US BITCOIN REGULATION "FOR" or "AGAINST" - page 7.

BCB

vip

Activity: 1078

Merit: 1002

BCJ

Quote from: hmmmstrange on June 29, 2013, 09:12:30 AM

Why not have bitcoin regulate the banks that want to do business with bitcoin?

A good project for the bitcoin foundation would be to regulate banks. Maybe start with a set of guidelines for the banks who want to engage in BTC transmitting, making sure that transfers between BTC and fiat are sudo anonymous.

That is a GREAT idea. Unfortunately the Banks and the Regulators currently control the legacy fiat financial system. The Bitcoin Foundation is currently making efforts to engage and education the legislators and regulators so that maybe in the future we can affect what you are suggesting.

Bitcoin is still a DEVELOPMENTAL protocol. There is not reason that as the protocol evolves that it can not meet the needs of maintain our financial privacy while assistant governments in keeping illicit funds out of the system.

I am not a developer nor a technologist, and I have no idea if or how that could happen but unless we figure out how to legally interface with the fiat banking system, Bitcoin will end up like E-Gold and Liberty Reserve.

hmmmstrange

hero member

Activity: 669

Merit: 500

Why not have bitcoin regulate the banks that want to do business with bitcoin?

A good project for the bitcoin foundation would be to regulate banks. Maybe start with a set of guidelines for the banks who want to engage in BTC transmitting, making sure that transfers between BTC and fiat are sudo anonymous.

CasinoBit

sr. member

Activity: 364

Merit: 250

Lol, BITCOIN?! REGULATED?! It's only worth anything because people are fed up with USD, why turn Bitcoins into USD?

TheKoziTwo

legendary

Activity: 1552

Merit: 1047

People who believe bitcoin should be regulated should just go back to use e-gold. It's fully legit now, maybe thats why nobody uses it.

BCB

vip

Activity: 1078

Merit: 1002

BCJ

Quote from: DannyM on June 29, 2013, 08:31:24 AM

USA is illegal.

What country are you from?

DannyM

sr. member

Activity: 276

Merit: 250

USA is illegal.

BCB

vip

Activity: 1078

Merit: 1002

BCJ

Just to add a point a clairty. The US government doesn't HATE liberty reserve or Bitcoin.

What the US government is concerned about is allowing Liberty Reserve or Bitcoin to be a conduit for illicit funds used for things like Money Laundering, Terrorist Financing and Kiddie Porn.

Another case in point. The US government will also hold YOU responsible if you allow these type of funds into the system.

Just ask the guys who ran Liberty Reserve or E-Gold. Kim Dotcom is a similar situation. The US Goverment's complaint was that he was allowing his system to be used for illegal activity.

Now the fact of whether these actions were excessive or over-reach are another point to be discussed.

But the fundamental issues is that if you trade in illicit funds whether as a user or an exchanger etc, The US government considers you just as guilty as the perpetrators of those crimes that generated those illicit funds.

Financial Privacy is understandable and acceptable and should be everyone's right. Total anonymity is the financial system and even in bitcoin is the problem. Turning a blind eye to it still doesn't make it acceptable.

threeip

full member

Activity: 154

Merit: 100

Quote

On 5 January 2012, indictments were filed in Virginia in the United States against Dotcom and other company executives with crimes related to online piracy, including racketeering, conspiring to commit copyright infringement, and conspiring to commit money laundering.
Two weeks later (20 January), Kim Dotcom, Finn Batato, Mathias Ortmann and Bram van der Kolk were arrested in Coatesville, Auckland, New Zealand, by New Zealand Police, in an armed raid on Dotcom's house involving 76 officers and two helicopters.

Box gets ticked in US, raid happens in NZ. Maybe their domain was purchased from a US company or something, i don't know.

threeip

full member

Activity: 154

Merit: 100

Quote from: ?? on ??

Agreed, but my point is that because a website or business is in a different country in no way means the USA cant shut them down.

Megauploads found that out the hard way.

They were in New Zealand I believe, maybe Australia if there's a difference Wink

~BCX~

Mega are in NZ.

