Topic: Ideas on de-centralized regulation. (Read 368 times)
Internet is a correct way for the de-centralized regulation.
Can you have regulatory bodies function without centralized authority? sort of like a union. Can this be monetized in a way that's fair and consensual? I think most of us in this space have some beef with regulators, but it's becoming apparent that some self-regulating needs to happen. I think it's an important discussion, would love to hear any ideas on the topic.
If the government want to take over a certain thing then it means centralization so that they could control over it. Now in talking of Bitcoin currency, there is no way it will maintain decentralize as the government regulation is have the power to rule over it therefore the only chance that Bitcoin will remain decentralize is to be against the regulation in which its a difficult thing to do.
Really interesting ideas are given.
If bitcoins regulators are created, they will have to pay attention not only to business entities and companies, but also to individuals and their actions with bitcoin.
Can you have regulatory bodies function without centralized authority? sort of like a union. Can this be monetized in a way that's fair and consensual? I think most of us in this space have some beef with regulators, but it's becoming apparent that some self-regulating needs to happen. I think it's an important discussion, would love to hear any ideas on the topic.
I think that the interest in the blockchain will get lower because there are just a couple of working projects out of thousands of them. That is an advantage for such crypto currency as Bitcoin because it will make those who believe in its functionality to swith back to them.
The overall interest in blockchain will only increase, just like how it happened with the internet. The main problem is that out of the many initiatives, at current stage, the far majority will fail, but it will be something we all will learn from to develop more efficient applications and use cases.
Seriously, look at Bitcoin, it was the development of the first ever crypto currency where it was only meant to function as means of exchange, where right now we have Ethereum functioning as platform developers can build apps and other layers on. It's truly groundbreaking. Regardless of how I strongly dislike the far majority of the altcoins and tokens, some of them do actually serve a purpose. My main favorite is Monero since privacy is very important to me.
Bitcoin's advantage is that it doesn't need to compete with others because it's doing everything people want already, which is functioning as store of value, and means of exchange, where with LN on board it will be even more of a perfectly usable micro transacting tool, especially when clients allow easy usage for even the worst noobs. Main uses = Bitcoin. External uses = altcoins.
I think that the interest in the blockchain will get lower because there are just a couple of working projects out of thousands of them. That is an advantage for such crypto currency as Bitcoin because it will make those who believe in its functionality to swith back to them.
But one thing I can be proved that they afraid on this decentralized they think that it will become their big competitor someday.
Decentralization isn't something they like, but it's not that much of a problem for them right now. If we look at how the majority of the people enter and exit the market, and even keep using services as Coinbase to store coins, then they have a perfect view of what's largely going on, and that's all they care about. If the mass sticks to these centralized services, governments won't have anything to fear. As long as people prefer convenience over security and decentralization, nothing will change. If you look at how large Coinbase has become due to this, then it's safe to say that nothing will really change in the coming years. Coinbase is literally dominating this market, and let them be one of the most regulated services....
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For me, I don't have any beef against regulators until its obvious they are not being fair and we won't know until we have one. But for those who are preempting such to be a negative outcome, surely have something to hide.
We could not control what may the decision of the government to have an interest in manipulating and put regulation on decentralized currency. But one thing I can be proved that they afraid on this decentralized they think that it will become their big competitor someday.For me, I don't have any beef against regulators until its obvious they are not being fair and we won't know until we have one. But for those who are preempting such to be a negative outcome, surely have something to hide.
Decentralized regulation takes a long process before they made it, that's the reason some countries banning that decentralized currency to avoid illegal activities.
Can you have regulatory bodies function without centralized authority? sort of like a union. Can this be monetized in a way that's fair and consensual? I think most of us in this space have some beef with regulators, but it's becoming apparent that some self-regulating needs to happen. I think it's an important discussion, would love to hear any ideas on the topic.
Whether we like it or not, its bound to happen. There are some things you don't have control over and one of them is the behavior of some other people towards certain things and because of that we have to come to a consensus on how we want to be run. Everyone knows the difference between good or bad (at least the obvious ones irrespective of cultural inclinations or orientations) but because of the greedy nature tendency, people tend to throw morality in the winds in other to live large and impress those around them.
For me, I don't have any beef against regulators until its obvious they are not being fair and we won't know until we have one. But for those who are preempting such to be a negative outcome, surely have something to hide.
1. Crypto UK – A self-regulatory trade association for the UK cryptocurrency industry.
2. Virtual Commodity Association (VCA) - An industry sponsored self-regulatory organization for the U.S. virtual currency industry.
3. Sixteen exchanges in Japan forming a self-regulatory organization.
4. The Korean Blockchain Association with 23 exchanges is preparing to form a self-regulatory organization.
5. The South African Reserve Bank (SARB) is setting up a self-regulatory organization to regulate cryptocurrencies.
6. Indian Bitcoin exchanges are self-regulated under Digital Asset and Blockchain Foundation of India (DABFI).
Regulations are inevitable, either governments would impose their own crypto regulations or non-governmental self-regulatory organizations would be able to come with their own regulatory framework that is efficient, effective, enforceable, and acceptable to prevent any over-the-top regulatory intervention from the government.
