Topic: If most politicians know nothing about Bitcoin then how will they regulate it? - page 2. (Read 551 times)
December 26, 2018, 04:44:40 PM
That is correct most of the law makers we have have no knowledge on how the blockchain technology really works and even the little that have the knowledge are also taking advantage of the technology like using is to carry out they corrupt deal e.g money laundering and buying of illegal material for they political use. So the issue of regulations of bitcoin is still far from being achieve.
December 26, 2018, 04:29:46 PM
I dont understand the relevance of cryptocurrency to politicking except in a corrupt community where money can be laundered. I prefer government to never get involved and also not hinder the transaction/trade. Bitcoin adoption is not with vacant idea, it should be relevant to use of any individual.
December 26, 2018, 04:26:59 PM
Many politician will claim to be rich enough than to come into bitcoin, can many of them even take good time and patience to work with it? Not even in this part of the world that I am. Where politicians believe in just getting to the position and gathering money with their signatures. The only thing the wise of them can still do is trade. But they may not be diligent enough to monitor it.
December 26, 2018, 04:25:50 PM
Unfortunately, modern politicians do not need to know how cryptocurrencies work in order to try to regulate something. But I think in the near future their illiteracy will play against them and decentralization will take its place among the society.
You are saying exactly the opposite. They need to know how this crypto currency and the system works! Because of their ignorance the development of crypto currency is being totally hampered. We are lacking behind because we are not getting any proper support from them. Once they get to know the system, they will realize that the regulations they are applying is rather stupid. 
December 26, 2018, 04:08:39 PM
Unfortunately, modern politicians do not need to know how cryptocurrencies work in order to try to regulate something. But I think in the near future their illiteracy will play against them and decentralization will take its place among the society.
December 26, 2018, 03:37:31 PM
Politicians know nothing of Facebook and Google, how the hell do you expect these old people to correctly understand something extremely modern when they we're children there was literally nothing close to a computer or internet. It's not an easy thing for them so they believe rumors and wives tales.
It's not like the entire governmental system consists of old farts. I am actually of believe that most of the governments have been pretty fair with their regulations concerning Bitcoin, especially when you take into consideration how disruptive this technology fundamentally can be.
In the end, governments adapt to every situation with time, and that will also apply to crypto currencies. I'm pretty certain that most of the people here don't even know what this space is about, so how can we expect the government who isn't involved in crypto to know it? Crypto does, governments react, that's how it works. Japan has been a great example. They very quickly reacted to the exchange hacks in the best possible way, and that will eventually lead to better/safer exchanges.
It has gone so far, that they allow the industry itself to form a regulative body in the space. That's progress.
December 26, 2018, 03:20:18 PM
Politicians know nothing of Facebook and Google, how the hell do you expect these old people to correctly understand something extremely modern when they we're children there was literally nothing close to a computer or internet. It's not an easy thing for them so they believe rumors and wives tales.
I wouldn't say they don't know anything. It's very limited knowledge, that is true, but they are aware of new technologies and social networks in the range that is necessary for their own promotion. Similar is with Bitcoin and other cryptocurrencies. And if they had the mandate to decide on Bitcoin regulation that would also be according to their personal interest, at least that is my opinion.
At the moment politics and politicians are not so interested in Bitcoin because they don't see either threath or gain for themselves.
December 26, 2018, 02:56:01 PM
bitcoin cannot be regulated its an advertised internet token with fixed amount.
no way to regulate it.
only fiats can be regulated in their rewarding usage.
no way to regulate it.
only fiats can be regulated in their rewarding usage.
The US government disagrees. The IRS has stated clearly that digital currencies like Bitcoin are defined under the law as property, which entails specific tax treatment. The CFTC has asserted that digital currencies are commodities subject to their regulations and a federal court has agreed with them. FinCEN has established that digital currency users are not defined as MSB under FinCEN regulations but that digital currency exchangers are money transmitters subject to AML/KYC regulations.
As you can see, Bitcoin already falls under many existing regulations. They can't regulate the Bitcoin protocol, but they can regulate Bitcoin users and businesses.
December 26, 2018, 01:25:24 PM
The average politician probably has little or no understanding of cryptocurrencies. Some might understand the basic idea of a blockchain and its decentralized nature but the percentage of lawmakers who know the difference between a private key and a public key, the process of setting up cold storage wallets, or how multi-sig should be implemented securely is almost certainly very, very small.
So if cryptocurrency does become regulated and businesses like exchanges are forced to implement security practices such as having most of their funds in cold storage, then who will decide what regulations should be implemented and how? Surely, it won't be the politician.
Do you think they will attempt to have one of the Core devs on board or invite someone important in the cryptocurrency community like Vitalik, coblee, or Roger Ver (eek!) to write the regulations and then just take their word for it? What will they do if they decide not to participate? Heck, many (if not most) of those who are well-known and respected in the field are distrustful of governments and will probably refuse to participate since it could be seen as betraying the libertarian and anti-authoritarian ethos of the community.
Your thoughts?
