Is it possible to somehow regulate Bitcoin?

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Quote from: Silberman on June 15, 2017, 12:58:37 AM

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The governments can change their laws to say whatever they want but they cannot directly ban bitcoin, they don't have a way to block people from accessing bitcoin, someone could as easily transfer his bitcoin in a paper wallet to another country and then deal with bitcoin form there if they want, so as you can see banning bitcoin isn’t as easy as they may think.

Yes, The government is difficult to know who the users bitcoin are from their country because bitcoin is also anonym so to ban the use of bitcoin it just wasted their time, perhaps apart from the op say that breaking the internet network, maybe the government can spread the issues that cause the decline of bitcoin users (destroying from the inside).

As long as they are in control of the exchange sites it is possible, bitcoin may not be regulated since it is just a simple coding or a system
but it would not work without fiat to bitcoin conversion and vice versa.

Which is why decentralized exchanges have been developed, that way it is impossible to seize a few servers and get the coins of thousands of users, since in decentralized exchanges you are the one that is in control of your coins the whole time and not the exchange, when people finally move away from centralized exchanges the chances of the government of trying to control us will go down even further.

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

You understood it mate on the opposite way, when it comes to legality the government has always the approval of it and they are supporting it. And with that news, Russia is going to support bitcoin but the word regulation will be coming from them. Transactions will be monitored.

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

They can't stop bitcoin or other crypto's but they can ban it.

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If that is possible then most of the country will accept Btc . As they will have a grip on it.

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Quote from: bitcoinvestor on June 17, 2017, 04:56:22 AM

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

The exchange has a role to be the critical point in the crypto world. we all know that the exchange site is only the place for all of the crypto holder are trying to sell and buy the coin. Some exchange site already applied KYC and AML that really restricted his members.

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it's more than possible, bitcoin is already regulated in some country like japan for example and because of this they now accept it as a currency, regulation mean adoption

it's a must for bitcoin to become world wide accepted

Quote from: bitcoinvestor on June 17, 2017, 04:56:22 AM

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

but disabling exanche may hinder very well the adoption, it would be very hard to sell your coin without any exchange, especially to foreign people

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Quote from: DrGuns4Hands on May 18, 2017, 01:48:59 AM

Well, in my viewpoint, it's impossible to regulate or totally under control by some other groups or organization because bitcoin is designed on that way and if it's under control by others the meaning of bitcoin will be meaningless. None of them can't control the cryptocurrency system.

For know I agree that it may be impossible for bitcoin to totally regulate. Because it is a more developing crypto-currency which means is much focus on development and changes on its transaction, security and price. So it is a good thing also for users and investor because its price have a future and increasing drastically. For me development and changes of bitcoin is one of its asset to its success so it may somehow regulate but it may not totally regulate for the sake of development.

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Quote from: Mpamaegbu on June 19, 2017, 06:16:01 AM

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

OP, your thread topic is totally different from the question you ask in your comment as quoted here. Banning isn't the same thing as Regulating. Both mean different things. You may want to consult a dictionary for that.

On regulation: Yes, the government of a country can regulate the use of Bitcoin if it were to be adopted into that country's financial system. The government can earn taxes from it just the same way Miners' fees are paid before transactions are processed.

i think the trad has already started, Japan accepted bitcoin and now Australia is expected to announce bitcoin as legal currency, and so the other states will follow. i think we can expect that very soon bitcoin will be accepted as regular currency.

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

OP, your thread topic is totally different from the question you ask in your comment as quoted here. Banning isn't the same thing as Regulating. Both mean different things. You may want to consult a dictionary for that.

On regulation: Yes, the government of a country can regulate the use of Bitcoin if it were to be adopted into that country's financial system. The government can earn taxes from it just the same way Miners' fees are paid before transactions are processed.

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

Yes it can be and the day has already come when governments are trying to figure out a way in its regulation.
Perhaps one day every person will have a unique bio metric identity and all crypto transactions can easily be linked with it.

Honestly I am into the side of refulation-free bitcoins as basic motto of having bitcoin must be basic freedom against meaningless government/central bank's regulations. So, going back to be regulated might kill the true purposes of adopting bitcoins. I wish bitcoin to stay as it is now.

Xester

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Quote from: Meowth05 on June 17, 2017, 07:11:42 AM

Quote from: matuson on June 17, 2017, 06:24:40 AM

Quote from: bitcoinvestor on June 17, 2017, 04:56:22 AM

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.

