Bitcoin Forum

I read a Twitter today about Google and Facebook regulations (which I couldn't find now). But this applies to cryptocurrency as well:

Source:
https://www.senate.gov/CRSpubs/b8f6293e-c235-40fd-b895-6474d0f8e809.pdf

People of those ages could easily be grandfathers. Do you think granpa could build the legislation for Bitcoin, Ethereum and other cryptocurrencies?


Bitcoin is already big enough and conquered it space.  And bitcoin is not in war with regulators (at least not yet), but imo regulation will have to adapt to bitcoin, and not the opposite.

They obviously don't understand it but it doesn't mean that can't regulate it.

If they were smart they'd be able to admit they don't know anything about it and ask younger people to do it for them. Every congressman has a group of young advisors and researchers working for them. They don't even answer their emails it's all done for them.

I'm pretty sure they have advisers even though they are already seated as legislators and regulators. These advisers can explain to them what cryptocurrencies are in a concise manner without overwhelming these grandpas that you speak of. Also, it's not as if they're dumb or they're incapable of understanding, though I agree that they will surely be close-minded when it comes to these novel things. We will move forward even with the old-timers doing the regulations for us, that's for sure. Lobbyists would be a great help in making them understand certain things that might be too complex for them since they don't have it back in their days.

That's the problem with many of the politicians here in the United States. Many political positions do not have term limits, so some politicians have been in office for decades.  Jessie White who is Illinois Secretary of State is 87 years old.  He's been in office for decades.  This allows for corruption to keep consistent as well as for people whom are too old to keep going as a politician in which many do not have the proper cognition to maintain the role at that age.  Many are biased, unwilling to learn, and corrupt.  They scoff at bitcoin because it does not follow what they are used to.  Take the court appearances of all the giant tech CEOs recently for exampled ( facebook, amazon, google, etc)

Laws and new regulations doesnt need an age for it to be neither declines or approved yet all bills will surely come into process of debates and approval/rejection but somehow
having a congressman which on that age will surely have some significant kind of attention which might really draw up some interest and same as with opposition.
The thing here is that, those grandpa's are totally aware on whats Bitcoin is all about? if they do then they can freely suggest it out but this wont really be a short process
as we all know.

I'm not sure if they have one, I only knew about presidential advisers. I guess when the legislative staff
Is imposing new laws and regulations, they'll seek professional consultation first from a specific field of expertise. Thus, eliminating the need for a personal advisers, since advisers knowledge may also be very limited.


Exactly!
I guess, there were no government that has not known about Bitcoin and cryptocurrency yet today.
Although some of them might be closed minded, but there are those who are open for this technology, that's the reason why they are a huge number of members in the congress to support each other's knowledge.

I actually don't mind them being old, being young, or being a grandpa,grandma teen or whatever. As long as they can view Bitcoin from an objective point of view as well as judging them WHEN they actually know stuff about it is more than enough. Well, being old at times can be synonymous to forgetting about trying out new things as well as being open minded about them, but if ALL old people were as such, I'd give up. But not really though, some of the older gens even know the advantage of Bitcoin, so why can't those in the congress do as such? Look at our own forum members, As far as I know, there are a few people out there that are ages >50.
I doubt they could go against it even. Sure, for a short bit maybe they'd be able to, but the people aren't ignorant, and one way or another, someone in the congress would fight for Bitcoins adaptation. Well, if there's none, then I guess it's time for a change?

Remember the Senate hearing regarding Facebook, when they summoned Mark Zuckerberg? The congressmen were so unprepared, they were asking some really basic questions about how Facebook works, so yeah, in theory they can have all the advisors they need, but on practice they might decide they don't need them or just ignore them. Or maybe they'll decide that Bitcoin is not worth their time, so they'll vote however some of the higher-ups in their party tells them.

Not every country is luck enough like New Zealand or Finland where the age of the Prime Minsters is below 40. So we all will have to deal with that. US senators and legislators are at least educated. In my country, a major percentage of the lower house parliamentary members are uneducated and are convicted criminals. US is in a lot better position where they have the intellect to understand the positive sides of blockchain and cryptocurrency.

