Regulating Bitcoin - page 19. | Bitcointalksearch.org

Ailmand

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Quote from: jakezyrus on November 04, 2017, 09:29:36 AM

Quote from: sunnex100 on November 04, 2017, 08:15:56 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?

bitcoin is invented to work independently that no one hold or regulates it not even govenments so , i think it will be forever this way and i dont know what will be the benefit of having a regulatory framework around bitcoin? it is to regulate users ? because there were so many bitcoin users nowadays and the network is really congested. anyways , its ok for me if they can implement it and if that can totally improved the way bitcoin works.

That can happen. The government being the most powerful business entity in one country would surely have its hand in the bitcoin market especially as its growth is becoming more and more noticeable. I have read that some countries are even planning to have taxes over it. However, I think people would not support that because that would spell the inconvenience of using bitcoin disappearing.

kazukino1111

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umm, its kinda difficult

TTITA

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Quote from: Lm2e4 on November 04, 2017, 09:12:50 AM

Quote from: sunnex100 on November 04, 2017, 08:15:56 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 guess it is really possible because government always want to have control over almost certain things, and bitcoin can be included as well. That is why news about bitcoin in a country ended up in banning exchanges, and etc. But they still cannot control bitcoin I think, so the only solution for them is regulation. So possibilities still exist.

I think the regulation is made just about where the rules of how exchanges work in that country.
several times the countries have tried it eventually failed and ended up banning.
Regulation yes - Control no.
this condition is interesting because the regulation is made precisely to controlling. I think it's better there is no regulation. if they were to take full control about it.

surfinonmyownwavebaby

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Quote from: sunnex100 on November 04, 2017, 08:15:56 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 why not? I mean it is a new asset class and their are a lot of unique characteristics but no reason there cant be law and regulation for it. I cant think of a single reason why bitcoin couldnt have legislation around it.

BCEmporium

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Quote from: jaysabi on November 04, 2017, 02:36:37 PM

Quote from: sunnex100 on November 04, 2017, 08:15:56 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?

Not only is it possible, it's necessary. Regulation needs to take place at the points of exchange between Bitcoin and fiat, so basically businesses that operate as exchanges. Regulation, especially around KYC and AML, will bring credibility to those operating in this space, and provide legal recourse in the event they are negligent or fraudulent.

The problem with businesses is, that they can just make the coins disappear and nobody would ever have access to them. It's not like there's a bank account that can be frozen or assets that can be liquidated.

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Quote from: sunnex100 on November 04, 2017, 08:15:56 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?

Not only is it possible, it's necessary. Regulation needs to take place at the points of exchange between Bitcoin and fiat, so basically businesses that operate as exchanges. Regulation, especially around KYC and AML, will bring credibility to those operating in this space, and provide legal recourse in the event they are negligent or fraudulent.

BCEmporium

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Quote from: pitiflin on November 04, 2017, 02:13:23 PM

Quote from: sunnex100 on November 04, 2017, 08:15:56 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?

Regulation is possible by any country. Trouble comes only if a major country like China,how they tried to regulate and remove the concept of crypto currencies from the minds of its citizens. Rumors say that bitcoin and trading is going to come back to China but nothing is official yet.
There is no use of regulating bitcoin ,people will find one way or the other just to be non-compliant and the fact that its bitcoin and not a shitcoin.

People are still trading cryptos in China. It can't really be stopped without destroying trust in the blockchain entirely and as long as there's money to be made people will come flocking to it.

I think there needs to be some easy way to deal with taxes in a way that doesn't upset traders and investors. There also needs to be a legal framework that holds people liable, through contracts, in case of payments made through cryptocurrencies. But other than that I don't think a lot can be done due to the nature of the blockchain.

pitiflin

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Quote from: sunnex100 on November 04, 2017, 08:15:56 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?

