Are you For or Against "Government" Regulation of Bitcoin.

[digaran]

People want all sorts of things and governments will always do whatever they feel like doing, one way or another they will try to regulate exchanges which are the wheels of the market and as long as fiat is involved they have the law on their side and they can essentially do as they see fit. from the point of view of some body trying to do normal business and legit business regulating Bitcoin is OK and they see no problem with it but when it comes to other businesses or conducting business where governments have told all the banks not to do business in that area then regulation is not good for them.

[2bfree]

People want all sorts of things and governments will always do whatever they feel like doing, one way or another they will try to regulate exchanges which are the wheels of the market and as long as fiat is involved they have the law on their side and they can essentially do as they see fit. from the point of view of some body trying to do normal business and legit business regulating Bitcoin is OK and they see no problem with it but when it comes to other businesses or conducting business where governments have told all the banks not to do business in that area then regulation is not good for them.

This is one of the reasons we need a decentralized exchange that works ASAP!

[Adbitco]

The governments of most of the countries haven't fully understood what bitcoin is so what regulations do we expect from them. In some of the countries some of their leaders consider bitcoin to be a ponzi. And the most important question is what do they want to regulate, they can't take away bitcoins anonymous and decentralized nature so if all their rules and regulations are confined to taxation then it's fine with me.

[coerdy]

 Depends upon the people and technology implementation, the governments interested to regulate Bitcoin. As per my knowledge, most of the government stood at neutral condition in implementing Bitcoin. But, the Bitcoin usage and advantages will be spread in the market soon, at that time, all governments try to regulate the bitcoin.

[Cuber Krypton]

Regulation will come under the guise of protection to investors. Exchanges and whatnot will be buried with costs and pass those costs onto the users.

For example insurance: I have no interest personally that exchanges have insurance costs. I would be happy if they had an option where I could choose to pay more if I wanted to be insured.

Bureaucracy: Eats at your value. It's effectively tax.  

Regulation is good for acceptance and will be good for value of Bitcoin VS USD. Eventually, if there ever would be a time where you just have Bitcoin VS Bitcoin, we will be drowned in Bureaucracy draining value like we are right now with FIAT as well. The only good thing is we wouldn't have endless Money supply to keep fatting the beast.

Also, someone will pay to enforce regulation on a very difficult market to regulate. I hope my Country just leaves it be.

Most would not understand it anyway. I can imagine horrible Tax regulations and worse, presumptive regulation. This meaning: We do not know where you spent the Bitcoins, but we know you bought them for X, so we will just presume Y tax on them.

[Adbitco]

At present the government of my country hasn't taken any solid step towards regulating bitcoin and also if there's been any talks from governments side about bitcoin so far they have been positive and with so many countries like Japan, Australia and South Korea supporting bitcoin the possibility is that the government of my country will also only recognize bitcoin as a currency and might propose some taxes which is not unfair I think so for now I'm neither in support of nor opposed to the idea of government regulating bitcoin.

[Arumi.Bilqis]

Government regulation should we support to simplify all transactions using bitcoin, as long as the rules do not incriminate all bitcoiner.

[Wesimon]

Government regulation should we support to simplify all transactions using bitcoin, as long as the rules do not incriminate all bitcoiner.

If the government regulates bitcoin, it will not only focus on simplifying the transactions using bitcoin. They will also imply tax over bitcoin and do certain rules in order to take over with the control on bitcoin. But still, we have our own choice, whether we take and follow those rules or simply continue what you have started. This will also be hard to implement because bitcoin is decentralized. It will be a very long process for the government to manipulate bitcoin.

[Basmic]

Of course I am against government intervention in the economy of bitcoin. Crypto Economics was conceived as a free economy, and the government will surely impose its own rules. Better to let it be as it is now.

[carlfebz2]

Why would against? If Government could able to impose taxes on its users then it should be fine since us bitcoin holders would depend if we do pay tax or not since government wont ever know that you are using bitcoin.
Its not really bad but I'm sure the citizen or bitcoin users on that place do have different traits either they do pay proper taxes or do still evade it.

[CryptonomyCapital]

I think that regulation will well affect bitcoin, it may reduce volatility. But in truth, I'm afraid that countries will introduce their own coins, less decentralized and anonymous.

