Topic: REGULATIONS - A boon or a tale of woe? - page 2. (Read 695 times)

if we think crypto / bitcoin will be like USD then what will happen is that bitcoin is worth stabilizing without a high increase, this in my opinion will reduce the interest of big traders to bitcoin, government regulation will be a bitcoin value like fiat money which can be controlled by the government itself that's just my personal thought

Regulation of cryptocurrencies is something that can't be kept at bay for any long, it's must take effect very soon and as it stands now it seems to be unavailable. The regulation will leadto bigger adoption, taking Bitcoin mainstream amd bringing in so many institutional investors and other bigger players.

I think regulation is inevitable. Every time there's a threat of some goverment cracking down on Bitcoin, Bitcoin drops in price (I'm specifically thinking about the FUD coming from China around 1.5 years ago).
And since it's inevitable, it's better to get it over with so the FUD stops and Bitcoin can continue to mature. If you want privacy and anonymity, you'll have to guard yourself from government anyway.

Futuristic? Really?
They had more than 8 years (if I'm not wrong, BTC recently turned 10 which means crypto world can now be said to have crossed a decade) to learn and understand, research as well as measure the risks and positive as well as negative sides of crypto, why are they interfering now only when everything has already been set up and they're only trying to show that they did this for us and that we're nothing and/or go nowhere without regulations?



Do you really think they're going to do everything for your and my good? No, they are going to do everything for their own good as it's their business, yeah I said that right that it's their business to present it that they are helping us in order to have the supremacy maintained because that's when people like us will say that "Our government is too good they're understanding what we're trying to convince them for".

Nothing can stop regulations especially with the view of protecting the investing public from people who can just be using the cryptocurrency platform in order to exploit other people. This can be debatable yes but if we have to move forward and regain back the trust and confidence of the public there is a big need for some regulations. The regulations I am talking about should not meant to kill the industry but make things fairer and more transparent. Again, that can also be very debatable but cryptocurrency could not live in a bubble or an island all to its own...we have to face reality and should build on the lessons of the past many years.

who is supposed to regulate? the corruption of the cryptofounders? like its currently the case?

crypto is anti state, anti police, anti government, anti regulated banks, so how can it be regulated, even if there is a regulation (corruption), sharia law, it still doesnt make it something universally trustworthy

No! Your thoughts are worth more than $2million! This is exactly my position and I always equate the good regulation would do to the crypto industry borrowing a leaf from the Forex Trading industry. Regulation will help instill discipline and sanity and confidence and security into this crypto sector once it happens. And this will expectedly push demand and price value up.

In Bitcoin, a constant expectation is created as I do not understand. And these expectations are not pricing. The expectation created through the ETF for months was completely wasted.
We are now forced to focus on BAKKT. BAKKT will not bring any price increase.

You ask why?

Simple! The purpose of the introduction of this type of platforms, including BAKKT, is to fully profit. The purpose of making profit is not to benefit the market. There is a saying in my country. "CASHIER ALWAYS WINS!"

in short
pro for regulation people
1: "price rise. let loads of people in so i can exit and return to fiat as a millionaire" (facepalm)

con for regulation
1: unbanked need a bank,
2: need an ID,
3: need minimum deposit to cover the fee's of regulated custodians labour and insurances
4: upper limits of withdrawals
5: risk of funds bing frozen simply because you want all your funds out in one go
6: have to be questioned why you want your funds out
7: extra bureaocracy and big costs for people who want to start businesses
8: it doesnt put custodians in prison
9: it only inprisons custodians who didnt register and pay regulators fee's
10: scammers still scam but can now just say they are bankrupt
11: people cant freely use funds for any purpose anywhere any time. they have to obide by laws

..
im all for things like 'consumer protection' laws that can help identify custodians and actually let victims of malicious custodians get a fair and available route to redress/compensation. but regulations is not actually consumer protection.
regulation is to turn custodians into police police to monitor and control its customers

I am more or less interested in this statement. Actually the fact is Government has always been slowest decision maker, but that is for a reason. For example : They may need to think very much futuristic, that is they need to predict what may go right and wrong if they do allow such non-conventional system to take over the current traditional banking sectors.

That may be the reason they are not allowing such institutions to take effect immediately. Think about the G20 summit and countries involved! Why do you think they are even having so many meet ups on crypto currency matter?

May be everyone is trying to set up and plan a system that will be well regulated for the sake of banks and crypto as well.

Merchants have still been using it, allowing it even before any legality and regulations were ever discussed before, that 10k BTC pizza was bought when nothing was being regulated.


The country you're talking about, is the country I live in. I believe that most people in our Government have got poops in their minds and based on their own stupid analogies, they're giving silly statements that BTC is ponzi, BTC is too volatile to be regulated, etc. Now, when they are seeing that too much money can be made through this investment (though risky, but still highly rewarding) and they can either put people in jail for various unreasonable reasons or take huge taxes over gains from this, they're now going to regulate these markets. Tell me, why the heck were they stopping everything (including banks) from dealing with crypto-related exchanges? And what's the guarantee that after taking a full hold of everyone's finances in crypto space, they won't stop everything once again and take back everything from us when BTC would once again be at its new peak?

