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

[Ucy]

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?

[Carlton Banks]

Satoshi took the utilitarian, pragmatic viewpoint, not a political one.

He stated that Bitcoin's design makes it inherently resistant to being controlled by powerful external entities, and that that was what he tried to achieve with the overall design of Bitcoin.

Governments can do what they like: without an obscenely draconian intensity of totalitarian control of people's private lives and homes, they cannot regulate Bitcoin, it is a law unto itself. That's why we must all think very carefully when there are loud voices petitioning the Bitcoin users to change the rules. They may well be representing the views of contemporaneously powerful people or institutions (Federal Reserve, IMF, BIS etc), unhappy with Bitcoin taking their power away, and so are trying to undo the strength of Satoshi's design.

[cryp24x]

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 do not care if my government regulate or not regulate bitcoin.  I cannot do anything if they do regulate bitcoins anyway.  I will just do what I think will not break my government law while involving myself to bitcoin.  And if they ban bitcoin probably that will be the time I will not abide my government law and will keep on using Bitcoin.

[AltBacked]

i Dont think Government can control the bitcoin , Bitcoin is completely Decentralised and it is very tough for government to have a control over it ,

i dont like like the involvement of gov in bitcoins 

[bhabygrim]

"Government Regulation" sounds not good to me. I'm not against as long as btc transaction fee is lower. remain independent on sending funds , Strictly no VAT (value added tax )no ID required as possible. as if haha

[Wipro]

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?

Until bitcoin is become a centralized money till that bitcoin would not be under control the Government. If you been using bitcoin, you may consider bitcoin as illegal to use in your country. Its all upto the people's view only. I hope bitcoin will be centralized money in use like how Japan adopted bitcoin.

[Ucy]

Satoshi took the utilitarian, pragmatic viewpoint, not a political one.

He stated that Bitcoin's design makes it inherently resistant to being controlled by powerful external entities, and that that was what he tried to achieve with the overall design of Bitcoin.

Governments can do what they like: without an obscenely draconian intensity of totalitarian control of people's private lives and homes,
they cannot regulate Bitcoin, it is a law unto itself.   That's why we must all think very carefully when there's are loud voices petitioning the Bitcoin users to change the rules. They may well be representing the views of contemporaneously powerful people or institutions (Federal Reserve, IMF, BIS etc), unhappy with Bitcoin taking their power away, and so are trying to undo the strength of Satoshi's design.

Exactly!

[mindrust]

The thing is, whether they decide to regulate it or not, it won't have an effect on people because people have the power to choose if they want to get regulated or not.

The government can ban it, can promote it, can set rules... Users can simply ignore any of them or accept only the good rules. 

Bitcoin > Governments

[dinofelis]

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?

If bitcoin was to be a freedom currency (it turns out it isn't), then any form of "regulation" would be bad.  After all, regulation means that the state recognizes bitcoin as an asset, and hence, that you have to report it, that you are not allowed to do things with it if the law forbids you etc... .You cannot say anymore "but these are just numbers on a computer".   No, they have the legal status of an asset, a currency, .... something the law can specify you what you have to report and what not, what you can do with it and what not.

You can always "transfer numbers" to someone on the internet.  But once bitcoin is "a currency", you've done an act of payment, which is not always allowed (you're for instance not allowed to buy stuff that's not legally sold), which has to be reported (you cannot give "money" to your children, only a limited amount every 10 years is allowed, and you have to report it - you could give "numbers" to your children of course).

Making bitcoin a legal asset, means that you kill the "economic freedom" of it, but you open it to institutional players.  So in as much as bitcoin is a modern version of a speculative derivative on which institutional players will play with "joes in their basement" and rip them off their money, its regulation is a good thing ; in as much as bitcoin was supposed to bring economic freedom, it is a bad thing.

Given that bitcoin IS essentially a speculative financial asset, we see that many people cheer when bitcoin becomes regulated.  Look at the joy that Japan's ruling brought.  "hurray, we've lost our freedom, but we will win some speculative income".

[amacar2]

There will be no difference between bitcoin and fiat/bank if it will be regulated. Bitcoin was developed to give financial freedom and if it will be regulated there will be tax imposed and all of your bitcoin transactions will be monitored. Bitcoin will loss all its charms, so no I am not in support of government regulation on bitcoin.

[Red-Apple]

regulating bitcoin is a metaphor for regulating businesses. and what they do is that they place regulation rules for businesses that are working with bitcoin. and for that i say it is a good thing. we are living in a society where everything is regulated and people are using them because of that. and that can help bitcoin grow in adoption.
many businesses are not adding bitcoin because it is not yet regulated.
and that will never change anything about bitcoin and what it is.

as for effect of it you can look at Japan and see what changed after the regulations... enough said.

[dinofelis]

The government can ban it, can promote it, can set rules... Users can simply ignore any of them or accept only the good rules. 

This is pretty naive.  If bitcoin is "regulated" as a "currency", and every merchant accepting bitcoin officially has to report all his earnings and the identities of the people using it ; and if you as a citizen have to report all your holdings of bitcoin, then it is very, very easy for government to verify whether you've paid a merchant with coins you didn't declare.  In fact, one could even propose to use "official wallets" that do all this reporting for you: each time you do a transaction, it is reported (how much in, how much out, from whom, to whom, for what reason).  It is then very easy to find "the holes": transactions NOT done with an official reporting wallet.  Ding-dong, visit by the tax inspector, and fraud investigation.