I don't think they'll do that since bitcoin's foundation is quite strong thus it's unreasonable for them to do that. Besides, government don't have an access in blockchain. For this reason, government can't regulate bitcoin wether they want it or not.

I think they still can if they do some law to have some access in the blockchain and have them regulate the bitcoin. Government can do it because they have the power to do it. Bitcoin may be strong but of course if the government sees it something could benefit most people or could do harm to the people, maybe they would require them to regulate it.

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Quote from: Meowth05 on June 17, 2017, 07:11:42 AM

Quote from: matuson on June 17, 2017, 06:24:40 AM

Quote from: bitcoinvestor on June 17, 2017, 04:56:22 AM

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.

I don't think they'll do that since bitcoin's foundation is quite strong thus it's unreasonable for them to do that. Besides, government don't have an access in blockchain. For this reason, government can't regulate bitcoin wether they want it or not.

Perhaps but if a certain government could develop their own blockchain but it would take years to complete and a lot of trial and errors. Maybe it is there reason that they said 2018. Because come to think of it, vitalyk is russian therefor he maybe creating his own ethereum blockchain with the aid of its government. It would be a lot of profit for them since ethereum is a fast growing project. It even surpassed eth in volume so i wont be even surprised of eth has its own blockchain.

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Quote from: matuson on June 17, 2017, 06:24:40 AM

Quote from: bitcoinvestor on June 17, 2017, 04:56:22 AM

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.

I don't think they'll do that since bitcoin's foundation is quite strong thus it's unreasonable for them to do that. Besides, government don't have an access in blockchain. For this reason, government can't regulate bitcoin wether they want it or not.

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Quote from: bitcoinvestor on June 17, 2017, 04:56:22 AM

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.

mzforfree

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absolutely and as i've stated for the most part more regular (especially that of protective nature favoring consumers and prosecuting fraud in companies) is going to make the price shoot up. The more public exposure the better and the more universal the law (local, state, federal, international banking and financial bodies) is going to do make it skyrocket.

Check out this last piece of litigation and it's correlation (i'm seeing strong correlation almost inferring causation here) with the exchange rate.

https://bitcointalk.org/index.php?topic=96118.120

In regards to how... since all transactions are public there is no way for a company to "cook their books" or "do a massive purging of evidence". So that old adage "time tells all" definitely rings true here.Over time if you are a big enough company, broker, trader, llc, whatever you want to call yourself. If you are moving massive amounts of bitcoin around it will always show the amount and address on the blockchain.

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Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The legalization of bitcoin is simply a government acknowledging that bitcoin is a legal currency, nothing else. But bitcoin itself can't just be approved or deny either way. Bitcoin cannot be banned per se but bitcoin exchanges can as they deal with fiat currencies, and if bitcoin exchanges are banned then it would be extremely hard for bitcoin users to liquidate their savings.

But bitcoin itself can't be regulated. The regulatory framework only stretches as far as fiat currencies goes. Unless the government somehow shut down all the bitcoin nodes(impossible), then bitcoin network is still alive.

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Quote from: pearlmen on June 14, 2017, 08:47:56 AM

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The issue of legalization will happen if they can establish control aside that the legalization will be worthless which I think is the case at hand. The legalization I think Russia is referring to according to the reports I have read is trying to legalize the cryto currency of their own that is their own version of bitcoin that they will create for the use of their citizenry which they can control and thereby makes regulation a reality.

Yes, it can only be legalized when the government can get control of it otherwise the Bitcoin feature are a threat for the governments and specially the anonymity is the main factor due to which the government hesitate to legalize it also it is a challenge to the existing financial system and it will take time for the government to manage this new system beside the existing one.

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Quote from: AltcoinAuthority on June 13, 2017, 08:03:04 AM

Quote from: machinek20 on May 18, 2017, 07:34:30 AM

Bitcoin cant be banned or regulate because it is hard to track bitcoin but the government can regulate or banned exchanger and business that accept bitcoin and if the government legalize bitcoin then there will be more regulation about using bitcoin as transaction

I am pretty sure that Bitcoin could get regulated by the Government if there were people in the Government that are interested in Bitcoin. Mining Bitcoins are usually where Bitcoin has a very high chance of Bitcoin getting regulated because if the Government decided to mine Bitcoins with a very fast computer then they will be able to regulate it easier.