Now when it comes to regulation, bitcoin CAN'T be controlled through a law! However, the people CAN be controlled through a law and that's what the legislators are trying to achieve throughout the world. Bitcoin won't be adapting the regulation but the people will do! That's the essence of any crypto related regulation!

Yeah,but the average congressman has a team of assistants and advisors and he could get advise from the experts in the crypto industry.The most important question is,will the "average congressman" ask the right crypto experts,or will he seek help from "crypto experts" like Roger Ver and Faketoshi Wright? ;D
Just because some people are old,that doesn't mean that they are stupid.You should stop with the "age shaming" and "OK,boomer" mentality. ;D

I think without outside influence, they would definitely struggle to properly and fairly regulate Bitcoin.

Luckily, there are several blockchain lobbying and awareness groups that have done made good progress in educating Congress about Bitcoin.

The blockchain association is one such group: https://theblockchainassociation.org/

But there's similar enterprises in most major countries, hence why Bitcoin still hasn't been banned like people have been claiming "is just a matter of time" for years.

I agree, let's say they don't fully understand about bitcoin or crypto, but it doesn't mean they can't do anything about it. They have staffs, as you said advisors and researchers, that can do the job for them. So what the staff will do is explain it to this congressman how crypto works and other related things needed for them to understand the world of bitcoin/crypto. Because they may not be looking at the detailed side of things but the overall view on how crypto will influence the way of life of its constituents.

If you look historically these grandfathers come up with the laws everyone is following and what changes are you expecting  ;). I accept one thing, these old politicians might no have much idea about the technology but they will hire advisors and other professional bodies to formulate a draft bill and then there are many procedures they to need to undergo before coming out as a law.

BTCitcoin is not at war with the regulators but it is a money trail and it is easy for the regulators to formulate regulation as they will have the ability to monitor every transaction and get rid of the anonymity we enjoy including banning the trading of privacy coins and mixers, so do not underestimate the power they can enforce and it is real possibility that we might see those in the coming years.

Some or majority of these hearings are a joke, when Sundar Pichai the google CEO was questioned about Apple iPhone which shows they are not prepared about the basic idea that both these products are from different companies :D.

Politicians and their influencers are trying to solve digital problems with analog methods. None of those have a connection to the average Joe out there so they are unable to forsee the impact a too tight regulation of cryptos could have in case the trust levels decrease even more. You already see it in other countries and with other topics. If you ban it, people are even more eager to get it. Indias indecisiveness on Bitcoin regulation, Germany thinking about banning demonstrations at all, USA well, that would fill books....

I think it's only one of the factors why they are not really interested in crypto or bitcoin, as well as regulating it because they are personally struggling to understand it. But we know that when these politicians tackle something in the congress, they study it beforehand, so I guess they also seek advice to those who have special knowledge about bitcoin in order to come up with the regulations. Since it will involve their people once regulations have been made, of course, they are also looking at it carefully. Although not everyone in the position is open for this technology innovation.

I think it's a matter of percentages. People in their 60s know less about bitcoin and are more reluctant to try to understand it than people in their 30s.

On the other hand, I don't have much confidence in the work their advisors can do. If the politicians' preconceived idea is that bitcoin is a scam or a ponzi scheme, it will take a lot of advisors pushing them to change their minds over a long period of time.

The fact that they are old and do not understand does not mean they cannot champion the regulation. They have the legislative power to do it and when the right time comes, the will poise to know what it is and how to go about regulation. when there is the massive adoption of crypto, and it cut across mainstream media, they will also learn what it is irrespective of the average age. Most of the things that are being regulated today, they also learn about it and provide necessary legislative prose as part of their work

I can see this too, with that age and lots of things inside their minds, innovations
are not in their priorities, especially when
In terms of new kind of currency where confusions coming from those negative
opinions are also part of considerable factors.


They are in process of seeking for deeper understanding it's part of their jobs to make
sure they are handling things accordingly.


The last statement is true, not all are open instead they are already being influenced
by bad media perceptions.

Sorry guys but yeah. People are not elected to make laws for their expertise in whatever industry, but they are elected because they have the capacity to act on behalf of the interests of the people they represent, and they are fair and objective in their assessments. You can't expect congressmen to know everything about every law they have to examine.

