Bitcoin Forum

During the conference at South by Southwest in Austin, Texas, Winklevoss brothers said that regulation is needed in order to bring back people’s trust to cryptos.

Full article here: https://www.unblock.news/news/winklevoss-brothers-suggests-more-regulations-cryptos

And in order to bring more money to the market.

Regulations will suddenly come and the purpose of decentralization will gradually change as well.

Also it feels like regular people not having a lot of knowledge about cryptos can trust companies, when bad things happens people loose their trust in letting people hold your funds.

"There are a lot of carcasses on the road of crypto that we’ve seen and learned from"

Unfortunately though, it looks like not enough people are learning their lesson from reading about these kinds of incidents(like what happened to QuadrigaCX). It seems like people only learn when they experience losing their funds firsthand themselves. 🤷‍♂️

We already trust crypto, we don't need any regulations — crypto was fine when there were no regulations, regulations has only made things complicated. May be that I am just looking at the worst side of it.

people should not trust cryptocurrencies if they were regulations in place because regulations are not regulating the projects and the developers, they are instead regulating the market and the businesses! not to mention that anybody who thinks otherwise has not understood what the term "Decentralized" means!
obviously people like Winklevoss brothers having a business and running for their own ETF want regulations because it affects them the most. and they want their "business" to grow.

Bitcoin does not care. More regulations? Bring them on, Bitcoin will not be compromised. We can always use it to send coins, censorship free, and unstoppable to anyone in the world, thanks to the non-centralizing design decisions made by the Core developers.

Repentance always happens at the end of everything we do. Let's just hope people will change and apply learnings from failures. I wish people, especially exchanges join on this move so more people will comfortable on using exchanges. Even I can't sleep with much of my funds on exchanges.

This is the the main reason why Winklevoss brothers is pushing for more regulations in crypto because it simply means that they earn lots of money in the market. Everyone has it's own intention whether good or bad and I think the twins though, even though they really have the narratives to put forth a regulation, but I guess, it's debatable, will it really bring back confidence from the investors to bring their money in the market again?

Regulations can be useful for us. Of course there will be some arrangements we don't want. But in general it would be good to draw borders. It is not possible to completely block Blockchain transactions. The use of people cannot be prevented, but none of us want to be used for malicious purposes.

I can give the approval of the legal regulations to be done by giving the least harm to the subject of indifference. The right regulation will benefit all of us. Especially exchange should take responsibility for their transactions. So how many people think that if the Binance closes access to the system, how many people will be victims? Why should we say no to the regulations that will regulate this and ensure people's investments?

Clearly the regulations should be related to the businesses related to Bitcoin (especially exchanges) to reduce manipulation, fake volumes, maybe pump and dump schemes too and of course exit scams.
Even regulations about the coins being currency, security and so on are referring on how businesses or governments handle them (and tax them).

What would mean a regulation for a free project available for everyone?! Maybe my brain is not completely awake yet, but I have difficulties understanding that concept.
Imho everybody talking about regulations for Bitcoin or for crypto are referring to making regulations for the businesses.

They are both observant on what's happening to the Cryptocurrency community exchanges and ICO and bounty hunting are at it's worst right now, we need a certain regulation to change everything, although I am loss on how this will be implemented but we need a fix as soon as possible or we will be in a very worst situation.

They are kind of right in that regular joe public is always reading about these hacks and scams which puts people off from using it. Banks are easier to use for now, but times are changing so regulation will help improve trust and reduce scams

I think bitcoin and other coins will do fine without regulations and moreover regulations will only open door to more manipulations ,these people are just after there own gain is all

We shouldn't say that. There will be no support. If we say that we agree with all regulations, they will may regulate full ban. Never let that happen!
We are OK if they are planning to make a boundaries and never touch decentralized structure. I can understand that if they have doubt about AML and terrorism. But nothing more!


I don't think so also. Without regulations we are completely unprotected! We should accept some regulations especially about user protection.

We've already seen multiple cases of people getting scammed by companies worth billions of dollars. Most o them never got their money back and I a sure that 90% of those people are never going to invest in cryptocurrencies because of that. Along with them, other people lost trust in cryptocurrencies because their money and investments are not protected by any law. That's why cryptocurrencies need more regulations

I don’t disagree, not sure if bitcoin needs regulations to survive bit to bring in institutional money & big players regulations might be required.

regulation need for making crypto popular.