Yes it can be regulated by the government but we have to keep in mind that every government has its own scope of regulating things and every country has its own interests. I think currently the bitcoin is not a big challenge for many of the countries so they have set it aside and are not dealing it on a serious not but with the increase in the users inside the country will must pressurize the government to regulate it.

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Quote from: zidanw on June 15, 2017, 01:54:17 AM

Quote from: Silberman on June 15, 2017, 12:58:37 AM

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The governments can change their laws to say whatever they want but they cannot directly ban bitcoin, they don't have a way to block people from accessing bitcoin, someone could as easily transfer his bitcoin in a paper wallet to another country and then deal with bitcoin form there if they want, so as you can see banning bitcoin isn’t as easy as they may think.

Yes, The government is difficult to know who the users bitcoin are from their country because bitcoin is also anonym so to ban the use of bitcoin it just wasted their time, perhaps apart from the op say that breaking the internet network, maybe the government can spread the issues that cause the decline of bitcoin users (destroying from the inside).

As long as they are in control of the exchange sites it is possible, bitcoin may not be regulated since it is just a simple coding or a system
but it would not work without fiat to bitcoin conversion and vice versa.

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Quote from: Silberman on June 15, 2017, 12:58:37 AM

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The governments can change their laws to say whatever they want but they cannot directly ban bitcoin, they don't have a way to block people from accessing bitcoin, someone could as easily transfer his bitcoin in a paper wallet to another country and then deal with bitcoin form there if they want, so as you can see banning bitcoin isn’t as easy as they may think.

Yes, The government is difficult to know who the users bitcoin are from their country because bitcoin is also anonym so to ban the use of bitcoin it just wasted their time, perhaps apart from the op say that breaking the internet network, maybe the government can spread the issues that cause the decline of bitcoin users (destroying from the inside).

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The governments can change their laws to say whatever they want but they cannot directly ban bitcoin, they don't have a way to block people from accessing bitcoin, someone could as easily transfer his bitcoin in a paper wallet to another country and then deal with bitcoin from there if they want, so as you can see banning bitcoin isn’t as easy as they may think.

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

It is true, and once its being legalize the government of Russia are free to do anything they want into bitcoin or altcoins, and as I can see with it they want to remove the decentralization of bitcoin. And that is not good for us bitcoin believer actually. ANd lastly they want bitcoin to become centralized so they can control it 100%. Undecided

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?
Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

That is almost true,you really cannot stop people from using it,yes they could ban bitcoin or alt coins by banning all the exchanges functioning in that country and restrict people from moving their fiat outside of the country and that is how they could do to restrict users into it,legalizing means they will allow people using it with proper documentation and source of your income and so is the reason every exchanges are asking to verify your documents.

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

It is more of a rumor that real news, Russia is totally unpredictable country, they changed their stance towards bitcoin and cryptocurrencies many times.
Bitcoin can't be banned per se, but bitcoin usage can be seriously hindered, there won't be any official business/services accepting bitcoin payments and it will be really hard to exchange bitcoin to rubles.

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

Official bitcoin ban will discourage general population. Bitcoin adoption will be halted and bitcoin's name slandered.
It will be still be possible to use bitcoin but you won't be able to do it openly.

Kronos21

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Quote from: iluvpie60 on May 18, 2017, 12:01:23 PM

It is possible to regulate that noone can use usd to btc for example
They could make laws that do wtuff like that. Or make it illegal to use the software. But it would be hard to enforce or impossible.

All countries in the world don't do it at the same time. So a ban makes no sense. People will change on exchanges in the Internet the currency that they need, and exchanges were located in another jurisdiction. In the Internet age, such prohibitions do not work.

cellard

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The gateways of bitcoin (exchanges etc) can be regulated, not bitcoin itself. We could argue about how ISPs could be banned from the bitcoin protocol but there are ways around that I guess.

I have no problems with taxes, but I have problems with exchanges, I don't trust the exchanges, they are run by people that I just can't trust, I don't want to get scammed so I take big precautions with exchanges and try to not give them any data.

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Of course it's possible, some countries have already done that, at least partialy. And that doesn't necessary have to be the bad thing but also to protect Bitcoin and the users from abuse and the feeling that they are performing something illegal. But of course this could go in totaly opposite way when governments are trying to control or supress Bitcoin.

