Regulating Bitcoin: Necessary Protection or Stifling Innovation?

mirakal

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Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

Some points to consider:

- How can regulation balance consumer protection with innovation and growth?
- Will overly restrictive regulations drive innovation offshore?
- Can self-regulation and industry standards suffice, or is government oversight necessary?

Share your thoughts and let's explore the implications of Bitcoin regulation!"

there are some strong arguments why the majority of crypto/bitcoin holders don't agree with regulation...
- to keep the value of privacy
- freedom, decentralization
Besides, we don't need strict regulation but what we need is support from the government to legalize bitcoin in order to grow adoption.

But for some reason also why the government pushed to have strict regulations...
- due to increasing scams, fraud, and money laundering - innocent people lose their money at the hands of scammers.

Both parties have their positive and negative insights about this but for me, it is better to stay the way it is - decentralized. Bitcoin has gained popularity because if this feature changes it will have an absolute impact which I believe we don't want it to happen.

IceLincoln

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Quote from: Upgrade00 on July 01, 2024, 11:39:49 AM

Bitcoin has survived for this long on a consensus based system, this shows that it can suffice. The talk of regulation about Bitcoin is all about control and not security of users.

Yeah, I’ve come to notice this (it’s all about control). Government is not happy when there’s something profitable in circulation which they’re not able to control or monitor. They want to be involved in all things, or have a part of the cake. I think Government is no respecter of privacy which is why they want to be in the midst of things and try to convince us it’s for our own good.

Wind_FURY

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Quote from: Hamza2424 on July 02, 2024, 04:51:58 PM

We cant be certain that governments are serious about the regulatory acception of Bitcoin, because these days due to the additional pressure of the elections, most of the time what we hear about Bitcoin and crypto from their mouths is a pro-crypto narrative, as I said due to elections so there's no certainty there can be mood swings,

As for BTC as far as the community is concerned whether the government supports Bitcoin or not it will continue to achieve its targets, slowly but steadily, there's no doubt that regulatory developments work as the boosting catalyst for Bitcoin.

I'm in the other side of the debate. Censorship, bans, and their need for absolute authority are what actually could be catalysts to start using Bitcoin. I'm not speaking merely from the perspective of the individual. It also works socio-politically as well. Rumors from Iran that because the sanctions of the United States against Iran made it hard to export Crude Oil has made them mine Bitcoin using their Oil as the source of fuel to power their mining farms to "export" Bitcoin - something censorship-resistant, instead of Oil.

Rengga Jati

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Regulations on Bitcoin were created only because the government wanted to control our activities on Bitcoin. Whether they dress it up with various consumer protection considerations or something else, in fact the bottom line is they still want to limit Bitcoin and our involvement remains under control by the government.

Government is the center of centralization. And Bitcoin is something that should be decentralized. However, the government certainly doesn't want something they can't control, right? So, when they can't control Bitcoin directly, they make various complicated rules regarding our activities as citizens that must be obeyed. And it worked. At least, some countries must comply with regulations regarding crypto, exchanges, and so on. This is annoying, plus, and their goal is still there, they still get taxes from it all.

AmoreJaz

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Quote from: Hamza2424 on July 02, 2024, 04:51:58 PM

We cant be certain that governments are serious about the regulatory acception of Bitcoin, because these days due to the additional pressure of the elections, most of the time what we hear about Bitcoin and crypto from their mouths is a pro-crypto narrative, as I said due to elections so there's no certainty there can be mood swings,

As for BTC as far as the community is concerned whether the government supports Bitcoin or not it will continue to achieve its targets, slowly but steadily, there's no doubt that regulatory developments work as the boosting catalyst for Bitcoin.

We will only know if they are serious on this matter if they start passing their bills related to crypto market. Otherwise, it will all be pure talk as regulation needs actual bill to refer to. As crypto market is going mainstream, it is understandable that regulation is necessary for the consumers to abide by.