Not that I think these guys got elected properly:)

No. I don't think they even recognize their relatives anymore. But in 10-15 years this will change. We can only wait.

That was my second thought about OP's post.  These "grandpas" don't really have to understand the mechanics of cryptocurrency for one thing.  They probably know enough of what bitcoin is (a bank-less, government-less currency) to make decisions as far as regulation, and whatever they don't know, they certainly aren't working alone in making decisions.  Every congressman has advisors and teams of information-gatherers, so I wouldn't write them off just because of their age.

My first thought was that being 60 years old doesn't make you ignorant of technology necessarily.  Crypto is certainly a younger person's game, but these people high up in government are generally not stupid people.  They're usually quite intelligent actually.  Your grandfather might not know how to use a cell phone or the internet, but that simply isn't true of all senior citizens--and 60 years old doesn't even make you a senior citizen anyway.

Yep, all of that is true.  I'm not a fan of most politicians, but I don't hold their lack of expertise in various fields that they end up regulating against them.  They're not working totally in the dark on these things.

For me, I doubt that, grandparents always cling to the old and love preserving the traditions and things they are used to, and it is difficult for them to accept change easily, there is always conflict between the old generations and the younger generation so I do not think that we will find new legislations towards accepting Bitcoin from these ancestors, maybe after A few years when a generation of young people take their place, things start to change.

I agree with you. Certainly advisers help and being 60 doesn't mean you are ignorant about tech

 however they do not need to follow advisers and neither a 60 is likely to be a tech guy. Ofc Bill Gates knows more about new techa than me, even though he is 70s... but he is not an average grandpa.
Average congressman probably cant even properly use his smartphone camera and play store , PayPal etc.

Putting younger people in Congress is important

If only the world was like that and you had to be an expert to create laws in each and every field of science. Unfortunately, it isn't so. If you check the backgrounds of mmembers of parliament, you'll see that often a lawyer has a deciding vote in a health bill and a linguist creates or abolishes new taxes. The beauty of democracy ::)

Those people will never agree that bitcoin is even a currency so trusting them will be a huge regret later.If there is a situation they understand that they need to regulate crypto currencies then simply they will implement more taxes and that is what they can do.

If the government prohibit the circulation of bitcoin as a legal cryptocurrency, why should they tax bitcoin ?
I agree that the current government understand bitcoin very well because of its high value. They will forever fear that bitcoin will have a negative impact on the countrys economy. To be honest, I don'lt even agree that they ban bitcoin circulation but they also impose taxes.

The problem isn't necessarily age but the fact that they are more likely to push back tech related stuff (especially when it comes to tech a government cannot control) than younger people. Even if you explain only the advantages of Bitcoin to an older guy, chances are he'll reject it due to skepticism and probably come up with the old and typical "Gold is still better, it's palpable not virtual" argument.

So I definitely do agree that younger people shouldn't be sitting just on the advisors position but also as Congressmen. Younger minds sitting on a higher position could surely influence older Congressmen in a positive way by opening up their minds - and it's a much higher chance of having tech stuff properly regulated than having just grandpas on there as you say.

Unfortunately, not all law making evolves around bitcoin because there are very sensitive national issues in areas of technology, security, economy or even wars that needs to be made by the experienced mind that are in the law making office of the land across the world.

Yes with legislations around bitcoin might come with certain challenges because of the age of those in charge as it is likely to come as a challenge to their way of life, then it's on the young people to explain to them via actions and proposals the advantages of any technology they want adopted. Another alternative is also for them to start grooming themselves to take over because whether we like it or not, those old people were once young.

Would you choose to have surgery with a 20 yo old doctor or a 60 yo "grandpa"?
Then, ask yourself, if you wouldn't trust a youngster with your life, why would you trust the fate of the whole country?

Besides, what's with all the fuss about 60yo old not being so open to technologies, do you realize these people who are now in their 60s were 40 when the dot-com bubble popped in 2000? That they were in their 30s when the CD-ROM was introduced and some of them were babies when the first personal computers went on sale? What's with this preconception, if somebody is old he probably can't answer a smartphone? I'm sure that if we take case by case there are some of those grandpas who have more knowledge about IT than many of the users around here, there are a lot of so-called "bitcoiners" who have no clue how bitcoin works in reality.