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Quote from: krankNL on May 17, 2017, 03:16:37 PM

Hopefully it would not be possible to take bitcoin under centralized control. If they regulate bitcoin, I quit instantly. Because this means bitcoins loses its meaning.

it's entirely plausible.. maybe have regulators over the blockchain or implement new tech. To automate/check for shady buyers/sellers

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I've just heard the latest news from Russia. As I understood Sberbank is working on their own crypto currency which is basic name "Russian Bitcoin". To me it looks like one more option to make people pay taxes from crypto earnings as well.

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Quote from: AltcoinAuthority on June 13, 2017, 08:03:04 AM

Quote from: machinek20 on May 18, 2017, 07:34:30 AM

Bitcoin cant be banned or regulate because it is hard to track bitcoin but the government can regulate or banned exchanger and business that accept bitcoin and if the government legalize bitcoin then there will be more regulation about using bitcoin as transaction

I am pretty sure that Bitcoin could get regulated by the Government if there were people in the Government that are interested in Bitcoin. Mining Bitcoins are usually where Bitcoin has a very high chance of Bitcoin getting regulated because if the Government decided to mine Bitcoins with a very fast computer then they will be able to regulate it easier.

I agree, if the government decided to, they can, actually users that are participating in Bitcoin trades are already regulated through exchanges. We need to submit our identities in order to convert BTC to fiat money or vice versa. We had been regulated but we seem to overlooked this stuff.

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Directly it is not possible to control or regulate bitcoin at all. Bitcoin can't be caged within geographical boundaries of any nation. But with time being we have mixed the human nature essance to bitcoin. Now bitcoin is not what it used to be. What I am saying is existence of exchanges and not only existence but heavy reliance on them. Now if someone using exchanges to buy/sell/hold/send/receive bitcoin then it is pretty obvious exchange has all your transactions and it is pretty obvious for government to do surveillance on your transactions by regulating exchange on whole.

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Quote from: bitcoinvestor on June 14, 2017, 12:56:35 PM

Quote from: krankNL on May 17, 2017, 03:16:37 PM

Hopefully it would not be possible to take bitcoin under centralized control. If they regulate bitcoin, I quit instantly. Because this means bitcoins loses its meaning.

Bitcoin is decentralized currency. No institution can control bitcoin. Developers only control the rate of fee and some other technical problem. Bitcoin can be sent without internet. By connecting two computer you can send bitcoin. ( offline). So who will control bitcoin. The wallet can't be suspended like bank account. it is your own wallet, whenever you want to shop you just drag your wallet and pay. That's why many bankers are affraid of bitcoin.

And as I drag your bitcoin wallet on the computer? In order to have access to my coins I made a XAPO wallet. If I can't go to the site how do I get access to my bitcoin? Maybe I don't understand something, then please explain.

bitcoinvestor

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Quote from: krankNL on May 17, 2017, 03:16:37 PM

Hopefully it would not be possible to take bitcoin under centralized control. If they regulate bitcoin, I quit instantly. Because this means bitcoins loses its meaning.

Bitcoin is decentralized currency. No institution can control bitcoin. Developers only control the rate of fee and some other technical problem. Bitcoin can be sent without internet. By connecting two computer you can send bitcoin. ( offline). So who will control bitcoin. The wallet can't be suspended like bank account. it is your own wallet, whenever you want to shop you just drag your wallet and pay. That's why many bankers are affraid of bitcoin.

ocid

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Quote from: RoommateAgreement on May 18, 2017, 02:22:00 AM

they can ban it but they can't prevent it.
when something is decentralized and completely p2p there is no way of preventing people from using it, there is no kill switch there is always be peers who are trasferring value through bitcoin with each other.

so they choose the other way, to accept this fact that there is no stopping bitcoin and the fact that people want it. so they choose to accept it and try to regulate bitcoin and businesses using it so that they can try and prevent as much illegal activity such as money laundering through these businesses.

Yes maybe only that way they can ban it but can not prevent it because the use of bitcoin other than used for criminal purposes they think as well as to do money laundering but bitcoin role is also very useful for the needs of positive transactions so that with bitcoin many of the banks Can work with bitcoin.
The most important thing to prevent it they should try to prevent for crime is not to prevent people using bitcoin.

