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Author Topic: If you have to accept one, what will it be?  (Read 1303 times)
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February 11, 2016, 05:45:27 AM
Last edit: February 11, 2016, 06:15:02 AM by Kakmakr
 #1

We are moving in the direction, where Bitcoin will be challenged by Permissioned private Blockchains. Let's say for one moment, these PP Blockchains become the norm, and public Blockchains like Bitcoin gets regulated, what will you do?

1. Would you bend the knee before governments and adhere to their regulations to restrict freedom? Use PP's?
2. Support another Alt coin, with full anonymity?
3. Accept these regulations and restrictions and sacrifice your freedom? And still use a regulated Bitcoin?

A lot of us joined Bitcoin, because it offered a alternative for freedom from centralized control and monitoring and also manipulation of the value of our money. Now this freedom will be restricted once again, and the technology used against us to do this.

Will we allow that?

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February 11, 2016, 06:07:10 AM
 #2

1. Most likely No, I wouldn't but it might depend on what extent the restriction be (doubt will happen IMO).
2. Again No. It's going to be hard to see another alt coin replacing BTCitcoin for me. I've use some other alt coins and for me, their light year behind plus full anonymity wasn't one of my problems so, NO.
3. Basically the question is same as number 1 so same answer (NO).

I doubt majority of users will allow this to happen therefor I doubt they (government) will succeed on the matter.

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February 11, 2016, 06:16:09 AM
 #3

1 and 3 are probably a no for me as it goes against everything bitcoin has been building over the past years.

2 Would be an option for me, was it not for the fact that the same fate would probably befall on an altcoin that would replace bitcoin. Massive regulations.

Luckily it will be very hard to fully regulate bitcoin. A bit of regulation is fine by me (e.g. for taxation purposes), but governments should never get control over bitcoin at its core.
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February 11, 2016, 08:27:32 AM
 #4

The greatest advantage of Bitcoin is its anonymity. due to this reason, many people prefer it.

Now if government starts regulating Bitcoin, then I guess, many people will stop using it and the demand will decrease. If this happens, the it will have an adverse effect on its price.

Now, if bitcoin become cheaper, many other people will loose interest in bitcoin too. The chain effect will start and will result a huge crash in price.

So, I think, if government starts regulating bitcoin, I personally would prefer using some other coins like Litecoin or Dash.

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February 11, 2016, 08:55:09 AM
 #5

I don't see Bitcoin being regulated. Exchanges, traderrs, wallet providers may be, but not the Bitcoin blockchain itself.

Would I support a regulated altcoin, almost certainly, but it depends on the regulator and the regulations. I suspect they will attach a blockchain to the Phoenix currency when it arrives. I just hope that Microsoft, Ebay, JP Morgan and the like will not be involved with the coding or regulation. I see Microsoft has attached itself to Etherium, that has put me off using it.

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February 11, 2016, 09:24:34 AM
 #6

I don't see Bitcoin being regulated. Exchanges, traderrs, wallet providers may be, but not the Bitcoin blockchain itself.

Would I support a regulated altcoin, almost certainly, but it depends on the regulator and the regulations. I suspect they will attach a blockchain to the Phoenix currency when it arrives. I just hope that Microsoft, Ebay, JP Morgan and the like will not be involved with the coding or regulation. I see Microsoft has attached itself to Etherium, that has put me off using it.

They will regulate the on-ramp and off-ramp to the technology, like they doing already in the USA with the services linked to Bitcoin having to adhere to the KYC and AML requirements to operate. Coinbase being a perfect example of what will be allowed and what not.

They may also regulate the currency part of it, by acknowledging it as a commodity and not as a currency. In doing this, they would also stop innovation in the Alt coin area. The permissioned private networks will not be influenced, because it will not be used for public trade.

It will boil down to use case and what freedom they will allow. They will not give complete freedom, only a perceived freedom hidden under strict regulation. If they can monitor and control the technology, they will allow it. The private Blockhains will give them that, and for that reason, it will be allowed.   

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February 11, 2016, 09:36:56 AM
 #7

I assume that by "they" you mean the US. The US is already in trouble with the dollar, and seems to be losing its place as a reserve currency. This could lead to increased regulation of course, or it may lead to a reduction as it tries to maintain international trade.

