Normally, I know how PayPal do block users account, also now supporting bitcoin but providing custodial service, which means it is not my coin, PayPal go extra mile than other services like exchanges that are also offering custodial services in a way the bitcoin you bought can not be sent to outside the PayPal's account, it remains there, you can only buy it, you will have to sell it there because you can not send it, you actually not having any bitcoin with PayPal, you have only numbers with them. PayPal has proven to be manipulating people and compromising privacy but now also in a way people have no bitcoin he can make use of by sending it to people.
Only novice will make use of PayPal to buy bitcoin when we can just stay noncustodial, but people are just ignorant and not ready to learn but like choosing what is supported by government, and custodial services fooling them in a way they will not have any privacy. I do not know the reason why anyone should make use of PayPal crypto service.
Topic: Regulation possible? Regulation Inevitable? (Read 687 times)
Is this possible?
How can we defend Bitcoin against it?
I don't think that's possible, even some of those countries that prohibit the development of bitcoin such as the USA and China still have startup cryptocurrency projects there, and not a few of them successfully survive in a few years to make a profit. However, it would be better if we followed that regulation if there were no losses on the part of governments, investors, communities, and projects, it would definitely increase public confidence in projects built for a bright future.
Like, you can regulate companies because they have to register with the government so if they don't agree to be regulated you will not allow them to register and function.
Bitcoin doesn't need your approval to function which is why you cannot regulate it. You can only regulate exchanges.
Bitcoin doesn't need your approval to function which is why you cannot regulate it. You can only regulate exchanges.
Bitcoin is a currency, so regulating exchanges is a pretty big deal. If governments can regulate the majority of Bitcoin's volume, then it's pretty close to having Bitcoin itself regulated. In this scenario there will be 2 parallel Bitcoin ecosystem - the legal one, which follows the regulations, and the shadow Bitcoin economy. If most people will interact with Bitcoin through centralized platforms like exchanges or PayPal, then the regulators may consider their goals achieved.
In 10 years, knowledge about Bitcoin will be mainstream.
But will enough people have adapted to this mainstream by then?
Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin. Tracking coins and banning the sale of coins for fiat by exchanges if they come from certain regions ( exchanges, wallet suppliers). Illegalization of the exchange of Fiat for Bitcoin, with the regulation again targeting exchanges as entry points.
This regulates Bitcoin itself.
Is this possible?
How can we defend Bitcoin against it?
for bitcoin business, actually nobody can manage bitcoin. this happens because bitcoin is independent. only the government in a country that can regulate but to the extent the rules in that country, cannot completely regulate the bitcoin in the market because they do not have rights But will enough people have adapted to this mainstream by then?
Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin. Tracking coins and banning the sale of coins for fiat by exchanges if they come from certain regions ( exchanges, wallet suppliers). Illegalization of the exchange of Fiat for Bitcoin, with the regulation again targeting exchanges as entry points.
This regulates Bitcoin itself.
Is this possible?
How can we defend Bitcoin against it?
Yes, it could be but for now low chances that it can happe due to countries with different rulings over things like cryptocurrency and might not be agreeable to all. This is why I am saying that low chances that it could be regulated if this will be the process. However, in some countries regulations is already for cryptocurrency is already implemented and that by limiting their constituents the access of buying different crypto especially if this is not been acknowledge by the government.
There's a rumor that the government would investigate the wealth of people selling bitcoin in a large quantity is going viral. Not sure if this is a real thing or someone's trying to decrease the price of BTC or trying to stop whales from selling. With people buying and selling it on centralized exchange, finding that would be easier. But I hope if they go through it, they consider the initial investment and not the final value.
They can't even regulate the drug industry what makes you think they can crypto? There way more important problems out there to discuss and sole first. I am not worried.
It is but you cannot regulate something that does not depend on you.
Like, you can regulate companies because they have to register with the government so if they don't agree to be regulated you will not allow them to register and function.
Bitcoin doesn't need your approval to function which is why you cannot regulate it. You can only regulate exchanges.