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The issue of legalization will happen if they can establish control aside that the legalization will be worthless which I think is the case at hand. The legalization I think Russia is referring to according to the reports I have read is trying to legalize the cryto currency of their own that is their own version of bitcoin that they will create for the use of their citizenry which they can control and thereby makes regulation a reality.

hase0278

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It is impossible to regulate bitcoin fully because it is designed to function this way, where no one can really regulate bitcoin unless they would force their citizens to use their local web wallet controlled by them but bitcoin will still not be fully regulated using this method. Bitcoin can also be banned, but they could not totally stop all users in their country to use bitcoin if they were to ban it.

arpon11

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Regulate bitcoin is good but I think is impossible to regulate it based on the way it work. For me legalize bitcoin and other crytocurrency don't have much effect because bitcoin cannot be stop. No country can band it and stop it adoption by the society.

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How can it be possible for Russia to regulate the bitcoin if it is aboriginal of China? The founder is different, he made it with something great vision and not just anyone to grab the toy from him and play with it as they would like to do. Regards can regulate it withing its borders but what about internet which is devoid of its borders it is same everywhere you go. Thats just ridiculous idea. All the best to Russia doing that.

Ahimoth

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

It can't be happen.
As we all know, bitcoin is built to be decentralized, public and open source. If this will happen many bitcoiners will quit.
Satoshi Nakamoto decentralized bitcoin for the government will be hands off to this. Many will protest to this if its true.
Bitcoin will be meaningless if this will happen. Or even the other crypto currency.

AltcoinAuthority

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Quote from: machinek20 on May 18, 2017, 07:34:30 AM

Bitcoin cant be banned or regulate because it is hard to track bitcoin but the government can regulate or banned exchanger and business that accept bitcoin and if the government legalize bitcoin then there will be more regulation about using bitcoin as transaction

I am pretty sure that Bitcoin could get regulated by the Government if there were people in the Government that are interested in Bitcoin. Mining Bitcoins are usually where Bitcoin has a very high chance of Bitcoin getting regulated because if the Government decided to mine Bitcoins with a very fast computer then they will be able to regulate it easier.

ladydark

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

Bitcoin could not be completely controlled or banned by any governments.Unless,internet is banned,bitcoin could not be banned.Regulating bitcoin means that they legalize bitcoin as payment option and hence every thing which is paid in bitcoins will be monitored by governments and taxed.

rickadone

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Quote from: machinek20 on May 18, 2017, 07:34:30 AM

Bitcoin cant be banned or regulate because it is hard to track bitcoin but the government can regulate or banned exchanger and business that accept bitcoin and if the government legalize bitcoin then there will be more regulation about using bitcoin as transaction

Yes, banning bitcoin would be possible only upto the level of making law but I don't think it would be possible to practically implement them. Because it is not at all possible to track who are bitcoin users and where they are using bitcoins.

Banning bitcoin will find no effect when everything will be available for bitcoin payments. I mean to say when bitcoin hits mainstream of adoptions, I believe there will be no use of banning bitcoins. But regulating bitcoin must be an effective way for governments to get tax benefits.

iluvpie60

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It is possible to regulate that noone can use usd to btc for example
They could make laws that do wtuff like that. Or make it illegal to use the software. But it would be hard to enforce or impossible.

machinek20

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Bitcoin cant be banned or regulate because it is hard to track bitcoin but the government can regulate or banned exchanger and business that accept bitcoin and if the government legalize bitcoin then there will be more regulation about using bitcoin as transaction

digaran

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🖤😏

Not Bitcoin but tokens like ETH can be whatever a government wants, or developers want for that matter.
They can buy off Bitcoins from idiots like me to accumulate and then start a monopoly with it.

They can regulate and freeze exchanges bank accounts. before I forget it, what the hell are you doing here then? if not for Bitcoin being immutable and decentralized.

PeRo

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Bitcoin can't be banned completely unless they cut off the whole internet in the country. They can only give money punishment if you get caught or something, but they can not stop anyone from using it and can not catch everyone who is using it.

mindrust

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Quote from: asriloni on May 18, 2017, 06:24:24 AM

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The bitcoin can't be banned. Russia has tried to ban bitcoin many time but they are all gone wrong. The Russia just try to take an advantage from the bitcoin right now. But there is no possibility to ban bitcoin if the internet still exist. It's impossible in my mind.

Bitcoin can't be banned completely but they can make we bitcoin holders' lives pretty miserable if they want to.

All they have to do is close exchanges, ban bitcoin related bank accounts and it is done. If no banks do business with bitcoin, bitcoin will go back to its free pizza ticket days. Without exchanges and banks, how are we going to name bitcoin's price? Impossible.

