Title: What effect will coming EU regulations have on bitcoin Post by: Tugbit on April 16, 2017, 09:39:30 AM http://www.demorgen.be/economie/geens-pakt-misbruik-met-digitale-munten-aan-b199683e/ (http://www.demorgen.be/economie/geens-pakt-misbruik-met-digitale-munten-aan-b199683e/)
The article says "Belgian minister of justice implies tight regulations on crypto transactions and expands the traditional financial sectors legal obligation to coorporate with justice to the cryptocurrency world. Also new procedures are beeing developed to make it easier to trackdown and confiscate cryptocurrency's in the EU" Virtually all exchanges are subject to KYC & AML regulations, nothing new here. Strict regulations on crypto payments ? That may be a serious adaption hurdle, if merchants are loaded with regulations when accepting btc there is no advantage over traditional payment systems. Will this have, in your view, impact on btc integration ? Title: Re: What effect will coming EU regulations have on bitcoin Post by: york780 on April 16, 2017, 09:50:10 AM Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling
Title: Re: What effect will coming EU regulations have on bitcoin Post by: tiptopfund on April 16, 2017, 09:57:16 AM I expect a positive impact on bitcoin. If they act like that it means they take bitcoin more seriously and they admit bitcoin is getting stronger. This may make more traditional institutes to join the network which will broaden bitcoin usage and will increase its value.
And I agree with York780, bitcoin itself doesn't give a flying f**k about someone's regulations. Title: Re: What effect will coming EU regulations have on bitcoin Post by: pitham1 on April 16, 2017, 10:20:59 AM Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling Not really. This isn't about Belgium. This is about the whole of Europe. And as we have seen from America to China. regulation does play a role in determining price. Badly drafted ones (Bit License) or a crackdown (like China) can result in the price dropping. Title: Re: What effect will coming EU regulations have on bitcoin Post by: PokerDiceMan on April 16, 2017, 11:30:50 AM Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling youre expectation about bitcoin price is never accident bitcoin price is never down until reach 10 dollar, and bitcoin price is never up until reach 10 million dollar too if accidenet bitcoin can die Title: Re: What effect will coming EU regulations have on bitcoin Post by: york780 on April 16, 2017, 11:31:33 AM Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling Not really. This isn't about Belgium. This is about the whole of Europe. And as we have seen from America to China. regulation does play a role in determining price. Badly drafted ones (Bit License) or a crackdown (like China) can result in the price dropping. Title: Re: What effect will coming EU regulations have on bitcoin Post by: york780 on April 16, 2017, 11:33:28 AM Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling youre expectation about bitcoin price is never accident bitcoin price is never down until reach 10 dollar, and bitcoin price is never up until reach 10 million dollar too if accidenet bitcoin can die Title: Re: What effect will coming EU regulations have on bitcoin Post by: ASHLIUSZ on April 16, 2017, 11:33:46 AM At least through regulations they try to have a control over the transaction an the end users. This completely loses the anonymity. For this reason the popularity of bitcoin might decrease. Same randomly governments supporting bitcoin will create a stabilty in the growth of cryptocurrencies.
Title: Re: What effect will coming EU regulations have on bitcoin Post by: york780 on April 16, 2017, 11:36:41 AM At least through regulations they try to have a control over the transaction an the end users. This completely loses the anonymity. For this reason the popularity of bitcoin might decrease. Same randomly governments supporting bitcoin will create a stabilty in the growth of cryptocurrencies. We need to face the truth, btc doesnt need regulation but when there are more reasons for an suspect for the police or a bank to ask where all the btc came from its quite normal in my opinion. Otherwise btc will turn out to be a criminal toy over the time.Title: Re: What effect will coming EU regulations have on bitcoin Post by: swogerino on April 16, 2017, 11:43:52 AM I don't think it will have an impact on bitcoin. Bitcoin itself is immune to such regulations. Bitcoin can only be impacted by the hard fork which we are seeing in a lot of different threads in the Bitcoin discussion forum. Many wallets are ready for such fork so I am not that worried.
Title: Re: What effect will coming EU regulations have on bitcoin Post by: Pierre 2 on April 16, 2017, 11:50:24 AM I also don't think it will ever affect bitcoin at all,
it just makes it more valid and accepted, in lawful matter. Title: Re: What effect will coming EU regulations have on bitcoin Post by: SirPol85 on April 16, 2017, 11:56:17 AM I think this will go to development and will benefit the bitcoin, which will contribute to the price increase.