Yex exactly. It's like trying to regulate street vendors or hawkers. It's never going to happen. If bitcoin could be regulated it would just be abused by the government like everything else.
Regulation is inevitable, the more big companies join crypto the more they find a way to introduce some level of regulation and control, even though btc is decentralise but the organisations and companies adopting btc will not want it so, they will find a way to have control which we can already experience through kyc process.
It is but you cannot regulate something that does not depend on you.
Like, you can regulate companies because they have to register with the government so if they don't agree to be regulated you will not allow them to register and function.
Bitcoin doesn't need your approval to function which is why you cannot regulate it. You can only regulate exchanges.
Yex exactly. It's like trying to regulate street vendors or hawkers. It's never going to happen. If bitcoin could be regulated it would just be abused by the government like everything else.
That does not mean that 'regulators' in my view, the Trump Administration, can toss a monkey wrench into Bitcoin as they wander out the door. They have never
been fans and currently they are tossing out lots and lots of dubious regulations to muddy the waters for the next Biden Administration. This is their chance to take a parting shot at BTC/Crypto as they go out the door, regardless of how they
may actually ever get done, and the regulatioin redacted under next adminstration or killed.
Just FUD to counter act the FOMO of Bitcoin and Altcoin pump here recently. So IF there is as the official in the link below states,
there 'will be' clarity of BTC/Crypto Regulations in 4-6 weeks. (which would put it 5 days before Biden was sworn in on this comment)
https://www.cnbc.com/2020/12/04/top-currency-regulator-says-to-expect-clarity-in-coming-weeks-on-bitcoin.html
https://www.coindesk.com/coinbase-ceo-trump-administration-may-rush-out-burdensome-crypto-wallet-rules
I think this is likely, and I think it will likely be as the CEO of Coinbase said, they will go after user-hosted wallets in the regulation via US exchanges.
Which is stupid, I'd just do a KYC in Canada where this 'extra step' is not done. Anyway, I'm assuming this FUD will happen and they as they have in all
regulations on crypto, initially get it wrong. Remember the IRS rollout of rules in 2014? Thus this FUD will likely drive price of BTC/Crypto IMHO down
and sideways for 4-6 months until the next administration fixes this and their 'dubious' last-minute lame-duck regulations flying out of the Trump
The administration just to muddy the waters. This is just one regulation of 100s that will have to be addressed. I also think that this is being rushed
through to 'harm' Bitcoin/Crypto in that they had 'no meetings, closed or otherwise, it looks like a parting shot just to be mean.
Thus, cheap coins people. My own view is this winter is gonna suck, pandemic, recession, everyone having to 'grow up' and see the USA is in a world of hurt.
then the anger/denial/etc, etc. I myself expect everything to take a 30% hit or more, even Bitcoin ..my floor is around $13k and sideways until this and
other clusterf*ck 'reign in BTC/Crypto' plans are discarded. This has probably in a major FUD way happened 3 times in the past, the FUD and dubious
regulations and the rest worldwide...but never happens..it eventually gets resolved. Always seems to happen also when the economy takes a downturn
and 'wow' Bitcoin/Altcoins pump. You have FOMO you are gonna have FUD and backlash like the CEO of Coinbase says is maybe gonna happen. So think
cheap coins..this too shall pass....but this and for other reasons, this winter is gonna suck big time for folks as a wake-up call of just how bad things are.
Little way in denial IMHO...recession/pandemic/shutdowns....reality sucks..and this will be our small part of FUD we will have to deal with.
So there will be confusion, some price loss, the usual dealing with such FUD...and the price of BTC/Crypto will likely go down, but if all it takes is
for a lame-duck, Trump Administration tossing out a rule not vetted by the experts but simply tossed out as FUD from the higher end political overrides and
rule writing of a fading Trump
Administration, well...if that can seriously cripple BTC/crypto w/o major pushback at this point in time to stop such, well BTC/Crypto is doomed.
