Is regulation really inevitable? - page 2.

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

Quote from: Casdinyard on October 29, 2022, 02:34:56 PM

If you'd ask me eye to eye I would say that regulation is never gonna happen with bitcoin, unless Satoshi warrants it so. AFAIK he's the only one with power who could really do something behind the lines and edit bitcoin's backend to support centralization. Any efforts made by governments or entities to centralize bitcoin will be in vain because again, Only Satoshi has the power to do so. That is why China banned cryptocurrency usage in their territories, particularly bitcoin, because they couldn't fully control it. People will find out ways to use it without their prying eyes however hard they try to do control it.

Here it is about the regulations. Not about the power over the network or making it centralized. Even Satoshi can't do anything on the network which is the truth.

China banned for tax evasion which disturbed the incoming tax revenue in large scale. Rather than control it is quite an easy task to regulate with certain procedures to use bitcoin. Beyond this people will stay anonymous and use bitcoin which can't be controlled through any means.

Casdinyard

hero member

Activity: 2184

Merit: 891

Leading Crypto Sports Betting and Casino Platform

If you'd ask me eye to eye I would say that regulation is never gonna happen with bitcoin, unless Satoshi warrants it so. AFAIK he's the only one with power who could really do something behind the lines and edit bitcoin's backend to support centralization. Any efforts made by governments or entities to centralize bitcoin will be in vain because again, Only Satoshi has the power to do so. That is why China banned cryptocurrency usage in their territories, particularly bitcoin, because they couldn't fully control it. People will find out ways to use it without their prying eyes however hard they try to do control it.

fuguebtc

hero member

Activity: 1960

Merit: 537

Leading Crypto Sports Betting & Casino Platform

Quote from: isaac_clarke22 on October 29, 2022, 07:58:27 AM

They can't regulate personal transaction which is somehow the method of some people to get and sell their Bitcoin under the radar.

They can't completely ban it, but if we intentionally break the law and try to get around it, they'll be even more strict with us. For example, they will make a rule that personal transaction will be illegal and sanctioned. They are the ones who write the rules, so any regulation can be enacted. In short, regulations are not better for us, we don't need them, we are still doing great without regulation. Why control us when we are still growing so well?

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

I mean the regulation that they could do at most is just provide 3rd party apps that would somehow allow their crypto holders to buy and sell cryptos with a big BUT of needing KYC.

They can't regulate personal transaction which is somehow the method of some people to get and sell their Bitcoin under the radar.

Hypnosis00

sr. member

Activity: 2436

Merit: 343

Quote from: DanWalker on October 29, 2022, 06:39:07 AM

Quote from: Questat on October 25, 2022, 07:48:45 AM

Honestly, I don't wish to have it but can't deny the possibility that one day this will come to the crypto world for a reason. However, I don't think it was regrettable, not in the case that it will ruin the entire market but seems to give us protection from the continuous spread of scams and hacking incidents that terribly shake and give worries to the investors and holders this time. I have no clue when it comes but as it was already been implemented in other countries, this will also happen to our country as well sooner.

In my opinion, regulation will do us more harm than good. It can control the spread of scams in the market and reduce the losses for investors but in return we lose our freedom, our privacy is violated. They will interfere with our every transaction and will try to control us again, same way they are doing with fiat. It is even worse if the regulations are made strict enough to limit the volatility of the market, then our profits will also decrease significantly.

And I just preferred to be legalized as it was enough rather than being controlled through strict regulations as it breaks our privacy rules as possible.
But I can't conclude what will really happen once this is implemented, I know many investors and crypto users will tend to oppose that. However, if the set rules are also acceptable and give us more favor than what we think, I should go for it and support the government. For now, our opinion is more on the negative side, I think that we need also to hear the side of the implementing authorities to make it fair.

DanWalker

hero member

Activity: 1960

Merit: 547

Vave.com - Crypto Casino

Quote from: Questat on October 25, 2022, 07:48:45 AM

Honestly, I don't wish to have it but can't deny the possibility that one day this will come to the crypto world for a reason. However, I don't think it was regrettable, not in the case that it will ruin the entire market but seems to give us protection from the continuous spread of scams and hacking incidents that terribly shake and give worries to the investors and holders this time. I have no clue when it comes but as it was already been implemented in other countries, this will also happen to our country as well sooner.

