Topic: Regulation is needed likewise the law involvement (Read 169 times)

The existence of a law enables us to maintain peace and order but when it comes to cryptocurrencies, once a law has been declared over it, it is no longer decentralized anymore. It is actually quite confusing actually that we long for the world to consider cryptocurrency as legal yet we don't want the government to have any rights over it. Well, in either way, abuse of power and greediness will still exist but I think it is best that cryptocurrencies remains decentralized so that we can cherish the financial freedom we always long for. No one knows what will happen in the future, for now let us be responsible with our investments in crypto.

Yes, that cannot be provided by centralized exchanges. And the most concern is that if the state asks for those data and information due to regulation.
They can demand that and the exchange that's being asked can't do anything with it but to follow and comply what's being asked to them even if it's millions of people's data to be given to them.

Decent projects can turn scam too, remember humans are the developers not God so mind can be changed later on, this is why investing only what we can afford to lose is the best strategy here, anything can happen at any time

DeFi is a highly innovative field. New projects tend to explode within a minute, an opportunity that is hard to grasp with DYOR（Do Your Own Research ）.
Anyone can issue scams or air programs, and nothing can stop them. It’s not technically easy, but at the community level, we can talk to each other, identify common fraud patterns, and separate legitimate innovation from fraudulent fraud.
So, here are a few things to keep in mind:

1. What is the purpose of the project?
One thing you can ask is: is the project trying to do something innovative? Are they trying to boost the digital economy with their projects? How is it different from its competitors? Do they have a unique value proposition?
These are very simple, common-sense questions. However, by asking questions to the project side, you can block out some of the fraud.

2. Development Activities
DeFi is tied to the spirit of open source. So, if you know something about code, you can look at the project code.

3.Was the founder anonymous?
Note that not all projects led by anonymous teams are scams. Of course, there are many examples of legitimate projects created by anonymous teams. Still, you should consider the impact of team anonymity when evaluating a project.
So, in short, must the anonymous founder’s project be bad? Not Necessarily. Is it harder for anonymous founders’projects to be held accountable for malicious acts? That’s for sure.

4.How are tokens distributed?
There are many nuances to consider in a token allocation model. In many cases it is even difficult to obtain this information, which is itself a risk. However, this is a basic piece of information that you must have if you want to get a complete picture of the project.

If there will ever be any thing stronger than decentralisation Scammers will still have a way believe me, to do even you have to confuse your mindset first right? Evil starts from the heart and operations can be carried out in every ways available, government or no government crimes can't be eradicated, centralised or decentralized crimes will always be here

Op there's nothing wrong with decentralization I think I know where you're coming from, in here we believe Bitcoin gives power back to the people so I understand why you would think we want to get rid of the government. No one can't get rid of government because the people are part of the government.
Scammers have always been there before the creation of Bitcoin. Scams exist only because gullible people fall for it.

You are right, people are concerned of security and safety, but not only that, also some people do not joke with privacy and full control, what centralized platforms can not provide.

Yes, those are the pros and cons of centralized and decentralized projects. We tend to have those good services coming from the centralized exchanges or projects but when it comes to transparency, you'll never get to know what they're up to with what they get from you.
Whilst in the decentralized exchanges, the most concern is all about security when everybody is reading all of those news about hacks and scams.

How? Okay, for example, is centralized wallet better than decentralized wallet? Do centralized service platforms guarantee 100% privacy? Are scammers not also making use of centralized services? I still do not know how centralized services is better than decentralized ones. The government calling it regulation, the centralized exchanges giving you no full control, depriving you of the full freedom.

Even if you use centralized exchanges to buy bitcoin, will you store it there? Best to move it to decentralized (noncustododial) wallet.

I agree I do not think everything is better when it is decentralized but the problem with centralized projects is they lack the transparency needed to trust a project because there are many projects which are scams now. I think if we are talking about cryptocurrencies it is better to have a decentralized currency instead of a centralized currency but if you are talking about services which provide a service like a exchange sometimes centralized services are better than decentralized.

There is no problem if there's a centralized project that you like and you're benefiting from it. What the problem with these centralized projects is that they can easily manipulate the data that they show and especially if you're a trader, you'll likely see bots and manipulated prices for the cryptos that they want to manipulate. That's just an example but we cannot also deny those good projects that are centralized are also the ones that are being close to the newcomers. Well, as long as the project you're investing in, centralized or decentralized, you'll still ending up having the thought of decentralization and invest with what you afford to lose.

I think what you fail to understand is that the government can already regulate crypto in one way or another, centralized exchanges for example can answer to the government and supply them with data and info if they really want it, but then it becomes suspicious when the government want to extend and increase the level of regulations they already have on the network, and then when they find out that there is absolutely no way for them to control the network, which is exactly what they wish they could do, they become hostile towards it, issuing one form of ban or the other or creating CBDC's that they erroneously feel would be a substitute to it.

