Topic: How Should Bitcoin Be Regulated? (Read 2789 times)
In the US the right to unrestricted and unmonitored use of Bitcoin should be ratified as the 28th Amendment to the Constitution.
it shouldn't, thats the idea, wasn't it?
If we want a crypto world bitcoin should stay free.It should be regulated by free market and develop by free market rules.
Bitcoin needs to remain UNREGULATED or else it will be vulnerable to monopolization by large corporate entities. We're already seeing this with CoinBase, Circle, etc.
Bitcoin should not be regulated because it is used as decentralized currency to replace the currencies issued by countries.
If it is regulated, it is value will be reduce.
If it is regulated, it is value will be reduce.
Bitcoin shouldn't regulated. does they seriously think USD will lose to BTC 
This happen, bitcoin price might freefall
You right, but some bitcoin service is already try to track you bitcoin (as what i see)
"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night." 
This happen, bitcoin price might freefall
If bitcoin will be regulated by someone...it will lose an idea of bitcoin!
You right, but some bitcoin service is already try to track you bitcoin (as what i see)
It shouldn't be regulated, period. That's kind of the whole point. If the government tries to ban or control it with taxes and what not, I'm really hoping the bitcoin community will respond by showing the middle finger.
Yeah, so it will be forbidden by the government. After all it is still the government that passes laws and has a monopoly on enforcing those laws, even by using force ifneedbe. We need stable regulatory frameworks in order to make it possible for companies to get on the Bitcoin train!
IMHO:
Internal regulation: Yes, within the code advancing with the idea that BTC doesn't need anything outside it's own code to work.
External regulation: No. Unfortunately I think this regulation is inevitable, cause all those Dinosaurs will want to control it in some way (yeah, that just shows how they don't have a clue about BTC, I know).
The real question to me is how should the community react to external regulation, mainly the business owners.
Internal regulation: Yes, within the code advancing with the idea that BTC doesn't need anything outside it's own code to work.
External regulation: No. Unfortunately I think this regulation is inevitable, cause all those Dinosaurs will want to control it in some way (yeah, that just shows how they don't have a clue about BTC, I know).
The real question to me is how should the community react to external regulation, mainly the business owners.
It should NOT be regulated!
And if it IS regulated, we should ferociously resist compliance ...
My thoughts exactly. Bitcoin is simply the exchange of information - bits of data - math. Free flow of information is vital to the health of a democracy...And if it IS regulated, we should ferociously resist compliance ...
You can't stop free speech in modern democratic society.
Bitcoin can NOT be regulated. At least regulations can not be effectively enforced. They tried with alcohol, pot, prostitution, online gambling. Bitcoin will be even more difficult than all of the above to regulate.
But I assure you as tax revenues drop they will try.
It should NOT be regulated!
And if it IS regulated, we should ferociously resist compliance ...
My thoughts exactly. Bitcoin is simply the exchange of information - bits of data - math. Free flow of information is vital to the health of a democracy...And if it IS regulated, we should ferociously resist compliance ...
You can't stop free speech in modern democratic society.
"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night."
This would be impossible to enforce. Since the bitcoin network does not have a specific address, the government would have no way to determine if someone is connecting to it. Not only that but it is easy to use bitcoin via TOR, which would cause a lot of uproar by even liberals if access to this was limited. For the OP: there should be mild regulations concerning converting BTC to fiat and fiat to BTC to combat money laundering, other then that BTC should really not be regulated IMO.
I was mostly kidding, but you're right, if the anonymity aspect was limited too much not only it would upset the users, it would also make bitcoin much less appealing which would kind of defeat the whole purpose. I'm sure they'll find a way to get at least something out of it though.
"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night."
This would be impossible to enforce. Since the bitcoin network does not have a specific address, the government would have no way to determine if someone is connecting to it. Not only that but it is easy to use bitcoin via TOR, which would cause a lot of uproar by even liberals if access to this was limited. For the OP: there should be mild regulations concerning converting BTC to fiat and fiat to BTC to combat money laundering, other then that BTC should really not be regulated IMO.
I was mostly kidding, but you're right, if the anonymity aspect was limited too much not only it would upset the users, it would also make bitcoin much less appealing which would kind of defeat the whole purpose. I'm sure they'll find a way to get at least something out of it though.
"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night."
This would be impossible to enforce. Since the bitcoin network does not have a specific address, the government would have no way to determine if someone is connecting to it. Not only that but it is easy to use bitcoin via TOR, which would cause a lot of uproar by even liberals if access to this was limited. For the OP: there should be mild regulations concerning converting BTC to fiat and fiat to BTC to combat money laundering, other then that BTC should really not be regulated IMO.
Goverments always want their say in things even if it's not their property. Bitcoin can regulate itself and people can decide themselves what they want to spend their money on, if it's crypto's it's their choice, any limitation from regulators is like communists, we'll have to overcome.
"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night."
