Bitcoin Forum

Many wrote that we need to regulate the global cryptomarket:

i know how to do this and i can explain it to you:


1. you need to create a registry where all cryptocurrency owners are being registered with their adress they must response with it, not just through its system but also physically, they should be findable, the adress list doesnt has to be public but the regulation authority must have them and regularily check check it.

2. you force them to show and open their data

3. you write and publish the regulation form, description and goals.

4. you create a global strike force or so called economic hitman to execute sanctions if a cryptocapitalists fails to achieve that regulation

or you create a rating agency similar like standards and poor. or a licensing system

5. you will have create an insitution that regulates cryptocurrencies.

-> all cryptocurrencies that follow that regulation are regulated, and under enforcment of that insitution.

regards

you see its actually possible to create a regulation if you can create an institution which is the equivalent of standards and poor. but for crypto and you get a global hitman in work.

for that you need good contacts either to interpol or to a global mercenary group. like blackwater. or those secretive agents/economic hitmans

What guarantees do people have that such a registry would be utilized for good instead of evil? Creating such a registry could only mean thieves and criminals would get a hold of the data and target those holding crypto en masse. It could make it easier for drug dealers, terrorists or those who launder money to target individuals holding crypto to blackmail or coerce them into participating in illegal schemes.

Also what guarantees do people have that the people running regulation will act responsibly for the good of all, rather than catering to special interests or specific demographics? Data by itself is harmless and innocent. But when the control of data is centralized within say a government it often means that state workers will sometimes act irresponsibly and make bad decisions. They might share information with corporations or others who will misuse the data.

There must be clearly defined and tangible advantages to utilizing this type of system, else it will often be a disadvantage. How does a registry improve things? Based on evidence we might conclude it would make things worse and is a bad system.

sanctioning will exist anyway, if no intitutional regulation there will be a regulation through the market and through crime.

with an institution however it would be an understandable regulation that everyone can view win.

What you are trying to point out is already taking place, but just in a slightly different manner. Important to understand is the fact that we aren't yet where governments think we should be at, in terms of regulations. Everything that happens right now is nothing more than governments testing out what works and what doesn't, where throughout the forthcoming months we'll see them adjust their regulations based on how this market grows and develops.

In order to properly regulate this market, governments first have to understand it, which isn't really the case right now, and that directly explains the frequent adjustments in regulations in basically every country. Even Japan is constantly adjusting itself in crypto terms. While people think Japan is quite a crypto friendly country, which it technically is, they will put extra pressure on everything crypto related in order to patch weaknesses in their regulatory framework. In other words, it will become less friendly overall the more Bitcoin and everything around it grows.

It's a process that will probably take years before it is properly shaped.

What do you mean by "open their data"?Do you mean ID verification?How can you force them to do that?
The plan you are writing about is impossible to be conducted,because it is against everything that cryptocurrencies represent-anonymous transactions,freedom from any transaction restrictions and free market environment.

Actually there are wallets that's are already regulated by the government. It may not be all countries have it but some already implemented it and it goes well with the users of the wallet. Though they will be having limited deposits on it, but it does not limit the inputs coming from the blockchain or from the external exchanges.

Yes, we can be considered that cryptocurrencies represent of being anonymous and it will remain anonymously but as a user, we must go on in open data or we must enforce to show our selves through implementing exchange sites a KYC. How do we sell and buy in cryptocurrency if we can't undergo that KYC in most exchange site doing now?
Wallet, exchange site and soon in the market will be regulated by the government whether we like it or not, time to time it will come.

You have just described a 1984 scenario. All these actions will only be possible to implement in an authoritarian regime. If you limit people's freedom so rapidly, you can expect a mutiny.

People are leaded by the government in order to have a peaceful country or a pure community. Government is the leader that needs to understand and give patience to their people in order to have a good and peaceful citizen. The government is not created to do or to conduct evil in their place. Government do opposing the Bitcoin campaign but people behind the government have no rights to influence in or let people think negative about Bitcoin. People have their own mindset and strength for them to grow.

How can you be sure that your registry has true data as supplied by the members.

I know crypto currency can be regulated by every country, though it is still far from reality, a regulations to be set will be super detailed. And yes one country must assign one institution to look after from creation of regulations to implementation.

I don't know if a global cryptomarket regulatuon will work. First of all individual countries have their own kind of regulations like Japan and Korea as they have their own cryptocurrency exchange separate from the global market. Another reason is that not all governments are in favor of letting in this kinds of cryptocurrency in there country. Just like in their own respective stock markets, all of them have their own sets of rules which differs from other stock markets. But the best thing they can do is having some kind of standard for all individual countries to follow in order not to stray away, but even that kind of agreement needs to be agreed upon by the contracting parties first before it becomes binding to them.

The plan you are writing about is impossible to be conducted,because it is against everything that cryptocurrencies represent anonymous transactions,freedom from any transaction restrictions and free market environment....

