regulations DO NOT mean consumer protections
regulations means a business approved gets a shiny sherrifs badge to then monitor and police its customers.
we need to stop trying to scream and demand for regulations that allow banks/businesses to get away with crap simply because they have a licence. and instead scream and demand for consumer protections, where it become easier for consumers to take companies to court(consumer protection)... not the other way around companies take consumers to court(regulations)
i still laugh and facepalm at all the people that think that not only giving a business funds.. but then advocating that a business should be given a shiny licence to then tell users what they can/cant do. while the business is allowed to do many foolish things with users funds
Topic: WINKLEVOSS: ‘CRYPTO DOESN’T NEED RULES,’ CRYPTOCURRENCY COMPANIES DO - page 2. (Read 352 times)
March 17, 2019, 11:52:16 AM
March 17, 2019, 11:44:30 AM
It's true. Even if cryptos are regulated (for people) it's supposed to be a monetary system outside of governments control, which they have no control over, no way to stop you using it nor to know you own coins. The governments won't knock at your door to search your house to see if they can find a seed, hardware wallet. That was the IFM plan firstly but once they figured it's not feasible with efficiency they gave up.
March 17, 2019, 11:17:43 AM
Agreed, services and companies built around cryptocurrency should be regulated in order to enforce consumer protection and to make sure that no company will have the guts to trip themselves over with their own wires and screw with their peers and consumers because no law will ever held them accountable for their mistakes and shortcomings. Bitcoin and crypto per se is already fine without regulations, and I'm pretty sure most people who are handling cryptocurrencies know how to discern a shady transaction from a legitimate one by now. Government interference should only be focused on companies dealing with crypto and trying to make profits off of it and leave the open-source cryptocurrencies as it is as they literally have no control over it, no matter how much grip they think they have on the said currency.
March 17, 2019, 09:59:26 AM
It's a point I've always raised when people discuss things like consumer protection. Individual companies can and should be regulated because there need to be consequences when rules are broken. But it's simply not feasible to attempt to regulate open-source protocols in which rules are enforced by user nodes. Particularly if proposed laws would weaken the security of those protocols or diminish the fungibility of the currencies being transacted.
March 17, 2019, 09:46:46 AM
How can one prevent exchange hack through rules and regulations? It can only increase the chance of not getting hacked if the businesses follow some standard security protocol and have adequate insurance cover.
An increase in the chance of not getting hacked means that you are preventing such hacks from happening into your company. Rules and Regulations is the key needed for such event to happen.
And after receiving a fair amount of criticism from the bitcoin users worldwide, Cameron came back with the statement that you've mentioned in the thread subject! Cryptos can't be regulated - that's an universal truth! However, I too strongly believe that the business entities must be regulated who are built around cryptos. because the mass adoption can only happen when there is regulation because it brings trust within the system.
It really cant be regulated but at least regulate the exchanges because they are businesses and businesses around the world are regulated by a law. Businesses that are regulated by laws attracts more costumer or investor alike.
March 17, 2019, 09:45:07 AM
Exchange needs rules and I think there are certain rules that take control over the way they sometimes change it, well I really think that it is OK to have certain rules in the exchange or certain cryptocurrency companies to ensure the safety and securities of a certain individual, This is to protect the transaction from a criminal eye and thief as well, The security issue is a fault of human error and we can not blame cryptocurrency about it, We should spread the word about it so people would not lose their trust over bitcoin and other cryptocurrencies.
March 17, 2019, 09:09:04 AM
It’s no secret that the Winklevoss twins have been championing the ‘sanitization‘ of cryptocurrency. With their “fully regulated” Gemini exchange, their goal is to change the Wild West image of the fledgling industry that’s been plagued by exchange hacks, scams and fraudulent security offerings.
https://bitcoinist.com/winklevoss-cryptocurrency-trust-rules/
https://bitcoinist.com/winklevoss-cryptocurrency-trust-rules/
How can one prevent exchange hack through rules and regulations? It can only increase the chance of not getting hacked if the businesses follow some standard security protocol and have adequate insurance cover.
Also the billboard of Gemini says that,
And after receiving a fair amount of criticism from the bitcoin users worldwide, Cameron came back with the statement that you've mentioned in the thread subject! Cryptos can't be regulated - that's an universal truth! However, I too strongly believe that the business entities must be regulated who are built around cryptos. because the mass adoption can only happen when there is regulation because it brings trust within the system.
March 17, 2019, 08:54:34 AM
Indeed. Apart from the rules embedded in the Bitcoin protocol, no other rules are needed.
The moment you send your coins to a third party (exchange, fund, company, or similar) you are no longer in control of your coins. Whether some external rules may help you retain some degree of control is questionable. Rules may help, but as many crypto owners have already experienced many times in the past, rules may be broken and money can be lost.
Rules or no rules, it all comes down to this: If you don't have control over the private keys associated with your coins, you don't own anything.
The moment you send your coins to a third party (exchange, fund, company, or similar) you are no longer in control of your coins. Whether some external rules may help you retain some degree of control is questionable. Rules may help, but as many crypto owners have already experienced many times in the past, rules may be broken and money can be lost.
Rules or no rules, it all comes down to this: If you don't have control over the private keys associated with your coins, you don't own anything.
March 17, 2019, 07:40:38 AM
It’s no secret that the Winklevoss twins have been championing the ‘sanitization‘ of cryptocurrency. With their “fully regulated” Gemini exchange, their goal is to change the Wild West image of the fledgling industry that’s been plagued by exchange hacks, scams and fraudulent security offerings.
https://bitcoinist.com/winklevoss-cryptocurrency-trust-rules/
https://bitcoinist.com/winklevoss-cryptocurrency-trust-rules/
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