Well it's legality of course can determine whether we can go forward or not since crypto won't survive being illegalized. Those smaller regulations i think would help in securing that legality. Yeah there won't be any safety from hackers and scammers but it'll at least bring confidence to new investors.

Read more about the 2018 news summary that covers the crypto space!

https://coincodex.com/article/2819/2018-crypto-year-in-review/

When it comes to regulations,I only care about one thing.Are cryptocurrencies legal in the big jurisdictions.
This is the only important regulation we need.All the other regulations,such as KYC policies are kinda pointless, if you ask me.A KYC policy won't stop the scammers from scamming the naive people.

It is good for some point until the government pulls the trigger and do some random, weird stuff that will remind us that not everything legal translates to positive things. For now, Bakkt's launch is delayed by the CFTC, and there isn't a time-frame to which they'd be able to do a full launch. I don't mind having a mix of government, capitalists
 and crypto as long as crypto doesn't lose its identity and its supposed task. But from the looks of it, it seems that crypto is slowly losing sight of its roots ever since capitalists and governments set foot on the crypto ecosystem.

Volatility is not the only fear for the merchants for sure! It's just one of the many factors that is discouraging merchants to accept cryptos. The main reason is the absence of legal regulation in their jurisdiction. Majority of the merchants and store owners are legal entities and they just don't want to indulge into something which is not legal in their jurisdiction.

Like in my country, the finance ministry stated that "cryptocurrencies will not be considered as a legal tender" and they have also ordered banks to stop providing banking services to any crypto related businesses. This notification resulted some crypto related businesses to move their operations onshore. One prominent example is Zebpay which was one of the most prominent crypto exchanges from my country.

So volatility come later, firstly the options of accepting cryptos as a method of payment should be available through proper regulation. Without regulation, I don't see much hope for cryptos to be accepted by merchants worldwide. 

Regulation is not part of satoshi's vision but for mass adoption it will be needed in developed countries. Bakkt will help investors jump on board, and allow large retailers to accept it as a form of payment

I understand the fact you're trying to explain here, but if we assume based on the dump itself, there must have been a lot of demand from the 20k level till the current 3-4k level range because if it wasn't there, then BTC would have gone straight down to 0 and the value would have ended in grave if and only if there wasn't the demand you're talking about.


You're correct at one stance that when the demand goes down (esp. for the major crypto like BTC, the whole market including alts and tokens as well as ICOs will see a downfall due to the parent crypto falling to the ground levels). But we're talking about regulations here, and with them, I don't really see average people getting any good profits (considering BTC an asset) when everything will go in the hands of Governments and the so-called institutional investors will surely take charge and throw crypto at such a value where such average investors like us won't be able to buy even 0.01 BTC. They are currently playing with the markets making us helpless to sell almost all our stock to them and this is their biggest win, after which they'll start to take the value up because currently, it's the accumulation phase. Come on! BTC has now come in their eyes and it's not a big deal for them to take control.

If you're saying that crypto should be considered as a legal tender and be allowed to hold the name of a currency, then that's not possible due to it's highly volatile nature and uncertain pumps and dumps.


Merchants are already accepting crypto through various different ways and the only fear for those not accepting it is its volatility, the fear of getting dumped. Regulations with futures are making it possible for big dogs to short it and steal away the remaining BTC in smaller wallets to be added to their huge-sized wallets, this makes them more and more powerful and the one and only thing - cryptocurrencies - which can be bought/sold/traded pseudonymously (even anonymously in some cases) over few centralized as well as decentralized exchanges, will then get into the hands of these bigger authorities who will never let us make the correct use of our rights once again.

I really don't like regulation for crypto, I dont like that the governments or banker involve in crypto, but they got power, in ordee to become big we need their permit, if most of the countries banning crypto then the crypto growth could be stuck, if the government doesn't interfere anything then we don't need the etf, bakkt to elevate the price, the investors just need a more secure investment, an insurance that their investment won't suddenly being block

In a real world economy, the price of an asset goes up when the demand increases. The demand increases only when the particular assets is circulated throughout the economy and every parties involved in a transaction want to use that assets.

Lets take an example of USD. Majority of the world trade are done by USD as a transaction medium. That one factor, keeps the demand of USD higher which push its value to remain at the top. Now lets implement the same rule in crypto world.

I personally believe, regulation will be good for the crypto economy because it will increase the adoption rate which will further increase the circulation on bitcoin pushing the demand higher. Remember, I am not referring to over-regulation here. A simple regulation means an acceptance notification notifying cryptos as a legal tender along with  pre-specified tax slabs as per the market standard.

This kind of regulation will actually encourage a lot of online/offline merchants to begin accepting cryptocurrency as a method of payment alongside fiat. It will encourage a lot of people to take their service fees in cryptos. Overall acceptance rate will be increased which will push the demand and circulation to another notch higher. This is one single factor that can drive immense growth in the crypto market for good.

Just my two cents!