Hamza2424

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We cant be certain that governments are serious about the regulatory acception of Bitcoin, because these days due to the additional pressure of the elections, most of the time what we hear about Bitcoin and crypto from their mouths is a pro-crypto narrative, as I said due to elections so there's no certainty there can be mood swings,

As for BTC as far as the community is concerned whether the government supports Bitcoin or not it will continue to achieve its targets, slowly but steadily, there's no doubt that regulatory developments work as the boosting catalyst for Bitcoin.

Ojima-ojo

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The government can not regulate bitcoin but instead what their should focus on regulating is bitcoin services, such as excahges and other payment gateways, because it through those channels that all the illicit activities take place, e.g the FTX Sega it happened on exchange, and other money laundering through bitcoin are all done on excahges because their provides the gateway between the fiat and bitcoin.

Just like banks, that have been involved in all illicit transactions and even fiat paper money are all tools for illegal money movements, this is what we should take note of before talking about bitcoin regulations so as not to lose focus on the areas that the government can regulate to achieve great success to give consumer satisfaction and protection against the bad actors.

coolcoinz

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Quote from: Forever101 on July 02, 2024, 07:48:57 AM

Regulations will be necessary in some situation like cloud mining,

You're talking about regulating scams here. Cloud mining was a way to steal from people. Only 1 out of 10 cloud mining sites really did some mining and even that 1 site was unprofitable for the investor. An industry that focuses on scamming people should receive warnings and lawsuits, not regulation.

Quote

We won't blame the government that really want the best for her citizens if this is genuine.

I'm yet to see a government that only wants what's best for its citizens. Most politicians want to stay in power and wish themselves all the best, while you work like a slave for their wages.

m2017

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keep walking, Johnnie

Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

As Bitcoin and cryptocurrencies continue to grow in popularity, governments and regulatory bodies are increasingly taking notice. Some argue that regulation is necessary to protect consumers and prevent illicit activities, while others believe it could stifle innovation and limit the potential of decentralized technologies.

Any statements by government officials are “sweet lies” to cover up the “bitter truth” - to obtain taxes on the turnover of currencies and to regulate these financial assets so that prohibited goods are not purchased with it.

Any restrictions slow down progress.

Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

Where do you stand on Bitcoin regulation?

Like something inevitable.

Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

Some points to consider:

- How can regulation balance consumer protection with innovation and growth?

It is better to leave it to the authorities to find the answer to this question.

Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

- Will overly restrictive regulations drive innovation offshore?

And thanks to this regulation, the country will lag behind in the development of this industry from those that encourage the progress of crypto.

Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

- Can self-regulation and industry standards suffice, or is government oversight necessary?

The market itself could put everything in its place without outside interference.

ultrloa

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Quote from: Fara Chan on July 02, 2024, 07:25:50 AM

Quote from: Ojinga on July 02, 2024, 04:00:49 AM

for me regulation is very necessary to the society I don't see when Bitcoin will be regulated and curse harm to government or to people, regulations it's necessary because when Bitcoin get regulated then it can be Centralized and it'll also help the people to be more easier to transact in Bitcoin in the world. Self-regulation can't opstic the standards or suffice the government, just that I don't really know why the government should be holding more urge against Bitcoin whatsoever the government are saying isn't right. We all know that if Bitcoin can get regulated it'll help us out in so many ways in the future.

Can you please mention one thing that could help more people if Bitcoin could be regulated by the government? I don't think there is any benefit if Bitcoin can be regulated by the government because that is very incompatible with Bitcoin and in the Bitcoin white paper it is also not stated that this is a good thing. So I need to know what things can be beneficial for all of society if Bitcoin can be regulated by the government because the government itself is a human being who is no different from other humans who also need money and need more wealth.

Maybe a little assurance that they won't ban bitcoin if they regulate it and put tax to people who's using this coin. But aside from that I don't see anything good since maybe we will just put in radar and government might just control each movement we do especially on our earnings or activities made in this space.

But we can't do anything if government would really like to happen since at least we can still use bitcoin then continue to earn rather than spitting bad on it then declare as bitcoin is illegal then for sure that everyone of us will suffer due to that bad decisions they drop since our movement will became limited especially if we want to cashout our earnings coming from bitcoin.