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February 11, 2016, 10:00:21 AM
 #8

I think i would choose 2 and support some other altcoin. But i am also not so worried about being anonymous, so i might aswell go with 3.

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February 11, 2016, 10:09:23 AM
 #9

I don't really care about regulated bitcoin as long as the regulations is not a pain in the ass to deal with Tongue
If it turns about the be a pain then i will probably use another alt coins that has a potential to be the next bitcoin
Or maybe ill just stop using it completely Tongue
But im pretty sure the community won't allow bitcoin to be regulated without a bloody fight Smiley
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February 11, 2016, 10:19:45 AM
 #10

I dont see any Bitcoin regulation yet, only Bitcoin services regulation especially when these services deal with fiat as well. So more clarifications what do you mean by Bitcoin regulation wouldnt hurt.

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February 11, 2016, 10:25:21 AM
 #11

I'd go with 2.

Actually I already do it, I regularly use DASH.
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February 11, 2016, 10:33:49 AM
 #12

i like bitcoin with anonymity, so if government try to snatch that thing from bitcoin, i will go to another alt coin that can give the freedom of anonymity


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February 11, 2016, 10:37:11 AM
 #13

1 and 3 are absolutely a no go!
I have choosen Bitcoin to avoid those kind of restrictions and manipulation by the incumbents.
So I would definitely choose number 2 and go for an altcoin with high anonymity features!
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February 11, 2016, 11:08:35 AM
 #14

The question for me is: what could an average user do if he or she decides not to accept it?

I don't see many options. Real options, I mean.
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February 11, 2016, 11:14:27 AM
 #15

i like bitcoin with anonymity, so if government try to snatch that thing from bitcoin, i will go to another alt coin that can give the freedom of anonymity

That's my point of view as well. I've been giving a try on Dash, which seems to have a nice anonymity feature. Killing anonymity is killing bitcoin.

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February 11, 2016, 11:15:07 AM
 #16

i think its better to  Support another Alt coin, with full anonymity? because it can be a good second option for bitcoin
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February 11, 2016, 11:51:41 AM
 #17

i like bitcoin with anonymity, so if government try to snatch that thing from bitcoin, i will go to another alt coin that can give the freedom of anonymity

That's my point of view as well. I've been giving a try on Dash, which seems to have a nice anonymity feature. Killing anonymity is killing bitcoin.



I it comes to a point where bitcoin use becomes inviable, I would also choose Dash or any other anonymous alt. I think many people would do the same.
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February 11, 2016, 01:42:19 PM
 #18

We are moving in the direction, where Bitcoin will be challenged by Permissioned private Blockchains. Let's say for one moment, these PP Blockchains become the norm, and public Blockchains like Bitcoin gets regulated, what will you do?

1. Would you bend the knee before governments and adhere to their regulations to restrict freedom? Use PP's?
2. Support another Alt coin, with full anonymity?
3. Accept these regulations and restrictions and sacrifice your freedom? And still use a regulated Bitcoin?

A lot of us joined Bitcoin, because it offered a alternative for freedom from centralized control and monitoring and also manipulation of the value of our money. Now this freedom will be restricted once again, and the technology used against us to do this.

Will we allow that?
a normal question for critical people,and good analyze from smart people. i think that 3 points not yet easy to relize,even we know some people support this.
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February 11, 2016, 03:26:46 PM
 #19

i like bitcoin with anonymity, so if government try to snatch that thing from bitcoin, i will go to another alt coin that can give the freedom of anonymity

That's my point of view as well. I've been giving a try on Dash, which seems to have a nice anonymity feature. Killing anonymity is killing bitcoin.



If you have no problem supporting a coin {Dash} where 500k was instamined within the first hour of it's release and then another 1 500 000 coins in the

next 8 hours. I would be too nervous to swap my Bitcoins for a possible scam coin. I like the features, but that worry me a bit. I would keep some

Bitcoin, even if it gets regulated, but as soon as a legit coin with full anonymity and no pre-mine gets released, I will go for that. I do not like this

intrusion into our privacy, but the world is changing and bad people are using the technology to hurt more people, and I also am against that.  Shocked



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February 11, 2016, 03:35:06 PM
 #20

i'll keep using bitcoin wtihout sacrificing anything because, they cna not regulate it in the same way as fiat, there will be always way to avoid their control with bitcoin

so no need to jump on another alt that if get big, will eventually be regulated like bitcoin
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