SRO's would be more flexible to adapt and implement regulatory guidelines according to the changing crypto dynamics without impeding innovations. Most of the countries are yet to come up with any regulatory framework for cryptocurrencies and with proposals like VCA and Crypto UK, if the industry is able to self regulate then the possibility of stringent governmental regulations can be avoided.
https://cointelegraph.com/news/south-africas-central-bank-to-establish-self-regulatory-body-to-oversee-crypto-industry
Yeah they should need a thorough study before they regulate, so that they have a fair regulations to all, like how they will cater decentralized system and other bitcoin character in which different from fiat money. 2. Virtual Commodity Association (VCA) - An industry sponsored self-regulatory organization for the U.S. virtual currency industry.
3. Sixteen exchanges in Japan forming a self-regulatory organization.
4. The Korean Blockchain Association with 23 exchanges is preparing to form a self-regulatory organization.
5. The South African Reserve Bank (SARB) is setting up a self-regulatory organization to regulate cryptocurrencies.
6. Indian Bitcoin exchanges are self-regulated under Digital Asset and Blockchain Foundation of India (DABFI).
Regulations are inevitable, either governments would impose their own crypto regulations or non-governmental self-regulatory organizations would be able to come with their own regulatory framework that is efficient, effective, enforceable, and acceptable to prevent any over-the-top regulatory intervention from the government.
Quote
Regulating cryptocurrencies prematurely could have the negative consequence of throttling the growth and innovation of the industry. In addition, if laws are drafted based on existing technology, which is still in its growth phase, there is a risk that the technology may have moved so much by the time the legislation is enacted, that the legislation is obsolete or requires updating almost immediately to align with the latest technology.
SRO's would be more flexible to adapt and implement regulatory guidelines according to the changing crypto dynamics without impeding innovations. Most of the countries are yet to come up with any regulatory framework for cryptocurrencies and with proposals like VCA and Crypto UK, if the industry is able to self regulate then the possibility of stringent governmental regulations can be avoided.
https://cointelegraph.com/news/south-africas-central-bank-to-establish-self-regulatory-body-to-oversee-crypto-industry
Decentralized regulation is quite a weird idea in my opinion. It does not make any sense. Regulation basically is exercising some sort of control over something in order to organize it properly and ensure its smooth functioning.
A regulatory framework ought to operate at the center. Its powers may be delegated to a certain level that is well within its range only, but multiple level delegation will not let the regulatory systems work well.
Regulating the crypto market is the need of the hour and is what many people want. So the regulatory framework has to be such that it provides some good response and cuts down the number of mishappenings and the scams that are happening as of now.
In short its not really possible to collaborate that idea because it wont really suit out no matter how hard we do think off the possibilities.There would be always on need a control center which would able to make the whole system functional and in control which means its still centralized and we know that decentralization doesnt really work on that way. A regulatory framework ought to operate at the center. Its powers may be delegated to a certain level that is well within its range only, but multiple level delegation will not let the regulatory systems work well.
Regulating the crypto market is the need of the hour and is what many people want. So the regulatory framework has to be such that it provides some good response and cuts down the number of mishappenings and the scams that are happening as of now.
Any little regulation , law or rules even with some unions ow whatever makes decentralized centralized. So its not possible to do that. Cryptocurrency is decentralized so there are need for some governing unions to handle it.
Decentralized regulation is quite a weird idea in my opinion. It does not make any sense. Regulation basically is exercising some sort of control over something in order to organize it properly and ensure its smooth functioning.
A regulatory framework ought to operate at the center. Its powers may be delegated to a certain level that is well within its range only, but multiple level delegation will not let the regulatory systems work well.
Regulating the crypto market is the need of the hour and is what many people want. So the regulatory framework has to be such that it provides some good response and cuts down the number of mishappenings and the scams that are happening as of now.
A regulatory framework ought to operate at the center. Its powers may be delegated to a certain level that is well within its range only, but multiple level delegation will not let the regulatory systems work well.
Regulating the crypto market is the need of the hour and is what many people want. So the regulatory framework has to be such that it provides some good response and cuts down the number of mishappenings and the scams that are happening as of now.
Can you have regulatory bodies function without centralized authority? sort of like a union. Can this be monetized in a way that's fair and consensual? I think most of us in this space have some beef with regulators, but it's becoming apparent that some self-regulating needs to happen. I think it's an important discussion, would love to hear any ideas on the topic.
A lot of implications will happen if cryptocurrencies were to be regulated in the future.
Frst, prices would be somehow stable and less-volatile since it will be regulated by government-created departments or institutions;
Second, the government will need to accept its legality and function into the society and other countries must conform with this acceptance for a wide-scale implementation;
Third, it will benefit the general public and the government economically, as it may provide job opportunities and employment if they offer cryptocurrency-related work or matters; and
Fourth, since prices would be less-volatile, expect its price to decrease in some point wherein investors would look for another alternative to earn income.
Can you have regulatory bodies function without centralized authority? sort of like a union. Can this be monetized in a way that's fair and consensual? I think most of us in this space have some beef with regulators, but it's becoming apparent that some self-regulating needs to happen. I think it's an important discussion, would love to hear any ideas on the topic.
