Is regulation really coming to Bitcoin ?

[100bitcoin]

I was reading an article on Fortune.com and stumbled upon a quote...

We can divide bitcoin people into two camps, one that goes along with the existing system, and wants it to work complimentarily with the existing system, and then the other half is basically religiously opposed and wants to invent a libertarian, regulation-free world.

Source: Yes, regulation is coming to bitcoin

Would like to know the general community opinion about it...

[amiryaqot]

i think it will be much hard to regulation the bitcoin because it demands much big network to regularized the bitcoin transaction.
Bitcoin means to way of freedom without any obligation to use and without any limit.

[dasource]

Does bitcoin itself need regulation? Questionable.
Regulated exchanges by all means until we see decentralised exchanges becoming more popular.

[pedrog]

Well, regulation isn't coming to bitcoin, businesses like exchanges now have proper regulation, like they should, they didn't invent a new thing, currency exchanges exist for long time and they have regulation to comply with, there's no good reason bitcoin exchanges to be exempt from it.

[flyingplows]

And I think it's just the beginning... And if regulations are fundamentally very harsh - bitcoin will not comply... Because it is not just about fees... It's about the idea... Of freedom... And about outgrowing the current system making it obsolete...

[Amph]

anon it's also coming to bitcoin, and we know those two things can't live together

100% regulation for bitcoin, cannot be achieved, and it shouldn't...

[Bit_Happy]

We do not know what the Bitcoin Foundation will be asked to do to the code (the BF pays the dev(s)), if the devs will "obey", and/or if the mining pools will be willing/able to fight against radical code changes.

[flyingplows]

I doubt this could even be possible - if the regulations come to the point where they will enforce the code, then there will have to be a radical change, I don't know - maybe some kind of hard-fork change, that we will all jump on because of faith or smth, but bitcoin CANNOT be allowed to be enslaved... Its natural purpose is to get rid of all centralized power and if it fails to deliver that - it has to shift to be able to...

[Meuh6879]

they want try
they will fail
always

because it's not cash
because it's not centralised

because it's invented by human
not politics or business






Anonymous.





 

[Buffer Overflow]

Where Bitcoin and the fiat world touch there will always be regulation, such as an exchange.

[Miracal]

We do not know what the Bitcoin Foundation will be asked to do to the code (the BF pays the dev(s)), if the devs will "obey", and/or if the mining pools will be willing/able to fight against radical code changes.

I don't think the bitcoin core protocol code will be controlled by the govs otherwise it loses the meaning of decentralization. No ppl will allow this happen. But  I don't disagree with the idea of the regulation of currency exchanges, cryptocurrency startups, which is regulating the ppl, who are dealing with cryptocurrency, not the bitcoin inherent protocol.   

[Denker]

We do not know what the Bitcoin Foundation will be asked to do to the code (the BF pays the dev(s)), if the devs will "obey", and/or if the mining pools will be willing/able to fight against radical code changes.

If major changes in the code wouldn't be accepted, the community won't jump on it and show the middlefinger.Simple is that. People wouldn't update and stay on the old fork.

[BillyBobZorton]

Does bitcoin itself need regulation? Questionable.
Regulated exchanges by all means until we see decentralised exchanges becoming more popular.

The problem with decentralized exchanges is.. how are you supossed to do day trading? It doesnt work since its only p2p exchanges, afaik.
For classic centralized ones yes, we need regulation.

[forlackofabettername]

Regulation can only happen at bottlenecks such as exchanges. But bitcoin itself is not possible to effectively 'regulate'.
It's impossible to effectively ban it for example.

[Lauda]

Where Bitcoin and the fiat world touch there will always be regulation, such as an exchange.

Exactly. There is no place on earth where one could run a un-regulated exchange. It has to happen.
The regulation will be different for each country.
There was a site bitlegal.net that displayed the legal status of Bitcoin in each country, but it looks like it has been removed/deleted.

[CryptoChaser]

The Reserve Bank of Australia does not believe that bitcoin regulation is worth the cost as it may require international cooperation.  Regulation cost money that's the bottom line.

[byt411]

The Reserve Bank of Australia does not believe that bitcoin regulation is worth the cost as it may require international cooperation.  Regulation cost money that's the bottom line.

Regulation costs money, but it could also potentially bring in money for the government. from taxes and other things.
They would also want to regulate it to try and prevent money laundering, but obviously, they would fail. If banning cryptocurrencies also counts as "regulation", then it could also occur.

[Lethn]

I think there will be certain countries like Germany that will regulate it extremely efficiently and then most of the other countries throughout the world will have no clue what to do with it, even with Andreas Antonopoulos explaining things to them their laws will be as vague as ever, adding to that, it will be interesting to see if any countries try to ban Bitcoin outright because I want to see whether they can stop it from being traded on the black market at all.

[ensurance982]

It's interesting to see how some governments decide to not regulate it, and others jump to outright forbid it. I think there will be more regulation in the future, and that is something good. It gives bitcoin legitimacy in the eyes of the public.

[NyeFe]

Let's think about this rationally.


For regulation to come to Bitcoin, miners would need to accept any new software with altered code... If they don't accept, then I guess there's no regulation (which is most likely)

Alternatively individual Bitcoin services could be pressured, like what's happening to coinbase. Similar like Silk Road, if other services choose not to be regulatated, they could simply go underground. If you've already created the website scripts, any Bitcoin service could switch to a new domain within minutes.

So like what's happening here in the UK, since government wants to accept and tax Bitcoin businesses, I think they would all be forced to be regulated, which comes with a portfolio of advantages or face criminal charges... Unless they go underground as previously stated.