First affected entities: exchanges.  If a law requires them to report every deposit, and every withdrawal, you better declare the corresponding transactions and holdings.  In the same way that you have to report gold and so on, but this time, you have an electronic thing that can easily be checked automatically.  The use of non-official "reporting" wallets, though not prohibited, would quickly become difficult to use.  You would have to separate totally your "official, white coins", and your "dark coins, only to be used with dark entities, never put on exchanges".

[dinofelis]

regulating bitcoin is a metaphor for regulating businesses. and what they do is that they place regulation rules for businesses that are working with bitcoin. and for that i say it is a good thing. we are living in a society where everything is regulated and people are using them because of that. and that can help bitcoin grow in adoption.

But why would one want bitcoin adoption, if it is not free to be used any more but regulated ?  Use fiat then.
The goal of crypto was to gain economic freedom back, to be able to sell and buy stuff without the government interfering, without paying taxes, and without restricting the kind of goods that could be transacted.   Bitcoin was essentially to allow you to hide from the tax burden and to be able to deal on dark markets.  I don't see any other useful meaning in crypto.

If it is regulated, it is taxed.  Don't think you cannot get your holdings taken because of crypto.  If government decides that all bitcoin holders need to give half of their stash to the government as a tax, they will simply make a law ; and as you have reported your holdings, you will have to make the transfer, or be a tax fraudster.  What's the point of crypto then ?

[Ayiranorea]

I expect the legalized use of bitcoin and support it, but this needs to be functioning same as that it is at present. Once the government's regulate this should not go under the control of an authority and losing all its unique features.

[dinofelis]

There will be no difference between bitcoin and fiat/bank if it will be regulated. Bitcoin was developed to give financial freedom and if it will be regulated there will be tax imposed and all of your bitcoin transactions will be monitored. Bitcoin will loss all its charms, so no I am not in support of government regulation on bitcoin.

Amen to that !  I understood bitcoin's dream was dead when people were enjoying "regulation".

[franky1]

when thinking up scenarios of "bitcoin regulation"

just replace the word bitcoin  for beer, and look back 100 years at the 'alcohol prohibition' era and everthing about beer after that.

EG needs licencing to offer beer even when finally 'legalised'.
home brewing is allowed but only for personal consumption. running a business requires licences
if an illegal act (car accident,etc) occurs, the licenced premises that transacted the bitcoin(beer) can become liable


and blah blah blah all the other things about
cutting people off if presumed they had too much
reporting them if you see them drive off (possible risk of causing an illegal act)
limiting who and how it can be sold to

so even though bitcoin as a currency is not in any jurisdiction of a government. just like beer is not limited to one government 'ownership'. governments could mess with peoples lives via prohibition and eventual licencing

[Ucy]

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?

Until bitcoin is become a centralized money till that bitcoin would not be under control the Government. If you been using bitcoin, you may consider bitcoin as illegal to use in your country. Its all upto the people's view only. I hope bitcoin will be centralized money in use like how Japan adopted bitcoin.

If Bitcoin is centralized even very little I don't think it will be regarded as cryptocurrency or called Bitcoin.  This things weren't meant to be centralized. It needs more and more decentralization if you ask me. It MUST never be controlled by few people or companies.

"When purpose is not known, abuse is inevitable" — Myles Munroe

Breaking good law is immoral and could be a crime. We need to stop complicating simple things

[fireball4]

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?

The main idea of the bitcoin by satoshi was to make it non regulated by any central bank or the governments. Actually bitcoin was created when the world wide crisis happened after Lehman Brothers collapse as an alternative for the fiat money. Fiat money that can be printed endlessly, used for bailing out the banks and making the rich people even richer and the poor even poorer. Bitcoin regulation is a stupid thing and it definitely should not happen as one of the main causes why bitcoin was created would be destroyed.

Also I don't know how the regulation could be actually done on bitcoin. The thing is that even if you manage to trace the transactions to the real life sender and receiver (what is definitely possible with bitcoin and if you want to be completely anonymous you need to use monero/zcash/etc.) you would still not be able to make the transaction not happen. Thus it is impossible to be regulated as the transactions can neither be reversed, nor canceled.

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 do not care if my government regulate or not regulate bitcoin.  I cannot do anything if they do regulate bitcoins anyway.  I will just do what I think will not break my government law while involving myself to bitcoin.  And if they ban bitcoin probably that will be the time I will not abide my government law and will keep on using Bitcoin.

How can you say that you cannot do anything about it? The power is always in the people hands if people are united. If there will be tries to regulate bitcoin or regulate cryptocurrencies all in all, people should start protesting, making petitions and thus showing their need for bitcoin. And if the governments decide to ban bitcoin, people will just start selling it and coming back to fiat, what would be just disastrous for bitcoin. The price would go so low it wouldn't be a reason why you would hold your bitcoins as you would lose 90% of your money with it. To be honest, I think it is just the beginning of the war with governments over bitcoin.

[Xester]

I do not know right now.  Not until they stated the laws embodied in the government's regulation pertaining to bitcoins.  But as long as it would not uphold my right to earn bitcoins, it would be okay for me.  If my government will do such regulating bitcoins, then I think I should be happy because they finally respects or acknowledge bitcoin as a currency in our country.

[anheqiaobei]

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 am in support of the
The long-term outcome must be to Regulation bitcoin
Must be supervised so that the role of Bitcoin is maximized