiality should remain. ICO activities should be regulated in order to protect the rights of investors and other participants in the campaigns of the ICO bounty, but no one should interfere in the ICO process itself.

Most cryptocurrency launch ICOs and it should be regualted to avoid more scam ICOs. Decentralized doesnt mean not need government regulation because its involve public money or public investment.

awik p

full member

Activity: 1526

Merit: 111

Pepemo.vip

Quote from: zee11225 on February 04, 2019, 10:37:56 AM

Quote from: Semosuchi Tesongrato on December 31, 2018, 04:45:38 PM

The day when governments will actually be able to regulate the crypto world will be the end of every real chance of gain and bitcoin will be a currency like any other: no longer decentralized, but under the control of a central bank. And goodbye to Satoshi's dream.

At one time, fiat, bank and crypto will become a complementary entity where the world community can freely use the means of payment without any pressure.
This can happen when globalization is integrated and there is no suspicion that one party will dominate as a means of payment.

that is what I hope for, where the three elements can support each other, without getting rid of one another. we know the three have advantages and disadvantages of each, so it will be better if it can complement each other to facilitate the payment system later. what happened in my country, crypto will only be included in the trade market

tinkerr99

newbie

Activity: 32

Merit: 0

Quote from: horrifiedx1 on January 20, 2019, 09:46:20 AM

Quote from: millgates on January 19, 2019, 06:08:30 AM

ICO should run under the law, the developer who want to hold an ICO should comply with many jurisdiction atleast jurisdiction of their country. I don't recommend to invest in ICO which has no complete company profile and legit documents. Honestly I have no problem with KYC but you know that kyc make more complicated things in using exchange site so if there are some people who get problem with kyc then they have to be helped immediately and give them fast respond.

right, so that it will suppress the number of fraudulent ico that currently occur a lot. this resulted in investors becoming distrustful and they lost money, so the circulation of the cryptocurrency declined, and the effect we can see now, where prices fall. hence regulations from the government are needed here

The paradox is that fraudulent ICO will still be created and people will lose money on them. Let's say laws will solve 50% of problems, but nobody will decide the stupidity of people.

daarul50

legendary

Activity: 1596

Merit: 1034

Do not worry, the bank will not implement the rules for too long because the longer it is certain globally all banks will adopt blockchain technology and with that they will revoke the strict regulations. Besides that, there is another option to be able to change the crypto that we have into fiat which is using a private exchange service. Out there there are many people who provide these services, we only need to give bitcoin vouchers to them and they will send fiat according to the number of bitcoin vouchers that we send. Very simple right?

zee11225

member

Activity: 314

Merit: 10

“A nexgen decentralized ride hailing ”

Quote from: Semosuchi Tesongrato on December 31, 2018, 04:45:38 PM

The day when governments will actually be able to regulate the crypto world will be the end of every real chance of gain and bitcoin will be a currency like any other: no longer decentralized, but under the control of a central bank. And goodbye to Satoshi's dream.

At one time, fiat, bank and crypto will become a complementary entity where the world community can freely use the means of payment without any pressure.
This can happen when globalization is integrated and there is no suspicion that one party will dominate as a means of payment.

horrifiedx1

member

Activity: 602

Merit: 11

Quote from: millgates on January 19, 2019, 06:08:30 AM

ICO should run under the law, the developer who want to hold an ICO should comply with many jurisdiction atleast jurisdiction of their country. I don't recommend to invest in ICO which has no complete company profile and legit documents. Honestly I have no problem with KYC but you know that kyc make more complicated things in using exchange site so if there are some people who get problem with kyc then they have to be helped immediately and give them fast respond.

right, so that it will suppress the number of fraudulent ico that currently occur a lot. this resulted in investors becoming distrustful and they lost money, so the circulation of the cryptocurrency declined, and the effect we can see now, where prices fall. hence regulations from the government are needed here

Kiir

jr. member

Activity: 83

Merit: 1

I'd like to see them go, but there is NO chance banks are going away.

Shit, I bet at least 70% (And I may be generous) of all the people here has a debt at this very moment.
You're tied to the bank far more than you think.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Greed Dev on January 19, 2019, 05:15:09 AM

I think banks won't be able to do that. because most banks are now made up of entrepreneurs' capital and they have no power to decide to destroy a big market like crypto. I think they have only one way: close cooperation between blockchain technology and banks.

Banks are made like that but dont forget that big money holders are also gradually entering into cryptocurrencies and are enthusiastic about them. This makes it bullish surely but that does not mean that the banking system will stop. It will be there and more partnerships will happen which leads to adoption of blockchain based technology.

In the future blockchain tech will be something of a force to be reckoned with and maybe the governments would allow legally transacting bitcoin. Very bullish so to speak. Grin

millgates

sr. member

Activity: 714

Merit: 250

ICO should run under the law, the developer who want to hold an ICO should comply with many jurisdiction atleast jurisdiction of their country. I don't recommend to invest in ICO which has no complete company profile and legit documents. Honestly I have no problem with KYC but you know that kyc make more complicated things in using exchange site so if there are some people who get problem with kyc then they have to be helped immediately and give them fast respond.

Greed Dev

member

Activity: 490

Merit: 10

I think banks won't be able to do that. because most banks are now made up of entrepreneurs' capital and they have no power to decide to destroy a big market like crypto. I think they have only one way: close cooperation between blockchain technology and banks.