Forever101

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Regulations will be necessary in some situation like cloud mining, centralized exchanges and new project launch. Aside some cases that can be controlled by the government, any other attempt will only deter the progress of bitcoins since bitcoins is not under any central control. With that been said, we know bitcoins and some other coins has proven longevity with good track record since inception which means few areas needed government intervention to keep the crypto space safe for users.
We won't blame the government that really want the best for her citizens if this is genuine.

Wind_FURY

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Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

As Bitcoin and cryptocurrencies continue to grow in popularity, governments and regulatory bodies are increasingly taking notice. Some argue that regulation is necessary to protect consumers and prevent illicit activities, while others believe it could stifle innovation and limit the potential of decentralized technologies.

Where do you stand on Bitcoin regulation?

Some points to consider:

- How can regulation balance consumer protection with innovation and growth?
- Will overly restrictive regulations drive innovation offshore?
- Can self-regulation and industry standards suffice, or is government oversight necessary?

Share your thoughts and let's explore the implications of Bitcoin regulation!"

I'm neither for nor against this so-called "regulation" because truly how could you "regulate" something at its core level like Bitcoin? Anyone can build on top of it because of its permissionlessness, anyone can mine it whether it's profitable or not for them, anyone can enter the network's validation by running a full node and leave if they want anytime, and anyone could send or HODL their Bitcoin without government intervention.

¯\_(ツ)_/¯

The cabal that believe that they're regulating Bitcoin, is under the illusion that they could control it. Like the invention of the printing-press, the telephone, and the internet - The cat is out of the bag.

Fara Chan

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Quote from: Ojinga on July 02, 2024, 04:00:49 AM

for me regulation is very necessary to the society I don't see when Bitcoin will be regulated and curse harm to government or to people, regulations it's necessary because when Bitcoin get regulated then it can be Centralized and it'll also help the people to be more easier to transact in Bitcoin in the world. Self-regulation can't opstic the standards or suffice the government, just that I don't really know why the government should be holding more urge against Bitcoin whatsoever the government are saying isn't right. We all know that if Bitcoin can get regulated it'll help us out in so many ways in the future.

Can you please mention one thing that could help more people if Bitcoin could be regulated by the government? I don't think there is any benefit if Bitcoin can be regulated by the government because that is very incompatible with Bitcoin and in the Bitcoin white paper it is also not stated that this is a good thing. So I need to know what things can be beneficial for all of society if Bitcoin can be regulated by the government because the government itself is a human being who is no different from other humans who also need money and need more wealth.

SquirrelJulietGarden

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Quote from: Ojinga on July 02, 2024, 04:00:49 AM

for me regulation is very necessary to the society I don't see when Bitcoin will be regulated and curse harm to government or to people, regulations it's necessary because when Bitcoin get regulated then it can be Centralized and it'll also help the people to be more easier to transact in Bitcoin in the world.

From necessary of regulation to consequence of regulation is centralized, and expand centralized to make it more easier for transactions of Bitcoin globally. Do you actually understand what you write in your post?

Bitcoin is decentralized from developments to Proof of Work network to find blocks and confirm transactions. It's helpful for security and privacy of Bitcoin users and their funds. But they can make transactions smoothly with centralized blockchains like altcoins with some risk like blockchain pause, reversibility/ rollback, lack of privacy.

https://howmanyconfs.com/

TheUltraElite

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So anyway, I applied as a merit source :)

Seeing a thread on bitcoin/crypto regulation after some time now.

In my opinion, regulation is a necessary evil. There are projects based on crypto known as ICO which allowed people to buy a token on ETH ERC-20 blockchain and the holders would have some rights. Almost all the projects failed and the investors were angry. This does not mean that innovation was there, most of them if innovative enough, would have gone for the mainstream tech market, which they did not.

See how cunning they were? They knew that the crypto users were gullible enough to fool like that and thus stayed away from mainstream/legally protected markets. Sadly legal approaches did not work much for ICOs for the same reason or paperwork related difficulty.

