Is this how we regulate Bitcoin? - page 3.

Lalafell

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Quote from: cryptomarketyourself on June 11, 2019, 05:47:59 AM

I'm falling in love with these guys lately - they have some really cool ideas.

Anyways, here's where I come from: https://cryptotradernews.com/cryptocurrency/how-crypto-should-be-regulated/

Key highlights:

Utilizing the underlying tech of virtually every cryptocurrency, we can police our own. With blockchain, smart contracts, and the very same miners currently working to provide the heart of Bitcoin, Ether, XRP, etc., etc., we can eliminate virtually every scam ICO as well as ensure that exchanges and wallets are adhering to industry requirements.

It really boils down to one of the most basic set of commands known to man — If, Then, Goto, and Else. Except now we have the power of smart contracts where we can ensure that the parameters are completely met along the way, and we can verify these requirements via the blockchain at any given time.

This truly is how we can regulate Bitcoin and virtually any currency isn't it? I mean we already have the power it's just a matter of putting all the pieces in place.

Thoughts?

Rules and regulations in bitcoin could not be helpful, since bitcoin is a cryptocurrency that used online and the transactions happen everyday and everywhere could not be check and validate everytime. Without this laws from government bitcoin and other crypto currency can stand alone and it could not help to make more investors, it will just limiting the usage of the bitcoin users if it will be implemented.

SquallLeonhart

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Quote from: BennyK on August 24, 2019, 11:13:30 PM

Bitcoin was designed in a way that it cannot be controlled by a single authoritative body hence very difficult to regulate. Although governments can set limitations for exchange platforms and this may have an influence on Bitcoin activities, Bitcoin cannot be entirely regulated.

We all know that they cannot regulate the system completely, but the existence of Centralized exchanges has made it a lot easier for government to control cryptocurrency if they really want to. Many of crypto users has to all go through all exchanges before they can make any transaction be it local exchanges or any other exchange, so government has to start the regulation from there.

If the exchanges can be a little bit stricter in their policy, just like that of the implementation of KYC, then it will have a way to kind of sanitizes the cryptocurrency market and then eliminate all the unwanted threats to the existence of cryptocurrency such as scammers. Launderers and others, so I think that government can begin from there already.

Vishnu.Reang

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Quote from: bobsav2121 on June 11, 2019, 07:08:15 AM

Regulation? HELL NO. If BTC were to be regulated it would just be calleed USD.

I agree 100% with your post. Being a decentralized currency, Bitcoin should not be regulated. If you do that, then it will become a centralized currency just like Ripple (XRP) or the Dollar (USD). I have no issues if the exchanges or gambling sites have to undergo regulations. But for now, let's leave Bitcoin and the other cryptocurrencies outside its ambit.

BennyK

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Bitcoin was designed in a way that it cannot be controlled by a single authoritative body hence very difficult to regulate. Although governments can set limitations for exchange platforms and this may have an influence on Bitcoin activities, Bitcoin cannot be entirely regulated.

Artemis3

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Quote from: ?? on ??

I believe that users should not regulate bitcoin. The only one who can do this is the government if Bitcoin is introduced as a currency. And then this is a very controversial issue. I believe that Bitcoin should be a decentralized coin.

Bitcoin IS a decentralized coin. Nowhere in its code says it needs to wait input from external factors such as governments or financial institutions. It was made to work without those, which is why people can trade directly among themselves without these third parties.

Some governments and banks have noticed that Bitcoin can work without them. Some get worried, and some accept the new reality of a new world to come. All the regulation and rules that some countries are imposing to Bitcoin are unenforceable unless you touch fiat.

While they might write a law where you are supposed to declare all the bitcoin in your possession, you can always keep a secret wallet, and they can do nothing about it.

tiedcoin

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Bitcoin cannot be controlled or regulated by any force as of now and that is why banks and many governments don’t want to legalise the Crypto currency.
Although, for Bitcoin to grow and become mainstream, it will require some kind of regulation. That being said, it seems highly unlikely for that to happen in the near future.

Zemomtum

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Regulation is indeed a dirty word when it come to crypto. It was designed to be anonymous, unregulated, be your own bank and enjoy freedom of transaction with total elimination of central authority. No matter the excuse, Government involvement is not needed to sustain the future of Bitcoin and it was designed to be so.

