Regulating Bitcoin - page 18. | Bitcointalksearch.org

zergenyt09

full member

Activity: 297

Merit: 100

Quote from: maydna on November 04, 2017, 11:00:26 PM

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

i think in future, each of government will apply some regulation for bitcoin especially for bitcoin user related with the crypto currency become widely in every country. but we still don't know what kind of regulating from the government and i hope that the government will not disappointing bitcoin user and will allow bitcoin to be used for their citizen. i think its not too long to see the regulated from each of government is apply and i think we can prepare for this and obey the rule.

Well I think when bitcoin become regulate in countries so I think it’s very good for bitcoin and as well for the users because when bitcoin become regulate in courtiers so the first thing is bitcoin price will become more high and secondly bitcoin will be accountable for tax as well because when something is accountable for tax so that thing is going to do more progress.

BingoDog

hero member

Activity: 658

Merit: 505

Quote from: hase0278 on November 06, 2017, 06:18:36 AM

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

It is very likely that in the future, the government will come up with a regulatory framework around bitcoin but they wont be able to regulate it completely. At the very least using the said regulatory framework will help them regulate it to some extent. There will always be a way to get away from regulations when one is using bitcoin whether it be now or in the future although it will be harder to avoid it when government around the world implemented regulatory frameworks.

I agree with this, with such fast bitcoin popularity and usage growth many governements feel urge to regulate bitocoin and other cryptocurrencies at lesat in some way and that is something we can't escape anymore. I don't think that regulation neccessary means full control but bitcoin might be put in some framework that would allow governements to have the eye on it. This could be good in a way of trying to stop or punish the misuse but maybe taxation could be one of the bad things.

hase0278

hero member

Activity: 882

Merit: 544

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

It is very likely that in the future, the government will come up with a regulatory framework around bitcoin but they wont be able to regulate it completely. At the very least using the said regulatory framework will help them regulate it to some extent. There will always be a way to get away from regulations when one is using bitcoin whether it be now or in the future although it will be harder to avoid it when government around the world implemented regulatory frameworks.

terrific

hero member

Activity: 2324

Merit: 513

Catalog Websites

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation.

It's not even made for the government to regulate it and it's feature of being a decentralized cryptocurrency will be useless if in the beginning it isn't that one.

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Do you think it is possible to come up with a regulatory framework around Bitcoin?

Yes it's possible there are so many countries that are starting to regulate bitcoin. There are two points on this, the advantages and also with it's disadvantages. Advantage is that people are now confident to use bitcoin for having that regulation as before it's mostly judged as good only for illegal trades. Disadvantage, not that totally a disadvantage but many don't liked to be taxed.

FrueGreads

legendary

Activity: 1582

Merit: 1059

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Of course it's possible to come up with some regulation for bitcoin. It's already being done all around the world. Japan is doing, the United States are doing it, Switzerland has been doing a great job as well. If regulation wasn't being done, it would be impossible see news like the announcement from CME Group, that will trade bitcoin futures at the end of the year. I keep saying that regulation could be a good thing if it's done correctly and it doesn't try to kill the potencial of the technology. I do think that regulators are well aware of that, so we should be ok.

paul00

sr. member

Activity: 854

Merit: 257

Bitcoin has a lot of users who had been benefitted thru the years of its existence. I am sure that just like me, all of us aims to have bitcoin become better and become official and one thing to make it is to have a regulating body for it. They will be the one to make official general terms and conditions on bitcoin aside from the rules given campaign managers. These regulators may possibly come from us who have concern towards this community.

Yamifoud

hero member

Activity: 2828

Merit: 518

Quote from: diagla on November 04, 2017, 11:10:13 AM

Regulating Bitcoin is not what you want to do if you are a government body as that is the worst thing you could do for the nation. Centralized organizations are going to eventually fail like they always have done in the past so they should welcome Bitcoin with open arms and accept to to stash reserves to actually have some wealth in the future. If they continue to deny it they will have no power in the future.

Regulating bitcoin is not a worst thing, instead it could be way that bitcoin will creat a very strong foundation. But of course, rules and regulation must be approved by the community and voted publicly to have transparency with the policy. Having this, still government have no controlled with bitcoin, only they implement this just to have an indication of having support with cryptocurrencies and in the community..

SushiMonster

full member

Activity: 305

Merit: 107

I'm going to eat your cookies

Quote from: Funeral Wreaths on November 04, 2017, 08:15:25 AM

Quote from: SushiMonster on November 04, 2017, 08:04:46 AM

The lack of regulation of government with bitcoin is making its security easy to breach. Well although a lot of senior users here are very much knowledgeable in securing their bitcoins, a majority of new users - like me doesn't have an assurance that my bitcoin is safe. I'm just storing it on an online wallet because my bitcoin savings is not that big. However, I'm not sure that if ever my account got hacked, I can still process to make a run for it or like file a complaint. If the government is controlling/regulating bitcoin, there will be protocols that will be followed in every transaction, and they can trace any illegal doings. However, they can get a significant amount of money from bitcoin, well I just hope that if that time will happen, they will use the money for the people of the government.

it may be easy to breach but the problem here is that, if that is possible to happen more and more people would actually protest against it, i guess, its not also a nature of bitcoin to be controlled or be asked to follow tge government's protocols. Did you ever wonder if this will likely happen? I was also wondering about it since before, and we all knew that the government wont just sit still about it, but what's going to happen will always happen.

You got a point there sir. If more users are getting their accounts hacked - probably a lot of people might have left investing in bitcoin. Bitcoin is a very dynamic currency and controlling it by the government would be a difficult task for them. I guess in some countries, their government is making baby steps on how they can regulate the bitcoin. Recent news, China's government tried to banned bitcoin in their country - reason because it's their step in enforcing capital controls.