This might not be exactly true, but the regulation must be there for exchanges so that we wont see much hacks and other shady activities we have seen throughout the past few years and we need to scrutinize the ICOs which are collecting huge amounts of money and doing nothing and to curtail the scams regulations are needed, but that does not mean that the decentralization will be reduced, but the exchanges and ICOs who run away with users coins will be held accountable.

regulations dont give crypto more trust
the crypto itself has built in trust

regulations are about giving business a shiny sherrifs badge so that when people interact with a business it makes people think that a business has authority/respect/trust to handle their funds

regulations are not really about consumer protection. they are actually about giving business authority for the business to police its customers in exchange for bing able to operate and do certain activity that normal joe blogs is not allowed to do

people using crypto dont need or care about business. crypto (true blockchain crypto) is meant to be self sufficient without need of business monitoring users

those desiring regulation dont care about crypto, dont understand the purpose of crypto, and just want some shiny badge that allows business to make FIAT profit.

but here is a funny thing.
the winkles want MORE regulation. and yet its actually regulation that has held the winkles back from just doing what thy wanted 5 years ago
its like inventing a 100metre race, and then asking for barriers to be added to slow the race down purely for hopes it will attract more participants. when infact those that want to just run 100mtres will get peed off with all the hurdles

There twins are cool, because they've been promoting Bitcoin for a long time now. They are big holders and influential people. However, the problem is that they see Bitcoin as an investment, somthing similar to stock, while it is supposed to be money. I neer heard of QuadrigaCX, but hacks are a problem, to be honest, so if by regulations they mean adequate responsibility for crypto-related crimes and perhaps more strict requirements for launching exchanges in the first place, then I don't see anything bad in it. If, however, it's about KYC for every crypto user or attempts to regulate the crypto market it terms of the prices and stuff, it's too much of a sacrifice for safety.

Another 'expert' said nonsense about cryptocurrency. Anyway, What kind of trust do people need from cryptocurrency? Bitcoin especially built based on a trustless system, and are we gonna fix the problem using regulation. That is some nonsense shit that spread in the cryptocurrencies community, they are all misguided about what decentralization means.

there is no soviet union of crypto around, that recognizes them and helps them run regulations

entire regulation of the united states basically came as an enforcment from soviet russia, and the american capitalists, constantly passed them after time and time.

that was the history of american capital regulation

without soviet union and socialism/communism from sovietunion american capitalism would have never worked.

The brothers Winklevoss is certainly clever people, but if they were even smarter you would sell your bitcoins when you had gzip in 2017 and puresecurity today on bottoms. And so lost 80% of the profits from what they had in December 2017. And to sit in bitcoin for 10 years and do nothing is boring.

Well i'm pretty sure that not all their assets are in crypto so they can afford to keep their btcs for probably that long. And they may very well have sold during that time in december. And i agree with them as well with the regulations. For an investor outside the crypto community, it adds to getting a more secure feeling if you're assured that it's in a way regulated.

We can surely say that several incidents of hacks and other exchange that turned out to be a fraud had many people doubting the security over cryptocurrency and because it is digital many think that hackers can surely grab into it like taking a candy from a baby, the mindset of most people think this is true that is why this needs to stop, but I guess regulating more cryptos is not the answer for this problem but the knowledge in storing your cryptos in a safe storage and knowing the right exchange to make your trades and be cautious about it is a thing that most traders should do,

I agree that we need more rules in cryptocurrency. However, the rules are not for changing the essence of cryptocurrency, but clear rules for its circulation in each state. Now we see that the lack of clear rules in the activities of the ICO led to the permissiveness of the ICO team, who are no longer shy to write in the conditions of the bounty hunters joining that they have the right to change any conditions in the ICO at any time. That is, these arbitrarily established rules will correspond to the fact that they can change their mind to pay us the earned tokens or select only a few tokens. This can not last long. We need clear rules for all participants in the cryptocurrency market.

Some regulations can be implemented without harming decentralized character of bitcoins and these regulations has potential in order to help to strengthen bitcoin position in financial markets in a long term. This issue must be discussed in an open minded mode by people in a platform like this forum.