So if cryptocurrency does become regulated and businesses like exchanges are forced to implement security practices such as having most of their funds in cold storage, then who will decide what regulations should be implemented and how? Surely, it won't be the politician.
Do you think they will attempt to have one of the Core devs on board or invite someone important in the cryptocurrency community like Vitalik, coblee, or Roger Ver (eek!) to write the regulations and then just take their word for it? What will they do if they decide not to participate? Heck, many (if not most) of those who are well-known and respected in the field are distrustful of governments and will probably refuse to participate since it could be seen as betraying the libertarian and anti-authoritarian ethos of the community.
Your thoughts?
bitcoin cannot be regulated its an advertised internet token with fixed amount.
no way to regulate it.
only fiats can be regulated in their rewarding usage. but bitcoin claims not to be a fiat. althought the cryptomarket and the bitcoin creaters run a fiat system
bitcoin gold bitcoin cash bitcoin sv bitcoin god bitcoin platinum bitcoin private etc.
that could theoretically be regulated, but all regulation is basically a form of tyranny against freedom.
December 26, 2018, 01:16:41 PM
Politicians and legislators have the opportunity to contact the specialists for advice and they give out their written conclusions and explain to them any information on the essence of the appeal. Therefore, our politicians do not have to understand all the issues that need to be regulated by law. In principle, now life has become so diverse and complex that a normal person cannot know everything.
December 26, 2018, 12:50:45 PM
Most of them are either old or ill informed. Sometimes it takes elderly people a lot more time to accept innovations because it is hard to understand except the timely intervention of some form of education.
December 26, 2018, 05:22:36 AM
Most Politicians have no clue about anything apart from making money. Regulation of cryptocurrency is being spear headed by uncle sam! The entire economy of the world lies in wall street and they would do everything in their power to make sure cryptocurrencies are screwed.
The increased usage of cryptocurrencies would drastically take away their power of controlling people and that's why they want to regulate cryptocurrencies.
P.S: Please change your name. If at all you decide to keep the name then never post shit. (Nick is a legend here)
The increased usage of cryptocurrencies would drastically take away their power of controlling people and that's why they want to regulate cryptocurrencies.
P.S: Please change your name. If at all you decide to keep the name then never post shit. (Nick is a legend here)
December 26, 2018, 05:14:27 AM
that is not a bitcoin problem though. it is the problem with the government and regulations and basically how they work. so there is nothing we can do about it in order to change that.
in fact that is one of the reasons why bitcoin was created in first place. so that we no longer need to worry about these things and how the "government" is going to dictate how we use our money.
in fact that is one of the reasons why bitcoin was created in first place. so that we no longer need to worry about these things and how the "government" is going to dictate how we use our money.
December 26, 2018, 05:10:25 AM
The average politician probably has little or no understanding of cryptocurrencies. Some might understand the basic idea of a blockchain and its decentralized nature but the percentage of lawmakers who know the difference between a private key and a public key, the process of setting up cold storage wallets, or how multi-sig should be implemented securely is almost certainly very, very small.
So if cryptocurrency does become regulated and businesses like exchanges are forced to implement security practices such as having most of their funds in cold storage, then who will decide what regulations should be implemented and how? Surely, it won't be the politician.
Do you think they will attempt to have one of the Core devs on board or invite someone important in the cryptocurrency community like Vitalik, coblee, or Roger Ver (eek!) to write the regulations and then just take their word for it? What will they do if they decide not to participate? Heck, many (if not most) of those who are well-known and respected in the field are distrustful of governments and will probably refuse to participate since it could be seen as betraying the libertarian and anti-authoritarian ethos of the community.
Your thoughts?
of a truth politicians did not no much about bitcoin and cryptocurrencies market and those that has had of it believe that cryptocurrencies market should be regulated under gambling and lotey laws but Cryptocoins market is not gambling and bitcoin is not ponzi. So if cryptocurrency does become regulated and businesses like exchanges are forced to implement security practices such as having most of their funds in cold storage, then who will decide what regulations should be implemented and how? Surely, it won't be the politician.
Do you think they will attempt to have one of the Core devs on board or invite someone important in the cryptocurrency community like Vitalik, coblee, or Roger Ver (eek!) to write the regulations and then just take their word for it? What will they do if they decide not to participate? Heck, many (if not most) of those who are well-known and respected in the field are distrustful of governments and will probably refuse to participate since it could be seen as betraying the libertarian and anti-authoritarian ethos of the community.
Your thoughts?
For cryptocurrencies market to become mainstream the politicians most be educated about it and for them to be educated about it the little one that knows about cryptocurrencies must educate there colleagues about it. Investing into cryptocurrencies market is investing into our financial future.
December 26, 2018, 04:21:40 AM
I wonder what kind of qualifications would be needed to become a cryptocurrency advisor.
An advanced degree in computer science and/or cryptography could do it, but they would lack the financial knowledge. Someone having all three would be a hard find. The alternative would be to scout for those who regularly contribute code to cryptocurrency and blockchain projects, but a lot of the top minds in crypto are devs posting under anonymous/pseudonymous handles who don't give a damn about economics, finance, or anything that isn't about the code, and even if they do care about the wider perspective, chances are they will probably want the government to keep their hands off crypto anyway.