Decentralized or not regulations is always implemented. Without regulation everything is void. Each of us have differences in life the way we move and the way we display our selves. If regulation is not present in this place it could not be founded because regularity of things must be done because without it every thing is weak. Regulations doesn't mean government but it means to control the possibility that should happen. It is a preparation to avoid irregularities.
1. Crypto UK – A self-regulatory trade association for the UK cryptocurrency industry.
2. Virtual Commodity Association (VCA) - An industry sponsored self-regulatory organization for the U.S. virtual currency industry.
3. Sixteen exchanges in Japan forming a self-regulatory organization.
4. The Korean Blockchain Association with 23 exchanges is preparing to form a self-regulatory organization.
5. The South African Reserve Bank (SARB) is setting up a self-regulatory organization to regulate cryptocurrencies.
6. Indian Bitcoin exchanges are self-regulated under Digital Asset and Blockchain Foundation of India (DABFI).
Regulations are inevitable, either governments would impose their own crypto regulations or non-governmental self-regulatory organizations would be able to come with their own regulatory framework that is efficient, effective, enforceable, and acceptable to prevent any over-the-top regulatory intervention from the government.
SRO's would be more flexible to adapt and implement regulatory guidelines according to the changing crypto dynamics without impeding innovations. Most of the countries are yet to come up with any regulatory framework for cryptocurrencies and with proposals like VCA and Crypto UK, if the industry is able to self regulate then the possibility of stringent governmental regulations can be avoided.
https://cointelegraph.com/news/south-africas-central-bank-to-establish-self-regulatory-body-to-oversee-crypto-industry
2. Virtual Commodity Association (VCA) - An industry sponsored self-regulatory organization for the U.S. virtual currency industry.
3. Sixteen exchanges in Japan forming a self-regulatory organization.
4. The Korean Blockchain Association with 23 exchanges is preparing to form a self-regulatory organization.
5. The South African Reserve Bank (SARB) is setting up a self-regulatory organization to regulate cryptocurrencies.
6. Indian Bitcoin exchanges are self-regulated under Digital Asset and Blockchain Foundation of India (DABFI).
Regulations are inevitable, either governments would impose their own crypto regulations or non-governmental self-regulatory organizations would be able to come with their own regulatory framework that is efficient, effective, enforceable, and acceptable to prevent any over-the-top regulatory intervention from the government.
Quote
Regulating cryptocurrencies prematurely could have the negative consequence of throttling the growth and innovation of the industry. In addition, if laws are drafted based on existing technology, which is still in its growth phase, there is a risk that the technology may have moved so much by the time the legislation is enacted, that the legislation is obsolete or requires updating almost immediately to align with the latest technology.
SRO's would be more flexible to adapt and implement regulatory guidelines according to the changing crypto dynamics without impeding innovations. Most of the countries are yet to come up with any regulatory framework for cryptocurrencies and with proposals like VCA and Crypto UK, if the industry is able to self regulate then the possibility of stringent governmental regulations can be avoided.
https://cointelegraph.com/news/south-africas-central-bank-to-establish-self-regulatory-body-to-oversee-crypto-industry
I think the Internet makes a good model for what you're describing.
The Internet itself is a good example of a decentralized and (mostly) self-regulated organization. At the highest levels on the behind-the-scenes of the internet are generally boards of trustees/directors (ICANN, ARIN, etc). After that very high level, once you're on the internet-as-you-know-it, much of what you experience falls back on non-authoritarian rules enforcement. For example, it's illegal to send spam email. But most of spam prevention and eradication is actually done by private parties.
Ultimately, even when you do regulate the internet with traditional laws, the real enforcement and implementation of such is done by loosely-connected individuals seeking to achieve a common objective. The internet is beautifully self-healing and self-regulating.
The Internet itself is a good example of a decentralized and (mostly) self-regulated organization. At the highest levels on the behind-the-scenes of the internet are generally boards of trustees/directors (ICANN, ARIN, etc). After that very high level, once you're on the internet-as-you-know-it, much of what you experience falls back on non-authoritarian rules enforcement. For example, it's illegal to send spam email. But most of spam prevention and eradication is actually done by private parties.
Ultimately, even when you do regulate the internet with traditional laws, the real enforcement and implementation of such is done by loosely-connected individuals seeking to achieve a common objective. The internet is beautifully self-healing and self-regulating.
Can this be said the same for the crypto-community? While there are private parties that facilitate and probably supervise the internet, are there any present organizations for crypto? Since there has been an influx of ICO scams recently, there's going to be some need to police the crypto-community. Even while countries attempt to regulate crypto, it would be suitable for the cryptocommunity to have a self regulated organization despite it being decentralized.
A regulation means to have control and I don't think you can control something that is decentralized because every one has his own way of doing it. It is oxymoron in the sense that decentralized means separate and regulation means to come together so it is hard to imagine having a decentralized regulation. This is the reason why government do not want a decentralized currency because they know that they cannot totally take control of it. If possible they would come to a system wherein people would use cryptocurrency still but the system is centralized so that they can still take control of it.
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