Cryptocurrency regulation?

[OlegGichan_05]

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

[nunchuck master]

The concept of cryptocurrencies is based on trust. If it is fully implemented in all aspects, there is trust within the community and technical solutions applied to provide the security of network, then there will be no need for centralised control.

[OlegGichan_05]

The concept of cryptocurrencies is based on trust. If it is fully implemented in all aspects, there is trust within the community and technical solutions applied to provide the security of network, then there will be no need for centralised control.

Got your point. But what about security? I constantly hear about hackers who steel tons of investor's money...

And goverment won't give up its influence easily. USA, Canada and some european countries tend to establish their rules on cryptocurrencies.

[Rigorous]

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

[blakeh]

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

I would say no.  There's always ways around regulation.

[OlegGichan_05]

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

You mean people won't trust cryptocurrency or won't have to?

[OlegGichan_05]

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

I would say no.  There's always ways around regulation.

Yeah, sure there're tons of ways. But centralised control always goes with huge transaction costs...
All in all, I think government's gonna be part of cryptocurrency world not total regulator.

[JuliaJulia]

This is a very controversial topic. Some people are of the opinion that regulation of the cryptocurrency is the main enemy of digital money. Mainly decentralization distinguishes coins based on the blockchain from any other asset, which allows them to stay independent of any particular people or organizations. Perhaps especially this feature attracts most people who do not recognize the current financial system.

[Blocken]

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

[Amph]

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

[OlegGichan_05]

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

Yeah, agree about the fact that fiat money won't be replaced in the nearest future. But for the long term, there
s a good chance for it to happen. For fiat money means it is accepted as money because a government says that it’s legal tender, I think it's possible the government establishes some law or regulation on cryptocurrency and therefore admitting its national legality.
And then in some sense cryptocurrency may become part (perhaps, the main part) of fiat money.

[Rigorous]

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

You mean people won't trust cryptocurrency or won't have to?

Won't have to. Trust is the weakest link, it's easily corruptible.

In a trustless system, however, things are quite a bit more complex. For starters, one can not rely on a report by any single entity. Cryptocurrency developers take an even stronger view — that one can not rely on a report by any number of entities. The reason for this is simple: we assume that there is little to no cost to creating any number of colluding malicious entities, which means that faced with conflicting information deciding whose report to believe may be impossible.

The assumption that one can’t trust anyone’s reports leads to the conclusion that one has to be able to confirm things for oneself.

https://keepingstock.net/explaining-blockchain-how-proof-of-work-enables-trustless-consensus-2abed27f0845

[chaoscoinz]

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

Fiat being completely replaced by cryptos? Not likely...
The current model of cryptos is too sophisticated for the every day consumer. Crypto currency would have to work seamlessly and be implemented into a user friendly interface, so that every one, from children to grandparents can operate successfully without hassle.
    Sad to say, but the average joe can barely operate a computer without trouble.
Also, regulation is needed, because freedom without order is anarchy, while order without freedom is tyranny. Centralization on the other hand, is quite complex and debatable.
   The core of these same types of problems, centralization, and regulation have plagued civilizations and their societies for over a millenia.

[Blocken]

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

There's a fair chance that fiat will become digital, but replacement is another ball game of a privatized world most likely.

Altcoins don't need regulation. They are going to fizzle at least 4x faster than mobile app investments. I actually have a fun idea for them. What if when you go to buy coffee you can pay with something that has wallets for all your altcoin stuff. You basically set up rules of agreement. I want Doge coin to pay no more than 2x what it's worth and I want to use it first, up until X dollar amount; after that I want X coin to ____. And the coffee shop can accept/deny any that it wants to as well, while also setting a general rule for conversion rate. For example I'm the coffee shop and I want 3x what the Doge coin value is or I'm not taking it, you get a message that says "insufficient funds: no transaction/use litecoin" or whatever... That way you can literally use altcoin for those willing to play games with them. Just a thought to have liquid assets.

As far as tokens go we need PEER REGULATION on them. For example I'm Bancor 2.0 and don't want to fudge up an ICO. I submit tokens pre-sale to multiple websites for review of the smart contracts. Those website can rank and review the code. I imagine some website would be public ranking, and others by pros, etc... if I don't do this no one will join my ICO because I'm sleazy and afraid to show my smart contract. Aside from that people have access to a gazillion times more information that they did in the 1920's so if they make bad investments now it's no one else's problems. There's always a sad story. We let people walk into casino's with their mortgages in hand, why not a chance at a legit business?

[iamTom123]

I do believe in the future of cryptocurrency but I do not believe in a future where fiat money will be totally replaced by digital currencies as they can be used alongside with each other. Now, having said that, in the future many central banks would be issuing their own form of digital currencies in lieu of the fiat money. Bitcoin can then exist side by side with those government-issued cryptocurrencies.

I can see that we as consumers would be given so many choices as to what kind of digital currencies we would like to have in our wallet. Right now, we have a burgeoning alternative coin market and it is growing by leaps and bounds everyday. Now, many of these coins can die a natural death and some may survive into the future as this is all about supply and demand equilibrium. 

[olubams]

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

If cryptocurrency wants to feature in that future, then it needs to be regulated. Even though I don't see it replacing the fiat of our respective countries, but in the event of that, crytocurrency will have to be put under control if not for anything but for the issue of volatility which a cause or concern that might increase the trust it possess by the larger population. Another reason is on the issue of security which in the current status is lacking the onus is on you and no one is held responsible for scamming you or hacking a database without any repercussions. Factors like this are the drivers of regulations.

[Blocken]

It is already regulated by peers.

[teddyelwyn]

Yea, I agree. Any time you see innovation like crypto and ICO's, for the government to embrace it and make it legal, it has to be regulated. They want their cut always.

[rmilly]

Crypto does need to be regulated. Our government is run by the taxes we pay. And how they collect is through everyone's income. For anything like crypto to be big, the government has to approve and regulate...sadly.

[awilliams]

Can't wait for the day I don't have to carry around a wallet anymore. It's going to be a wild ride for the government to just rule out the currency that we have now.