In as much as everyone wants regulation within the cryptospace it should be done at the appointed time and not just to satisfy the heart desires of some individuals. And when it comes, it will surely put an end to exchanges with dirty deals.

we should look from both sides. if in my opinion the good side of all regulations is made to protect traders from criminals, who usually enter trade only to cheat or for something bad, for this reason regulations are made. because those who have evil intentions will certainly be detected by law enforcers, so regulations are the protection of the authorities to protect all citizens.

The crypto market industry has lately seemed sluggish both in terms of the number of investors and buyers. So what they say isn't wrong, considering how important this particular regulation's to encourage the role of the crypto market to become even better, and of course this's the goal aspired by every crypto holder in general. This regulation indeed 'it's time' is needed, especially to provoke enthusiasm and public confidence in the crypto currency.

The fact that they are smart people I think everyone here is already clear, but I think they consider bitcoin as a speculation and not the promotion of bitcoin as a product for people , I think trust can return without regulating the cryptocurrency, as then bitcoin is lost as a decentralized currency

You probably mean every crypto holder who wants to make money with their holdings. I mean, I'm not entirely opposed to regulations and I don't particularly care whether or not people are only using crypto to earn, but let's call a spade a spade. The Winklevoss twins are pushing this to make more money.

Everyone wants the market go get better, but not everyone believes that regulation is the way to go about it.

I agree on their statement that trust is the problem that made other people regret cryptocurrency. Once a trust that was broken and will be built again, it's big.

A lot of people misunderstood regulations of crypto. Most in here probably think that regulation is of a bad news in cryptocurrency. Technically it is not a bad news, it is a good news in disguise. Regulation only wanted us to have limitations in using cryptocurrencies. I remember a meeting but I don't remember the name of that meeting, in which there was a regulation in cryptocurrency and they wanted to make bitcoin less volatile.

Next week we will see the outcome for 2 applications for the ETF. If there was more regulation then it is more likely to get the green light. There is wisdom in their theories

Bolded part is only true if it has been established that ETFs are good for the crypto community as a whole. The community is still split on this.

But yeah, that's their end game. They've been trying to push an ETF for a while now, and more regulations would increase their chances. They could truly believe that ETFs are good for Bitcoin, but anyone supporting them should keep in mind that they're going to benefit directly.

Yes this is the only way that I think also to take back the people's trust and interest. Because people are always afraid if something especially money involving activities like bitcoin and other cryptocurrency. But I think this is impossible here in Asian country because the government that they have. But I hope regulation or legalization of bitcoin will come even in the long period of time because this is the only way to rise up again.

The Winklevoss brothers have already done enough for making crypto visible in the eyes of the world though I think this time they got it wrong. More unwanted regulations being imposed in the cryptospace would mean drifting away from what cryptocurrencies, especially bitcoin initially stood for, which is decentralization, privacy and security. All of this will get tainted if countless useless regulations were to pass and get its hands on bitcoin, and I believe the Winklevoss brothers know of that, though still want to continue shouting for more regulations for 'public confidence' with bitcoin and crypto's identity at stake.

Personally I won't contradict with this idea because I also feel the same and it is not just about trust factor. There are numbers of factors can be streamlines if cryptos are more regulated! I have explained the math quite a few time here in this forum. Let me do it again!

1. Regulation brings more users to the ecosystem as a lot of people are not interested in using an illegal currency.

2. Regulation will onboard a lot of merchants to accept cryptos to their daily business. No cryptocurrency can survive with just investors. Imagine you are buying a bottle of beer from Walmart using your bitcoin. Local merchants are the major economic volume drivers.

3. Regulation will reduce the chance of money laundering and terrorism financing. It is a much needed thing to do because terrorism is a big threat to the humanity. Regulation is needed to reduce/stop such kind of transactions.

These three are the main reasons for me to belive that regulation is needed in crypto space. There are more factors but these are the major ones!

If what they want is to bring more money to the market and to do it in the fastest way possible then they are correct, more regulation will be needed for it to happen, but if what we want is that cryptocurrencies are as independent as possible from government control so we can decide what do we do with our money regardless of what they do, then we cannot accept so many regulations, and since decentralization is the whole reason of why cryptocurrencies still exist it is my opinion that we should aim for less regulations for the market.