The US can shut down who they wish (even flying marines into foreign nations if they have to).

franky1 may have a point though - if LR didn't deal with USD, could the USA act? Probably, if they were actually laundering money or dealing weapons.

Viceroy

hero member

Activity: 924

Merit: 501

Liberty reserve appears to have done much worse things than launder money, like *allegedly* run a child pornography ring.

hashkey

sr. member

Activity: 336

Merit: 250

Philippines, Against

Bitcoin IMO is not compatible with regulation. Regulation would just make the use of Bitcoin more complicated and raise the boundaries for its users. Though its inevitable for bitcoin users to be a catalyst for funding evil entities, I hope one day, users would be educated on how to protect and manage their bitcoins well, by joining a trust community like the #bitcoin-otc Web Of Trust (WoT).

Viceroy

hero member

Activity: 924

Merit: 501

Quote from: bit777 on June 28, 2013, 01:44:06 PM

FOR. This will give tremendous growth to bitcoin.

+1

Evidenced by how much the US economy grew once the SEC regulators started regulating in 1933.

sturle

legendary

Activity: 1437

Merit: 1002

https://bitmynt.no

Quote from: BCB on June 28, 2013, 12:33:24 PM

Please vote and state your home country, and your opinion "for" or "against" US bitcoin regulation here.

In what way does this vote make any sense? US isn't going to regulate Bitcoin, in the same way the US isn't going to regulate EUR or GBP. Economic activity involving currencies, goods and commodities are regulated. Bitcoin is no exception.

Bitcoin is probably the most regulated currency of all to begin with. The regulations in place for limiting supply, validating transactions, etc, are very strict and unchangeable. Much stricter than for any fiat currency, and this is the main reason for Bitcoin's success.

chmod755

legendary

Activity: 1554

Merit: 1021

Austria, it depends on the type of regulation. If it affects bitcoin / fiat currency I don't really care, if it affects bitcoin / product or service I'd move to a country where this is not the case.

Explodicle

hero member

Activity: 950

Merit: 1001

Quote from: Viceroy on June 28, 2013, 01:29:48 PM

I am unaware of anything requiring you to use a real estate agent. However if I choose to use one I would prefer that agent is registered trained and bonded to protect my interest. You guys want anarchy, I prefer stability.

Why not just opt in to stable systems, or restrict your realator search to registered/bonded realators? I like stability too, but I don't think it's our place to restrict other people's choices regarding their own property.

Do you think the USA banking sector is well regulated, stable, and fair? What about gold-backed currency regulation?

blockgenesis

sr. member

Activity: 285

Merit: 250

Bitcoin.org maintainer

Nobody ask for regulations, they come to you.

Nobody like regulations, but any serious business must either comply or be shut down. Edit : (And Bitcoin is not a business, but there are Bitcoin businesses)

..So, I wonder what can be relevant in that question. Being "For" or "Against" regulations does strictly nothing.

bit777

sr. member

Activity: 420

Merit: 250

FOR. This will give tremendous growth to bitcoin.

threeip

full member

Activity: 154

Merit: 100

Quote from: QuestionAuthority on June 28, 2013, 01:31:46 PM

Who would ever want to be controlled.

25% so far? I should be shocked....

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

I voted for as a protest to a ridiculous poll. Who would ever want to be controlled. As a kid did you want your parents telling you what to do? If your married do you want your wife telling you what to do? As an employee do you want your boss telling you what to do?

Change the poll to reflect reality. Do you believe regulation will cripple Bitcoin and if you do how should we change that? Do you believe upcoming regulations will be favorable or unfavorable? Do you believe legislators will try to understand Bitcoin while forming new regulations - yes or no?

Viceroy

hero member

Activity: 924

Merit: 501

I am unaware of anything requiring you to use a real estate agent. However if I choose to use one I would prefer that agent is registered trained and bonded to protect my interest. You guys want anarchy, I prefer stability.

Topic: US BITCOIN REGULATION "FOR" or "AGAINST" - page 7. (Read 6304 times)