Is regulation really inevitable? - page 6.

LittleBitFunny

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Quote from: tbct_mt2 on October 20, 2022, 10:00:23 PM

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

From all stand point as Bitcoin keeps gaining more popularity and adoptions it won't be inaccurate to say the government are endlessly finding a way to do a complete regulation on Crypto currency specifically Bitcoin

Only if governments launch some super strict regulations like they will put everyone into jail if you install Bitcoin wallet software or run a Bitcoin node or store and use Bitcoin for any purpose. Honestly I don't imagine such future like this. If it happens, the world is without any sort of freedom.

Governments can not detect and prevent people to download and install any software and their citizens in freedom world will not easily accept it. They will make a lot of massive protest to fight and prevent it to be effectively applied. The crowd, the citizen will succeed with their fights for their freedom.

It's not a regulation anymore but a complete ban on bitcoin, I don't think things will go to such extremes. Bitcoin is not a killer disease or a social evil that destroys humanity that the government must severely punish. Human rights is what the world is increasingly moving towards, maybe it won't be completely free because that would create a very chaotic society but we will get some space, some privacy certain in today's modern world.

Bitcoin is the technology of the future and represents a modern world, maybe regulations that will make bitcoin and cryptocurrencies regulated like securities will be what the government is aiming for. They want to collect taxes and control fraudulent activities in cryptocurrencies the way they are doing with securities.

Don Pedro Dinero

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Quote from: The Cryptovator on October 20, 2022, 03:38:23 PM

Fully regulate? Quite impossible. The government would regulate cryptocurrency partially. If you deal with p2p and store Bitcoin in a non-custodial wallet like Ledger then how the government would monitor or regulate you? Yes, they can regulate exchange, custodial wallets, etc. That's how they can regulate a large number of users because at the end of the day we have to use the exchange. Dex always won't help is at all points.

It seems to me that you are confused. You can fully regulate anything. In fact, there are more and more regulations. Look at how many regulations they were 100 and 1,000 years ago and you will see that there are more and more.

Another thing is whether the regulations are effective in controlling all aspects, which seems to me to be what you are referring to.

It is possible to make a regulation that requires all Bitcoin transactions to be identified with KYC, but it is another matter whether this can be implemented 100%.

avikz

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Regulation is indeed inevitable. It can be delayed due to number of reasons but it can't be avoided. A government will not allow a separate store of value to mix with their own economy, unless they find a way to regulate it. This is a normal behaviour.

It is also true that it is impossible for governments to gain full control of bitcoins due to its nature and structure. So primarily they will target the exchanges to bring them under some strict kyc and reporting rules. That's what is happening around the world. Not today, may not tomorrow, but day after tomorrow there will be some sort of regulatory framework available for us to follow.

tbct_mt2

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

From all stand point as Bitcoin keeps gaining more popularity and adoptions it won't be inaccurate to say the government are endlessly finding a way to do a complete regulation on Crypto currency specifically Bitcoin

Only if governments launch some super strict regulations like they will put everyone into jail if you install Bitcoin wallet software or run a Bitcoin node or store and use Bitcoin for any purpose. Honestly I don't imagine such future like this. If it happens, the world is without any sort of freedom.

Governments can not detect and prevent people to download and install any software and their citizens in freedom world will not easily accept it. They will make a lot of massive protest to fight and prevent it to be effectively applied. The crowd, the citizen will succeed with their fights for their freedom.

CryptoBuds

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Quote from: Nwada001 on October 20, 2022, 08:43:14 PM

The government will always look for a way to fight what they actually can't control and understand, they will keep on fighting and implementing possible policies they might think will reduce the use of crypto by their citizens which can never stop the crypto, even if they go up to the extent of regulating and asking all IOS and OS app providers to remove and restrict its citizens from using all crypto related app it still can work, people will also fine alternative. that's why most exchange has introduced the p2p system to enable restricted users to trade successfully without a trace.

The ban or against cryptocurrencies seems to be showing signs of abating and is being replaced by regulations that are intended to tighten the use of cryptocurrencies as well as bring many benefits to the government such as taxes.

I think regulation is inevitable, we always want cryptocurrencies to be mass-adopted then it will be impossible to avoid the government's attention. Let's not forget that we live in a world controlled by them, so don't think that there is something that will help us overcome their control. As long as the rules are not too strict we will have to follow and for those who still want to remain anonymous, we also have services like p2p, using mixers, so no need to stress.

