In the meantime, to all cheering the news that their beloved
central bank has officially begun regulatory measures over Virtual
Currencies:
The response and comments being posted by local BTC users,
buyers, sellers i.e on localcoins etc, are about 95% in favor.
They just don't get it do they. They somehow think this is good.
They think it promotes BTC, It protects customers, it legitimizes
bitcoin they say.
They are proud of their central bank requiring AMLA/KYC procedures.
They are oblivious to the harms:
> The restrictions imposed on them.
> The Tax potential.
> The loss of privacy.
> The power to freeze your account.
> The potential limits on transaction size or monthly transaction
ceilings or some such limit not to be exceeded without further
requirements explaining to some local exchange why the large amount,
purpose excreta.
> The personal data leakage risk.
> The control over your money.
> The danger of government keeping tabs on your activity.
> The increased exchange fees expected, even if regulation is only an
excuse to raise fees by the exchange to increase profits.
I am shocked and disappointed to witness the failure of so many to comprehend the whole picture. How many here really trust government to be reasonable, trustworthy, and to do the right thing? Stop look around you, think of all the things government can't or won't do right.
look around you to see the effects of "letting the government handle it".
I see your point. If ever bitcoin will be recognize there would be some restriction that can be imposed in using it. Moreover it will regulated and possibly they can even place tax in every bitcoin transaction made. We all know how the philippine government thinks. If they can impose tax on everything they can they would do it.