Yeah, Hal Finney being 53 in 2009 totally proves how unknowledgeable old people are.

Without a doubt  , if age was to be the last criteria,  I would choose a doctor with 40s,50s.

There are ages between 20 and 60 ;)
At 60s,70s health problems might show upand are more common, the doctor could be shaking at my surgery or closed minded to new techs.



I think it is more common to find bitcoiners of 30-50 than 50-70.

People at 30_50 are more open to new techs and they understand it better. Hal Finney is an exception...

I get where you are getting at and these "grandparents" we are talking about among the years I have seen in news on their statements/opinions towards newer generation things like Bitcoin or even social media (Facebook) aren't aware of what they are even talking about. I've heard statements from these oldies about Bitcoin being a crypto in the dark web or something that only criminals news, I've heard statements that mining farms generate more pollution as well as consume more electricity. All of these statements are coming from senators, congressmen, as well as economists all of whom are old. They are either clueless of what they are talking about or they are just close minded in these topics.

I am thinking of "are those grandpas same with the rgandpas in my area?" Wait, that is the age of my father actually and he is a grandpa.

They may be reliable to be the parties that contribute or decide the regulation for Bitcoin and other cryptocurrencies. But, there are some notes.
1. They may know about it well
- It may relate to their knowledge. We don't really know who they are and what kind of people they are. they probably understand well about the crypto world and they are also learning about this (but I am sure that it will be hard for learning again.).
2. They may only know a few, not much, but they also have some guidance. This is probably the place they are right now. They know about the Bitcoin and other cryptocurrencies but they don't know every single detail specifically. therefore, I am sure that the senators will not decide it by their only knowledge. They will ask for the consideration, though, and also research from the experts of crypto-related people. So that they can make the wisest decision for the BTC and cryptocurrency regulation.

No, definitely not. But soon this will change and crypto will be mentioned more often among congressmen.

Assuming that old people necessarily cannot pass the legislation on something new is kinda ageist. However, given that these people have lived most their lives in a different world and are still getting used to how things are changing, I agree that there would have been a better chance of reasonable crypto legislation had the senators been younger on average. My grandfather is very cautious and skeptical towards Bitcoin, he truly believes that money which is not controlled by the government is something shady and too risky to use. But luckily, he's not among those making decisions regarding legislation.

I'm pretty sure they will not approve this kind of improvements with the use of the cryptocurrency we all know even this is one of the best-growing investments and payment method but still, they don't want to use this because they are afraid about this things

I remember right now about the things they are told that are "baby boomers afraid to changes" this is just basically norms and saying of the millennials vs baby boomers.

By the way, I think the government will not deep dive into the world of cryptocurrency and especially to the bitcoin because this is decentralized they cannot make an earning regarding with this or else they support the use of it and makes their own exchange and add some taxes on the transactions now they can benefit the use of it.

Definitely, if they are on the position.  I think this is not a matter of age but rather if they hold a position in the legislative department.


Definitely regulators will adopt Bitcoin but not to the point that it will let Bitcoin dictates the pace.  Regulators are there to regulate or moderate Bitcoin so that it won't conflict with the existing laws.  If it conflicts then they will never adapt to it if it breaks some of the existing rules rather they will make a way in which Bitcoin and the current law coexist.

Age doesn't matter in regulating bitcoin. Their old age is not a hindrance to the measures they want to implement.They have their own way to know better about bitcoin if they are smart person.let us not underestimate the ability of the elders working in the congress.

It really depends, in theory taking into account that technology is becoming more and more dominant each passing year a few of those people should be experts in different fields of technology and if that was the case then there will be no problem, but we know that in order to reach those positions in the government for the most part your expertise does not matter, so the question becomes are they humble enough to know that it is impossible for them to create a decent regulation on their own and ask the advice of experts? And if I am honest I do not believe that is the case.

They have their own interpretations, they are smart in terms of knowing things around them and bitcoin is no longer a small things to talk but already worldwide that needs to address.