Yes this is the type of thing many fear. I know the BTC communtiy would resist but would ma and pa shopowners resist or just go along? Probably go along and we're stuck right back with the same problems as the dollar.
Luckily its full nodes and miners who vote on the direction of the protocol and not just a shopkeeper who uses a third party payment processor. By the time they start keeping some of their profits in BTC and install a full node wallet than they are likely to think the same as we do.
"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night."
Yes this is the type of thing many fear. I know the BTC communtiy would resist but would ma and pa shopowners resist or just go along? Probably go along and we're stuck right back with the same problems as the dollar.
I think the point is as I've seen elsewhere.... if the governments want to regulate the exchanges that reside in their territories then so be it... but as for bitcoin it's self, then no, no regulation.... so money has evolved to a point where in bitcoin they can't tax it when you spend it... or charge bob an arm and a leg when he wants to send money to joe.... TOUGH! social media and the internet has made a world where distribution/publishers in the music industry are all but not needed... they kicked and screamed (and still do) because they want to keep making bucket loads of cash out of every day people... its amazing because now with bitcoin I see exactly the same thing happening again but this time it the banking industry which frankly are the biggest crooks in the history of all things ever!
I'm not against paying taxes... thats just a collection necessary to keep civilisation running (for now)... but I am against the rich getting richer simply because they have money.... this could be the beginning of a world without banks, or at least banks as we know them, well things evolve I guess.
I'm not against paying taxes... thats just a collection necessary to keep civilisation running (for now)... but I am against the rich getting richer simply because they have money.... this could be the beginning of a world without banks, or at least banks as we know them, well things evolve I guess.
"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night."
It shouldn't be regulated, period. That's kind of the whole point. If the government tries to ban or control it with taxes and what not, I'm really hoping the bitcoin community will respond by showing the middle finger.
How Should Bitcoin Be Regulated?
http://cadmus.eui.eu/bitstream/handle/1814/32273/183UK.pdf?sequence=1
Abstract:
The lack of clarity about Bitcoin’s legal framework has meant that none of the
regulators across the EU have yet achieved sufficient clarity in the legal treatment
of Bitcoin and its stakeholders. This uncertainty poses a number of substantial
risks to Bitcoin stakeholders and creates challenges for regulatory authorities.
Therefore, there is a need for a clear strategy for Bitcoin’s regulation aiming to
ensure the maximum possible balance between the interests of Bitcoin stakeholders
longing for the preservation of Bitcoin’s benefits and mitigation of relevant risks,
and the interests of regulators striving for ensuring the compliance of Bitcoin
stakeholders with the law. In this paper, the author develops such a strategy. Its
implementation provides for the official recognition of Bitcoin as an unregulated
technology, the recognition of that Bitcoin users interacting between each other
and Bitcoin miners are outside the regulatory scope, and the efficient application
of existing legal mechanisms to Bitcoin merchants, Bitcoin exchanges and the
relations between these categories of Bitcoin stakeholders with Bitcoin users. Thus,
the balanced regulation of Bitcoin is achieved in the form of a partial regulation
of the usage of Bitcoin at different levels of Bitcoin’s functionality.
Keywords:
Bitcoin, Banking Regulation, EU Law, Payment Systems, Regulation
http://cadmus.eui.eu/bitstream/handle/1814/32273/183UK.pdf?sequence=1
Abstract:
The lack of clarity about Bitcoin’s legal framework has meant that none of the
regulators across the EU have yet achieved sufficient clarity in the legal treatment
of Bitcoin and its stakeholders. This uncertainty poses a number of substantial
risks to Bitcoin stakeholders and creates challenges for regulatory authorities.
Therefore, there is a need for a clear strategy for Bitcoin’s regulation aiming to
ensure the maximum possible balance between the interests of Bitcoin stakeholders
longing for the preservation of Bitcoin’s benefits and mitigation of relevant risks,
and the interests of regulators striving for ensuring the compliance of Bitcoin
stakeholders with the law. In this paper, the author develops such a strategy. Its
implementation provides for the official recognition of Bitcoin as an unregulated
technology, the recognition of that Bitcoin users interacting between each other
and Bitcoin miners are outside the regulatory scope, and the efficient application
of existing legal mechanisms to Bitcoin merchants, Bitcoin exchanges and the
relations between these categories of Bitcoin stakeholders with Bitcoin users. Thus,
the balanced regulation of Bitcoin is achieved in the form of a partial regulation
of the usage of Bitcoin at different levels of Bitcoin’s functionality.
Keywords:
Bitcoin, Banking Regulation, EU Law, Payment Systems, Regulation
That's a very difficult question, indeed! I personally believe that it should be as unregulated as possible, for it is one of the biggest advantages of Bitcoin. But it also needs to comply with the laws of the various countries. So there has to be some kind of compromise or way to adapt those laws to Bitcoin and provide a legal framework for businesses wanting to deal with it!
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