I question that our current anti-money laundering laws have a net positive impact on the number of victims. When this woman couldn't get $150 to her son for his baby's diapers, did a drug kingpin die?
A victim is a victim, regardless of whether that victim has a needle shoved in their arm against their will, or a regulation impairing their ability to live freely and take care of themselves and those they love. The difference is that when it is the government of a democratic society doing the victimizing, we are all responsible.
Topic: Some thoughts on Bitcoin regulation... - page 2. (Read 1741 times)
One question:
How are money regulation rules going to stop money laundering?
Anyone who wants to launder / legalise their money via bitcoin, if they are competent enough, will simply continue find a way.
Same way they do now, with cash.
How are money regulation rules going to stop money laundering?
Anyone who wants to launder / legalise their money via bitcoin, if they are competent enough, will simply continue find a way.
Same way they do now, with cash.
As an anarch-capitalist, i don't want anyone saying what i must or not do with my money, neither explain each of my cents source. I'm a honest and polite citizen, but the government have many other ways to detect and arrest criminals, this is not made only by the money trail, and this have been the main question/excuse against bitcoin. Authorities can catch all criminals, by their actions/ways of communications and using intelligence, the money have been always the 'excuse', because through money they can keep the bankers and politics in the same place of always, and then, never will change.
Now is our chance, and we must not throw it in the trash.
Now is our chance, and we must not throw it in the trash.
Couldnt agree more!
Now as the technology evolves, and BTC becomes more mainstream, I could see a time where we could care less and less about regulation. But as of right now, no way to get around it! As long as fiat currency is involved, so will be the regulators...
Now as the technology evolves, and BTC becomes more mainstream, I could see a time where we could care less and less about regulation. But as of right now, no way to get around it! As long as fiat currency is involved, so will be the regulators...
Quote
regulation is inevitable.
the community has two choices:
1. be at the table.
2. or be on the menu.
the community has two choices:
1. be at the table.
2. or be on the menu.
3. Work in the kitchen.
I realise there are bitcoin users who are libertarians or crypto-anarchists, and they tend to reject all regulation. They seem to desire that bitcoin forever remain underground. Or, if any of them ever think regulation is a good thing, it would only be because they believe any attempted regulation of Bitcoin would ultimately serve to drive Bitcoin further underground, where they want it to stay. Until of course the global revolution, when it can go mainstream because mainstream will then mean mainstream in a new world order of decentralized everything?
That's one view... but it certainly isn't mine.
Ideologically, I do see dangers in centralised power structures and hierarchical authorities. But I see benefits there too, provided sufficient checks and balances are in place to help curb abuse of power. No system will prevent or catch all abuses. There's no perfect system.
I want Bitcoin to go mainstream, for the benefits it offers people as a free payment system. The Bitcoin decentralized network and the way it's possible to trust it because of how it's set up is a really clever computer science invention. But I don't deny a role in society to centralised authority as well. I don't see the two as mutually exclusive.
But whatever your political ideology, I think we have to face the fact that Bitcoin is not going to go mainstream without going through a process of regulation. Mainstream Bitcoin means regulated Bitcoin. That need not break the benefits of Bitcoin if it's done carefully.
Governments have a legitimate interest in curbing money laundering, because of the crime that is facilitated by such money laundering. Yes, I know the worst culprits in terms of scale are the banks who are too big to fail, and too big to jail. And yes, it is hypocritical of authorities to go after the small time Bitcoin money launderer, but give a free pass to the major bankster money launderer. But the ideal solution is not to give a free pass to both, it's to go after both with the full force of the law.
If Bitcoin regulation is tuned appropriately, I think regulation could be a very positive development. I think it's important that Bitcoiners who aren't crypto-anarchists are willing to engage in the process of helping authorities to appropriately regulate Bitcoin.
Maybe some of you want to use Bitcoin to buy drugs or worse, but I don't, and I don't think the majority of people who've currently never heard of Bitcoin and who currently use cards and cash to pay for things are wanting a way to buy heroin or hire a hitman and so on. Those regular people buying everyday things are people I would like to see using Bitcoin, to pay for all the regular everyday stuff they currently use inconvenient cash and expensive cards for. Along with all the unbanked people in the developing world who are currently excluded.
I personally was very encouraged to watch the recent NY DFS Bitcoin hearings. I got the impression that the man apparently in the driving seat of that process is really quite enlightened and is genuinely looking to find a way of achieving necessary law-enforcement goals without crushing Bitcoin in the process. He's trying to find a win-win solution if he can, and (not being a crypto-anarchist) I think such a solution is possible. That possible outcome is, I think, more likely if Bitcoiners co-operate with authorities over regulation.
It remains to be seen how regulation in NY actually turns out.
But in principle I want to see Bitcoin (appropriately) regulated, it will give it a major boost towards going mainstream, where it will benefit everyone. Except the currently overpaid chief banksters of course
Any comments?
That's one view... but it certainly isn't mine.
Ideologically, I do see dangers in centralised power structures and hierarchical authorities. But I see benefits there too, provided sufficient checks and balances are in place to help curb abuse of power. No system will prevent or catch all abuses. There's no perfect system.
I want Bitcoin to go mainstream, for the benefits it offers people as a free payment system. The Bitcoin decentralized network and the way it's possible to trust it because of how it's set up is a really clever computer science invention. But I don't deny a role in society to centralised authority as well. I don't see the two as mutually exclusive.
But whatever your political ideology, I think we have to face the fact that Bitcoin is not going to go mainstream without going through a process of regulation. Mainstream Bitcoin means regulated Bitcoin. That need not break the benefits of Bitcoin if it's done carefully.
Governments have a legitimate interest in curbing money laundering, because of the crime that is facilitated by such money laundering. Yes, I know the worst culprits in terms of scale are the banks who are too big to fail, and too big to jail. And yes, it is hypocritical of authorities to go after the small time Bitcoin money launderer, but give a free pass to the major bankster money launderer. But the ideal solution is not to give a free pass to both, it's to go after both with the full force of the law.
If Bitcoin regulation is tuned appropriately, I think regulation could be a very positive development. I think it's important that Bitcoiners who aren't crypto-anarchists are willing to engage in the process of helping authorities to appropriately regulate Bitcoin.
Maybe some of you want to use Bitcoin to buy drugs or worse, but I don't, and I don't think the majority of people who've currently never heard of Bitcoin and who currently use cards and cash to pay for things are wanting a way to buy heroin or hire a hitman and so on. Those regular people buying everyday things are people I would like to see using Bitcoin, to pay for all the regular everyday stuff they currently use inconvenient cash and expensive cards for. Along with all the unbanked people in the developing world who are currently excluded.
I personally was very encouraged to watch the recent NY DFS Bitcoin hearings. I got the impression that the man apparently in the driving seat of that process is really quite enlightened and is genuinely looking to find a way of achieving necessary law-enforcement goals without crushing Bitcoin in the process. He's trying to find a win-win solution if he can, and (not being a crypto-anarchist) I think such a solution is possible. That possible outcome is, I think, more likely if Bitcoiners co-operate with authorities over regulation.
It remains to be seen how regulation in NY actually turns out.
But in principle I want to see Bitcoin (appropriately) regulated, it will give it a major boost towards going mainstream, where it will benefit everyone. Except the currently overpaid chief banksters of course
Any comments?
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