Topic: Is this how we regulate Bitcoin? - page 2. (Read 3041 times)

Dude, we need the implication whenever in case bitcoin will be regulated by government and other entity. But I would like to provide some insights regarding this. If bitcoin will be regulated by the government, how would they going to do it? Bitcoin is decentralized, what they can do is to control the platform that utilizes cryptocurrency such as bitcoin. Restricting access or motivating people to use crypto is one of the power that government can induce. But they can never ever directly stop their citizens in using bitcoin.

The idea of regulating those venues are important since scammers and hackers are rounding around this market, If good ordinance will be implemented and government will be able to execute such laws to help investors to avoid being victimized by professional scammers.

Though the entire bitcoin chain is designed being decentralized so there's no need to regulate this chain and allow it to coexist with current system.

I don't think you really understand the word regulation. If you did understand it, you will not be saying that regulation will make Bitcoin grow into something more than a speculative asset. Regulation of Bitcoin will just give a central body the authority to control how bitcoin will be used and this goes against the trademark of what bitcoin is all about. Bitcoin is not a speculative asset, you need to understand.

I think regulation is needed for industry players, such as exchanges, and ICO or IEO, but if regulation for bitcoin specifically is not very important, because bitcoin must be free if it wants to develop,
There have been many developments that have taken place, it's just that many industry players need regulations so that users of cryptocurrency are safe.

I'm happy with the current state of bitcoin. As you can see, many people who do not agree with bitcoin regulations, including me. I personally think many negative sides if bitcoin is regulated. IMO, the thing that will happen related to bitcoin regulation is that bitcoin will be controlled by the government which in my opinion is not good. because if bitcoin has been controlled by the government, bitcoin-related things like taxes, markets and circulation will be regulated by the government. because of this I disagree about bitcoin regulation

This is exactly what I have been telling when someone in the forum asks if regulation is bad. There's someone that needs to oversee ICOs if they conform with the standards. For the exchanges, to ensure that they use standards in security that will increase the trust of new investors in investing to cryptocurrencies. This is because some exchanges have security flaws that thefts are happening to their platform, but no "authority" is in action to make the exchange responsible for the asset loss.

Having regulatory board would not mean centralization, the whole trade and supply-demand would remain untouched. It's just that these scams should at least be lessen to further attract more investors to the crypto-market.

It is mandatory for bitcoin to be regulated if we want to push bitcoin to its upmost beneficial way, spending it legaly and freely to physical markets out there. Government needs to take over it before they even initialize that the usage of bitcoin in all markets are accepted because it is the government who is stoppong bitcoin to be use in such market and that is what we want but we need to sacrifice decentralization for it.

How can we regulate bitcoin? How can anyone regulate bitcoin?

You're right in the future we are definitely waiting for the fight against money laundering at all exchanges. Therefore, everyone will need to go through the user verification procedure. This is essentially a normal process.

Not actually they are having regulation in order stop protect their local currency from vanishing but would it likely to tell is that crypto is still the market adoption and they'll have doubts about its capability. May be mistakenly understood of its purpose as a currency but rather they think that it only be an option to run illegalities and frauds. As regulations might minimize illegal activities and any act of money laundering.

Not all countries regulate and allow bitcoin as a means of payment. For many countries, it is difficult to regulate bitcoin as a means of payment because there are no responsible entities other than that the government certainly does not want the use of its currency to be disrupted

Every country have their own way to regulate the bitcoin so as long as they can provide with the protection against crypto,
IMO it's not a major problem !

We as the holder always keep supporting,right?

I think that regulating bitcoin or any other cryptocurrency is a very difficult matter and leads to a controversy, because on one had we have the reason why they were created and that is to escape any form of control and just be your own decider of how and how much you do with your money, and regulating it defies that whole idea, regulating and controlling bitcoin transactions is also not an easy thing to do if it is even possible that is why people on the dark market use it to buy drugs and guns and other illegal stuff, we can never know here the transactions are going to end up, either for good thing or bad things and that is in my opinion one of the challenges that we face with the regulation of cryptocurrency.

