Regulation seem like the only option left - page 4.

Dunamisx

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

This is a confirmation with an assurance that so far as cryptocurrency will remain decentralized so is the government committed to regulating the sector through tax payment. That's what it means to my understanding, some other countries tries to place a ban while others introduce their digital fiat to counter crypto yet its ineffective.

Emitdama

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Regulations when done correctly is a beautiful thing. I know that people hate their governments, doesn't matter where you are living, doesn't matter if you are in a "top" country like USA, UK, France, Germany or whatever, or if you are living in a poor nation. The one thing in common with all citizens of the world that people hate politicians.

There are more in common with regular citizens of two different nations then the citizens and politicians of those nations, and there are more in common with politicians of two different nations then their citizens. I do not remember who said this, but it is a great saying and I believe the only reason we do not want regulations is because it would be the politicians we hate that will draw those legislation.

Gyfts

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Regulation is inevitable, you're right. But it's perhaps not the regulation that you might think. Free markets need regulation, but the idea behind regulation is to encourage free enterprise. With crypto currency, by design, regulations are not needed because it's a decentralized entity. Regulations really just means taxing crypto at high rates so that central banks don't have to worry about it being a threat to their currency reserves. If they were smart, they would implement crypto into their financial systems, but that would require taking in a currency that they are not able to manipulate.

Tony116

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Quote from: Questat on March 28, 2022, 08:13:21 AM

Quote from: Cryptions on March 28, 2022, 07:42:24 AM

Regulation tends to kill innovation, therefore it's not good at all. Increasing regulation kills also decentralization and privacy. Cryto community somewhat self regulated early years, of course there's no way back to it... but towards tightening laws, which leads ultimately as tight regulations as with banks. That is absolutely bad thing. It puts power on the few hands of the few bureaucrats, and leaves no room for small actors or individuals to enter the ecosystem with innovative solutions nor copy & paste tokens.

We actually look it good being unregulated and controlled by the government but it was so sad that some opportunist people like scammers take advantage of this as they can just play the market freely without worrying they got caught. Though I wasn't in favor of the government making a step with this and promoting regulation, however, I think this will give help stop the scam activities and lower the chances to get scammed.
This is just not meant for innovation control, this will help to improve the image of crypto instead which is somehow ruined by these scammers.

Yes, regulation will be good in that it will make the crypto market cleaner and safer for market participants. We will avoid scam and rugbull projects, we will be resolved in case of a transaction dispute.

But on the other hand, the regulations will tighten the decentralization of investors we will be more tightly controlled, which would make us uncomfortable and like we are not completely free when it comes to using crypto.
This would go against the decentralization of crypto.

Abiky

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Quote from: ShowOff on March 24, 2022, 03:34:45 PM

Yes, it is nonsense when they twist the facts by saying that the centralized fiat financial system is better than the decentralized financial system we have with bitcoin.

The government's fear of a decentralized financial system is based on the possible weak use of their centralized financial system by the public. Many people will switch to better, more efficient, faster and more secure systems like bitcoin. That will be the reason why they are afraid and as a preventive measure, regulation is the way out. Restricting its use as legal tender is more likely to be enforced than completely banning it. The government also knows there are big advantages of cryptocurrencies to increase state revenues.

Anything that goes against what was established by the government in the first place, will see constant opposition in the long run. Crypto threatens the very existence of Fiat (national currencies), so the only way to control it is by regulating it. Of course, this cannot be achieved with complete success due to the way crypto was designed (decentralization + censorship-resistance). But growth will certainly diminish in order to help push the adoption of centralized Fiat as a whole.

I think there's no need to worry about regulations since crypto's been battle-tested to stand the test of time. As long as decentralization prevails, nothing else matters. Who knows if crypto lives alongside Fiat for generations? Just my thoughts Grin

sana54210

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Quote from: Questat on March 28, 2022, 08:13:21 AM

We actually look it good being unregulated and controlled by the government but it was so sad that some opportunist people like scammers take advantage of this as they can just play the market freely without worrying they got caught. Though I wasn't in favor of the government making a step with this and promoting regulation, however, I think this will give help stop the scam activities and lower the chances to get scammed.
This is just not meant for innovation control, this will help to improve the image of crypto instead which is somehow ruined by these scammers.