That is why it is necessary, and I feel that the "evil" part will get removed, because those who are in charge of this, will make sure to allow innovation just like any other industry.

pooya87

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Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

Where do you stand on Bitcoin regulation?

It depends on the regulation! It's just too broad and the approach by each government may be very different or the approach at different times can be different. In short as long as regulations end up with consumer protection, they can be good.

But the problem is that so far what we've seen from regulations has meant only one thing: government seeking control.
For example they enforce KYC through centralized exchanges so that they can monitor people's finances and tax people more. They never provide people with any kind of protection for cases like the CEX running away with your money!

Ojinga

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Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

As Bitcoin and cryptocurrencies continue to grow in popularity, governments and regulatory bodies are increasingly taking notice. Some argue that regulation is necessary to protect consumers and prevent illicit activities, while others believe it could stifle innovation and limit the potential of decentralized technologies.

Where do you stand on Bitcoin regulation?

Some points to consider:

- How can regulation balance consumer protection with innovation and growth?
- Will overly restrictive regulations drive innovation offshore?
- Can self-regulation and industry standards suffice, or is government oversight necessary?

Share your thoughts and let's explore the implications of Bitcoin regulation!"

for me regulation is very necessary to the society I don't see when Bitcoin will be regulated and curse harm to government or to people, regulations it's necessary because when Bitcoin get regulated then it can be Centralized and it'll also help the people to be more easier to transact in Bitcoin in the world. Self-regulation can't opstic the standards or suffice the government, just that I don't really know why the government should be holding more urge against Bitcoin whatsoever the government are saying isn't right. We all know that if Bitcoin can get regulated it'll help us out in so many ways in the future.

serjent05

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In a natural flow of Bitcoin adoption, regulation is not necessarily needed. Regulations are implemented by the authorities to feed their ego and to impose the government's influence and control over the subject.

Although regulation is not needed in the Bitcoin system, positive government regulation helps Bitcoin to increase the rate of gaining the trust of the masses. The government acknowledging Bitcoin and setting regulations helps companies that are interested in integrating Bitcoin into their system but are hesitant due to regulatory issues clear their doubt. After all, the company should abide on the government-set laws.

Bitcoin may not need regulations but the outside factors like companies and individuals who are into Bitcoin needs a proper guidelines whether Bitcoin is legal to use or not as to not ending behind bars being accused of money laundering if the government sees Bitcoin as illegal. Knowing the regulatory stance of the government about Bitcoin may protect its citizen from unwanted circumstances after all each one of us is subject to the government law and regulations.

AprilioMP

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Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

Share your thoughts and let's explore the implications of Bitcoin regulation!"

Regulations are made to ensure that everything runs according to written supervision. For example, regulations for the fiat currency system and regulations for official financial bodies or institutions to prevent actions that are detrimental or contrary to business. With Bitcoin's transparency, should Bitcoin have regulations as intended by the definition of regulation itself?

Bitcoin does not belong to the government or any party. In the white paper it is explained clearly from the beginning to the conclusion.

Anyone who owns Bitcoin, freedom is with the owner. If Bitcoin has to have regulations, it is a joke that makes no sense because Bitcoin does not belong to the government which must be monitored because Bitcoin is not an object that can carry out its own actions like humans whose actions should be suspected.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: IceLincoln on July 01, 2024, 11:23:12 AM

- How can regulation balance consumer protection with innovation and growth?

I'd backtrack a bit and argue that no such protection is needed. People don't buy a stock here, they don't get an IOU. What they get is an asset, like one of the common precious metals, or a painting. What the customer should focus on is that he's getting genuine bitcoin, not a promise or something of that sort. It's equally important to educate consumers about self custody. They need to make sure they can keep their coins safe. The government should focus on people who offer custodial services, on exchanges and wallet providers to make sure they're punished if they try to cheat their customers. Bitcoin itself needs no regulation and customers don't need to be protected from it.

Topic: Regulating Bitcoin: Necessary Protection or Stifling Innovation? (Read 171 times)