It is crucial to build apps for dummies. If btc wallet would be as easy to use as any VISA card we wouldn't have this conversation now. All this is a bit too complicated for an average user. Either lacking in technical knowledge, or technology impaired or just scared he does not know how to secure his funds and believes he has high chances of being hacked or tricked. Once some easy to use apps will be developed ... and I mean EASY AS FUCK, even your grandma can use with a bit of will power ... then we know we made it! Until then we'll just argue about regulations vs maturity & auto-regulation. This is going nowhere...pace !

The problem is that without regulation, we won't get mass adoption of cryptocurrencies by people. And without this adoption, there will be no market growth.

Might as well go turn back to banks if you wanted regulation to be in place. Sure, it would enhance security and prevent scams from occuring but it'll place limitations on its full capacity to work with.
Well thats the point. They aren't willing to accept something they cannot control and bitcoin is one of those. The government is used to having everything under it controlled by it, and bitcoin is not one of those. Bitcoin has it's freedom and is open to public, literally anyone can access it without any limitations and thats what makes bitcoin, bitcoin.

Bitcoin is not decentralized. This is only "conditional decentralization". The largest number of bitcoins are stored on the smallest number of wallets and belong to a small circle of people. These people can easily manipulate the rate of bitcoin. It's centralization.

Today, in most cases, in order to live in society, we need to contact Fiat currencies. This means that without the withdrawal of BTC in Fiat money, we turn into"stamp collectors". Why do you need bitcoin, if all you can do with it is to keep it on your wallet for the rest of your life without being able to spend it?


You're right. But the whole problem is that too much regulation will lead to the fact that the cryptocurrency market will simply be strangled and will not be able to develop. And some countries, especially strongly opposed to cryptocurrencies, will only benefit from this.

We need differences. Different regulations for different countries, able to create a competitive environment on the world stage. Then we will get a climate in which scammers will not be able to be active, but the market itself will be able to grow and develop.

He makes a decent point relating to the exchange hacks, it feels like every month or so, millions of dollars worth of crypto are stolen, lost, or user information is hacked and exposed.

It all depends on how much the government/regulators can offer. If they can make sure no exchange, no one's ID gets leaked ever again, it doesn't sound like much of a bad idea - I'd pick being more forthcoming with the government if it means my funds are never in risk again.

The biggest problem, however, is that the so-called regulators are often hacked themselves. Yahoo, Google, Facebook have all been victims of these hacks, so there is really no point to regulation.

Read the article. Well wrote, except it's all wrong )

Let's start splitting hairs


Please name 3 big websites (regardless of the activity field) that have not been hacked! Yahoo, NASA, FaceBook, NSA, FBI, Capital One etc. This is the evolution of online security. Hackers get better. Online security needs to be improved. I agree that improper security protocols should be penalized, but put 3-4 mediocre hackers in a room and they can steal some crypto. It's not a solution. Imagine you have to pay a fine because your front door's lock was picked and thieves stole your dad's laptop. Doesn't really make sense. If you forgot the door opened ... then you're screwed !


Is this guy serious ? Who will pick this "authority". Who will it respond to ? Who will audit it ? Better off trusting the ICO ...
A. Antonopoulos came with a interesting suggestion:  smart contracts ! They do an IEO and the funds are distributed in installments based on road map accomplishments. Did you do well so far ? Multisig between investors... you can have another 15%. Keep working hard and see you in 3 months for the next 15% if we decide you are on the right track. If not, return the remaining funds to us !
I HATE the idea of "regulatory authority" and what it means today.

We have this new great tech. Let's use tech to oversee it ourselves, not call for a "council of the elders" to guide us.

Listen to this guy: https://www.youtube.com/watch?v=c2Gf_PHk530  and then read that article again and tell me you fell the same way

Governments won't be willing to legalize Bitcoin unless they apply regulations before accepting it. Actually, I would like to see Bitcoin with regulations. It could help decrease the number of scammers on a wide scale.