I have to acknowledge that scamming is "easier" in the crypto world. Doesn't mean that it is impossible in regular fiat world, we have seen it happen plenty of times in there as well but that doesn't change the fact that it is a lot easier here. So all in all I have to say that we should be focusing a bit more on regulation of easing our pains, that should be a lot better. Imagine a situation where we are just legal, and like a foreign currency.

So, if you are in the USA, you are considered like buying and selling euro, when you do that for bitcoin, or if you are in Europe, that is same as buying/selling dollars. If it goes that route, we would be doing so great.

wxa7115

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Quote from: Cryptions on March 28, 2022, 07:42:24 AM

Regulation tends to kill innovation, therefore it's not good at all. Increasing regulation kills also decentralization and privacy. Cryto community somewhat self regulated early years, of course there's no way back to it... but towards tightening laws, which leads ultimately as tight regulations as with banks. That is absolutely bad thing. It puts power on the few hands of the few bureaucrats, and leaves no room for small actors or individuals to enter the ecosystem with innovative solutions nor copy & paste tokens.

By nature governments and those at the top are reluctant to change and are always trying to preserve the status quo, so by nature they reject innovation, for regular people this is terrible as not only this means they have fewer chances to change their life but they will also face tremendous opposition to make their dreams come true.

One example of this was electricity, you may think that as soon electricity was mastered and light bulbs could be produced those at the top would be eager to adopt them, but since this affected the kerosene and the candles industry there was a very strong opposition to it, but at the end the superior technology imposed itself and I see a similar scenario happening here in the future.

breathlessz

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Quote from: nakamura12 on March 24, 2022, 06:48:45 PM

Quote from: Agbe on March 24, 2022, 05:50:20 PM

Yes, government is to create enabling environment for public and private business activities.

This enabling environment refers to the policies of the government which will allow individuals to do business and pay taxes to the government.

So adopting crypto Currency and regulating it to favour the citizens will also assist and help the government to develop the State and the international system.

USA and British adopt Crypto currency and regulate it for the citizens to use and set up a tax force committee to collect tax from those that are using the currency for transactions.

Conclusively, since crypto currency is a digital currency and anonymous, the central bank of a Nation can't stop the uses but can regulate it for the benefit of it.

This already happen in my country where the central bank regulated the crypto exchange/wallet. It seems they even add more cryptocurrencies that you can buy and sell. At first, it was just btc, eth, bch and xrp that time but now there are more crypto in their list even NFT ones. Though there's binance but theirs are much easy to navigate and use though their platform is not non-custodial so I don't own the private keys or seed phrase though I could still use their exchange/wallet platform like I own the wallet PK or seed phrase and can convert crypto to fiat.

Unlike in my country, the central bank does not regulate cryptocurrencies, but there are local exchanges that have been authorized by the state for cryptocurrency trading and can be converted to fiat currency in bank accounts. So the government does not seem to socialize cryptocurrency. Hopefully in the future the government can legalize it so that socialization will certainly be held so that cryptocurrency users will grow.

Questat

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Quote from: Cryptions on March 28, 2022, 07:42:24 AM

Regulation tends to kill innovation, therefore it's not good at all. Increasing regulation kills also decentralization and privacy. Cryto community somewhat self regulated early years, of course there's no way back to it... but towards tightening laws, which leads ultimately as tight regulations as with banks. That is absolutely bad thing. It puts power on the few hands of the few bureaucrats, and leaves no room for small actors or individuals to enter the ecosystem with innovative solutions nor copy & paste tokens.

We actually look it good being unregulated and controlled by the government but it was so sad that some opportunist people like scammers take advantage of this as they can just play the market freely without worrying they got caught. Though I wasn't in favor of the government making a step with this and promoting regulation, however, I think this will give help stop the scam activities and lower the chances to get scammed.
This is just not meant for innovation control, this will help to improve the image of crypto instead which is somehow ruined by these scammers.