Hypnosis00

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I don't think why we need to be regulated, the taxes that we are concern off is not a big problem cause we already paid for that since we are declaring our assets before bitcoin. People never want to lose their freedom, much possible not want to be controlled in all our actions.
We don't need to be regulated, only we need support for the government helping us to promote crypto and thinking for a win-win solution that the entire community may agree into it.

Artemis3

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Quote from: cryptomarketyourself on June 11, 2019, 05:47:59 AM

Key highlights:

Utilizing the underlying tech of virtually every cryptocurrency, we can police our own. With blockchain, smart contracts, and the very same miners currently working to provide the heart of Bitcoin, Ether, XRP, etc., etc., we can eliminate virtually every scam ICO as well as ensure that exchanges and wallets are adhering to industry requirements.

It really boils down to one of the most basic set of commands known to man — If, Then, Goto, and Else. Except now we have the power of smart contracts where we can ensure that the parameters are completely met along the way, and we can verify these requirements via the blockchain at any given time.

This truly is how we can regulate Bitcoin and virtually any currency isn't it? I mean we already have the power it's just a matter of putting all the pieces in place.

Bitcoin regulation is outside Bitcoin code. No form of regulation is possible that could be enforced by Bitcoin itself. It is humans who might decide or not to follow said regulations, but this remains outside Bitcoin realm. While a government might want to dictate how people buy or sell with bitcoin, that doesn't stop people from doing it differently, ie. not reporting their transactions, wallets, keys etc.

A "regulation" for a decentralized coin like Bitcoin, is nothing more than voluntary submission to the State. Remember, in reality, no State can force you to follow the rules they create. Of course with harsh rules it could make things more difficult and people unfairly prosecuted and criminalized.

Two Bolivians/Chinese/Indians/Etc might send each other bitcoins, if they both used a lite wallet like Electrum connected to Tor, NO ONE would ever know. Remember this, an ISP might detect a tor connection, but they cannot figure out what it was used for. And Tor connections CAN be obfuscated further...

qwertyup23

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The only way that bitcoin can be regulated if most of its supply is being stored/handled by the government. I cannot think of any third-party who has the authority, power, control, and resources to handle such responsibility. Not to mention, the government has the sole authority of administering justice and equality to its society. So if it were to control bitcoin, expect opportunities to open in terms of economic standing between the State and the people.

Unfortunately, if bitcoin were to be controlled or regulated, it will cease to become a highly-valued investment famous for its high-volatility. It also defeats the purpose of being decentralized so no third-party can ever alter, change, or add any information posted in the public ledger.

SirLancelot

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Since government has refused to come up with a regulation for the crypto currency industry and probably they are deliberately trying to make the system rot because of scammers so that people can gradually get tired of it and loose interest, we have to find a way to make our own regulation.

Everything this guy said really makes a whole lots of sense, but that is if we will get compliance, because when it comes to smart contract, different people are all running their own smart contract now, and not many of them are willing to do their own due diligence like Binance is doing because they claim it is a decentralized system which is why Ethereum may continue to go down if we are not careful, so charity begins at home, let Ethereum starts it first, then others can follow.

bitbunnny

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I think that exchanges and other crypto services should be regulated. With development of cryptocurrencies I think that has become necessary.
But coins itself should be regulated in some way to otherwise we will have some legal gap that is ideal for misuse. For protection of users it's necessary to be clear defined what is legal and legitimate and what isn't.

Lexurdania

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Quote from: iMark on August 22, 2019, 09:03:10 PM

Quote from: kingcolex on June 11, 2019, 07:22:15 AM

Quote from: timcook on June 11, 2019, 06:02:37 AM

Regulation is necessary if we want to see Bitcoin grow into something more than just a speculative asset. Author is on point.

Ico's will continue, the reality is that education nerds to happen. There are plenty of shit scam stocks out there today, the same will always be said with ICOs.

of course ICO will follow suit, because ICO is part of cryptocurrency investment as well. Regulations will definitely be made in cryptocurrency and ICO in the future. You right, if we want to see crypto widen its wings, ICO is getting more qualified, there needs to be regulation happen.