Tylev

full member

Activity: 854

Merit: 104

Quote from: Semosuchi Tesongrato on December 31, 2018, 04:45:38 PM

The day when governments will actually be able to regulate the crypto world will be the end of every real chance of gain and bitcoin will be a currency like any other: no longer decentralized, but under the control of a central bank. And goodbye to Satoshi's dream.

Regulation of cryptocurrency does not always mean direct control of it. If by regulation we mean only the establishment of the legal status of a cryptocurrency, the determination of the order and conditions of its circulation within the state and, of course, taxation, and its basic principles of existence will not be affected, then it is quite normal for cryptocurrency and after that it can develop and enter in our life. Without such regulation, a cryptocurrency cannot develop anyway. Therefore, it is necessary to put up with such regulation.

Semosuchi Tesongrato

member

Activity: 546

Merit: 33

Rasputin Party Mansion

The day when governments will actually be able to regulate the crypto world will be the end of every real chance of gain and bitcoin will be a currency like any other: no longer decentralized, but under the control of a central bank. And goodbye to Satoshi's dream.

nur rochid

full member

Activity: 1050

Merit: 100

Quote from: Argoo on December 31, 2018, 05:26:18 AM

Quote from: Lexurdania on December 11, 2018, 08:08:32 PM

In my opinion, in the future cryptomarket should be regulated by government. We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

Not everything in cryptocurrency should be regulated by states. The basic principles of the existence of cryptocurrency, namely, its decentralization, relative anonymity and confidentiality should remain. ICO activities should be regulated in order to protect the rights of investors and other participants in the campaigns of the ICO bounty, but no one should interfere in the ICO process itself.

but with the regulation of ico by the government, it can at least suppress fraud in ico, where it has caused many investors to be disappointed, and if noted this can make the market fall

Argoo

full member

Activity: 2352

Merit: 245

Quote from: Lexurdania on December 11, 2018, 08:08:32 PM

In my opinion, in the future cryptomarket should be regulated by government. We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

Not everything in cryptocurrency should be regulated by states. The basic principles of the existence of cryptocurrency, namely, its decentralization, relative anonymity and confidentiality should remain. ICO activities should be regulated in order to protect the rights of investors and other participants in the campaigns of the ICO bounty, but no one should interfere in the ICO process itself.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Lexurdania on December 11, 2018, 08:08:32 PM

In my opinion, in the future cryptomarket should be regulated by government.

It would make it totally same at the stock market where government influential whales are going to manipulate the market while the common people are eaten in feeding frenzy. Regulation does have its bad effect but there are far more problems with regulation coming in, that too from governments, not that non-government regulation would by any good either.

Quote

We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

If you are investing in ICO you should do it at your own risk. Handing out your money to others in crypto will be surely without any return. However you are never sure that the person whom you sent the KYC to is a legit one.

ausbit

legendary

Activity: 1330

Merit: 1019

Quote from: Ozero on December 10, 2018, 01:47:25 PM

Quote from: BigBos on November 21, 2018, 01:43:38 AM

Quote from: spongegar on November 21, 2018, 12:05:03 AM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks have been getting more pro-crypto every day. I kinda like this version of banks because they have been showing promise of being innovative and actually caring about improving the quality of their "product" to the customers. I mean their product is not exactly a product but you know what I mean.

With crypto being more intertwined with the banks and them having trillions of dollars in funds for lobbying they could actually achieve a crypto currency law system that is beneficial to both them and us much quicker than what we could have done without them. That is why I think crypto should be focusing on getting help from bigger players and that way we can actually become something major instead of staying as a hipster currency. It is the only way we can get out of this sticky situation.

Lexurdania

member

Activity: 840

Merit: 10

In my opinion, in the future cryptomarket should be regulated by government. We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

LincolnMikkel

newbie

Activity: 84

Merit: 0

Quote from: Don_Leonardo on December 10, 2018, 06:59:53 PM

Quote from: pvk444 on February 28, 2018, 10:10:06 AM

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain. Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

Better say December '17 BTC leap. That was absolutely shocking Grin

DavidNiva

newbie

Activity: 80

Merit: 0

Quote from: Lampaster on February 28, 2018, 12:10:33 PM

I have not experienced such problems with the Bank. But I have friends from other countries who have been facing exchange problems lately. Those exchanges that work with Fiat constantly limit the list of countries to which Fiat can be sent after the exchange. They are motivated by the requirement of KYC.

maybe that kind of thing was only agreed upon for a country that was categorized as blacklisted, indeed such a state was forbidden to do any kind of trade, also transfers between countries, but that did not apply to all countries, only for certain countries, for us to transfer to any country has never had a problem.

deppil

hero member

Activity: 1008

Merit: 501

Quote from: Ozero on December 10, 2018, 01:47:25 PM

Quote from: BigBos on November 21, 2018, 01:43:38 AM

Quote from: spongegar on November 21, 2018, 12:05:03 AM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

how do fiat and cryptocurrency combinations work? yeah I also think that crypto won't be able to replace fiat.
and legalization will not be obtained easily for crypto. but with much of bitcoin user. I'm sure the government will consider that

Topic: Fiat, Banks and the future of Cryptocurrencies (Read 26313 times)