Nwada001

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The government will always look for a way to fight what they actually can't control and understand, they will keep on fighting and implementing possible policies they might think will reduce the use of crypto by their citizens which can never stop the crypto, even if they go up to the extent of regulating and asking all IOS and OS app providers to remove and restrict its citizens from using all crypto related app it still can work, people will also fine alternative. that's why most exchange has introduced the p2p system to enable restricted users to trade successfully without a trace.

Wexnident

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If we want Bitcoin to be fully adopted by the world, then imo regulation is inevitable. This doesn't mean that the government would put Bitcoin under their control but rather they'd only set some rules for merchants that accept Bitcoin as a payment method that would inevitably kill some of what makes Bitcoin, well, Bitcoin. In itself, I don't think the regulations could do much, such as p2p transactions but if it was a centralized group/merchant, such as exchanges, then it'd affect it to some extent.

bittraffic

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Yes, regulation is inevitable. They were preparing it from the beginning and they now have systems to track everybody's transactions which we can be identified through the KYCs they have been doing. Through the KYC database, the government can gain control over us, and eventually, they will look at our assets. The future is kind of a dystopian world where every transaction can be seen.

Die_empty

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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

As long as the government keeps claiming that Bitcoin is used for money laundering and it promotes illegal trade, there would always be regulations. The bitcoin industry is a multi-billion dollar sector and the government would always want to collect taxes through different avenues because it is clear that it would soon become a major source of revenue. In order to achieve their taxation goal regulation would become strict.

But Bitcoin was not built to be a centralized currency, therefore it already has a built-in mechanism to overcome these regulations. But the government might want to criminalize the use of decentralized platforms to discourage people from using them. Currently, centralized crypto platforms account for almost 98% of cryptocurrency transactions which is a clear indication that government regulation IS here to stay.

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All countries have different regulations few countries have very strict regulations like the US and the UK to avoid money laundering they need to implement it because there are lots of people being scammed and losing their money. That is why they end up regulating exchanges like Binance and other exchanges in EU countries and the US unlike in Asian countries like Japan the hot news recently they are now allowing new coins to be listed easier due to relaxing rules.

If your problem is regulations and wants to avoid being monitored you can still hide your coins or buy coins from individual people or any P2P exchange and use a mixer.

bitmover

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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

Regulation is inevitable. Regulations won't reduce the control we have over our assets, but what we will do with this freedom.

For example, in the country were i live there are ways to avoid some taxes using bitcoin. This is already illegal here, and people who do that may be fined.

Regulations will come like this, and over exchanges which are centralized and can be controlled

Wiwo

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Bitcoin network being regulated by the government is an impossible mission, but the only means government can have some form of control or regulate Bitcoin is through its services, which are most times centralized such as the exchange and other Bitcoin payment processor gateway. That is why there have been a rise in the number of KYC compliances by bitcoin services providers like exchange and other p2p service providers.

stomachgrowls

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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

Technically speaking then it would be impossible on tracing up everything even though transaction could really be seen on a public ledger but there's no way that you could really trace up on whose the owner of the said

address.We know that government would really be finding out ways on to engage and get involved on everything specially on talking with transactions that cant really be known by them due to the fact that crypto is

indeed decentralized specially with Bitcoin and since it does really have that fiat value then they would rather be focusing on where they would really be able to connect
which is to deal up with those platforms or companies which is really been attached with crypto space.This is where they do really touch up and make involvement
and setting up those regulations which is actually a shit thing to have.

The Cryptovator

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Fully regulate? Quite impossible. The government would regulate cryptocurrency partially. If you deal with p2p and store Bitcoin in a non-custodial wallet like Ledger then how the government would monitor or regulate you? Yes, they can regulate exchange, custodial wallets, etc. That's how they can regulate a large number of users because at the end of the day we have to use the exchange. Dex always won't help is at all points.

slaym

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main exchanges getting forced by governments to turn over bitcoin is my worry.
coinbase, kraken, gate.io are us based companies. couldn't the us government eo6102 them? what would the effect be on bitcoin? what about binance or someother big exchange.

Zilon

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From all stand point as Bitcoin keeps gaining more popularity and adoptions it won't be inaccurate to say the government are endlessly finding a way to do a complete regulation on Crypto currency specifically Bitcoin, Despite most times the word crypto currency might be used to address all crypto related digital asset but the main target remains Bitcoin due to it's decentralised and distributed network as well as been the major crypto asset.

Why it is obvious getting full control of Bitcoin functionality and distribution seems impossible due the fact it has no central point of control one might expect stricter rules governing the use of custodian and non-custodian wallet, declaration of all cold wallet addresses, Setting up committee to monitor transactions on the blockchain public ledger, introduction of wallet trackers and ownership on different OS and maybe lots of wild experimentation to make regulation a possibility.

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

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