Bitcoin Forum

I love Bitcoin regulation. And human kind is at a point in history, where Bitcoin regulation is needed to solve our biggest problems.

Bitcoin is the most beautifully regulated piece of technology ever invented.

The ellegance of it's minimalistic yet powerful regulation is coded into a protocol more durable than anything ever written in stone and that one unbreakable rule underlying it's concept is freedom. Freedom of transaction. Everybody transact with everybody who they choose to do so with.

Bitcoin is regulated in such a way that no armed forces of any king whatsoever can threaten my little miner pointing their guns at it so that it would break that rule nor can anyone bribe it with however much money they put up.

Bitcoin regulation is the one and only thing we needed in order to solve the two biggest problems of our time and finally regulate banks and governments.

Gotta love that and embrace Bitcoin regulation!

Joe

There is more world beyond the US border

This currency needs to be regulated less, not more. Regulation can lead to centralization, the very aspect Bitcoin was designed to circumvent.

Regulation won't mean the end of anonymous transactions (Don't forget that if you buy something in a retail store you are not anonymous). Bitcoin works just the way cash does, you can just give it to someone on a piece of paper, there's no way to regulate such trade. Regulations are only for businesses and if you run one you want rules to be clear.

Wow.

That people on reddit are downvoting my very same post there because they only read the headline is one thing but you even bother to answer without actually reading the post?

Nevermind.

Joe

I assume OP is talking about bitcoins ability to regulate itself.
The technology is quite amazing. Revolutionary even

Bitcoin wasn't designed to circumvent regulation in-and-of-itself; it was designed to empower it's users should they choose to circumvent regulation...

Bitcoin will be regulated by a central authority or several central authorities. This is the human interface of Bitcoin and without regulation (the perception of security) the mainstream will never catch on.

Bitcoin is a tool made for reallocating financial authority. The power is placed back into the hands of the masses who will decide for themselves how to use it.

The exchanges will always be regulated. This is a central point of failure that we will need to acknowledge and work on minimizing...

"Free market" is a misnomer anyway which leads to people crying "What about the children?!" demanding thugs use force to oppress the minority and fill their pockets while at it. There is no such thing as a free market. What there is, absent of thugs perpetrating violence and affecting market participants, is a market exclusively regulated by its consumers and where consumers spend their wealth, that's what is "approved", and where they don't that is what doesn't even need to be "forbidden" because it simply goes bankrupt, and none of the participants are forced either way.

Either the true purpose of Bitcoin will slowly get swallowed up by the current banking system and its regulators ...

Or there is going to be a struggle / tug of war like you've never seen before in the history of economics.

It all depends on how true those in the innovation / startup space stick to the core purpose of Bitcoin.

It all depends how steadfast, insistent, and loyal new business owners are to drawing certain lines in very specific areas of ideology related to Bitcoin.

And yes, thank God, the USA is not the only country in the world.  

And thank God regulators have been made fully aware that they need to tread carefully because innovation will go where there is the least "friction" against it.

-B-

Some people will follow government regulation and some people wont, Bitcoin allows both to coexist without any struggle at all.

The problem I guess is that those who doesn't will wake up one day and find their bitcoins unspendable in certain parts of the world.
As Andreas Antonopoulos says, anonymity should have been implemented from the start.
Personally I find comfort in the fact that if bitcoin doesn't do it, some other coin will.

*ugh*
If you think this (or any) digital protcol can survive over 5000 years, then you're pretty optimistic (mildly put), especially after a mere 3 years in experimental stage.
Unbreakable rules btw. don't exist. They're manmade - they can and will be broken eventually - by man. Never been different since the dawn of mankind.


I don't know what kind of army you operate - but when armed forces decide to end your little miner, they will simply do that (usually the miner don't care, but the owner looking into a smooth 20mm barrel of an APC and a bunch of 200lbs people in heavy gear usually gets the drift). Never underestimate the power of force, unless you can double it in half their time.
Nevermind that these forces can shutdown any of the many hightech requirements that your miner or Bitcoin applications permanently rely on to operate. Take a single one away and it ceases to have any meaningful function immediately.