Again, FUD and FOMO and ATH or rinse/wash/repeat we have all seen this before. Big Whoop!
So a drop in BTC/Crypto prices may be as much as down to $13k and sideways until FUD, as per usual, is resolved..then blastoff in the spring of 2021
at worst, IMHO. So look at it as 'cheap coins' if it causes the problems above, again the worse case, which again, as a worse case above...we've seen it
before and will see it again, and overcome it.
They can't even regulate the drug industry what makes you think they can crypto? There way more important problems out there to discuss and sole first. I am not worried.
It is but you cannot regulate something that does not depend on you.
Like, you can regulate companies because they have to register with the government so if they don't agree to be regulated you will not allow them to register and function.
Bitcoin doesn't need your approval to function which is why you cannot regulate it. You can only regulate exchanges.
Yex exactly. It's like trying to regulate street vendors or hawkers. It's never going to happen. If bitcoin could be regulated it would just be abused by the government like everything else.
Regulation is inevitable, the more big companies join crypto the more they find a way to introduce some level of regulation and control, even though btc is decentralise but the organisations and companies adopting btc will not want it so, they will find a way to have control which we can already experience through kyc process.
It is but you cannot regulate something that does not depend on you.
Like, you can regulate companies because they have to register with the government so if they don't agree to be regulated you will not allow them to register and function.
Bitcoin doesn't need your approval to function which is why you cannot regulate it. You can only regulate exchanges.
Yex exactly. It's like trying to regulate street vendors or hawkers. It's never going to happen. If bitcoin could be regulated it would just be abused by the government like everything else.
Regulation is inevitable, the more big companies join crypto the more they find a way to introduce some level of regulation and control, even though btc is decentralise but the organisations and companies adopting btc will not want it so, they will find a way to have control which we can already experience through kyc process.
It is but you cannot regulate something that does not depend on you.
Like, you can regulate companies because they have to register with the government so if they don't agree to be regulated you will not allow them to register and function.
Bitcoin doesn't need your approval to function which is why you cannot regulate it. You can only regulate exchanges.
The regulation is actually inevitable. See for yourself. As time is passing, more and more exchanges are getting regulated. If the exchanges don't comply, they get shutdown by the government authorities. Look how slowly all exchanges are making people eventually go through the KYC process.
But no, the government won't ban those exchanges. Instead they will use those exchanges to regulate the whole system.
More likely to happen. Governments has no full control of the transactions involving cryptos due to the nature of de centralization. But of course they will do things in order to put taxes in almost everything, kidding aside. But frankly, once something involves money, most of the time taxation will follow. And this will be made possible through third party networks in which we can observe at this moment wherein more third party networks are being interested with cryptos, unlike before wherein they are in doubt of its advantages. So maybe, adoption through network and exchanges is part of the regulation. But no, the government won't ban those exchanges. Instead they will use those exchanges to regulate the whole system.
Regulation is inevitable, the more big companies join crypto the more they find a way to introduce some level of regulation and control, even though btc is decentralise but the organisations and companies adopting btc will not want it so, they will find a way to have control which we can already experience through kyc process.
How can we defend Bitcoin against it?
You use and hold it regardless. Hopefully by then bitcoin would have more privacy features to help non-techie people achieve more privacy.I knew that bitcoin community will not let bitcoin to become so open where security is not a priority.
Probably as bitcoin is reaching the mainstream, people will make also a platform in the future where they will still make an exchange that will strictly keeps information of someone when they make transactions. In bitcoin, privacy is one of the most important so the security of everyone who will engage to it will be guaranteed.
The regulation is actually inevitable. See for yourself. As time is passing, more and more exchanges are getting regulated. If the exchanges don't comply, they get shutdown by the government authorities. Look how slowly all exchanges are making people eventually go through the KYC process.
But no, the government won't ban those exchanges. Instead they will use those exchanges to regulate the whole system.
But no, the government won't ban those exchanges. Instead they will use those exchanges to regulate the whole system.
