Is regulation really coming to Bitcoin ? - page 2.

ensurance982

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Quote from: ?? on ??

First you have to explain what you mean by "regulation", then we can have this discussion.

Well I think this discussion covers the meta-discussion about what regulation is, already - it's part of the discussion to outline what people consider to be regulation and what kind of regulation they expect.

Lauda

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Quote from: neoneros on April 09, 2015, 04:25:38 AM

The best the governments can try is to tax the bitcoins and enforce it. Or even ban the use of bitcoin for it undermines the state and deem everyone who uses bitcoin a criminal. It is bad form of regulation, only showing the fear of governments to lose control, the only reason governments will fear it is because the fear is transfered by the bankers who thought they had the power over the government who thought they had the power over the masses. The tables are turning, slowly, but turning..

They're actually just missing out on the potential of Bitcoin or hurt themselves if they ban it. We do have countries that have done this, and it hasn't prevented any "illegal activities" in the world.
Regulation is coming, but Bitcoin is something very new. Regulating it isn't a simple task.

Eastwind

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Quote from: byt411 on April 08, 2015, 06:18:34 PM

Quote from: CryptoChaser on April 08, 2015, 05:41:53 PM

The Reserve Bank of Australia does not believe that bitcoin regulation is worth the cost as it may require international cooperation. Regulation cost money that's the bottom line.

Regulation costs money, but it could also potentially bring in money for the government. from taxes and other things.
They would also want to regulate it to try and prevent money laundering, but obviously, they would fail. If banning cryptocurrencies also counts as "regulation", then it could also occur.

The central banks can wait for the bitcoin technology to mature. Then they will regulate it and bring in more taxes and other things. At present, it is not worth the effort and bitcoin might die. It is not their responsibility to help bitcoin technology.

neoneros

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The best the governments can try is to tax the bitcoins and enforce it. Or even ban the use of bitcoin for it undermines the state and deem everyone who uses bitcoin a criminal. It is bad form of regulation, only showing the fear of governments to lose control, the only reason governments will fear it is because the fear is transfered by the bankers who thought they had the power over the government who thought they had the power over the masses. The tables are turning, slowly, but turning..

mrcashking

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Quote from: neoneros on April 09, 2015, 03:52:14 AM

Quote from: ?? on ??

First you have to explain what you mean by "regulation", then we can have this discussion.

Regulation is a very broad principle, when discussing, you could bring your own definition of it and go from there. Regulation will be implemented in different ways for different countries and governments. There is no single way to enforce regulation. The question would be, what type of regulation could regulate the blockchain? What are the cons and pros.

As far as i know they will not be able to regulate the blockchain or Bitcoin all they will be able to do is regulate centralized services like exchanges and that may actually be a blessing for some because banks will start to accept the power of it at that point.

There will of course be those that are against that as myself but that is where decentralized markets and exchanges will be used which will by pass that. Whatever they try we will always have a means to bypass it, unless of course they take out the internet..

I voted YES but it will only be an attempt.

neoneros

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Quote from: ?? on ??

First you have to explain what you mean by "regulation", then we can have this discussion.

Regulation is a very broad principle, when discussing, you could bring your own definition of it and go from there. Regulation will be implemented in different ways for different countries and governments. There is no single way to enforce regulation. The question would be, what type of regulation could regulate the blockchain? What are the cons and pros.

crazyivan

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I can only wish we do have some regulation related to consumer protection. This is the weakest BTC point ATM. However, I do not see that being implemented for at least a year or so.

byt411

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Quote from: Kazimir on April 08, 2015, 07:34:34 PM

Bitcoin is already regulated. There is no other form of money that follows such strict rules as Bitcoin.

Except other than fiat, Bitcoin is regulated transparently, for and by everyone, through cryptography. The elite authorities that currently regulate old fashioned money will need a while to grasp this new paradigm.

Through cryptography and democracy. If the devs push out unreasonable updates, we, as the community and as the users, can decide what features we want and what we don't want.

However, the point that you made is very true; Bitcoin is regulated by its users. Despite that, a government would still attempt to regulate it, such as by banning it, or making all users report their bitcoin transactions, etc.

