Topic: What does Regulation really means? (Read 231 times)
Thank you for your replies. I really appreciate it, to be honest I already sent some of your statements to the guy who asked me about it. He told me that I shouldn't bother but I feel responsible for what happened.
We can't blame government in country wanted regulation. Because that is their right to protect their people from a different scheme that happened in crypto space. We can't deny the fact that most crimes are in cryptocurrency and now it still kept increasing the number of victims either company or a single person. But we are still lucky that the government had no full power to control Bitcoin.
Government wanted full control from both sides, they've wanted to make sure that this system will not overpower the current financial system of their jurisdiction and other from that they also wanted to make sure that illegal things will not harmed their people knowing the nature of this market they need to make sure that they've got power over anything that sorround crypto currency. 
~snip~
I think it is a complex issue, but if it is regulated by the country it is because obviously you want to get your good slice out of there, cryptocurrencies and bitcoin were created with the purpose that no third party had control, but the same people owned their own Money, even if they try to control, there are privacy currencies that offer anonymity, it is a way to break those prohibitions, normally people are already showing irreverent to the mandates of governments and banks.
We can't blame government in country wanted regulation. Because that is their right to protect their people from a different scheme that happened in crypto space. We can't deny the fact that most crimes are in cryptocurrency and now it still kept increasing the number of victims either company or a single person. But we are still lucky that the government had no full power to control Bitcoin.
Yes it is their duty to protect their citizens and men because the government just want the security of their mens but the thing is they are not foreseeing the good advantage and the good side of the cryptocurrency in which they are just seeing the bad side of it, yes it is their duty but the thing is they are not giving some chance to think about the good and positive side of bitcoin. Yes even now there are so much crime that are happening in the crypto space there are fraud that is happening and we can't deny that fact but what if they will do something to prevent this kind of problem so that it may help to regulate cryptocurrency. 
So if a cryptocurrency is regulated in a country, does that protect the citizens that are using it? or they just allow the usage of it in the country? I will lock this after I got a satisfying answer. Thank you.
I think there are many things that should be specified here. For one, does the regulation protect people in which ways? If one loses the private key, even if cryptos are regulated in this country nothing can be done. A scam is a tricker thing. Sometimes scammers in countries that regulate cryptos are caught, in other situations, they aren't. But I believe that sometimes they're caught even if cryptos aren't regulated (because a scam is a scam). It depends on the case, the judge, and the legislation system. Finally, regulations can be different! Some might just allow to use cryptocurrencies and specify some requirements and circumstances, others might go deeper than that. In the end, I think that the answer is 'it depends', but it's more likely that people are protected when there are regulations than when there aren't any. 
We can't blame government in country wanted regulation. Because that is their right to protect their people from a different scheme that happened in crypto space. We can't deny the fact that most crimes are in cryptocurrency and now it still kept increasing the number of victims either company or a single person. But we are still lucky that the government had no full power to control Bitcoin.
So if a cryptocurrency is regulated in a country, does that protect the citizens that are using it? or they just allow the usage of it in the country? I will lock this after I got a satisfying answer. Thank you.
Can you imagine if you live in a country who ban cryptocurrency, will you still comfortable when using them? I guess you will not comfortable when you using them. Also when there is a country who ban bitcoin, do you expect there new user poping up? And an exchange who will allowed you to exchange crypto to money fiat and money fiat to crypto? Without those things you will leave cryptocurrency slowly because I will bet you use cryptocurrency is not for payment transaction right? More then that you have seen that cryptocurrency are investment place, and you will need an exchange that you can exchange to money fiat and otherwise. That is the function of regulation, you just need your government have accepted cryptocurrency being a traded only not just for payment system and you will be comfortable when yoh use them. 
Regulation by definition itself means that a set of rules are being applied on something.
It can be taken in a positive as well as negative way. For some regulation means that the government is restricting us and applying limitations on something.
For some regulation means that the thing is approved by the government and hence is under government influence which acts like kind of a protection/authorized entity.
It all depends on how the country takes the regulation.
It can be taken in a positive as well as negative way. For some regulation means that the government is restricting us and applying limitations on something.
For some regulation means that the thing is approved by the government and hence is under government influence which acts like kind of a protection/authorized entity.
It all depends on how the country takes the regulation.
It will help to protect the citizens,
But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
Indeed, if a government put a regulation on using crypto then I might say that it is good but also "a little bad" at the same time. It is good in a sense that such act helps us to get more secured, you are right. However, for me it is no longer called decentralized since there is already in control. Our move is not monitored which kind of intimidating for me But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
(you're right on that context as well). But the question is, which weighs heavier? If I will be asked, getting regulation is not a must because I think it will be the same. Having a regulation doesn't mean that we will now be 100% free from fraudsters, so what's the big difference of it from not having one? I just like bitcoin on how it is today.
So if a cryptocurrency is regulated in a country, does that protect the citizens that are using it? or they just allow the usage of it in the country? I will lock this after I got a satisfying answer. Thank you.
It will help to protect the citizens,
But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
Indeed, if a government put a regulation on using crypto then I might say that it is good but also "a little bad" at the same time. It is good in a sense that such act helps us to get more secured, you are right. However, for me it is no longer called decentralized since there is already in control. Our move is not monitored which kind of intimidating for me But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
(you're right on that context as well). But the question is, which weighs heavier? If I will be asked, getting regulation is not a must because I think it will be the same. Having a regulation doesn't mean that we will now be 100% free from fraudsters, so what's the big difference of it from not having one? It will help to protect the citizens,
But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
Indeed, if a government put a regulation on using crypto then I might say that it is good but also "a little bad" at the same time. It is good in a sense that such act helps us to get more secured, you are right. However, for me it is no longer called decentralized since there is already in control. Our move is not monitored which kind of intimidating for me But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
(you're right on that context as well). But the question is, which weighs heavier? If I will be asked, getting regulation is not a must because I think it will be the same. Having a regulation doesn't mean that we will now be 100% free from fraudsters, so what's the big difference of it from not having one? 