True, but only if BitCoin isn't an invention of exactly these forces, which we simply don't know. Banks btw. don't have to care much about Bitcoin, they already hold most of the world's true money (which isn't replaceable by anything); plus they literally own the governments.

PS.
In these days we live in, when anyone advertises something as "the great saviour" and the solution to our problems (especially concerning finances)... My spidey senses are on bright red alert. Historically, exactly the opposite was true most of the time.

I can't see how that's possible... I don't think that's the kind of regulation we will be seeing...

Even if that type of oversight was somehow accomplished, there are too many new doors opened by the protocol to actually stop people from doing what they wish. It essentially boils down to the fundamentals of unenforceable laws...

The Bitcoin protocol is like the Universe; within the Universe you have different fields, each with a set of real laws which govern the interactions of the content within. No matter how hard you try, how much you spend, and without regard for who you are, the Universe will uphold the laws of it's creation. If you wanted to change the laws you would need to create a completely new Universe with a different set of laws.

Conventionally people had to fear control under subjugation. It's not within the laws of the Bitcoin protocol to allow for unilateral control. If the chain is forked the people can easily move to a different coin.

The only power anybody holds over the network is what power they can hold over you.

Maybe, but I'm not convinced. I have seen how prominent bitcoin representatives starts crawling when faced with official authorities and law enforcement.
Those who hold a lot of coins will let all principles go in order to protect their value. We have seen it before.

The use of multiple addresses in a wallet goes a long way to prevent blacklisting of coins from being efficient, but anonymity, or rather the technology that comes with it, would have been the ultimate stronghold against brutal dictators like Kim Jong-Un and Kim Dotcom.

Everybody who uses Bitcoin is a representative. Prominence is acquired by popularity over time; either through accomplishment, celebrity, or respect, these representatives have their own interests to protect...

Of course they crawl when pressured from the outside. That doesn't mean they have any power over the outcome of where you or I spend coins or any other aspect of the blockchain for that matter. They just stand out as public figures and make easy targets.

Unfortunately there's no such thing as true anonymity in any form of a transaction. Every human interaction has two points of failure; the buyer and the seller. Be it in person, or online, you can't be truely anonymous when buying something otherwise logistics would be impossible. To be anonymous you would have to simply refuse interaction.

Anonymous is synonymous with pseudonymous. There's a point where things become confusing and unusable; I think Bitcoin is in a good balance where it's at.

Pardon me but are you high?

My $.02.

;)

See Bitcoin as a door opener. Be it Bitcoin or whatever we build after or on top of it - the door to decentralised market money is open. That door is open and I don't think anyone can close it again.


Of course you are right, they can kill me and burn my miner. But doing that they still could not break the rules of the protocol and they can't possibly burn all miners in the world and kill their owners so it would not really help them.


C'mon! Allow me some artistic freedom! ;)

Joe

Nope. But thanks for reminding me! ;)

Joe

You should ignore that kind comments.
He's completely dense

You should be a government bureaucrat. Match made in heaven  ::)

Regulation is enslavement with a fancy word. Go regulate yourself leave me alone!

Fully agreed every sentence!

You are misunderstanding his post and his intention, methinks.

Haha, yeah, you're right I read the first 4 words and thought this was the same OP who got robbed 50 btc at a post btc-meetup. Sorry I've watched way too much stossel in my 30 year lifetime that my pfc automatically filters out might be opinions that do not mesh well with my perception of reality. My mistake, sorry!

True on enslavement but someone told me that self-regulation will make you go blind..................

;)

Regulation of Bitcoin itself is pointless and pretty much unenforceable.

Regulation of Bitcoin Businesses is a whole nother story, and that deserves some sort of regulation to protect users. A little bit goes a long way to protect consumers, but arbitrary bullshit regulations are not needed.

Or should we just have another Gox/scam repeat of different Bitcoin businesses every other day? People on here bitch endlessly about how evil banks are (they are), failing to realize they would actually be 100x worse if they were unregulated and left to their own devices.

Ya pays yer money and ya takes yer chances....................

;)