In my opinion the best regulation is regulation from the government. The government has all the resources starting from the police or the law. With strict government regulations, ICO scams will be eliminated and investors will be better protected. With regulations, the government will get taxes from crypto transactions and this will make investors more confident that cryptocurrency is real investment

killat

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All they're trying to do is to completely regulate cryptocurrency so that people won't avoid paying the likes of tax. Not to mention they don't want people trading cash for crypto because a lot of people have cash that the goverment doesn't know about to begin with.

iMark

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Quote from: kingcolex on June 11, 2019, 07:22:15 AM

Quote from: timcook on June 11, 2019, 06:02:37 AM

Regulation is necessary if we want to see Bitcoin grow into something more than just a speculative asset. Author is on point.

Ico's will continue, the reality is that education nerds to happen. There are plenty of shit scam stocks out there today, the same will always be said with ICOs.

of course ICO will follow suit, because ICO is part of cryptocurrency investment as well. Regulations will definitely be made in cryptocurrency and ICO in the future. You right, if we want to see crypto widen its wings, ICO is getting more qualified, there needs to be regulation happen.

semobo

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If you are controlling all the miners of bitcoin network then there is no decentralization on bitcoin or any other crypto currencies so controlling miners is actually against the blockchain and its not the way of regulating we may introduce something to ignore or bust the scam ICOs and premined useless shit tokens but mineable coins might worth and holds its value in the long run.

pooya87

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Quote

Utilizing the underlying tech of virtually every cryptocurrency, we can police our own. With blockchain, smart contracts, and the very same miners currently working to provide the heart of Bitcoin, Ether, XRP, etc., etc., we can eliminate virtually every scam ICO as well as ensure that exchanges and wallets are adhering to industry requirements.

so many mistakes in one paragraph. first of all coins like XRP are not mineable, not to mention they are fully centralized! secondly miners are not capable of "policing" anything since they are just workers getting paid to find blocks, nothing else. the nodes are responsible for enforcing rules aka policing things!
and finally you can't regulate anything with smart contracts since they are just "contracts"! if you don't understand why not, just take a look at hundreds of scam ICOs that are smart contracts...

Yakamoto

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Quote from: kawetsriyanto on June 11, 2019, 06:09:53 PM

Bitcoin was created in decentralized, not centralized, with no regulation and it is anonymous. This is one of the things that make a difference from currency.
WIth this uniqueness, we can take many lessons, profits, and benefits from BTC although there may be always some risks of its volatility.
The question is, will the regulation make the Bitcoin better? I don't think so. I love Bitcoin in this way.

The only time that government regulation is a net benefit is when it's done in an effort to ensure that products are safe for consumers, such as the various car safety standards that exist. Aside from that, governments are just adding red tape which slows entrepreneurial innovation and entrenches the existing corporations in their existing market shares. In the case of Bitcoin, because the only risks stem from the possibility that there can be merchants who do not fulfill their obligations (which can be mitigated in a number of ways), there should be, at the absolute most, a very lightly enforced means of maintaining transaction integrity beyond that of just escrow. Anything else is not a benefit, it's a foolish attempt at grabbing what can be head from the Bitcoin pie.

There should not be any move towards regulating Bitcoin as it stands right now. Taxes are wack as well, but that's an entirely separate topic.

Quote from: Indrawan77 on June 11, 2019, 06:29:59 PM

What the people said got a good point, but we don't like it to be centralised, however I agree with the part of regulation when it comes to create a new project, it could press down the shit and scam project, an independent regulatory body may seem ideal but I am sure the regulation idea will be rejected by bunch of people

Just say no ICOs and you're solving the issue that arises so consistently within the crypto marketplace. You don't even need to regulate ICOs, you can just give people a brain and try to teach them how to not fall for the constant get-rich-quick schemes that exist. It's easy, but everyone has way more faith in ICOs/crypto projects than they should.

Indrawan77

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What the people said got a good point, but we don't like it to be centralised, however I agree with the part of regulation when it comes to create a new project, it could press down the shit and scam project, an independent regulatory body may seem ideal but I am sure the regulation idea will be rejected by bunch of people

kingcolex

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Quote from: Zemomtum on June 11, 2019, 12:47:55 PM

When you are regulated and clamped down when any of those laws are broken knowingly or unknowingly, then we have lost the power of total freedom completely. We should derive a means to identify scam and bring up user education in all available platforms. At present, people don't fall to cheap ICO scam any longer as compared to that of year 2017. With time, we shall found direction outside regulation

Every bull run will bring more scams and new users wanting to get the next big thing, thinking they missed out and they can get in to Bitcoin 2. That's the issue.

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