Those grandpa's knows that they've needed to implied rules that will be accurate and be accordance with the laws,
It's not just because  they are old they don't know how to balance things, it so happened that there are many things
That new to them and it will take more research before they fully understand the whole actual industry.

 We shall not judge those old men. In the first place, they know the law amd working in legislative fields. Not all aged man doesn't understand bitcoin. Even if they have so many things to weigh and to consider about cryptocurrency, I believe those man are broad minded ones and will still welcome new technology like bitcoin.
 
 Let's not underestimate their personality and intelligence. When it comes to the good future, they will be considerate enough about it.

They cant regulate IT industry in general. There should be fresh blood inside the government for sure. Or at least IT experts as advisers

But most of the grandpas or elder people are really ignorant about how technology evolved in our society?

The only thing that they know is life experiences and when it comes to investments and cryptocurrency, they are clueless. Most of the younger people and adults are more into the use of technology that's why they have a lot of time to explore digital currencies and the market. It is about having time to engage with bitcoin, having a time to study and learn it.

They can study bitcoin in that age of 60 but it is too late for them to see its benefits in the long run. The person who will benefit their asset bitcoin in the future is probably their relatives.

I agree this is a matter of really understanding technology and many people at that age won't be able to grasp such a complicated technology so easily even if they might be somewhat smart.
The danger with this is that then decisions will be made on the general scale and that will probably not be reflected well on crypto.

I don't think there will ever be serious regulations to restrict Bitcoin, any more than there are restrictions on physical gold. Too many of the banking elite are buying into it at the moment. They may try to block purchases by smaller users in an attempt to manipulate the price, but as they can't do this on a global basis, it probably won't have a ling term effect.

The truth is that they don’t know anything about Bitcoin, so they will not be able to do the right thing when it comes to anything about bitcoin and its regulation (we can simply assume what all they might be aware of is, money laundering and KYC).

I have seen a lot of them talk about cryptocurrency and it’s clear that they don’t know anything about it, and some of them call it a scam, even till today they are still thinking it’s a scam, which clearly shows that they don’t have a single understanding of what it’s all about. And one thing we all know for sure is that none of these men are ready to step down for the younger generation to take over, lol, they will prefer to remain there till they are dead.

how do you know ? many older presidents i see can manage the country verry well and they also legalize btc  .

 they wont be on that position if they are not smart enough to handle anything that is thrown to them . if this is thier first time to hear btc they can learn it right away , why not ? except if they are really too old that they cant move or speak properly because that also affect the way they think

If government regular cryptos as a money which is legal tender then it is not possible to impose taxes on it but we need to pay the taxes if we earn using it but now the government doesn't consider it as current but as a form of digital asset so they can get more taxes in this way.

They can easily hire advisors that know about this technology the real question is if they are going to listen, but we know how politics work if those people feel that bitcoin threatens their interests then any regulation that they may create is going to be very restricting and while that probably will not affect us it will affect any businesses that primarily deals with cryptocurrencies or with any businesses that wants to accept bitcoin as a form of payment and that will surely slow down adoption, at least for a time.

If businesses are affected, everyone else probably will be as well. Restrictions are usually not imposed to exchanges themselves but to us as customers (see KYC for reference), and that ends up as a big headache for all of us. I get that advisors could be hired, but does that really help if the decision is still in the Congressman's hand?

This they will be doing and all the governments around the world will be having expert advisers but for everyone to understand everything even with an expert adviser is a big task for politicians even if they are young and if they do not have any relation to the IT industry they will not understand these things and hence age is not a factor.

I do not understand that politicians and congressmen who are over 60 years old still want to be leaders or regulators.
Why not retire and decide to live quietly at home and not be burdened by state problems, give young people the opportunity
to lead. I agree that every congressman has a young advisor and success team to provide input regarding Bitcoin which includes
modern technology, which a 60 year old congressman will likely not understand. But what I fear is the congressman did not
receive such input or advice. This could be a threat to Bitcoin futures.

...and well! Regulate (!?) ... if they can't regulate it now, how can they do it in the future? Bitcoin in the future will be used so massively that they will have to regulate people and the entire related environment.

Today bitcoin can do almost everything that Fiat money allows an individual. Even in countries like the United States, which is the niche you want to include in your context (OP) they do, but under a "legal" and "illegal" framework there is an ambiguity, such a legal vacuum, that the United States Government allows When bitcoins are confiscated for any reason, they make a profit.

