Topic: Where is the Balance? - page 2. (Read 1161 times)

Bitcoin transaction is still anonymous and remains a secret. Those laws and policies will only take effect if somebody has done illegal transactions such as money laundering. Without doing such illicit act there is no need to worry since the authorities will not look into your wallet. They will only look at suspicious wallets with high volumes of bitcoin and make sure that money launderers cannot escape their sight.

sorry, but i disagree. If i had a shop in 2010 and made all my business deal in cash (we assume i run a fiat exchange at a tourist hot spot), how could they force me to comply or shut me down? Because this will be the answer how they will do it with Bitcoin.
There are rules you can play by or not. Using Bitcoin it might be easier to not play by the rules, but this will not change the rules.
If you think that i still do not get your point, then maybe make an example and help me understand.

You still don't get it: you're describing the status quo, not how things have changed.


Let's put it a different way: if, in 2010, a government issued a decree that all small businesses must pay a 90% revenue tax, businesses would have no choice but to comply (and almost certainly go out of business). In 2020, the same decree would not have the same effect.

So, the balance of power has changed between Bitcoin based businesses and the governments in their respective jurisdictions. Where the government previously had almost all power, Bitcoin businesses now have the power to resist draconianism, they have a bargaining chip where they previously had none.

If you do business somewhere, anywhere, everywhere, then you have to chose if you want to play by the rules of the location you do your business, if you want to argue and fight the rules or if you want to ignore them. In most places you have to play by the government rules and accept the regulations or you run an illegal business. You do have the option to fight (with your army of lawyers) and might change somethings.
If you run an illegal business, then your priority should be to not get caught and your customers should be aware of the risks. If you run an legal business, then just follow the rules and your customers should know where they stand and what rules apply.
Those two cases seem trivial and the remaining one is the interesting one, which will also be the one that most Bitcoin business are in. The rules are not done yet and change and the situation might change quickly and often. A company running under these circumstances will have one priority: make profit.
In order to do so most will want to stay in business and this means to pay attention to two things and balance them if you want to say so. Follow the regulations to a point where you can not be banned or fined into bankruptcy. On the other hand you want to please your customers (in this case protect their privacy) so that they stay your customers.
If you go full privacy, then you might get banned and are out of business. If you go full regulation, then you might loose all your customers and go out of business. Finding the middle ground is the key to success, but if you are forced to chose between those two extremes, then most will chose to stay with the regulations, since it is easier to find new customers then getting the regulators off your back.
A company will always make the promises the customers will want to hear, but i would not count on them. 

Actually the problem of fluctuating bitcoin's price can be finished with joint to https://bitpay.com/
the payment use bitcoin can be convert to fiat currency automaticly,
it is reduce risk losing money because of fluctuating bitcoin's price for the investors with big scale.

Well there is a reason why business owners are still not putting their money on bitcoin and that is because it is still unstable, they don’t want to risk putting money and then losing it is not good for their business, we as bitcoin users we don’t care about the price dropping by a $10 that does not affect us but on the big scale it affects a lot that is why it is risky.

Here you will find the balance:
1. Coinbase was made for Bitcoin, not the other way round;
2. Bitcoin is sure to go on without the likes of Coinbase;
3. Bitcoin was born a decentralized currency;
4. governments love Blockchain, but hate Bitcoin.
.

What everyone seems to fail to understand is that the way you think of "balance" in these matters has changed forever


Put simply: regular users are interested in Bitcoin because it protects their interests, that is, their money. And it protects their money without government regulators, it does the job all by itself. It even protects ordinary users from regulators, as crucially, they have no effective way of regulating either the network or individual users.


And businesses are realising the same thing. Where the regulators lose their leverage to regulate, businesses will gain increased protection. Strange, isn't that supposed to be the regulator's role, protecting the interests of businesses and regular folk? Like most "protection" regimes, it's a more than a little ambiguous exactly who is being protected and from what.

If you think that fully decentralized, totally anonymous cryptocurrency will even get close to reaching legal acceptance and therefore, semblance of adoption - think again.
Even bitcoin is a bit extreme for some people, they believe that government intervention in bitcoin is only a matter of time.
Bitcoin will be bring in line with other payment systems, you want to use bitcoin? In the future you will have to register your BTC wallet & submit personal info or you will be marked as a criminal.

The balance comes when regulators understand the difference between individual users holding their own keys and custodial accounts that hold your money for you ie coinbase.  Custodial accounts will need some form of regulation, Bitcoin itself does not need, and cannot be, regulated.

Increasingly businesses are coming under some form of regulatory framework around the globe. For instance, on Wednesday the People’s Bank of China held a meeting with bitcoin exchanges operating the country with the aim of putting new regulations in place to guide them.

Meanwhile, the major selling point of bitcoin has been the privacy that it offers its users. With bitcoin enterprises and activities coming under the focus of regulators, where does the balance for bitcoin enterprises between protecting customers and trying to impress regulators?