Regulation possible? Regulation Inevitable? - page 4.

Kakmakr

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Why do you need to defend Bitcoin against it.. ?

We all know governments are in control of every aspect of our lives, because we give them the power with our votes. If you live in a country, where you have a free and democratic election process, then you should vote for the party that would support Bitcoin as a currency.

Regulations can only regulate "legal" use of Crypto currencies... it will try to stop the "illegal" use.. but it will not be able to stop it. Place yourself in a governments shoes and see if you would allow unregulated Crypto currency use in your country. Roll Eyes

(Doing that effectively give criminals a tool to avoid taxes and to commit serious crimes)

Yogee

sr. member

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Quote from: Oshosondy on October 26, 2020, 01:04:07 AM

Quote from: pooya87 on October 25, 2020, 11:56:26 PM

when bitcoin reaches mass adoption you no longer need to exchange it for fiat, it is already a currency and by then it will be used by majority (by the masses) so you simply use it as you would any other currency without needing to swap it with another one.

This is a good point, the problem we are still facing now is that people still depend on fiats to convert to in order to spend bitcoin, but with mass adoption, if we can be able to exchange bitcoin for bitcoin directly, that means there can be increase in privacy because many people will do away with using fiats and be avoiding KYC. With time, this will become achievable.

The bigger problems are people do not use platforms where they can spend bitcoin directly and there are more speculators than actual users.

Governments granting legal tender status to bitcoin may or may never happen at all as some countries are already working with their own version of digital currencies [CBDC]. I wouldn't be surprised if BTC can be directly traded with or convert to CBDCs instead of USDT or other stable coins.

Oshosondy

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Gamble responsibly

Quote from: pooya87 on October 25, 2020, 11:56:26 PM

when bitcoin reaches mass adoption you no longer need to exchange it for fiat, it is already a currency and by then it will be used by majority (by the masses) so you simply use it as you would any other currency without needing to swap it with another one.

This is a good point, the problem we are still facing now is that people still depend on fiats to convert to in order to spend bitcoin, but with mass adoption, if we can be able to exchange bitcoin for bitcoin directly, that means there can be increase in privacy because many people will do away with using fiats and be avoiding KYC. With time, this will become achievable.

davis196

hero member

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Quote from: thewarriorofthelight on October 25, 2020, 10:53:54 PM

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?

Dude,you are answering your own question.Of course that Bitcoin regulation is inevitable and we have to deal with it.I think that Bitcoin(and all the altcoins) is already heavily regulated without even being mainstream.
Unfortunately this is the price we have to pay,in order to see worldwide Bitcoin domination.Many Bitcoin supporters won't be happy and I completely understand them.
Maybe going mainstream won't be the right path for Bitcoin,because the regulations might turn the crypto exchange platforms into "cryptocurrency banks" which represents all that we have been fighting against.
I mean that banks are bad.It doesn't matter if they are fiat banks or cryptocurrency banks.

covfefe_

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Governments and through a global initiative may regulating cashing in and cashing out from bitcoin. They may force exchange to collect and provide personal info of anyone buying, depositing or withdrawing. But they'd not be able to regulate bitcoin network or bitcoin transactions. They can't track and associate every bitcoin transaction to individuals. So, if people trade goods or services exclusively on bitcoin, the government or any central agency may not get involved.

Serious475

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Quote from: thewarriorofthelight on October 25, 2020, 10:53:54 PM

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?

This regulation is what we called mass adoption and all of us are waiting for this time to happen because if this happens, crypto users will be earning more than what they are earning right now and it is really good for us. It will also allow all the people around the world to use crypto currency including those who aren't allowed. I hope that mass adoption occurs earlier than what we have expected so that no one can stop improvement of each country. I hope that all of us gets responsible when the time comes.

pooya87

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when bitcoin reaches mass adoption you no longer need to exchange it for fiat, it is already a currency and by then it will be used by majority (by the masses) so you simply use it as you would any other currency without needing to swap it with another one.

as for regulation, you are confusing it with banning. they are very different things. i don't think bitcoin will ever be banned by any more than 1% of the world (just as it is now). but it will be accepted as a legal way of payment just as many countries have already done it. that means regulations as there are regulations for fiat.

Charles-Tim

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What I believe is that people that know about bitcoin very well and how it works will not be affected much, they can still have means of practicing noncustodial holding, having their private keys, using CoinJoin for making transactions very impossible to track, how about using mixers in a way transactions can not be tracked and so on. People will still be able to buy and sell through some non-kyc exchanges and platforms. But, the issue is that most people privacy will be compromised by government laws and regulations while most people do not even bother by the laws and willing to give kyc to the custodial services they keep bitcoin with, because of peoples ignorance, there is nothing that can be done, governments will compromise people's privacy while peoples ignorant nature will not let them know and thinking governments ate right about this.

mikeauerbach

jr. member

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Regulation is inevitable. Right now most centralized exchanges don't serve unverified customers. We have to deal with KYC and AML rules.

mk4

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Quote from: thewarriorofthelight on October 25, 2020, 10:53:54 PM

But will enough people have adapted to this mainstream by then?

Probably. Time will tell.

Quote from: thewarriorofthelight on October 25, 2020, 10:53:54 PM

Is this possible?

If bitcoin gets to full mainstream then it's going to have a huge slap in the fact to the central banks. It's pretty much inevitable.

Quote from: thewarriorofthelight on October 25, 2020, 10:53:54 PM

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.

thewarriorofthelight

newbie

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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?

Topic: Regulation possible? Regulation Inevitable? - page 4. (Read 687 times)