An advanced degree in computer science and/or cryptography could do it, but they would lack the financial knowledge. Someone having all three would be a hard find. The alternative would be to scout for those who regularly contribute code to cryptocurrency and blockchain projects, but a lot of the top minds in crypto are devs posting under anonymous/pseudonymous handles who don't give a damn about economics, finance, or anything that isn't about the code, and even if they do care about the wider perspective, chances are they will probably want the government to keep their hands off crypto anyway.
I suppose "cryptoeconomics" isn't really an established field yet.
They need experts who understand the coding, cryptographic and networking aspects, and also those who understand markets and economic design. These don't all need to be the same people. As you point out, even the top minds in this field probably aren't equipped or interested in all the aspects beyond code. The government is really good at recruiting brilliant people when it wants to. So, there's that too.
December 26, 2018, 04:04:37 AM
Politicians are scary being ,greediness is always there,I bet they won't do any good using blockchain ,we should stop hoping for anything from them cos they only care about how much they worth and their reputation, but 10% of them knows better and they understand that blockchain tech can bring total change to the world
December 26, 2018, 04:03:26 AM
They (politicians) don't work alone. They have staffs, they have consultants so in other words they are a group and the politician works like a CEO or head of the group. They have a staff or consultant that will look into different Industry and after a through research, it will be forwarded with recommendations to the politicians attention and the politician will have the final say weather they will dip their finger in that issue or not. Some politician will dip their fingers in issues like this because its publicity specially of election time is near.
That's true. They have consultants and other staffs to keep him informed about anything new and needs his attention. However, the sad reality is that the final decision will be taken by that politician only. So no matter how great a consultant's education background is or how great he does his research, the decision making power lies on that uneducated/half-educated politicians.
That's why public opinion polls should be organized for such decisions. A lot of EU countries relies on Public opinion Poll for such decisions. Very recently we have seen an example, when Scottish people voted for their wish to stay with England. That decision was not taken by politicians, instead common people like us took the decision on behalf of the country. Such kind of initiative will be hugely beneficial.
December 26, 2018, 03:39:02 AM
They (politicians) don't work alone. They have staffs, they have consultants so in other words they are a group and the politician works like a CEO or head of the group. They have a staff or consultant that will look into different Industry and after a through research, it will be forwarded with recommendations to the politicians attention and the politician will have the final say weather they will dip their finger in that issue or not. Some politician will dip their fingers in issues like this because its publicity specially of election time is near.
December 26, 2018, 03:30:21 AM
The only thing that politicians should do is to stop acting like they are always right and knows everything, they should start asking for help from tech experts to learn more about new technologies like cryptocurrencies. There will never be a well regulated cryptocurrency industry for us if politicians will remain fighting it and just looking for disadvantages instead of learning it and understand the good and what it can do. Another problem is most politicians are on their 50s (age) and they are not capable of understanding new technologies. We cannot expect those law makers to pass a good law about Bitcoin or cryptocurrencies if they can't even understand the basics. Just look what happened on facebook hearing, those politicians asks questions makes them look dumb, it is because they don't have knowledge.
December 26, 2018, 03:02:30 AM
Most politicians might know nothing about Crypto currencies, but they have well informed advisors that are doing the ground work and research for them. A lot of the Banks also have financial advisors that are more than willing to give bad advise to these politicians and they are just one phone call or one secret meeting away. 
There will never be a shortage of people who wants to score some brownie points with these politicians, so there are an abundance of resources out there for them to use.
There will never be a shortage of people who wants to score some brownie points with these politicians, so there are an abundance of resources out there for them to use.
The average politician probably has little or no understanding of cryptocurrencies. Some might understand the basic idea of a blockchain and its decentralized nature but the percentage of lawmakers who know the difference between a private key and a public key, the process of setting up cold storage wallets, or how multi-sig should be implemented securely is almost certainly very, very small.
So if cryptocurrency does become regulated and businesses like exchanges are forced to implement security practices such as having most of their funds in cold storage, then who will decide what regulations should be implemented and how? Surely, it won't be the politician.
So if cryptocurrency does become regulated and businesses like exchanges are forced to implement security practices such as having most of their funds in cold storage, then who will decide what regulations should be implemented and how? Surely, it won't be the politician.
as in everything else, they'll defer to experts/advisors/lobbyists.
I wonder what kind of qualifications would be needed to become a cryptocurrency advisor.
An advanced degree in computer science and/or cryptography could do it, but they would lack the financial knowledge. Someone having all three would be a hard find. The alternative would be to scout for those who regularly contribute code to cryptocurrency and blockchain projects, but a lot of the top minds in crypto are devs posting under anonymous/pseudonymous handles who don't give a damn about economics, finance, or anything that isn't about the code, and even if they do care about the wider perspective, chances are they will probably want the government to keep their hands off crypto anyway.
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