In my opinion, regulation will do us more harm than good. It can control the spread of scams in the market and reduce the losses for investors but in return we lose our freedom, our privacy is violated. They will interfere with our every transaction and will try to control us again, same way they are doing with fiat. It is even worse if the regulations are made strict enough to limit the volatility of the market, then our profits will also decrease significantly.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: BALIK on October 26, 2022, 12:34:49 AM

When the regulation comes, it will definitely be a big barrier for us because then we will not be as free as we are now.

Nobody knows whether it will be a barrier or allow more opportunities for common people, so better not to comment such.

Quote

But on the other hand, regulation is a good thing, scam projects will not be able to attack us and we will be protected if we are attacked by scam projects. Once there is regulation of crypto, it will certainly be mass adoption, that's what we always expect, regulation will definitely make crypto bigger and will probably compete directly with the stock market. Open up many investment opportunities for everyone.

I feel the same, with a better control over the scam projects, most of them will be forced to run underground, at least it will make it easier for older users here to identify which one might be a "high risk" project as compared to others.

Too much investment opportunity is not there for crypto, it is better to keep yourself limited to bitcoin and the top few altcoins. Mass adoption is a good thing is something I expect to increase if the regulations come in place in the proper manner such that people get interest in crypto while keeping the bad things at bay.

BALIK

copper member

Activity: 2254

Merit: 608

🍓 BALIK Never DM First

Quote from: Questat on October 25, 2022, 07:48:45 AM

Honestly, I don't wish to have it but can't deny the possibility that one day this will come to the crypto world for a reason. However, I don't think it was regrettable, not in the case that it will ruin the entire market but seems to give us protection from the continuous spread of scams and hacking incidents that terribly shake and give worries to the investors and holders this time. I have no clue when it comes but as it was already been implemented in other countries, this will also happen to our country as well sooner.

When the regulation comes, it will definitely be a big barrier for us because then we will not be as free as we are now. But on the other hand, regulation is a good thing, scam projects will not be able to attack us and we will be protected if we are attacked by scam projects. Once there is regulation of crypto, it will certainly be mass adoption, that's what we always expect, regulation will definitely make crypto bigger and will probably compete directly with the stock market. Open up many investment opportunities for everyone.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: Agbe on October 24, 2022, 12:29:01 PM

You know whenever Cryptocurrency is mentioned my understanding is only on bitcoin because I take bitcoin as the king of crypto. And if bitcoin is the king of crypto it has a lot of battles on it way to popularize in the world. And if any government or authority is trying to remove or ban cryptocurrency, the first target is bitcoin because for them if/when bitcoin is defeated then other Cryptocurrencies will be defeated easily but it is very hard for them to defeat bitcoin because of it decentralized nature.
A country that stopped crypto in their Banks became the highest country using crypto in Africa. Only that will tell you that no government or institution can stop or ban bitcoin to the zero percent.
Bitcoin is the King of Crypto.

Bitcoin is not king but bitcoin is one of the best among several decentralized crypto assets. Bitcoin should not be considered king only because of the transaction volume, higher price, and also large market capitalization, but rather the use and function of the asset as an alternative currency and other innovations.

Basically governments can't ban bitcoin, but they can only fully or partially regulate users. In some countries bitcoin can be used as a means of payment, but there are still many countries that have rules that bitcoin is not allowed as legal tender. The government only regulates users, meaning not bitcoin.

Woodie

hero member

Activity: 1834

Merit: 879

Rollbit.com ⚔️Crypto Futures

Something I have come to realize is that the majority of people out there invest in things that don't spell out high risk, and bitcoin being a whole new playground it's overwhelming for them to say the least. And crypto having no regulatory body makes it difficult to invest big money has their interests seem not to be protected,but because of the high interest into these assets law makers have been pushed to come up with ways they can protect peoples hard earned money.

Fara Chan

hero member

Activity: 1302

Merit: 516

Bitcoin Casino Est. 2013

Quote from: Antonas1 on October 25, 2022, 06:52:33 AM

But not all countries right? If all countries make the same regulations to strictly prohibit bitcoin and no one dares to fight back, then the cryptocurrency exchange will stop, and of course bitcoin will stop growing. But well, that's very hard to happen; you are right.

Even if all countries start banning bitcoin, there is also no certainty that bitcoin will stop growing or cryptocurrency will be abandoned.
Some countries view the bitcoin problem as a form of solution, so the adoption of bitcoin has grown and become a medium of exchange in the country.
Despite the worldwide ban, it will have a 50% impact as you say, but it won't happen, so be prepared to take part in investing in bitcoin.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: Antonas1 on October 25, 2022, 06:52:33 AM

But not all countries right? If all countries make the same regulations to strictly prohibit bitcoin and no one dares to fight back, then the cryptocurrency exchange will stop, and of course bitcoin will stop growing. But well, that's very hard to happen; you are right.