Title: Re: What effect will coming EU regulations have on bitcoin Post by: Red-Apple on April 16, 2017, 01:23:50 PM i skimmed through the link but it seems like it is mostly talk, like always when they talk about bitcoin and its regulations. in other words they suggest it but it never goes through and becomes a "law".
and regulations can be a good thing. imagine exchanges that can no longer run away that easily. services that are registered and legit and have no way of scamming people. imagine big companies like Amazon starting to work with bitcoin. these are the things that can come from regulations. Title: Re: What effect will coming EU regulations have on bitcoin Post by: alyssa85 on April 16, 2017, 02:03:43 PM If they do actually go ahead with it, all that will happen is that exchanges switch to the UK and Switzerland, as those places will be outside the EU.
Title: Re: What effect will coming EU regulations have on bitcoin Post by: Iranus on April 16, 2017, 03:53:36 PM My theory is that regulations never have a significant impact on the price unless they can be genuinely restrictive because there are two kinds of people affected by the regulations:
A: People doing legal things with Bitcoin. They'll buy Bitcoin from an exchange, probably verifying their identity, and spend it how they want to in their everyday lives. They won't care about the regulations. B: People doing illegal things with Bitcoin. They'll buy Bitcoin anonymously from LocalBitcoins or something and won't be tracked by the government. Because the government can't actually find out about these transactions very easily and people will cover their tracks with mixers, they won't care about the regulations either. So the only effect that regulations would actually have would be how legitimate people perceive Bitcoin to be, but even so it has an audience and isn't relevant to the mainstream. Overall, who cares? Quote If they do actually go ahead with it, all that will happen is that exchanges switch to the UK and Switzerland, as those places will be outside the EU. The UK is still in the EU. They've just voted to leave, and it'll happen in a couple of years after discussion and settlements with the EU, if they're lucky.Title: Re: What effect will coming EU regulations have on bitcoin Post by: BartS on April 18, 2017, 01:55:56 AM http://www.demorgen.be/economie/geens-pakt-misbruik-met-digitale-munten-aan-b199683e/ (http://www.demorgen.be/economie/geens-pakt-misbruik-met-digitale-munten-aan-b199683e/) So what? They cannot enforce their rules and regulations over bitcoin, they are probably try to strangle business that accept bitcoin but like always it is not going to be enough to stop bitcoin.The article says "Belgian minister of justice implies tight regulations on crypto transactions and expands the traditional financial sectors legal obligation to coorporate with justice to the cryptocurrency world. Also new procedures are beeing developed to make it easier to trackdown and confiscate cryptocurrency's in the EU" Virtually all exchanges are subject to KYC & AML regulations, nothing new here. Strict regulations on crypto payments ? That may be a serious adaption hurdle, if merchants are loaded with regulations when accepting btc there is no advantage over traditional payment systems. Will this have, in your view, impact on btc integration ? Title: Re: What effect will coming EU regulations have on bitcoin Post by: Emperor Magnus Caligula on April 18, 2017, 04:15:49 AM what will be the regulations?
worst case scenario bitcoin won't grow as much as it could and price won't skyrocket as much as it would otherwise Title: Re: What effect will coming EU regulations have on bitcoin Post by: NUFCrichard on April 18, 2017, 05:32:06 AM At some point countries will properly regulate Bitcoin. When they start to come looking for capital gains tax, it will be a major problem for everyone involved in Bitcoin, especially those who trade in alts.
Regulating ehanges is a good thing, bitcoin is a wild west at the moment, the EU should probably do something about that. It means the end of 'anonymous' transactions, but that Bitcoin will be open to a wider audience. Title: Re: What effect will coming EU regulations have on bitcoin Post by: hase0278 on April 18, 2017, 07:13:33 AM Bitcoin having regulations on EU might be good since many companies will start to see the potential of bitcoin so Ill say that the regulations that will be implemented will impact the price but not that great unless it covers worldwide transactions. I know that there will be some dumps that will occur because of bitcoin being regulated since many use it because it gives anonymity but with this anonymity will be gone so I expect some people to dump their bitcoin.
Title: Re: What effect will coming EU regulations have on bitcoin Post by: Kakmakr on April 18, 2017, 07:27:18 AM As we have seen with previous instances where governments gets involved with Crypto currencies, the price initially drop and then when everyone realize that governments are just doing this to protect their own fiat currencies and also the interest of the banks, then things stabilize when the smoke blows over.
Governments will always be involved, no matter what commodity or currency are involved. So we should just accept that and move on. If you want governments to leave Crypto currencies alone, you should use your vote and vote for a government that are pro-Bitcoin. ^smile^ Title: Re: What effect will coming EU regulations have on bitcoin Post by: digaran on April 18, 2017, 07:32:52 AM Already regulated, people already doing business fine with or without regulations, only those people trying to stay anonymous as possible will have some trouble but not that much, you could simply remove any links between your addresses and your bank accounts just by using a high volume mixer.
We should continue as it is for now until the time comes when people only exchange bitcoin and no longer care about fiat, I wanna know what happens then? how can anyone restrict or regulate exchanges only dealing with cryptocurrencies? we also need to do more trades outside of exchanges specially if it's big amounts involved. |