What happens if BTC gets regulated? - page 7.

MAbtc

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Quote from: universalresonance on August 24, 2017, 12:55:38 PM

I wonder what will happen if it gets regulated by the government? value would go down? perhaps consolidation?

Overall , what's the general outlook? Obviously, I understand it'll be personal opinion but still. Go ahead and share. I'll get to learn something new.

The general consensus is that regulation means mainstream acceptance and therefore mainstream adoption. So, regulation = moon. As much as I like to be a contrarian trader and trade against the popular sentiment, it's a reasonable take.

Governments left and right seem to be preparing for Bitcoin (and other cryptocurrencies and blockchain tokens) to be a legitimate part of the financial and technology sectors. That means that investors (both public and institutional) can't be all that far behind. Whatever happens in the short term, this technology is here to stay, and money will continue flowing into the ecosystem.

AltcoinAuthority

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Quote from: universalresonance on August 24, 2017, 12:55:38 PM

Hello,

Just read somewhere that BTC is accepted by strippers now? lol

I wonder what will happen if it gets regulated by the government? value would go down? perhaps consolidation?

Overall , what's the general outlook? Obviously, I understand it'll be personal opinion but still. Go ahead and share. I'll get to learn something new.

Even if Bitcoin is used for people that want to tip/pay strippers for their job it doesn’t make that much of a difference from the things that people were buying earlier when Bitcoin was just starting out. Bitcoin was usually the payment of choice when trying to purchase those type of things on Backpage, they probably don’t accept any Bitcoin payments anymore because they’ve removed their escort section.

If Bitcoin got regulated then there would be more people using Bitcoin, the people using Bitcoin could still use Bitcoin and remain anonymous –it doesn’t really matter how people use Bitcoin in that case.

Hamstead

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Quote from: dimastegar on August 24, 2017, 06:30:12 PM

Regulation is only regulation. No matter the government makes regulations for Bitcoin, the Regulation can not tackle the price of Bitcoin. Because, I'm sure the regulation only applies to users.

If government make it regulated, then possible that the government would have a look-out for any transaction be made by users and investors. And it can contribute to price change, a possible of price increase because its highly demand in the market and more trades and investors will come to it.

TheGodFather

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Quote from: OmegaStarScream on August 24, 2017, 01:13:02 PM

Why it would go down? regulating bitcoin will only make the people who are skeptical about it to give it a shot and invest in it, this means more demand and result in a higher price instead. The adult industry (including strippers) was one of the first to accept bitcoin, I believe its only due to the reason on how you can't trace the payments etc. otherwise they would stick to old methods.

If it will be regulated i think that the price will be goes down too. So i more want to bitcoin will not be regulated by anyone and be not regulated by everybody. And if its not be legalize because it will be stop or it will be regulated by them . So i am not into to the bitcoin regulation.

Aratatat

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I do not think that regulation is really possible. If it happens, we will probably see an increase in price and a change of people. Many people will leave because Bitcoin will be less interesting to them. More people will come because Bitcoin will be legitimized.

Immakillya

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Actually it's being regulating now as many people now are involved with bitcoin. Even criminals are using bitcoin because it's the fastest and easiest way to get the payment. Exchanges now are implementing Know Your Customer (KYC) policy which every traders are obliged to provide documents which they will be identified. Even to cash out bitcoin. You have to comply with their regulations. So even bitcoin can't be regulate by government. Government can still regulate it in other way.

What's to be fear about it? If you are not doing anything wrong. Why not follow their policy? You can't escape them and your tax. That's our responsibility as a citizen of a nation. Also it's for our protection because most of unregulated exchanges now are being busted and eventually closed their operations and many users lose their money.

dimastegar

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Regulation is only regulation. No matter the government makes regulations for Bitcoin, the Regulation can not tackle the price of Bitcoin. Because, I'm sure the regulation only applies to users.

OneUnderBridge

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I have not bought any bitcoin yet but if it gets regulated I will definitely buy some because I think the price will explode when that happens. It seems to me that more people would trust the currency and would be buying it which would increase demand and drive an upward price deviation.

LTU_btc

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Quote from: hatshepsut93 on August 24, 2017, 01:32:31 PM

Quote from: universalresonance on August 24, 2017, 12:55:38 PM

Hello,

Just read somewhere that BTC is accepted by strippers now? lol

I wonder what will happen if it gets regulated by the government? value would go down? perhaps consolidation?

Overall , what's the general outlook? Obviously, I understand it'll be personal opinion but still. Go ahead and share. I'll get to learn something new.

It's already regulated - you have to pay taxes when you sell it with profit, popular exchanges follow KYC/AML laws, transactions are being monitored and some of them get traced. The important thing is that Bitcoin should never be regulated from within - we must always check if proposed changes affect decentralization and reject everything that will make Bitcoin more centralized. So far it work, and Bitcoin users have a total freedom of what to do with their coins - either comply with government regulation or avoid them by using unregulated services.

You are right about Bitcoin regulations. Already, in many countries you have to declare income, received from btc, and then pay taxes for it.
Bitcoin by itself hardly can be regulated. But many of bitcoin services are following regulations. And using of not registered and not regulated is abit risky, because it can be shut down by government.