That is impossible to happen, because one or another country will see a worldwide ban as an opportunity for them to shine as crypto adopters. Imagine if the main countries of the world banned crypto services, so the few countries which allowed exchanges and services in general to operate would be highly benefited by the settlement of such companies on their territories. It would mean more income for the state, more jobs available for citizens and more money circulating in the local economy for everyone. Meanwhile, people from countries which banned bitcoin could still use it if desired, going against their governments' impositions.

Dunamisx

hero member

Activity: 952

Merit: 555

Quote from: ?? on ??

Quote from: Dunamisx on October 22, 2022, 02:14:47 PM

Quote from: Anonylz on October 21, 2022, 02:48:08 PM

No, regulation is not inevitable and it has been happening indirectly for years, and even so now that btc is getting closer to global adoption the regulation process will keep increasing.

With their regulations in government settings, it has nothing to do with the massive and continuous adoption of bitcoin since the decentralization of the digital currency bitcoin has solved it all, no amount of regulations put in place can have effect on bitcoin except for centralized exchanges in which most of them are promoters of shitcoins can got regulated but bitcoin remains unregulated by government.

It is expected to happen since they can't stop the global adoption of bitcoin that's why the government find some ways to regulate as many exchanges or miner as they can to control it but no matter what they do bitcoin will coexist with us in the near future and also regulation is not just something that's against the bitcoin adoption but it's also to protect the masses from investing and losing their investment to any exchanges.

If we are to consider the areas where regulations is needed most are the other crypto projects, NFTs, exchanges, and their like because the level of their commitment to endangered risk on people is very high, bitcoin is already regulated by itself and need no more of such because every other cryptocurrencies follow after trends on bitcoin to ascertain their own stand, there's no way to do without being regulated as long as it's under a centralized system of operations and this makes bitcoin not to be included among because it is decentralized while other cryptos are not.

Eternad

hero member

Activity: 1400

Merit: 623

Quote from: Agbe on October 24, 2022, 12:29:01 PM

You know whenever Cryptocurrency is mentioned my understanding is only on bitcoin because I take bitcoin as the king of crypto. And if bitcoin is the king of crypto it has a lot of battles on it way to popularize in the world. And if any government or authority is trying to remove or ban cryptocurrency, the first target is bitcoin because for them if/when bitcoin is defeated then other Cryptocurrencies will be defeated easily but it is very hard for them to defeat bitcoin because of it decentralized nature.
A country that stopped crypto in their Banks became the highest country using crypto in Africa. Only that will tell you that no government or institution can stop or ban bitcoin to the zero percent.
Bitcoin is the King of Crypto.

There will be time that regulations will be put in many countries as more user known bitcoin, but this regulations will only limit users so governments can have a way to put tax on it and gather earnings from its user. They might ban it at first but then later on will implement it again once they know how they can access or way to put taxes on it. It’s the target of the government’s now to atleast get profit on it as many investors now are putting money in crypto.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Antonas1 on October 25, 2022, 06:52:33 AM

But not all countries right? If all countries make the same regulations to strictly prohibit bitcoin and no one dares to fight back, then the cryptocurrency exchange will stop, and of course bitcoin will stop growing. But well, that's very hard to happen; you are right.

Regulations are only done to curb criminal activity and allow honest users to streamline their trading. It will not be a sort of restriction to stop you from using it. What governments want is to oversee such money launderers and to keep offshoring of money in check. Prohibiting something only leads to more people using it is something that governments have understood by this time and they will not do that. Taxation is something that governments want and chances are they might include taxation framework and a legal framework on crypto via regulatory bodies.

I still dont see anything bad in this, but this discussion has been going on for more than a few years and it is yet to come in reality.

Questat

hero member

Activity: 2982

Merit: 610

Honestly, I don't wish to have it but can't deny the possibility that one day this will come to the crypto world for a reason. However, I don't think it was regrettable, not in the case that it will ruin the entire market but seems to give us protection from the continuous spread of scams and hacking incidents that terribly shake and give worries to the investors and holders this time. I have no clue when it comes but as it was already been implemented in other countries, this will also happen to our country as well sooner.

