Topic: What you think, Bitcoin needs some regulation ? (Read 210 times)

There is a difference between regulation and over-regulation. We saw what happened with the BitLicense in New York for

instance. They implemented very complex and expensive regulations there and businesses decided to move away to more

Bitcoin friendly cities. If this happens in a specific country, then people will close their Bitcoin businesses and open up shop in

another Bitcoin friendly country and their country of origin will lose out on the tax income. 

 It isn't so explicit, Bitcoin needs some regulations, we can't deny. Many minor fixes and improvements would positively affect Bitcoin and would change it for even better than it's now. Nevertheless, decentralisation is a favorable phenomenon and we shouldn't want to get rid of it. It is what makes bitcoin so reliable and enables us to conduct transactions on our own.

Well, if you are of the opinion that Bitcoin needs any kind of regulation then you are killing the actual core principle of Bitcoin that emphasize on the decentralization of power and control. I agree that we don't have a user-friendly environment in terms of legality in most of the countries but handing over the control of regulation to the government or any single authority doesn't make any sense in my honest opinion. I don't have any issues with the government trying to monitor financial flow within the country including cryptocurrencies but I don't want anyone to control it on my behalf.

Rules are needed to ensure the use of bitcoin safely without any hesitation. Many people still think that using Bitcoin is a risky, even the government of the country and so think. This currency is so cool every stage in life so need more regulation .

It is depends on what kind of regulations first.
If a regulations has made that will erase the key values of bitcoin itself (like decentralized, anonymity),
Then it should be no regulations for bitcoin.
I think its better leave as it is, no strict regulations.

If it will be widespread currency, and widely acceptable, regulations will be unavoidable.

We live in an organized society, therefore, we do need some rules to avoid complete chaos. But what we don't need is governments and outdated economists stick their nose and destroy a great concept.

Definitely bitcoins needs some regulations which may help more investors to become more secured. Even though it is decentralized and have some rules to be followed, it is not enough for the growing of this currency. Government  must set some regulation which is favorable to the small and big investors.

Bitcoin is a peer-to-peer currency exchange system. In its simplest form, it is supposed to give two people the freedom to exchange value without depending on a government to "regulate" it. Ideally, it shouldn't matter whether countries "accept" is as a form of payment or not. the problem is that the ground reality is very different from ideal.

Normal people are putting their savings and money into bitcoin. This is taking away a lot of "government's money" into a parallel economy that governments seem to have no control over. This is too much power in the hand of the masses for governments to be comfortable with it. Their approach then is to outright ban trading etc.

The dilemma is that the system will not have wide acceptance without some sort of legitimacy. A lot of new people care about legitimacy/ regulation because they want to realise their gains in fiat which is natural and understandable. Enabling easy fiat to crypto change will be necessary for wider acceptance but that also opens the possibilities of bitcoin being manipulated. The market manipulations and volatility also confirm that some form of regulations will be necessary.

Another dilemma is that while some people want governments to intervene so that new investors don't get burned, governments want to get involved so that they can contain bitcoin and its far-reaching benefits.

Ofcourse,this is for the safety and protection of Bitcoin participants and this will also help to prevent the system to be in chaos.

Bitcoin must need a regulation. Because it is decentralized currency, it is very hard to control every transactions made and many are taking advantage of it to scam people. But, if regulation will stop the freedom of btc investors to transact privately, much better if we stick to the traditional system of bitcoin. But if the main reason is for regulation and not intervention. We can support it.

Regulating bitcoin and altcoins would solve the issue that crypto currencies are illegal. More people would believe in  the digital currencies and will invest. Regulation is better than ban especially if consumers will be given the highest protection so that they will not get scared in doing business using digital currencies.

There's a crucial distinction to draw between the Bitcoin network itself requiring regulation, versus regulation for third party services acting as custodians for people's funds (whether that be bitcoins, altcoins, fiat or a mix of all three).  Until we're clear on that distinction, the thread is going to be a mess.