Cryptions

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Regulation tends to kill innovation, therefore it's not good at all. Increasing regulation kills also decentralization and privacy. Cryto community somewhat self regulated early years, of course there's no way back to it... but towards tightening laws, which leads ultimately as tight regulations as with banks. That is absolutely bad thing. It puts power on the few hands of the few bureaucrats, and leaves no room for small actors or individuals to enter the ecosystem with innovative solutions nor copy & paste tokens.

strunberg

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Quote from: AmoreJaz on March 16, 2022, 04:53:46 PM

it is a fact that if we need more adoption from people, regulation is one way to do it. because these noncrypto users will have more confidence on dealing with crypto if there is government's intervention.

so far adoption progress running well now in several countries, they regulate and discuss about legal standing to bitcoin. with more legalize bitcoin and cryptocurrrency maybe number of bitcoin usage in our life will increase massively.

Quote from: ?? on ??

currently cryptocurrency is widely known by the public, especially during bullish conditions, of course many people are talking about it, because there will be many examples of people who get rich suddenly, so there will be a lot of new people learning about cryptocurrencies.

honestly it will be danger if cryptocurrency market known as a place to create new millionare. people will thinking its easy to make money from market , meanwhile its not suitable with the fact.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Markinzo on March 24, 2022, 02:52:52 PM

Regulations is one key factor that gives a meaning and order to any system. so regulating the Bitcoin world, it's a necessity for any meaningful government that holds it's citizens welfare at heart, but the decentralized system shouldn't be tampered with in the course of such regulation. Very important.

Decentralised system will not be tampered but people will need to use the centralised fiat system at one time. Then it will be regulated is what I am guessing. Still we can only guess and not make any statement.

Currently crypto is being taken mainstream and therefore the regulation will come soon. Then we can decide how we tackle it.

Government wants to tax it's users whenever possible. So they would not ban bitcoin unlike some countries have done. With a huge number of users using bitcoin the number of taxable users is also huge.

nakamura12

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Quote from: Agbe on March 24, 2022, 05:50:20 PM

Yes, government is to create enabling environment for public and private business activities.

This enabling environment refers to the policies of the government which will allow individuals to do business and pay taxes to the government.

So adopting crypto Currency and regulating it to favour the citizens will also assist and help the government to develop the State and the international system.

USA and British adopt Crypto currency and regulate it for the citizens to use and set up a tax force committee to collect tax from those that are using the currency for transactions.

Conclusively, since crypto currency is a digital currency and anonymous, the central bank of a Nation can't stop the uses but can regulate it for the benefit of it.

This already happen in my country where the central bank regulated the crypto exchange/wallet. It seems they even add more cryptocurrencies that you can buy and sell. At first, it was just btc, eth, bch and xrp that time but now there are more crypto in their list even NFT ones. Though there's binance but theirs are much easy to navigate and use though their platform is not non-custodial so I don't own the private keys or seed phrase though I could still use their exchange/wallet platform like I own the wallet PK or seed phrase and can convert crypto to fiat.

Sled

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

Strict regulations will certainly come in the future and I believe this was the only way to stop the spread of crypto scams and fraud. But this has never been an easy job for the authorities who are in charge of this as for sure they will also face an act of opposition and questions. As for me, it wasn't a problem if the market had been regulated at least, our money and our investment are safe and we can assure that the future of investment been secured.

https://www.nasdaq.com/articles/the-need-for-crypto-clarity-and-the-regulatory-path-forward
It is probably we are going there, Regulation.

Agbe

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Yes, government is to create enabling environment for public and private business activities.

This enabling environment refers to the policies of the government which will allow individuals to do business and pay taxes to the government.

So adopting crypto Currency and regulating it to favour the citizens will also assist and help the government to develop the State and the international system.

USA and British adopt Crypto currency and regulate it for the citizens to use and set up a tax force committee to collect tax from those that are using the currency for transactions.