Regulation is possible by any country. Trouble comes only if a major country like China,how they tried to regulate and remove the concept of crypto currencies from the minds of its citizens. Rumors say that bitcoin and trading is going to come back to China but nothing is official yet.
There is no use of regulating bitcoin ,people will find one way or the other just to be non-compliant and the fact that its bitcoin and not a shitcoin.

googs84

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Countries like China, Indonesia, Korea are banning cryptocurrencies like bitcoins due to its decentralised nature. No central authorities have control over bitcoins, so these countries think bitcoins as fraud, and may mislead their economies. One of the secret of bitcoins popularity is its decentralised autonomous nature. If all countries started regulating bitcoin, it will endanger its nature as well as trust of its users. This may result in fall of bitcoin price.

ss890

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Quote from: sunnex100 on November 04, 2017, 08:15:56 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?

Why not. When its government and regulatory authorities anything can be done from their side things are not arranged properly. I mean what are the chances if bitcoin being used for illegal activities and government aint doing anything about it in first. I think regulations are just amendments to the laws which already exist in the books. They can add up things as and when they are required to do so. Regulatory framework for crypto would include taxation as top priority and it will be used as normal currency only which will make the stuff like a local currency accordingly with the different countries.

diagla

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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.

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In our country Philippines, the government suggest to pioneer regularization of this cryptocurrency but that doesn't it is controlled. The way it process will continue to circulate but with conditions set to regularized the use of this kind of medium. With this being said, all the people will be aware not just the ones who are close to the digital world already.

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Quote from: GideonGono on November 04, 2017, 08:42:21 AM

Stricter KYCs and right set of laws will be the key to achieve an effective regulation.

I doubt that the government would have stricter KYC regulation aside from what it has right now. Doxxing and identity spoofing is still widespread as of this day, and even those cannot be controlled nor checked by the government. Money launderers will find a way to do their nefarious doings no matter how strict the laws are. Also, if they want to regulate bitcoin, they need to check their own fiat first since man, that's still the go-to of illegal traders whenever they want to launder money and not bitcoin most of the time.

Quote from: ScaryMe on November 04, 2017, 10:40:36 AM

It is a big No no to us here in the forum for sure because we love the feature of bitcoin at all, no need to someone to regulate it for just the interest of one group so it is better if no one will gonna regulate it and let bitcoin be decentralized.

If you think on a wider perspective, having certain set of regulations for bitcoins would be the best move since it would not be considered a grey area for institutional investors and to the general public resulting to more confidence on using and trading it.

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Quote from: sunnex100 on November 04, 2017, 08:15:56 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?

No of course because bitcoin is untouchable because it is decentralized and no other affiliates to this. Can be exchange but cannot affiliate and it is also anonymous leaving the credentials and safety for yourself only.

BTCbengi

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I do not think this will happen. Anyone who participates in Bitcoin with the freedom and anonymity should be cynical and framing will make Bitcoin less attractive to users.

13abyknight

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That would be the last thing that I would want to happen with Bitcoin. Many countries have already given it a shot, the latest of which to join the list is Australia and this only imposes restrictions on the common Bitcoin users in a particular country. If all these nations rally up and determine to regulate cryptocurrency, its going to be a hard road ahead.

twobits

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Quote from: sunnex100 on November 04, 2017, 08:15:56 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 if that was possibly caused by a lot of the government from various countries already tried to do a research to make a regulation about the bitcoin. But the decentralized thing has made that will be more difficult than other.
The regulatory framework will be building to secure their civilians to invest in crypto.

000JC88

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A regulation of BTC it makes it officially as the world global currency...

ScaryMe

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It is a big No no to us here in the forum for sure because we love the feature of bitcoin at all, no need to someone to regulate it for just the interest of one group so it is better if no one will gonna regulate it and let bitcoin be decentralized.

dewi91

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I think yes.. bitcoin need regulating in order to bitcoin more stable and people more believe bitcoin, but regulation still can't control bitcoin because the feature of bitcoin is decentralization..

Topic: Regulating Bitcoin - page 19. (Read 4637 times)