It will help to protect the citizens,
But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
But it doesn't mean that every user is 100% safe from hacking/scams. Also, if regulation will come, the real purpose of crypto which is decentralization, will be put to waste. Though, regulation may help to increase or to boost the usage of crypto in each and every country around the world. However, as I have said, regulation will bypass the decentralization which is one factor why we are using it.
Regulation as I understand is just the freedom to operate in the legislated country, and so long as that's lawfully allowed in that country, when a profit is made from your trade or crypto activities, one should add that to their tax, the opposite is also true for a loss. Most people, however, tend to apply this only when cashing out as only then the transactions will be traceable through the owner's bank account (sure, this can be avoided if cash is taken out straight away).
However, as far as regulations go in the space of crypto, it does not protect either person on either end, buying or selling, and this is because these putative fraudulent activities are embedded, if you like, on the blockchain. And so because of the complexity of the blockchain technology, thus far the government has not created an infrastructure whereby they're able to provide any form of protection.
In other words, all the legislation allows you to do is to use crypto in whichever way you want and when profit is derived from it this should be declared but that's yet, it doesn't extend any further than that.
However, as far as regulations go in the space of crypto, it does not protect either person on either end, buying or selling, and this is because these putative fraudulent activities are embedded, if you like, on the blockchain. And so because of the complexity of the blockchain technology, thus far the government has not created an infrastructure whereby they're able to provide any form of protection.
In other words, all the legislation allows you to do is to use crypto in whichever way you want and when profit is derived from it this should be declared but that's yet, it doesn't extend any further than that.
Just in case the government will revise the code, I guess they must also consider the citizens that are using it and at least help them liquidate their assets before the code is being revised in a legal way. They must inform and provide timeframes before they revise the law so the people who are use cryptocurrencies are well informed, well agreed and will provide cooperations.
It really is sad to find Bitcoin being regulated. Its purpose is slowly being dead and the cryptocurrencies have received the attractions from the government, enough for the government to notice it and control it. It's a government responsibility to protect their people from a bad thing.
Revising the source code of bitcoins to start regulating them might not be possible. The code has already been written and bitcoins already are been deployed on the same code. If the government needs to revise the code than they would actually need to generate a entirely new bitcoins which would be easy to track and would make things easier for the government but if this ever happens than this newly created bitcoins would possess entirely opposite characteristics than the real bitcoins. This would actually ruin the system.It really is sad to find Bitcoin being regulated. Its purpose is slowly being dead and the cryptocurrencies have received the attractions from the government, enough for the government to notice it and control it. It's a government responsibility to protect their people from a bad thing.
Moreover, the governments are even now trying to protect their people by banning bitcoins. This is not what we all want so let it be as it is going on since the year 2009.
Well, obviously. As crypto currencies are being adopted, the government will be making policies on how it will be used in their country and how should it be beneficial to the country and to them as well. I don't know specifically how they would be protecting the people but that will always start on how they would be able to tax bitcoin and that also means strict KYCs and no anonymity which is the worst.
Just in case the government will revise the code, I guess they must also consider the citizens that are using it and at least help them liquidate their assets before the code is being revised in a legal way. They must inform and provide timeframes before they revise the law so the people who are use cryptocurrencies are well informed, well agreed and will provide cooperations.
It really is sad to find Bitcoin being regulated. Its purpose is slowly being dead and the cryptocurrencies have received the attractions from the government, enough for the government to notice it and control it. It's a government responsibility to protect their people from a bad thing.
It really is sad to find Bitcoin being regulated. Its purpose is slowly being dead and the cryptocurrencies have received the attractions from the government, enough for the government to notice it and control it. It's a government responsibility to protect their people from a bad thing.
I don't think that regulations work that way. They don't really protect people. It's just for the government to know what's what. And isn't the whole point of crypto to be your own bank and be responsible for everything yourself?
I think it depends on how each countries want to practice their own cryptocurrency regulations. Some might even go as far to collecting identity of the user and buyer. This is why some cryptocurrency users don't like the idea of regulation. Thus, regulations can come in different ways, yet, it's still beneficially and protects every crypto users.
Moreover, crypto transactions can be tracked, in cases of hacks and scams. It just takes time and lots of work. Here an article that explains better: https://www.google.com/amp/s/www.technologyreview.com/s/610807/sitting-with-the-cyber-sleuths-who-track-cryptocurrency-criminals/amp/
Moreover, crypto transactions can be tracked, in cases of hacks and scams. It just takes time and lots of work. Here an article that explains better: https://www.google.com/amp/s/www.technologyreview.com/s/610807/sitting-with-the-cyber-sleuths-who-track-cryptocurrency-criminals/amp/
Regulation is indeed can protect the investors from fraudulent attacks, but regulation means total transparency and eliminates the anonymity feature of cryptocurrency, which contradicts the idea of Bitcoin's decentralized property.
Both the investors and the government can benefit from the regulation as long as there are no corrupt officials sitting in the office, since taxation is of the common source of corruption.
Both the investors and the government can benefit from the regulation as long as there are no corrupt officials sitting in the office, since taxation is of the common source of corruption.
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