Antonas1

sr. member

Activity: 771

Merit: 293

Quote from: Fara Chan on October 24, 2022, 11:45:07 PM

Quote from: Antonas1 on October 24, 2022, 08:12:41 AM

Yes, because the ban is not fully enforced by all countries in the world. There are still many countries that legalize to use of cryptocurrencies. I said, if the whole world (without exception) banned bitcoin and all cryptocurrencies, it would have a big impact.

El Salvador and eight other countries have answered your question? and it seems impossible. ~

But not all countries right? If all countries make the same regulations to strictly prohibit bitcoin and no one dares to fight back, then the cryptocurrency exchange will stop, and of course bitcoin will stop growing. But well, that's very hard to happen; you are right.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

Quote from: ?? on ??

Quote from: tabas on October 24, 2022, 02:47:44 AM

Quote from: Zilon on October 20, 2022, 02:33:59 PM

Believe you me no matter how advanced bitcoin decentralisation might look or sound the government will never risk giving their citizens full control of their assets. The always want to be in charge and has long has they have this limitation of full custody stricter laws regarding Bitcoin usage might spring up. Technology is advancing

That's why they're the government, they're following the centralized way of managing the country so things must go accordingly to what they're implementing. And as for our assets, it's on you on how you should keep them. They're still giving us some freedom to manage these things as we still get to own them but they've got a portion of it through taxes. We hold and manage our own assets but they're telling us that let's not forget them that they have a part of everything we profit with, whether it's from btc or not.

That should be the case and we can't blame the government for their strict implementation but for us who manage our investment. Besides, we can't put the future of our investment to the government for the reason that they are implementing what is fair and a must to do. I have no problem with the regulation and I was prepared for that already because whether we like it or not, that will come sooner or later. So, instead of thinking negatively about it, I think we need to find a way how to embrace it.

It's a different thing if we're going to let them have full control to our assets. Well, for some countries they're doing that but if we're living in a free country and there's democracy, they cannot do that unless they find your assets came from illegal activities. What they're likely to do is to freeze those assets. But, since we're from crypto and our source is from our own investments and money as we buy bitcoin, there's no way that they'll do that. I almost forgot that, corrupt people also uses bitcoin and if the regulators have found it out that they misuse funds from legitimate sources, they will seize it from the owners if they have leads of them.

Fara Chan

hero member

Activity: 1302

Merit: 516

Bitcoin Casino Est. 2013

Quote from: BlackHatCoiner on October 24, 2022, 05:56:08 AM

It is legalized as an official currency in El Salvador. It is prohibited to use it as currency in various countries. Also, prohibition is legal framework.

It is necessary to exclude countries that have legalized bitcoin as an official currency, El Salvador has welcomed bitcoin quite well, our discussion is more on countries that have not legalized bitcoin, so it is necessary to create a legal framework as discussed in this thread.
While El Salvador has finished with the legal framework against bitcoin, this is no longer a debate.

Quote from: Antonas1 on October 24, 2022, 08:12:41 AM

Yes, because the ban is not fully enforced by all countries in the world. There are still many countries that legalize to use of cryptocurrencies. I said, if the whole world (without exception) banned bitcoin and all cryptocurrencies, it would have a big impact.

El Salvador and eight other countries have answered your question?
and it seems impossible.

Quote

Of course, the movement still exists, even in countries that ban bitcoin. But did I discuss the movement?

Of course when we discuss regulation, the fact we take is countries that do not have regulation on bitcoin. But bitcoin doesn't stop and continues to grow, even if you don't ask, I just want to add and prove the journey of bitcoin's growth.

kamvreto

legendary

Activity: 1946

Merit: 1157

MAaaN...!! CUT THAT STUPID SHIT

Quote from: _BlackStar on October 24, 2022, 11:59:51 AM

~snip~. As I said above, some jurisdictions can prevent you from owning certain products so the process of shipping goods without a marketing authorization will result in you failing to own something. Then more than that, you won't be able to hide forever when the government starts watching your movements even if you hide your privacy.

I just heard about this kind of rule. In my country cryptocurrencies are only regulated as commodity assets, but do not prohibit certain products such as non-custodial wallets. for a country that prohibits certain devices like this it might be a bit cons or completely ban cryptocurrencies. Every movement of crypto users in a country that regulates all movements will be highly suspicious, especially if we deliberately expose that we are directly involved with crypto. As long as we don't publish private wallets or crypto holdings, the government won't fully know.
About the issue of tax collection will only deal with the central exchange.

Topic: Is regulation really inevitable? - page 2. (Read 1267 times)