Kazimir

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Bitcoin is already regulated. There is no other form of money that follows such strict rules as Bitcoin.

Except other than fiat, Bitcoin is regulated transparently, for and by everyone, through cryptography. The elite authorities that currently regulate old fashioned money will need a while to grasp this new paradigm.

NyeFe

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Let's think about this rationally.

For regulation to come to Bitcoin, miners would need to accept any new software with altered code... If they don't accept, then I guess there's no regulation (which is most likely)

Alternatively individual Bitcoin services could be pressured, like what's happening to coinbase. Similar like Silk Road, if other services choose not to be regulatated, they could simply go underground. If you've already created the website scripts, any Bitcoin service could switch to a new domain within minutes.

So like what's happening here in the UK, since government wants to accept and tax Bitcoin businesses, I think they would all be forced to be regulated, which comes with a portfolio of advantages or face criminal charges... Unless they go underground as previously stated.

ensurance982

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It's interesting to see how some governments decide to not regulate it, and others jump to outright forbid it. I think there will be more regulation in the future, and that is something good. It gives bitcoin legitimacy in the eyes of the public.

Lethn

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I think there will be certain countries like Germany that will regulate it extremely efficiently and then most of the other countries throughout the world will have no clue what to do with it, even with Andreas Antonopoulos explaining things to them their laws will be as vague as ever, adding to that, it will be interesting to see if any countries try to ban Bitcoin outright because I want to see whether they can stop it from being traded on the black market at all.

byt411

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Quote from: CryptoChaser on April 08, 2015, 05:41:53 PM

The Reserve Bank of Australia does not believe that bitcoin regulation is worth the cost as it may require international cooperation. Regulation cost money that's the bottom line.

Regulation costs money, but it could also potentially bring in money for the government. from taxes and other things.
They would also want to regulate it to try and prevent money laundering, but obviously, they would fail. If banning cryptocurrencies also counts as "regulation", then it could also occur.

CryptoChaser

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The Reserve Bank of Australia does not believe that bitcoin regulation is worth the cost as it may require international cooperation. Regulation cost money that's the bottom line.

Lauda

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Quote from: Buffer Overflow on March 29, 2015, 04:30:11 AM

Where Bitcoin and the fiat world touch there will always be regulation, such as an exchange.

Exactly. There is no place on earth where one could run a un-regulated exchange. It has to happen.
The regulation will be different for each country.
There was a site bitlegal.net that displayed the legal status of Bitcoin in each country, but it looks like it has been removed/deleted.

forlackofabettername

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Regulation can only happen at bottlenecks such as exchanges. But bitcoin itself is not possible to effectively 'regulate'.
It's impossible to effectively ban it for example.

BillyBobZorton

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Quote from: dasource on March 28, 2015, 05:29:31 PM

Does bitcoin itself need regulation? Questionable.
Regulated exchanges by all means until we see decentralised exchanges becoming more popular.

The problem with decentralized exchanges is.. how are you supossed to do day trading? It doesnt work since its only p2p exchanges, afaik.
For classic centralized ones yes, we need regulation.

Denker

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Quote from: Bit_Happy on March 28, 2015, 05:56:06 PM

We do not know what the Bitcoin Foundation will be asked to do to the code (the BF pays the dev(s)), if the devs will "obey", and/or if the mining pools will be willing/able to fight against radical code changes.

If major changes in the code wouldn't be accepted, the community won't jump on it and show the middlefinger.Simple is that. People wouldn't update and stay on the old fork.

Miracal

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Quote from: Bit_Happy on March 28, 2015, 05:56:06 PM

We do not know what the Bitcoin Foundation will be asked to do to the code (the BF pays the dev(s)), if the devs will "obey", and/or if the mining pools will be willing/able to fight against radical code changes.

I don't think the bitcoin core protocol code will be controlled by the govs otherwise it loses the meaning of decentralization. No ppl will allow this happen. But I don't disagree with the idea of the regulation of currency exchanges, cryptocurrency startups, which is regulating the ppl, who are dealing with cryptocurrency, not the bitcoin inherent protocol.

Buffer Overflow

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Where Bitcoin and the fiat world touch there will always be regulation, such as an exchange.

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