Topic: Government regulation of bitcoin - page 9. (Read 2869 times)

Government regulation is not crucial for bitcoin's survival at all.

In fact bitcoin is designed to exist without any sort of authority overseeing how it is run, and it's the beauty of bitcoin. You do not need to trust the government to do the right thing for the network to be functional.

If regulation promotes bitcoin usage then it's good, but some regulations such as ridiculous KYC requirements for bitocin is uncalled for.

This will just push people to anonymous coins.

Bitcoin usage has become common now. All merchant outlets are accepting. Its
time for the govt to regulate.

I guess that depends on the what regulations that a country applies to it like Japan and Philippines did to accept bitcoin. Japan declared that bitcoin should be free from taxation and to favor bitcoin traders but this might not always be the case like Philippines you to pay high fees to withdraw your bitcoin or every transaction you made so taxation issue is a problem for us bitcoin users.

Agree, The government is only concerned with their own lives and do not trust their people

If bitcoin becomes regulated by the government then you're basically taking away the key features that made bitcoin popular in the first place, so why bother then.

BTC being regulated means you pay the same taxes as you do with FIAT.
And the gov would know all the purchases you make, as it happens when you pay with bank transfer, debit/credit card, paypal.

So there would be no point at using BTC anymore!!
It has been designed as a decentralized currency to avoid exactly that.

So in my POV regulation would be very desruptive towards bitcoin.

Also, if the gov is technically able to control/regulate/block the BTC network, it means it is not truly decentralized.

I fear this is the case, due to the initial network connection process being a single centralized point of failure of Bitcoin and all crypto.

I.E. the BTC client must connect to a known IRC channel to find the nodes of the network.
This is the same problem eMule and other P2P file sharing applications had in the past.
The P2P technology of BTC is similar.

This weakness is easily exploitable by the gov: they can eventually seize those particular IRC channels and Bitcoin would stop to work.
So i hope a solution will be found to this crucial issue  of the BTC infrastructure.

One thing is if a file sharing app has this issue, but another thing is when people's money is involved!
The gov is motivated to exploit vulnerabilities like that in this case, while they closed an eye on eMule which was just for files.

It's the reason why I'm giving two points on this, the positive side and the negative side. But even they will regulate bitcoin, there's no way for it to change it as a decentralized cryptocurrency into regulated one. Because the gov't can't produce it or generate a new coin since there's a total supply limit of bitcoin and they can't do something about it or maybe they should take off their hands?

I thi k the reason why governments wouod want to regulate bitcoin is to protrct the people from being scammed or cyber attacked, as we all know, it is now easy for a thief to steal money, they just need to hack the bank or make phishing sites, this can be done by using your laptop or sometimes if you're really good enough via your smartphone, since hackers today can be considered the new criminals, i am not saying all, but some, these people use all their talent to take advantage of others. The governments around the world also knows how bitcoin can be produces, and i think what they arr tryin to protect is the data of their citizens or some secret information they don't want us to find out, and i think if one wallet has been breached, then it will be easy for hackers to steal our cryptocurrencies thus the need for security, but if the government found a way how to regulate it, without us being annoyed by them, like them, enforcing taxes or fees, i think it will all end well, since there wipp be a ways on wherr we couod track the hackers, and hopefully we could invent somrthig that will check if someone is using a device just to change their vpn.

I don't think government regulations will have much impact on bitcoin because why bitcoin is a decentralized currency that is not under any control by central bank or institution of any country.
So it will be almost impossible to fully regulate it activities.

The positive impact is that Bitcoin will have been legalized initually in such country while the negative impact will be the taxation depending on how large it will be

It will surely put bitcoin in danger if the government will against it.
But as of now the bitcoin is blooming and in good place even though the biggest country ban it but there are still many countries who legalize it which is a good sign for the future of bitcoin.

That's why people don't want it. If they completely apply their regulations on bitcoin, this can end the storty of the bitcoin which is very bad for us. They should take their hands over bitcoin.

In every rule there is an exception, mostly will think that why government needs to give a regulation to bitcoin? Then it will not be decentralized anymore because the government is with it. Yes, that's going to happen but if you'll look at the greener side of it, this will give a positive impact to bitcoin because it just shows that your country is supporting bitcoin, unlike others they are banning it.

according to what I know
government involvement in bitcoin. no more solely for the security of the masses involved in bitcoin, although there will be taxpayers thereafter. but I don't think it's relevant if it's just to compare the profit and loss of what a country or government regulation is doing.

It will have a positive impact.

When did governments have the trust of the people?
They have already mismanaged all the resources of the planet and its human capital.
people that are originally in bitcoin, are in it precisely because they do not trust governments and central banks.

Even though there is yet to be any government regulations some people are being taxed when they buy or sell their bitcoins for cash, in the event of a regulation, it's going to make bitcoins not as valuable as it used to be because the government will tax it massively as they always like to take but never give in return.

Lol bitcoin is not anonymous.  This used to be the belief of people but as we all see once you linked an account to Bitcoin address you will be a known identity.  And we all have linked the address to our identity in order for us to buy and sell our Bitcoins.  Though I agree that government will try to impose tax to bitcoin transaction even though at the current state it is hard to implement because government cannot control Bitcoin but just the third party that deals with it.

I do not think government regulations have much effect on bitcoin, because bitcoin is not the same as money. so bitcoin can not be intervened by the government. in my country the government has not legalized bitcoin yet. but we can use bitcoin. regulation of bitcoin by the government will not affect bitcoin