If btc's connection with FIAT gets cut somehow, it is over.

asriloni

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

The bitcoin can't be banned. Russia has tried to ban bitcoin many time but they are all gone wrong. The Russia just try to take an advantage from the bitcoin right now. But there is no possibility to ban bitcoin if the internet still exist. It's impossible in my mind.

ASHLIUSZ

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From the quote what I understood is that bitcoin usage won't be restricted in those countries. In the past too Russia had a ban on bitcoin which doesn't mean that entire network will be restricted. Punishments were regulated, if caught using digital currency. Later on understanding the true potential accepted it.

Chachacoin17

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For me bitcoin cant regulate because if their are some groups to regulate the bitcoin maybe they cannot do bitcoin is a big organization all over the country. And im sure the president cannot banned the bitcoin.

lovesybitz

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

e

If bitcoin will be legalized in Russia by 2018, that would be a great news to all bitcoin community.
that could could be a reason to make bitcoin increase again, hoping if that happen it will not become a centralized where bitcoin designed as decentralized.

wuvdoll

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

Banning bitcoin means they will not permit any bitcoin related exchanges/ bitcoin accepting merchants so they cannot advertise publicly they are registered in the same country so that they can link bank accounts to their business directly. In simple words : banning bitcoin for government will not be possible until bitcoin related activities are within bitcoins not not needing any fiat conversion.

Regulating bitcoin is possible by regulating bitcoin related start ups. Bitcoin users need to submit KYC while availing those regulated service providers. This way total bitcoin community might comes under regulations.

Idrisu

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

qused before ) was traceable but what about Bitcoins ? What can be done ?
[/quote]Governments, groups' and individual cannot banned bitcoin! Not even satoshi himself can banned bitcoin were it is now. Governments legalized the use of bitcoin is not similar to banned it and bitcoin and other crypto currencies are decentralized. Though governments can make laws to criminalized it but cannot banned it and if government criminalized it black market will fully embrace it.

RoommateAgreement

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Bazinga!

they can ban it but they can't prevent it.
when something is decentralized and completely p2p there is no way of preventing people from using it, there is no kill switch there is always be peers who are trasferring value through bitcoin with each other.

so they choose the other way, to accept this fact that there is no stopping bitcoin and the fact that people want it. so they choose to accept it and try to regulate bitcoin and businesses using it so that they can try and prevent as much illegal activity such as money laundering through these businesses.

magneto

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

No, bitcoin cannot be banned completely.

There is simply no way as bitcoin is a decentralised network. If bitcoin existed as a central entity then it would have been shut down by the government a long time ago, along with Liberty Reserve, probably.

Countries legalise bitcoin as a form of payment - doesn't mean they can control it in any shape or form - simply they are acknowledging bitcoin as a legal currency, that is all. A legal currency capable of creating transactions safely.

DrGuns4Hands

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Well, in my viewpoint, it's impossible to regulate or totally under control by some other groups or organization because bitcoin is designed on that way and if it's under control by others the meaning of bitcoin will be meaningless. None of them can't control the cryptocurrency system.

chain_chain

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Quote from: carlisle1 on May 17, 2017, 03:31:35 PM

Quote from: chain_chain on May 17, 2017, 02:23:04 PM

if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

You actually either misunderstood or just done a typo in your post . From what you have said according to news "it will be legalized" then why they are going to ban it if it is going to be legal .

There are not going to ban Bitcoin, I'm just asking - theoretically, is it possible?

carlisle1

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Quote from: chain_chain on May 17, 2017, 02:23:04 PM

if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

You actually either misunderstood or just done a typo in your post . From what you have said according to news "it will be legalized" then why they are going to ban it if it is going to be legal .

Quote from: krankNL on May 17, 2017, 03:16:37 PM

Hopefully it would not be possible to take bitcoin under centralized control. If they regulate bitcoin, I quit instantly. Because this means bitcoins loses its meaning.

Well I am not sure but I think bitcoin will never be regulated or totally under control by some groups or organizations because it is designed to be on that way and bitcoin is doesn't have central repository so meaning none of them could never have the full control of the bitcoin's system .

krankNL

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Hopefully it would not be possible to take bitcoin under centralized control. If they regulate bitcoin, I quit instantly. Because this means bitcoins loses its meaning.

chain_chain

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Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

Topic: Is it possible to somehow regulate Bitcoin? (Read 1858 times)