Conclusively, since crypto currency is a digital currency and anonymous, the central bank of a Nation can't stop the uses but can regulate it for the benefit of it.

ShowOff

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Quote from: Abiky on March 24, 2022, 09:10:55 AM

Governments are known to spread fear in order to get what they want. The more people use Bitcoin, the less power/control the government will have over people's money. That's why regulations in some countries are strict in order to scare away as many people as possible. As you've said before, governments will only be able to regulate centralized exchanges and other service providers. But they won't be able to do the same with decentralized alternatives.

Yes, it is nonsense when they twist the facts by saying that the centralized fiat financial system is better than the decentralized financial system we have with bitcoin.

The government's fear of a decentralized financial system is based on the possible weak use of their centralized financial system by the public. Many people will switch to better, more efficient, faster and more secure systems like bitcoin. That will be the reason why they are afraid and as a preventive measure, regulation is the way out. Restricting its use as legal tender is more likely to be enforced than completely banning it. The government also knows there are big advantages of cryptocurrencies to increase state revenues.

Markinzo

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Regulations is one key factor that gives a meaning and order to any system. so regulating the Bitcoin world, it's a necessity for any meaningful government that holds it's citizens welfare at heart, but the decentralized system shouldn't be tampered with in the course of such regulation. Very important.

bustabitsboy

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Of course, a huge amount of digital currency can give a huge amount of tax payments for a country. It is normal that the government wants to legislate and try to control the cryptocurrency market. The turnover of the cryptocurrency will be subject to the general rules of taxation, and it is difficult to say what will come of it. I want to help my country with even a small share of my wages. But whether the government will organize it correctly, no one knows.

Abiky

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Quote from: goldkingcoiner on March 23, 2022, 02:13:09 PM

You need to start thinking more positive. I understand that the government is imposing and scary and will do their outright best to scare people into a neat line. But the truth is, Bitcoin is not something they will ever be able to regulate. Not entirely. They can regulate centralised businesses and exchanges that work with Bitcoin. They can easily do that. But centralised platforms are the wrong way to go. Always remember: Not your keys, not your coins. Keep your coins away from your identity and third party wallets. And be sure to keep good OPSEC.

That way, nobody can find out about or control the Bitcoins in your wallet.

Governments are known to spread fear in order to get what they want. The more people use Bitcoin, the less power/control the government will have over people's money. That's why regulations in some countries are strict in order to scare away as many people as possible. As you've said before, governments will only be able to regulate centralized exchanges and other service providers. But they won't be able to do the same with decentralized alternatives.

If you're smart, you'd avoid anything that requires KYC/AML. Not only you'll be able to preserve your privacy/anonymity, but you'll also be helping crypto reach its fullest potential. Most people don't know that it's possible to get access to Bitcoin in a completely decentralized manner (decentralized exchanges, atomic swaps, etc), so tightening regulations will only decrease mainstream adoption in the long run. I wouldn't worry about regulations as long as decentralization/censorship-resistance is preserved. Just my thoughts Grin

carlfebz2

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Quote from: goldkingcoiner on March 23, 2022, 02:13:09 PM

Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

You need to start thinking more positive. I understand that the government is imposing and scary and will do their outright best to scare people into a neat line. But the truth is, Bitcoin is not something they will ever be able to regulate. Not entirely. They can regulate centralised businesses and exchanges that work with Bitcoin. They can easily do that. But centralised platforms are the wrong way to go. Always remember: Not your keys, not your coins. Keep your coins away from your identity and third party wallets. And be sure to keep good OPSEC.

That way, nobody can find out about or control the Bitcoins in your wallet.

They couldnt do it literally thats why they would really be going after on platforms or businesses who do attached out with crypto thats on the time they would really be having involvement.

We've seen that government does really love to tax everything and wont really be tending to let it pass into those people who do earn here on crypto space and as for speaking with
popularity and recognition then crypto is really heading there even though government wouldnt be regulating or take involvement.

Topic: Regulation seem like the only option left - page 4. (Read 1066 times)