Topic: Is this how we regulate Bitcoin? - page 4. (Read 3041 times)

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.

Regulating Bitcoin will make it value diminish in the the world of cryptocurrency becasue it will open the coin to be control by the government and not by the owners. If the government get hold on the mainstream(Bitcoin), be rest assure that, the world of cryptocurrency will turn from be anonymous to government control coin like USD

No this is how you lose your freedom and be back at being centralized again.
And this couldn't really stop the scammers .
Only the newbie's in crypto would fall for this idea I mean those who have been here before would already know that this is useless.
This is like asking you to be controlled again to be monitored and see all of your activities.
If that's what you want then why did you even bother being here?

Exactly, let them regulate the exchanges, not the coins themselves. I don't care if they dictate you have to pay taxes on coins sold in country x, I don't care if exchanges require kyc in country x. That's fine but regulate the exchange not the coin.

You cannot regulate something that has been made decentralized. "we can police our own" this is a much better idea. I don't want the law anywhere near crypto. We can take care of this ourselves.
People know the risks of getting into crypto. It is very risky business not for the faint-hearted. If you don't like it you don't have to take part. Stop blaming the criminals only. Do you think criminals would exist if noone fed them? As long as idiots are willing to give over their heard earned crypto to scammers nothing will change. (I am excluding advanced scams since anyone can fall for these though only like 1% of scams are advanced)
When people still fall for cloud mining scams because of their own greed its their fault and if they keep doing that scammers will keep coming.

People must arm themselves with education instead of relying on "regulations" or the "law"
If you cannot protect yourself without the need for the law you are either a fool or a coward.
You don't go into the minefield of the crypto universe without being armed. It's just asking for it. Like most things education is key.

It is very simple. You either educate yourself or do not. The latter is more likely to cause financial loss and people should be doing everything they can to protect their assets/currency/valuables/stocks or whatever it is.

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

One of the main ideas of using cryptocurrencies is to step away from traditional regulations in which fiat currencies are bound to, and people adhere to, in order to prevent the assets being seized and people being detained. By allowing your coins to be regulated, most especially the network in which it runs to, you are basically giving up your freedom to use those coins and let someone in 'authority' mandate you on what and what not to do with your coins. They can regulate the platforms built around bitcoin, but bitcoin itself won't and shouldn't be regulated.

"IF" means a condition. You wouldn't want that to happen to a coin you solely own yet controlled by a contract.  I'd rather have a wild wild west than having that kind of regulation. Didn't they asked already for our KYC information which the regulation is about to go this way? We're on that direction, I wouldn't want the database created goes any waste.

Well, in Europe already there is 4th (and upcoming 5th) Anti Money-Laundering Directive which regulate some of the aspects of cryptocurrency trading and ICOs

The only thing that Smart contracts can ensure is that people will get their token in exchange for their money. That's it. Most ICOs need funds for project development and they are not able to repay its investors if the project fails. Even if someone is not going to do any exit scam nothing can ensure that this team is not showing us a fake activity until the projects run out of money.
This is a human factor that can not be predicted by any code.

A lot of crypto lovers as well as traders and investors will get disappointed if the government will get involved and regulate Bitcoin. We all know how the government works in ruling banks and nobody wants the same thing to happen with blockchain technology. I think fraudulent and scams aren't the reason enough to regulate bitcoin because it's something that should be fixed inside crypto without the involvement of the government.

You're not expecting a crypto-only society then right? If we go 100% full on crypto and no fiat and there's no regulation on crytpo... who controls taxes?

Bitcoin was created to be sustainable without regulations, laws, authority, or whatever. It's just you guys who are praying for regulations and centralization in the hope the price skyrockets. No matter if it kills Bitcoin's ethics as long people are cashing out. The argument of the 'mass adoption' always used but Bitcoin will be adopted with or without regulations. It started a decade ago slowly but on point following its adoption

i hope that the regulation never arrives neither for bitcoins nor for altcoins already these kyc procedures disturb me a lot, the main features of the altcoins are anonymity and the absence of rules...

People have chosen Bitcoin and cryptocurrency over banks because of the freedom that we could have through it. We are making our own banks here since we're far from regulation and we're in control of our assets. Scams and frauds are the consequences of the freedom that we're experiencing in crypto. If Bitcoin will be regulated, I don't see any sense and difference of it from banks except for being a digital currency.

Bullshit, regulation means they have access and control of the network, if not they are just local laws. They can not regulate a decentralized coin. Mass use has nothing to do with regulation, you should know that at your rank.

Regulation on crypto?
Then you are willing to give out your freedom once again after getting it through crypto?
You are willing to let them take over and know everything about you?
This is agains the anonymity it is agains the freedom of the user if crypto would just ends up being regulated then we just throw away what Satoshi had given us Finacial Freedom.

Very well said. I do agree with the author. It needs regulation to stop or lessen scams, especially in ICOs. There are lots of scam ICOs flooding the market that stops some people from doing campaigns and instead of investing in it, they prefer to stop and give up in cryptos. With a little regulation, this may lessen the number of scam ICOs or if effective, totally eliminate it.

It's easier said than done! The structure of cryptos are built such a way which makes it very hard to put a surveillance framework in place! But not impossible though!

You will mostly find supporters of freedom here but I do have a different kind of thinking for cryptos. That's the reason why I absolutely support the below statement,


Only regulation can bring the best out of crypto! Crypto needs adoption to grow and adoption can only happen with regulation and nothing else! The day we will be able to buy groceries with crypto or pay for the public transport, can only help to grow the market!

If regulation comes to bitcoin and cryptocurrency as a whole it will loose its value. The regulators are likely to do it in favour of their selfish interest especially when it comes under government regulations and management. I believe how it is makes it a unique currency. The answer to regulation of bitcoin is big NO