I think that if a group of countries or the International Monetary Fund controls Bitcoin and regulates it in the future, then Bitcoin at that time will be no different from fiat at the present time, as these countries will impose their strict laws and conditions on all Bitcoin transfers and will also impose identity verification by (kYC) and more, and Bitcoin will turn into something more like decentralization and lose all of its current features.
It will some how comes to this if we want government of all countries to adopt and accept btc as a mode of transaction by shifting away from fiat,
No government of any country will accept the use of a totally decentralise currency without any form of regulations, I don't see that happening, so the dream of government accepting it will still be more on theory than in practice.
I dont think Bitcoin will become mainstream as a currency.
I suspect there could be a new player that adapts the bitcoin philosophy and method and becomes mainstream.
Bitcoin was the innovator but I think it will be overtaken. A bit like how AOL, alta vista etc got overtaken.
It will be a difficult endeavor for a predecessor replicate the success of bitcoin, by the time that something new appears, people will not take notice of it because they are already hooked in bitcoin, the only possible thing that can happen is that something far better and superior at every aspect will appear. It will be hard to imagine how it will be more superior than bitcoin but it will be difficult. I suspect there could be a new player that adapts the bitcoin philosophy and method and becomes mainstream.
Bitcoin was the innovator but I think it will be overtaken. A bit like how AOL, alta vista etc got overtaken.
See I believe that nothing that can't be achievable if follow proper step, its seem as Eve bitcoin is old based on it's influence across the countries, which looking at it everyone will say that is not possible but the possibility is there if really given bitcoin some measures or time, I hope its regulations will soon come in feature existence
As long as the crypto and bitcoin are decentralised currencies there won't be regulation because the world system is benefiting from the fact that all the money is centralized and they have complete control over it, why would they lose this privilege.
In my perspective I think bitcoin will surely be regulated by governments when it becomes a mainstream cryptocurrency.
Masses will start adapting to the regulation and the financial system will have fiat as well as bitcoin as payment methods.
Also, I think governments will only benefit more by regulating bitcoin as they will be able to obtain more tax from their citizens.
if we dont agree to the regulation given by the government we are free to let go btc but will you ? for me i cant afford to do that and im going to accept if what fate will happen to btc .Masses will start adapting to the regulation and the financial system will have fiat as well as bitcoin as payment methods.
Also, I think governments will only benefit more by regulating bitcoin as they will be able to obtain more tax from their citizens.
it will only feel awkward at first but if we think that when btc is in the mainstream that means more people will use it and the more the crimes will also happen but regulatiom can play a major role to combat that .
government do also their job in helping minimize crimes that exist in btc and they deserve to get benefit from btc .
In my perspective I think bitcoin will surely be regulated by governments when it becomes a mainstream cryptocurrency.
Masses will start adapting to the regulation and the financial system will have fiat as well as bitcoin as payment methods.
Also, I think governments will only benefit more by regulating bitcoin as they will be able to obtain more tax from their citizens.
Masses will start adapting to the regulation and the financial system will have fiat as well as bitcoin as payment methods.
Also, I think governments will only benefit more by regulating bitcoin as they will be able to obtain more tax from their citizens.
I think it will still be usable as cash, some limit before your customer will be mandated for example 2k.
Or they might try to heavily regulate with demanding everyone tells their addresses to the gov, I don't see how would that be possible to do fully since you can always make new address and just keep quite about it not tying it up with real identity. We currently see growth of privacy, anonymity cenosrhip bypass tools as well as surveliance tools.
Also privacy coins might get more popular such as Monero, those would be more controlled or even illegal.
Or they might try to heavily regulate with demanding everyone tells their addresses to the gov, I don't see how would that be possible to do fully since you can always make new address and just keep quite about it not tying it up with real identity. We currently see growth of privacy, anonymity cenosrhip bypass tools as well as surveliance tools.
Also privacy coins might get more popular such as Monero, those would be more controlled or even illegal.
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