[2015-03-24] Fortune: Regulation is Coming

[ducatitalia]

http://fortune.com/2015/03/24/bitcoin-regulated-exchanges-winklevoss-coinbase/

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[jbrnt]

I don't know why some people are resisting regulation. I think regulation is almost inevitable. Bitcoin has gained value and we can buy things with it. Bitcoin is not digital coupons any more and millions worth of bitcoin are traded every day and can be transmitted across the world. Regulated exchanges are important to bring bitcoin mainstream. The more regulated exchanges around the world the better.

[fancy_pants]

I don't know why some people are resisting regulation. I think regulation is almost inevitable. Bitcoin has gained value and we can buy things with it. Bitcoin is not digital coupons any more and millions worth of bitcoin are trades every day and can be transmitted across the world. Regulated exchanges are important to bring bitcoin mainstream. The more regulated exchanges around the world the better.

In California,  some would argue that buying and selling bitcoin to your friends even if you don't hold their bitcoins for them requires that you pay $5,000 to register for a license, then pass a rigorous background check, then pony up a substantial dollar based $200k bond.  No real explanation as to why these things are required except the word bitcoin needs to be added to the existing laws.

Appropriate protections for consumers are fine, but the regulations so far proposed only serve to neuter bitcoin's innovations and prevent the established players from being displaced.

This is why bitcoiners are resisting regulation.

[Chef Ramsay]

I don't know why some people are resisting regulation. I think regulation is almost inevitable. Bitcoin has gained value and we can buy things with it. Bitcoin is not digital coupons any more and millions worth of bitcoin are trades every day and can be transmitted across the world. Regulated exchanges are important to bring bitcoin mainstream. The more regulated exchanges around the world the better.

Regulation can be state sponsored or from the market itself. Typically, the big shots lobby the govt to get their needs met and that has been the root of all of our problems. But when the Underwriter's Labrotaries,the private market clerk, clarifies their position - markets take a look because of their reputation. Rep runs the free market in case the new folks have no idea.

[Miracal]

I think soome sort of regulation is essential for the survival of the cryptocurrency, especially when the crypto technology is not perfect yet and the attackers, scammers, and frauders are around all the corners now. If they are not punished by law, this kind of  incidents will increase drastically.
Minor regulation is welcome, just for the ppl who are dealing with cryptocurrency. At least we are happy with the fact that the blockchain and protocal itself cant regulated at all.

[Hazir]

I don't know why some people are resisting regulation. I think regulation is almost inevitable. Bitcoin has gained value and we can buy things with it. Bitcoin is not digital coupons any more and millions worth of bitcoin are trades every day and can be transmitted across the world. Regulated exchanges are important to bring bitcoin mainstream. The more regulated exchanges around the world the better.

As you can see current financial world is regulated, every business and organisation have to follow law. Does this makes our financial system better?
Everything is fine, big financial institutions are getting bigger, banks are getting fed and people like Jordan Belfort are everywhere, it is your 'regulated' world for you.

[2btc]

I don't know why some people are resisting regulation. I think regulation is almost inevitable. Bitcoin has gained value and we can buy things with it. Bitcoin is not digital coupons any more and millions worth of bitcoin are trades every day and can be transmitted across the world. Regulated exchanges are important to bring bitcoin mainstream. The more regulated exchanges around the world the better.

It is inevitable. I think some people just don't understand it and therefor fear it and others are just libertarians or anarchists who want the governments to stay out of it. Personally if we want bitcoin to be legally useable as a currency then regulation is going to come whether people like it or not.

[jjacob]

As you can see current financial world is regulated, every business and organisation have to follow law. Does this makes our financial system better?
Everything is fine, big financial institutions are getting bigger, banks are getting fed and people like Jordan Belfort are everywhere, it is your 'regulated' world for you.

To play the devil's advocate, if the financial world was left unregulated, it may have been far worse. Regulation may not be perfect, but it is still making the world a better place.

[jbrnt]

There are good and bad regulations. They could be too tight or full of loopholes. Regulation makes bitcoin more legit and irradicate uncertainty. Business are more likely to adopt bitcoin and invest in the bitcoin environment when they are clear what to expect.