|
Title: Self-Regulated Exchanges Post by: hugeblack on March 03, 2018, 07:42:49 AM Quote from: https://news.bitcoin.com/government-approved-crypto-exchanges-self-regulatory-body-japan/ I read this news: "16 cryptocurrency exchanges that have been approved by the Japanese government are teaming up to form a self-regulatory group, following the hack of one of the country’s most popular exchanges. Besides these exchanges, there are 16 “quasi-operators” for cryptocurrencies as well as about 100 firms seeking to enter the market in Japan."[1] (https://news.bitcoin.com/government-approved-crypto-exchanges-self-regulatory-body-japan/) Is this the beginning to regulate exchanges of Bitcoin or the market will continue to be decentralized? Source: #1 https://news.bitcoin.com/government-approved-crypto-exchanges-self-regulatory-body-japan/ (https://news.bitcoin.com/government-approved-crypto-exchanges-self-regulatory-body-japan/) Title: Re: Self-Regulated Exchanges Post by: BarbusseH on March 05, 2018, 06:55:36 AM Most likely, the goal here is to reduce fixed costs, not centralization. Reducing the growth rate bitcoin led to the need to improve business performance.
Title: Re: Self-Regulated Exchanges Post by: jseverson on March 05, 2018, 07:12:56 AM Is this the beginning to regulate exchanges of Bitcoin or the market will continue to be decentralized? They're forming a self-regulatory body, so it has nothing to do with government regulation and policy. They really only just follow their own rules on top of the government's, so if anything, this is a step towards centralization. Moves like this also tend to hurt competition and ultimately customers, so I hope other major exchanges don't follow suit. Title: Re: Self-Regulated Exchanges Post by: Kate Beckett on March 05, 2018, 07:58:23 AM Is this the beginning to regulate exchanges of Bitcoin or the market will continue to be decentralized? I believe this is the beginning of regulation exchanges of Bitcoin. A group of 16 registered companies claims to create a self-regulatory body to increase confidence in this industry. However, this will allow them to regulate crypto-currency transactions from within. The government of Japan pursues a policy of "passive intervention," it is small and almost imperceptible, but approaches the regulation of the cryptosphere. Title: Re: Self-Regulated Exchanges Post by: boboking on March 05, 2018, 08:07:39 AM This is the beginning of the regulation in crypto. As the article said the japanese government has approved the regulation meaning that some maybe tweak by their government. I know japan is a very crypto currency country but what if other countries will follow.
Also, Yes it is self regulated by exchanges and they will invite more exchanges in the future. When all big exchanges are in one group and self regulation are in place, is it easier to manipulaye the prices so it will favor them? Title: Re: Self-Regulated Exchanges Post by: palle11 on March 05, 2018, 08:30:00 AM Would this move of putting heads together not break the real intent of blockchain, bitcoin and decentralized nature? Obviously, this will lead to manipulation , monopoly and restrictions in transactions just like we have seen in fiat currency control with the banks , big corporations and government.
This is a way of regulation but would have been better the exchanges met different criteria themselves instead of coming as a "block" . Title: Re: Self-Regulated Exchanges Post by: Harlot on March 05, 2018, 08:35:20 AM The market will still continue to be decentralized of course outside of exchanges but the real question is how will self regulation help prevent another cryptocurrency heist? With 16 licensed exchanges and 100 more firms pursuing a licensed isn't it Japan is increasing more risk by giving more licenses? If they really want to control and insure security they must set up standards in the industry or create a strike system where their licenses can be revoke. This can help prevent another hack for their exchanges.
Title: Re: Self-Regulated Exchanges Post by: jtipt on March 05, 2018, 09:16:49 AM Is this the beginning to regulate exchanges of Bitcoin or the market will continue to be decentralized? They're forming a self-regulatory body, so it has nothing to do with government regulation and policy. They really only just follow their own rules on top of the government's, so if anything, this is a step towards centralization. Moves like this also tend to hurt competition and ultimately customers, so I hope other major exchanges don't follow suit. Title: Re: Self-Regulated Exchanges Post by: frowsiter on March 05, 2018, 09:29:35 AM I read this news: "16 cryptocurrency exchanges that have been approved by the Japanese government are teaming up to form a self-regulatory group, following the hack of one of the country’s most popular exchanges. Besides these exchanges, there are 16 “quasi-operators” for cryptocurrencies as well as about 100 firms seeking to enter the market in Japan."[1] (https://news.bitcoin.com/government-approved-crypto-exchanges-self-regulatory-body-japan/) Is this the beginning to regulate exchanges of Bitcoin or the market will continue to be decentralized? Source: #1 https://news.bitcoin.com/government-approved-crypto-exchanges-self-regulatory-body-japan/ (https://news.bitcoin.com/government-approved-crypto-exchanges-self-regulatory-body-japan/) If market doesn't stay decentralised then surely it will take out the fun from whole thing. The exchangers are regardless of decentralisation because they dont have to work solely based on the blockchain itself. The exchangers are different platforms and their principle is just to exchange two different currencies and fill the trades depending upon the market price or best bids. Though they get regulated then they will be regulated just for the sake of tracking transactions, to know whose putting how much and whose taking how much. This is completely different part of the regulation and it wont tamper the decentralised process of crypto itself. Title: Re: Self-Regulated Exchanges Post by: carlisle1 on March 05, 2018, 09:34:38 AM Is this the beginning to regulate exchanges of Bitcoin or the market will continue to be decentralized? They're forming a self-regulatory body, so it has nothing to do with government regulation and policy. They really only just follow their own rules on top of the government's, so if anything, this is a step towards centralization. Moves like this also tend to hurt competition and ultimately customers, so I hope other major exchanges don't follow suit. Title: Re: Self-Regulated Exchanges Post by: alyssa85 on March 05, 2018, 09:52:53 AM You will still see some "pure" decentralised exchanges that just trade alts. They are essentially trading "tokens" not money.
But exchanges that trade against fiat, and which receive and send fiat to and from customer bank accounts, will all end up regulated. Which is fair enough - countries like to regulate their own currencies. |