HabBear

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How could they regulate it? The only way the could change it is if they infiltrated the developer team and acquired majority stake of mining, then they could propose a change (i.e., regulation) and have their majority mining adopt it. This wouldn't be fool proof because any change that looks suspicious would be scrutinized and likely outed as government sponsored.

The regulation they can enforce is taxes on income, taxes on investment gains, etc. I suppose they could say it's outlawed, but that would only mean that retailers couldn't accept it for payment and collecting taxes on it would go away...since it would be illegal.

greeklogos

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My fantasy is going crazy right now when I imagine how strippers would take payment in bitcoins for their work! As I know they take just cash during the dance, but how to give them bitcoins if it doesn't has a physical form?! Haha Grin

tavogi.com

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Since bitcoin is decentralized, the only important aspect that can really be regulated is when it's converted to fiat. The worst a government could effectively do is shut down the ability to exchange bitcoin for the national currency. Unless a lot of governments did that at the same time, it couldn't really hurt bitcoin since you'd still be able to use it even in countries where it's regulated and it would retain its value since people in unregulated countries could still convert it to local fiat.

Governments would have to be really stupid to do that though because they'd be killing the blockchain ecosystem in their country and all these startups with so much potential would move to other places.

universalresonance

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LoL so much easier for Pimps to accept payments but so is cash. The flip side is- HUman trafficking and all that would also become easier because cash can be traced to an extent -BTC goes poof.

However, cash needs to be washed, bitcoin doesn't.

Yes, it's regulated to an extent -for example some exchanges-don't allow more than $2k daily withdraw and higher you go -identification proof and what not.

I was talking from the perspective of- what if they step in and say- because BTC is used for so many illegal things- YOU ARE FORBIDDEN from using it. What if that happens? It's stupid but we have seen examples of strong bullying weaker into even wrong direction because they think it's the right direction. (Know what I mean?)

_Dawid_

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I see that now the regulations about BTC are usually little, and are aimed at criminals and all that illegal stuff. So in my opinion this tiny additional rules are necessary.

Another Example of regulations: BTC exchanges in Canada are subject to the anti-money laundering (AML) laws. what's more the exchanges are obliged to register with financial transactions and Reports Analysis Centre (FINTRAC).
So as you can see we have some regulations are in the majority countries.

Beerwizzard

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Quote from: universalresonance on August 24, 2017, 12:55:38 PM

Just read somewhere that BTC is accepted by strippers now? lol

Are they showing you a QR code while performing a private show? Or how it works?

If under regulation you mean anything like regulated emission or smth like that then it won't happen. At least untill bitcoin is decentralized.

hatshepsut93

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Quote from: universalresonance on August 24, 2017, 12:55:38 PM

Hello,

Just read somewhere that BTC is accepted by strippers now? lol

I wonder what will happen if it gets regulated by the government? value would go down? perhaps consolidation?

Overall , what's the general outlook? Obviously, I understand it'll be personal opinion but still. Go ahead and share. I'll get to learn something new.

It's already regulated - you have to pay taxes when you sell it with profit, popular exchanges follow KYC/AML laws, transactions are being monitored and some of them get traced. The important thing is that Bitcoin should never be regulated from within - we must always check if proposed changes affect decentralization and reject everything that will make Bitcoin more centralized. So far it work, and Bitcoin users have a total freedom of what to do with their coins - either comply with government regulation or avoid them by using unregulated services.

maeusi

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How should governments be able to regulate bitcoin? It is a decentralized currency. But governments surely are planning their own cryptocurrencies and also financial institutes.

aleksej996

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Do not trust the government

Quote from: OmegaStarScream on August 24, 2017, 01:13:02 PM

Why it would go down? regulating bitcoin will only make the people who are skeptical about it to give it a shot and invest in it, this means more demand and result in a higher price instead. The adult industry (including strippers) was one of the first to accept bitcoin, I believe its only due to the reason on how you can't trace the payments etc. otherwise they would stick to old methods.

I agree. People would feel safer using Bitcoin if governments recognize and approve of it's use.

It is important to note that it depends on the amount of regulation. If they straight up make it illegal then it would hurt Bitcoin, but it will still grow in the long run.
But more regulation, the worst it would be for Bitcoin, as it would legally limit your use of it.
It would probably mostly impact users privacy and add some taxes, since governments love taxes.

OmegaStarScream

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Why it would go down? regulating bitcoin will only make the people who are skeptical about it to give it a shot and invest in it, this means more demand and result in a higher price instead. The adult industry (including strippers) was one of the first to accept bitcoin, I believe its only due to the reason on how you can't trace the payments etc. otherwise they would stick to old methods.

CryptoBry

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Quote from: universalresonance on August 24, 2017, 12:55:38 PM

Hello, Just read somewhere that BTC is accepted by strippers now? lol I wonder what will happen if it gets regulated by the government? value would go down? perhaps consolidation? Overall , what's the general outlook? Obviously, I understand it'll be personal opinion but still. Go ahead and share. I'll get to learn something new.

It is not a big wonder if strippers would be accepting Bitcoin as more and more people are getting acquainted into Bitcoin. Now, am wondering if how many customers would be using their Bitcoin just for a sleazy entertainment.

On your question, Bitcoin or rather the use and trading of Bitcoin is already regulated in some countries like Japan. The government has laid down rules of the game where exchanges and users have to follow otherwise there can be violations and penalties. I see no problem with that because this is the way for Bitcoin to grow more.

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