So your whole plan looks like forcing everyone to get registered for using the crypto currencies. But whats the main use of this then? You will straight away exposing everyone who usage the crypto currency. However the main goal of the crypto is that to have complete privacy of the identity so that no one can know where are we upto. People come here just to hide their identity and do the transaction in the way they want and as much as they want. However this is complete failure if you try to register each and everyone's address. Also there are million of addresses created on monthly basis so how many you will register? That too physically?  :o

1. Some countries might try something like that, but its pretty useless, because anyone can create as many wallets as they want and as many addresses as they want.

2. That's what most governments will do, they will demand cryptocurrency users to store and provide all their transaction history.

3. -

4. There won't be any global strike force, each country that choose to regulate crypto will have their own.

5. Not necessary, they might just task existing regulators with it.

Looks pretty tough to me. It ill take all the fun out of it. Just imagine regulating it will kill the main feature of it that is decentralisation of it! If you do that then we wont be able to use the crypto currencies in the similar manner as we are using it today. Every bit of transaction will be trackable and thus we will have to justify every investment that we make into it. Not just that one, but also all the gambling, trading, lending stuff will become very complex in this process.
Your addresses are generated and lost also so you may create newer one too but we cant go and register them each time. Looks very very off the track I guess.

seems there is quite some interest on this topic.

the issue is that people will desire such a regulation because they want to have security that

1. the money is valuable

2. the money is used to improve commmon good or security

3. the kapitalists are not a threat.

jes but people will desire such a system because after a while of wild west of cryptocurrencies the will think the cryptocapitalists want to abuse them for private gains like money earning cattle.

thats not important, you have to regulate and controll the cryptocapitalists or secure quality, of their work, and replace them if quality standards arent met, many cryptocoins would voluntarily undergo such a regulation institution to improve their immage and gain legitimacy and trust

jes but this is not about that this is about creating a market that has reliable coins that are not so evasive, that are trustworthy all over the world, and are not impoverishing the collective like bitcoin or the following other pow coin, i wrote an article about that which is currently under upgrade by one of my blog editors

3. -



in that case the cryptocurrency is regulated by regional communist and not a neutral global regulation, you understand the issue? the cryptocurrency wont be useable outside of that country. if that country gets issues the capitalists and the coin get in trouble no globalisation we will get again regionalism, nationalis, racism etc.



you know how expensive they are and how they work?

just look at bitlizense,

they will systematically lift their local billionaires into the power, or much worse, will give away a ton of licenses so the respective country can suck as many ressources of the global economy as possible, that wont work

the main use of such a regulation is

1. standardisation

2. quality controll

3. stability

4. no propaganda coins, and more reliability and trust for those that work for money.

5. global recognition of quality controlled coins.

the countries dont have to do it,

if the regulation institution simply uses agent to deal with the cryptocapitalists, and does regular random controlls and quality checks.

jes and why did we create bitcoin and the cryptoindustry and are fooling now those that still sell their time and work for money instead of creating it out of thin air?

well cryptocurrencies that dont join will stay unregulated, will all kinds of abuse and low quality

goal of regulation is to enforce and secure a quality standard under certain tolerance,

if not done, people might get abused by cryptocapitalists like desperate money earning cattle.

The crux of this is enforcement. Different countries have to first agree on how to go about all this. Then your ‘economic hitman’ will have to act against people who do not register in this database you propose. Getting leads in a decentralised world won’t be easy.

indeed all countries have not allowed cryptocureency in their country. like in my country where government still forbids it to transact. but i think regulation is very important to set cryptocurrency for users to feel safe and can reduce the scam

a regulation must be enforced and exectuted in a way that people trust it, people trust police because its violent, and consequent.

an economic hitman could be also a network of spies, which could work decentrally globally like the mossad.

the point is that if we would create such a regulatiory guardian, many cryptocurrencies will beg to be regulated and then indirectly be blessed or trusted by the market.

the alternative is basically what we have now

1. 30.000 cryptocurrencies

2. market running on annyoing never ending propagandacoins

3. high volatility

4. you have to justify yourself so you can spend and use a digital asset.

traders and craftsmen also want a regulatory system they can rely on.

you want to limit and make the amount of cryptocurrencies overviewable than you have to do this, also to limit volatility you must balance value generation in real world with token created.

making the market much less diverse and less confussive.

best way for that would be with a value sources related or backed system the former i am developing privately,

but you want quality controll and realiability and this is the way,

it can be violent it can be exposatory with spies, or it can be simply by "i demand insight" and the report of refusal of insight could then be published in the market and the market will then sanction the cryptocurrency.

so it can be violent it can be without violent, and it can be global and borderless. no problem

but most important thing of a regulation is basically protect those that work for money, and controll regulate the behavior of those that create money

oh and i tell you something about the existing regulation systems:

they work in a way that:

they give licenses against lots of burocratic work and formalisation

experts have to be hired.

or in other words to get power in a country you have to be rich

i would say that a bafin license in germany can be obtained with around 5 million euro.

similar stuff in usa and so on.

the rich systematically stay rich and own everything because you have to be rich to get into the position of printing money.

but crypto is changing this. now you have to be supported and trusted to obtain power.