Topic: without regulation of those exchanges, btc will never be in a high price (Read 3559 times)

These systems absolutely drive me crazy! However, demand will foster innovation and maybe we will see something better.  At least until then I have a choice to deal with them or not, and that is the most important thing.

Government regulation brings people false confidence and gives them an excuse to be stupid.  Everyone assumes that if a business is regulated, it is trustworthy, and that is rarely the case.  They put false trust in the regulation, and fail to research and learn.  Then when they loose their money, they cry for something to be done!!  Look at the forum.  I have not been a member for long, but I can assume that many people got scammed.  People became much more cautious, they actually gain capacity to think!  When this happens the scammers die off and the people worthy of business thrive.

The fall of Mt Gox, in my opinion is a good thing.  The survivors deserve to survive because they are better.  The demand for bitcoin will remain and the strong businesses grow stronger, and the people learn from their mistakes.

Ebay started out in new territory of online auctions.

As they became more popular, they started getting more and more scammers.

They came up with the feedback system and other means of self regulating.

How many Congressional hearings have there been to regulate Ebay?

mtgox was regulated by fincen, and that did not help at all.
Regulation is bad especially when the rules are complex that not one understands, because they contradict each other and vary state to state and country to country, at the end you end up with an spider web of regulation that is very costly for businesses.
The treat of regulation is keeping Bitcoin from growing, in the long run with or without regulation the Bitcoin user base will  grow, but it will grow a lot quick without regulation.

As an example that regulation is bad
Something goes really wrong at MtGox does Fincen do anything, do they investigate, no, they do absolutely nothing even though Mtgox was under their Jurisdiction.
Flexcoin gets hacked, under existing laws theft is ilegal, the police mock the case, and refuse to investigate, only after public pressure but not under good will they decide to investigate at a later time therefore helping the thieves get away with theft by helping them gain time.

If existing laws are not helping, what makes you think more laws are going to help.

We need to educate the public, and have some more technical solutions to the problems.

One thing that needs to be done for the price to go up, not because of technical reason, but because of psychological  reasons is to change the unit, we should make the default wallet to have everything labeled in millibitcoins, for us it is the same, but for the average joe it is not, they see Bitcoin as being expensive, it reality it does not matter, but for the average Joe Bitcoin has to look affordable.

The other thing that needs to be done, and it is not a simple task, is to make the Bitcoin client be idiot proof specially under windows, android, and macs for the average joe to feel comfortable with Bitcoin.
Linux is fine.





 

Regulation is always bad for everything all the time.  No good ever comes from regulations.  It just inhibits growth and prosperity.

At the point of a gun!

Hmm...so you're saying regulations undermine the Satoshi Whitepaper?  Through regulation Bitcoin will somehow cease to prevent double spending?    This sounds more like you've added your own ideology to the Whitepaper, one that not everyone seems to agree with.  And you sir, have no more right to Bitcoin than anyone else.  

Lol.  My favourites are those with degrees in economics.


*sigh*

My water company is private. Basically well water filtered and sent to my home.

Food regulations prevent me from being able to drink healthy milk from a cow.

I guess these types of posts are what comes with more Bitcoin adoption by the masses.

Regulation = men with guns telling you what to do.

I could just as easily tell you what to do without a gun, will that appease you?

Why do you like being told what to do? Are you a masochist?

Or is it that you think other people should be told what to do at the point of a gun?

So you like to play God with other people's lives?

Here is a suggestion. How about if you spend less time worrying about how other people run their lives and focus on living your own.

@OP

You talk about banks, but with the central bank gone, modern banks doesn't make much sense in my opinion.
If you mean "bank" as an entity that provides account, security and payment services for people and companies, those definitely needs to be "regulated", as in adhering to a set of rules.
Loans is an absurdity that our societies should not be based on, so that is out of the question as far as I am concerned.

Personally I think people and companies should educate them self to be their own bank, but I admit that may not work for everyone.

So you would drink dirty water if it wasn't for the city supply? (which isn't very clean btw).

You sir, are obviously an idiot.

Op has a point,although I don't think he's jumping to the right conclusion.  The best of all possible worlds is where we don't need political help to enforce anything we can get mathematics to enforce for us. 

The question is whether we can get mathematics to do the enforcement on the rules we actually want and whether the rules we can get mathematics to enforce are adequate to create a safe environment for doing business. 

I believe in the fairness of mathematics.  It's the same no matter who you are.  It doesn't cut deals, it doesn't break promises, and it never stops paying attention.  Whatever rules we need math is the best possible way to enforce them.

But the op is right that we need some additional kind of rules to prevent stuff like Gox.  I consider it a question of protocol and individual choices, not a question of law enforcement.

We need protocol to prevent exchanges from doing what Gox did.  And that's going to be more complicated than just digital cash.

If we can't figure out how to get math to do this enforcement,  then we will get stuck with police and politics,  or cryptocurrencies will fail completely.

Wsup with this horde of noobs out of nowhere attempting to derail Bitcoin, make it and us bow to government will and similar bullshits? GTFO, fucks!

Agreed.

I can see a decentralized exchange doing coin2coin transfers, but are you saying we will see a decentralized exchange doing coin2fiat and fiat2coin (other than localbitcoins) as well?

+1

I concede that for most governments, issuing clear, light regulation would benefit the Bitcoin economy more than trying to shoehorn Bitcoin into current regulatory frameworks.  All I'm arguing is the lighter, the better, with no mandatory regulations being best of all.

I certainly don't argue with any of that and there is much uncertainty and no real clarity other than "guidelines", so that indeed is making it tough. We need something sensible, concrete and based around this new tech.  Trying to force it into obsolete frameworks, just isn't going to work and if they continue to try that, that too will hinder startups because very few can afford the current regulatory requirements.  

Sorry, I didn't see what you were getting at at first.  But still, it's not the inevitable regulations that will make it easier for new Bitcoin startups, it's the uncertainly about exactly how the use of Bitcoin will be regulated in various jurisdictions that is hindering startups.  The tougher the regulations are, the more competition will be stifled.

not always , may be in this case yes, but no regulation has its own down side too, ..! but we have to look for some solution, i mean if someone can come up  with an idea like bitcoin them some other can certainly come up with an strong Idea to make it better , there are already few good idea developed or in development to  make bitcoins better. .

Bitcoin can't grow without access to fiat and that legal access is through regulations.  So as much as anyone may not like it, it's going to happen regardless.  Actually, it's already happening so, I guess these debates are really just for the fun of it because no one here has a say in the matter.