Having said that, I for one would not trust the government, neither would I want any more regulations other than the ones already present, for example, in Nigeria the government issued a ban preventing banks from handling crypto transactions from exchanges, they initially thought that would reduce the number of Nigerians interested in crypto, but it didn't, many people are still into the network, trading and transacting via P2p, now the Nigerian government are moving forward to launch their own CBDC, that's just the typical way governments operate, they actually do not have any good intentions when it comes to financial matters regarding their citizens, they basically just want control to be in their hands, but Bitcoin gives users the freedom to be their own bank which the government do not like and which they have responded to with regulations; thus I'm not in support of government regulations on the network.

We are the decentralized banks. The government do not run all the banks and Bitcoin has stopped many of us relying on banks. I think most Bitcoin investors are still using a bank out of simplicity but in the future when Bitcoin becomes more stable and accepted globally I think more people will take banking into their own hands and manage their own money completely.

Does that mean someone can not buy verified account? Does that also mean someone can not get access to someone's identity and pay without able to trace the scammer identity. Scammers are wiser than you think.

There is nothing like old school and new school terrorists, Fiat is effective for them to do the deal, even if very reputed political leaders are funding terrorists with Fiat, how are people going to know? Exchange paper Fiat is highly anonymous (untraceable). Even, do the government know if the terrorists have bank accounts when they do not know all the terrorists.

Just know I am not againsting centralized platforms, but I will rather go for decentralized ones is what my comment is based on because of privacy. Centralized platforms are yet not immune to criminal activities with some obvious reasons I stated above.

You are wrong, why is government so concerned about binance exchange? They Claimed that binance exchange can be used for illegal funding, are you saying a terrorist can't get paid in BTC for some grande launcher or automatic riffles? You are kidding right? Terrorists are of different levels some are old skool and some are new skool

Scandal has become a common thing. The government has to stop it if it wants. But the government thinks it is a bad thing as soon as it hears the name of bitcoin. The government of any country has to control bitcoin by legalizing it. Money laundering is more likely So no government is interested in dealing with it

Decentralisation gets rid of government involvement in whatever the decentralisation is built on this is why BTC is cool I think you misunderstood what OP was saying, central bank have access to their customers information and that's because it's centralised, imagine a decentralized bank 🏦 lol, of cos that won't work on the surface of the earth

There are still many scammers that do not know about cryptocurrencies but effectively making use of Fiat. Some government paid ransom to terrorists, what was used? I have never heard Bitcoin or any other crypto was used for the payment, definitely Fiat were used to pay terrorists. Also are bandits and kidnappers paid in Fiat. Fiat ransom cases become common in my country, yet the greatest rate of criminal activities are Fiat related, not crypto related.

Some criminals just pay $50 to $100, or even lesser amount to someone for kyc, and used it on centralized platforms (verified accounts that is not the identity of the scammer), they use it to scam easily. Centralized platforms do not guarantee 100% safety, what guarantee 100% safety is the 100% knowledge you know about how to completely avoid scammers.

Centralized platforms are even faulty than expected, your statement about centralized platforms is an understatement because they are the den of criminals. A lot of criminals making use of YouTube, Facebook, Twitter, Instagram, many other social media sites and dating sites to scam people. Scammers will register, they will block them, register again and find more tactics to scam on the platforms effectively. Even if Elon Musk Saturday Night Live scam was in Doge, YouTube which is centralized and depend on ads was used to make the scam possible through ads.

Scam is inevitable, why not the government try to reach all citizens across and teach them how to avoid scam, they only want to regulate and make life not private for someone. I am not againsting centralized platforms, but I will prefer to have my Bitcoin on decentralized wallet and have my privacy and do away with many centralized platforms that are den of theives. Where people are visiting, their are potential criminals there, be it centralized or not.

We do not want to get rid of government we want to reform into something better. The current government is not suited the government is only in power to serve the people but they are exploiting their people. That is the problem once we remove the current governments then we can reform into something better and more fair. Bitcoin might allow people to break away from the methods that the government use to control them. Governments regulating Bitcoin is a good thing atm because it brings legitimacy to Bitcoin.

Have anyone think about this or am i the only one?

We want to get rid of the government off the faces of crypto space with the use of decentralisation and DeFi projects but this have been hurting us in every way, not wanting government involvement we end up hating centralised projects, oh yea we don't want anyone pipping in our lives and money but this have become the ultimate tool for evil people, even Scammers too


With defi projects scammers find it easier to get their jobs done, you don't have to show your face if you plan to introduce a Dex exchange or a DeFI anyways, it's easier to just say we are decentralized as an excuse 


The point is a world without the law is full of flawless crime than a world with the law but still corrupted, too much of everything is bad they say let's just stay in between, centralised projects and decentralized projects have to exists and in some areas regulation is needed