The Bitcoin network and protocol, which I'd argue doesn't need regulation, would be impossible to regulate anyway because not all countries will agree on how best to do it.  It's also important to note that any attempt to introduce a controlling entity that could restrict, block, reverse or otherwise tamper with transactions, which is something the pro-regulation side often argue for, would damage Bitcoin's fungibility and would weaken the currency as a whole.  There's no evidence to suggest it would actually reduce the number of scams or hacks either.  It's assumed regulation would also involve things like KYC/AML, which are generally touted as "good for privacy" in the ass-backwards bankster-driven would in which we reside.  When in reality, they are (KYC in particular) directly responsible for the vast majority of identity theft that occurs, because personal and financial details are rarely stored in a secure fashion.  If you don't store those details to begin with (and I nope no one will argue that Bitcoin ever should), no one can have their financially sensitive details stolen.

Conversely, custodian services like webwallets and exchanges that are designed to store money absolutely should be regulated as per the laws in the region in which they are based.  Sadly that will usually involve giving in to the KYC/AML insanity, but these services need to be held to account when they inevitably drop the ball and lose everyone's money.  It stands to reason that any company doing business needs to have safeguards in place to ensure they aren't doing anything risky or immoral.  Until someone comes up with a better method of ensuring those safeguards are in place, regulation is the best option.  It's not infallible, by any means, but it's the best we currently have.

Perhaps as smart contracts develop over time, we can rely less on regulation, but it's still far too early for that.

Would you elaborate more so that we can understand that in broad sense because I believe that it needs to be regulated otherwise wolfs gonna fight for it and later on what we will have is shit flesh to eat.

Everything that becomes global issue is not easy to control after some point and I am sure that bitcoin or the whole crypto currency has become global issue. Thats because of fraud cases, money stealing, tax stealing, unimaginable trades in the dark market, you name it, everything is cause of decentralised nature. You can't really keep any eye on it aren't you unless and until it is well regulated and can become asset for life.

Yes. It may seem backwards because one of Bitcoin's biggest selling points is its decentralization and some people see it as an anti-government tool, but really, in the times we live in, no regulations means a free rein for scammers, and we've already seen criminals take advantage of it.

While most of the users now don't really need any protection, majority of the mainstream does. Look at Japan and how open their government is to Bitcoin. Their citizens feel that it's safe because they're able to enjoy their liberty with protection. No country is really emulating them thus far, but that's just one example of regulations actually empowering the Bitcoin and crypto market in general.

regulations do not do a single thing to protect customers   <- emphasis
regulations are just after-the-fact responders. not crime preventers. infact regulations create criminals by making innocent business people b guilty of something that in a rational world is not a crime, but do so months after the 'incident' occurred to not allow the innocent person to have prevented it.


and it is the businesses themselves that have to make up their own policy/compliance rule book to show they are atleast trying to prevent a crime. but if the business itself is the criminal.. its too late and useless..

bitcoin does not need regulation, because regulation wont help

what needs to be done is have less regulations and more consumer protections
EG

businesses selling(legit) goods and services have to show their real working address and contact details, so that if a customer does not get the goods as described its easier for the customer to slap the business with a wet fish(court order) if the business refuses a refund/send out goods properly

this goes for exchanges too.. none of this P.O box, virtual mailbox crap so they can run off with a "we been hacked" excuse while living on a sunny beach. they have to have a real world address to be able to be audited

bitcoin doesn't need regulations but it can be a good thing for it.

as someone else mentioned, if for example we see regulated bitcoin exchanges out there that are working a legit business, then more people will feel safer investing in bitcoin.
and guess what as the exchanges grow in popularity and get more traders, we will see less volatility in bitcoin price too. and that means more adoption of bitcoin as a currency which it always meant to be.

I read your question and this is the answer why it needs to be regulated, because it is being used widely and it is decentralised.


Another strong reason why governments are not accepting the bitcoin, its decentralised and people are using at their will ,disturbing the whole national economy and not paying the taxes for that portion at all. Thats a chaos and thats why it need to come under regulations.


Yes, same thing again.

No. Crypto currency itself is able to regulate itself on the basis of existing institutions.

I honestly would not want the world to be in chaos, so I would rather have Bitcoin regulated so that govts can get proper taxes and further develop their countries.. In my own opinion, people who avoid or want to avoid paying taxes is just selfish and negative.