So! In today's world ""establishment"" , laws must regulate people who use bitcoin to earn income (taxes, etc.) from how people use it.


_______
Second Opinion...from your context.

1.-It is quite discriminatory and without reason, which have to do with age and knowledge.

2.- These people manage their work and delegate. Generally, a senator makes decisions based on the advice of third parties. And that advisor may be 20, 45 or 70 years old, what does that matter.  ???

3.- It is very possible that when a law of this type is promulgated, all of us who are here will be elderly or close.  ;)

________

Regards.

In congress there's no one chooses whether educated or not or whether we are old because we are all have a freedom to participate in it .Today it's all about a digital age, it is in favor of young people however, there's nothing wrong about old administrator with lack of knowledge about bitcoin to regulate because most of them are wise and open to all good opportunity.

That is the way the system works and there is no way around it, at the end the decision is in the hands of those that have been elected by the citizens of the country and it is up to them to decide what they think it's best for them, but we know it doesn't really work like that, we know that there are huge interests each trying to pull laws that are favourable to them and the banks are one of the most powerful among them and they do not want to pass favourable laws to bitcoin because it is a competitor to them.

This is the reason why we are developing so slowly. The old men have grasped power with their pale hands and do not want to give it up. This is a general global trend. In almost all countries, senior authorities are represented by old people. But who checks their decisions and judgments for adequacy? They are not touching, but at the same time, each of us has examples of old people who, at the age of 60+, no longer understand.

At all times, age has been revered, which has always been associated with wisdom. People are in the parliaments of different states not because they understand the intricacies of current technological progress. There are people there who have basic knowledge and a wealth of experience, which are sufficient to avoid doing stupid things and not making quick and stupid decisions. So far, these grandfathers allow integrating cryptocurrency into the global economy, and for this they need to express our deep gratitude. Young people will also gain experience over time, but for now they need to listen to the opinion of the older generation. It has always been this way, thanks to this social structure, humanity is still surviving.

All they really need to comprehend is that they can only regulate their own citizens and companies.  There are limits to what they can do.  Even if they could make using Bitcoin problematic for people in the US, they can't stop the rest of the world.  If they try to restrict usage in their own country, it's only themselves they would be hampering.  And there are dangers of doing that when it comes to technology.  They might unwittingly put the US at a disadvantage, competitively speaking.  So they need to tread lightly if they have any sense.

Do they even care about Bitcoin? They don't need to regulate it, as they are busy buying it all at the moment. That means they are acquiring an appreciating asset, and they can control the volatility to frighten most of the world population. We are lucky as we know their plans, so we can use it as an income source if we are sensible.

Generally, old people are having difficulty in understanding Bitcoin or they are denying it. I believe that there are people like that on the House too. But I don't think this will prevent Bitcoin from being regulated. Because I think their advisors can enlighten them about the industry and this can help for the regulation of Bitcoin.

Here in India, the situation is even worse. We have a few parliamentarians who are in their 30s. But even they don't have any idea about Bitcoin or other cryptocurrencies. Here the problem is that since they have very little knowledge about the cryptocurrencies, they allow the bureaucrats to formulate laws regarding them. Obviously some of these bureaucrats are very hostile to cryptocurrencies and this causes trouble for users like me. Last year, someone tried to install a Bitcoin ATM at Bangalore. He was arrested and the machinery was confiscated. And this was done despite the fact that Bitcoin is not banned in India. The cops asked him to get a license for installing the Bitcoin ATM. But the officials won't issue him a license. It is really frustrating to be a cryptocurrency user in India.

It was already pretty too old for a politician to be placed in such position. Here in our country such ages must be on their retirement time already but still there are some officials who tend to run into a position for the reason that they can still carry out public service until the last breath of their lives. But even at such cases, we must not underestimate their capacity to work on legislation and regulation of Bitcoin. Although it would be a great challenge to let them fully understand what is Bitcoin, surely they have advisers with them to guide them on doing important things related to Bitcoin such as understanding the basic concepts of it to help them do decisions and actions with relation on it.