[HybCZ]

In the event that control over the BTC would take over the government, the state, the banks - the whole idea of ​​BTC would lose sense. People would switch to another cryptomaniac or they would think of another way to regain some independence from the system.

[Soros Shorts]

A freedom currency would be a thing that gives economic freedom back to people, so that they can interact economically with one another without getting stolen (tax), spied (declaration) and limited (forbidden economic interaction) by rule makers.  If it can be taxed, has to be declared, and hence, can be regulated (forbidden for some actions), then it has no use as a freedom currency.

Even barter trading is taxable in the US according to the IRS. I am sure very few people report their barter trades when they file their taxes.

As long as the protocol does not change I have no problems with governments attempting to regulate the use of Bitcoin. You choose individually to obey or disregard these regulations. You choose as a society to vote for or against these regulations. The protocol is still viable for use as a freedom currency.

[adzino]

Financially speaking regulation is applied on banks and other institution, but bitcoin is neither a bank nor any kind of institution which provides us financially. So its going to be extremely hard to regulate bitcoins. Will end up doing more harm than benefit according to me.

[cafucafucafu]

I noticed many pro government Regulation of Bitcoin popping up everywhere thesedays it makes me wonder whether fellow Bitcoiners are in support of these people or more focused on accumulating more Bitcoin & Altcoin.
Would Satochi be in Support of Regulation? Are you in support or against?

Well, firstly it would take a long time for the government to be able to take control of bitcoin since it is a decentralised crypto currency and it would be impossible for the government to obtain access through a master key, since it might now even exist. The only way for the government to get control of bitcoin, would to brute force their way in.

I wouldn't mind if the government took over bitcoin, if they wouldn't do these things below:

1. Raise the transaction fees and/or make the blockchain even more congregated than it is now.
2. Add super high taxes to bitcoin, smaller taxes I wouldn't mind.
3. Attempt to change bitcoin in any way or attempt to copy it.

[TheGodson]

I don't want the government to regulate Bitcoin. I see people saying the government couldn't ban it even if they wanted to. Sorry guys, but yes it can. If the government decided to shut down all the exchanges there would be no where to send money. People would lose faith and the currency would collapse. Let's hope that doesn't happen.

[Hamphser]

I don't want the government to regulate Bitcoin. I see people saying the government couldn't ban it even if they wanted to. Sorry guys, but yes it can. If the government decided to shut down all the exchanges there would be no where to send money. People would lose faith and the currency would collapse. Let's hope that doesn't happen.

Yes they can ban exchanges but it wont complete make bitcoin die easily since bitcoin doesnt really fully rely on those exchanges and thinking off on there are already lots of bitcoin which is circulating throughtout the entire network which means even though people cant buy bitcoin on exchanges but it can buy directly from other users which means possibilties of continuing its existence is very high.

[shaggy404]

I noticed many pro government Regulation of Bitcoin popping up everywhere thesedays it makes me wonder whether fellow Bitcoiners are in support of these people or more focused on accumulating more Bitcoin & Altcoin.
Would Satochi be in Support of Regulation? Are you in support or against?

I'm personally against gov regulation. Would you mind adding a poll to the topic?

[avikz]

I noticed many pro government Regulation of Bitcoin popping up everywhere thesedays it makes me wonder whether fellow Bitcoiners are in support of these people or more focused on accumulating more Bitcoin & Altcoin.
Would Satochi be in Support of Regulation? Are you in support or against?

Bitcoin is money and money is power. Very few governments will support that move. Governments will never want a free flow of money in to their economy or in to the hands of their people if it's not regulated or generated by them. Also the bankers would not want that to happen either. So government will frame such regulations to curb using of bitcoin and not to promote that.

I think that's what decentralized means. That no one will regulate the cash flow or the generation of bitcoin. Only a worldwide cumulative force can do that. I am earning in bitcoin from various activities like trading  and signature campaigns and also I disclose my earnings in my annual income tax returns. I don't think I am doing anything wrong.

[Doms]

Bitcoin is being regulated in some countries now and its usage has spiked even more because people feel that with the regulation, it is easier to use it because the government has some say on how it is to be used. For some people, regulation is good but for those who prefer not to be bothered by the government, this is not a very good thing.