Beerwizzard

full member

Activity: 924

Merit: 148

Well imho it is possible to make people registrate their BTC adresses (or create a national wallet that will send all data to the governmental database) so the government could have controll over the user's spendings. But this case is even worse than using bank cards because everyone will be able to see every single spending of a current person. Seems like a small part of the totalletaristic dream.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: maydna on November 04, 2017, 11:00:26 PM

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

i think in future, each of government will apply some regulation for bitcoin especially for bitcoin user related with the crypto currency become widely in every country. but we still don't know what kind of regulating from the government and i hope that the government will not disappointing bitcoin user and will allow bitcoin to be used for their citizen. i think its not too long to see the regulated from each of government is apply and i think we can prepare for this and obey the rule.

I also think that the government can't really stop bitcoin so the best thing for them to do is to regulate bitcoin. In this case, we bitcoin enthusiast can still enjoy our trading and government will just impose tax on it. At least it will be good for both the government and its citizens. Although we don't want to be regulated, but I think it will be good in the long run. But I'm sure that there will countries that will really embrace bitcoin will open arms, others heavily regulated.

marcbitcoins

full member

Activity: 854

Merit: 108

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Yes, this is already started by the countries who legalize bitcoin in which this is the condition that needs to be done before adopting the bitcoin and other digital currencies. Regulation is better so that the digital currencies will not be use in in crimes and other illegal activities in order to protect the welfare of the a certain country and its citizens from fraud and bad elements.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

i think in future, each of government will apply some regulation for bitcoin especially for bitcoin user related with the crypto currency become widely in every country. but we still don't know what kind of regulating from the government and i hope that the government will not disappointing bitcoin user and will allow bitcoin to be used for their citizen. i think its not too long to see the regulated from each of government is apply and i think we can prepare for this and obey the rule.

Ewox

sr. member

Activity: 812

Merit: 253

Yes it could be possible to come up with a regulatory framework for Bitcoin. I think in time it will be implemented but not now since bitcoin is still fully decentralized. Once the government will mandate it by law then it will.

bubblebit

sr. member

Activity: 308

Merit: 251

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

To be honest, those critics just don’t like cryptocurrency, plain and simple. If the regulation of bitcoin is implemented they will look for another reason to criticise it. They are just a bunch of insecured individuals who were being affected by the phenomenal popularity of bitcoin that they’re not ready and not expected to be. Those are mostly bankers/CEO, government officials w/investments on banks(conflict of interest), and the media (paid by the bankers). And what is the common dominators of all “Hunger of Money”.

Ligareaux

full member

Activity: 532

Merit: 102

Control sounds to me a "few people" regulating, but just regulating sounds like every body has the control

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: BillCoin on November 04, 2017, 06:56:59 PM

Attaching KYC documents in order to mark your bitcoin address as a "legit and acceptable address", that could be the only way to regulate bitcoin in my opinion.

Everyone who had his address KYC confirmed, would be able to transfer funds from this address into stores or to use it as a sort of payment, if your address isn't KYC verified, then it will be illegal for stores/online shops to accept you as a customer and to let you pay with bitcoins.

I still think that regulating bitcoin is far from going mainstream.

That's could be the way to regulate the bitcoin. But it's throwing away our privacy even though we can make a brand new completely anonymous address. It's just not how bitcoin made for, decentralized, privacy and anonymity. It's kinda weird to see a system that designed for anonymity and privacy but the user does the opposite.

Kingofbitcoin12345

full member

Activity: 462

Merit: 102

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

In due time this will be implemented mandatorily.. A regulation that is doable and beneficial to both the bitcoin community and the government.. This will be the biggest turn around in bitcoin history,, from a decentralized status to a regulated one but is good on both side.. This time as scammers and criminal activities are widespread,, I’m open for it as long as it is for fairness..

BillCoin

sr. member

Activity: 476

Merit: 259

Attaching KYC documents in order to mark your bitcoin address as a "legit and acceptable address", that could be the only way to regulate bitcoin in my opinion.

Everyone who had his address KYC confirmed, would be able to transfer funds from this address into stores or to use it as a sort of payment, if your address isn't KYC verified, then it will be illegal for stores/online shops to accept you as a customer and to let you pay with bitcoins.

I still think that regulating bitcoin is far from going mainstream.

Hydrogen

legendary

Activity: 2562

Merit: 1441

Quote from: sunnex100 on November 04, 2017, 07:15:56 AM

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

In the united states, the cost of healthcare regulation under the affordable care act (so called: obamacare) was more than 20 tax hikes and $1+ trillion dollars. The website setup by the federal government to allow americans to sign up for healthcare subsidies cost $1 billion dollars & contained many errors which prevented it from functioning properly when opened to the public.

It is possible that creating a regulatory framework for bitcoin is 100% impossible. Taxes would need to be hiked substantially to pay for the cost and maintenance of the program. Deficits being large, and budgets strained, makes funding a project like state imposed crypto regulation a virtual impossibility.

Bitcoin regulation could be like a manned mission to mars. People talk about it but there isn't anyone willing to spend big money to make it happen. Normally taxpayers would cover the bill. But that source of revenue has been depleted.

Washball

full member

Activity: 266

Merit: 151

First crypto index traded as a token!

If you just want to trade bitcoins and make a profit because of the price increase then yes, maybe you would prefer regulation by the government. But that would also mean you'll have to pay taxes, what does not have to be a bad thing of course. But bitcoin was developed to avoid regulations, to cut off financial organizations to make a profit from your financial transactions. So, calling for regulations is a contradiction in this case.

Topic: Regulating Bitcoin - page 18. (Read 4669 times)