leonair
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Activity: 1218
Merit: 390
★Bitvest.io★ Play Plinko or Invest!
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October 18, 2017, 11:07:25 PM |
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How do you think, will states be able to regulate the crypto currency?
I think yes of course, If they want they can do it, Bitcoin is a big thing now for the most powerful countries and they want to regulate it because there is a big money that is involve inside of it and their citizens are making a profit and loss out of it so they will soon regulate it with taxes for that big money that is circulating. Bitcoin and cryptocurrency exchanges as of now I think is not paying in the government regarding those taxes with each every transactions so I think this is the main objective of USA. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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qwertyup23
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October 19, 2017, 12:09:02 AM |
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How do you think, will states be able to regulate the crypto currency?
I think yes of course, If they want they can do it, Bitcoin is a big thing now for the most powerful countries and they want to regulate it because there is a big money that is involve inside of it and their citizens are making a profit and loss out of it so they will soon regulate it with taxes for that big money that is circulating. Bitcoin and cryptocurrency exchanges as of now I think is not paying in the government regarding those taxes with each every transactions so I think this is the main objective of USA. The answer is, they can't due to bitcoin's decentralized nature. No one can regulate bitcoin transactions due to the anonymity it provides but if the government of each country are determined to control bitcoin, then I guess that if they acquire at least more than half of the total bitcoin they can monopolize and control the price using the law of supply and demand. But I also guess that if CIA were to intervene with bitcoin transaction, then they just might crackdown the secrets of regulating it, thus imposing tax and becoming a state-policy. |
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ImHash
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October 19, 2017, 12:58:23 AM |
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I'm sure they can figure out how to do this, they have billions of dollars and when you have money you have everything. What will they do if people stop using fiat and just use cryptocurrencies? governments could deny people from accessing public services. If they knew who is using crypto, One of the advantages of crypto is anonymity. The future of the world is decentralization of the world. But if they buy everything no need to regulate it  |
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Nameless27
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October 19, 2017, 05:32:24 AM |
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If the government will legalize bitcoin there is big possibility of its regulation but until then there is no way it can be done without they’re recognizing bitcoin as a currency. The time that any states or country will legalize it the more it’s harder for them to monitor all as they need an army of web agents to take down illegal activities that is hiding on Blockchain technology.
This is only my opinion and it might be right or not as it will be subjectively being observed.
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Taki
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October 19, 2017, 06:05:20 PM |
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I suppose every state will take it's own law and position, in general, to bitcoin a they always do. So on such place like Las Vegas the circulation of crypto currencies is going to be free for sure.
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pearlmen
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October 19, 2017, 06:30:41 PM |
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How do you think, will states be able to regulate the crypto currency?
States regulating cryptocurrency will be automatic in my opinion the moment they are not giving bitcoin a free hand to operate. But taking it further is when they now want to regard it as either investment or asset which which will then bring all fintech companies or exchnahe sites into the tax net. By that, they can go to extent of ensuring they submit their reports of their transactions on a monthly to the relevant government agencies in charge of regulating their activities. |
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Don Pedro Dinero
Legendary
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Activity: 1288
Merit: 1497
The first decentralized crypto betting platform
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October 19, 2017, 07:00:35 PM |
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I am surprised so many people said States can’t regulate cryptos. They can regulate whatever they want to, people following what regulations state is another matter. I don’t know if different people here are thinking of a different concept of regulation. What I understand by regulation is passing laws or rules that affect bitcoin users, both individuals and companies (like exchanges).
In this sense, some partial regulations have already been implemented. In my country miners are regulated as self-employed people and have to pay taxes according to that, profits on bitcoin trading are also regulated and for those who have very important amounts of bitcoins there are also regulations. Exchanges aren’t regulated yet but they will be.
Many other countries have similar regulations or even more, so I don’t wonder whether Governments will be able to regulate cryptos as they already have.
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Marucya
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October 20, 2017, 08:12:52 PM |
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Optimal regulation of the country's crypto-currency is even very useful for the development of the crypto-currency and its spread all over the world. The state can establish general rules for circulation of the crypto currency and establish a profit tax on operations with crypto currency. There is nothing wrong. In exchange, the state recognizes crypto currency as a legal tender and takes it under its protection by its judicial bodies. At the same time, its main principles, including the anonymity and decentralization of the crypto currency, do not lose.
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tiggytomb
Legendary
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Activity: 1848
Merit: 1000
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October 21, 2017, 02:29:36 PM |
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How do you think, will states be able to regulate the crypto currency?
Nope, the only things they can regulate are some of the exit point from bitcoin to fiat and the exchanges I suppose you might get different stances like we do with Cannabis where a lot of states differ in their viewpoint but regulating Crypto it just will not happen. |
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teddyelwyn
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Activity: 268
Merit: 10
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October 24, 2017, 03:44:55 AM |
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No they can't, not unless they buy crypto themselves and manipulate the market lol. Otherwise, no one's going to give it up.
I do see that utilizing smart contracts will be a way to navigate regulation in a trustless manner
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Qartersa
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October 24, 2017, 04:23:49 AM |
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Hi! The question is highly subjective because we know the US is composed of various States that are independent from one another. Having said that, you should know that since they are distinct and independent from one another, their laws vary as well. These laws depend on their legislative departments for they are in the better position to know what works for them.
As regards regulation of cryptocurrencies, I think it would depend on their individual legislation.
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ORCAf
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October 24, 2017, 10:16:56 AM |
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Regulations, of course, depend on the country/state where they are being issued. But they are coming and that's a fact. If not regulations, then bans. As more and more money is being thrown into the crypto market - more and more money is being taken away from the reach of governments with the current pretty much non-existant definition of cryptocurrencies. Also, governments are there to protect their citizens (they should be) and there is no way to protect your people when you have no idea about what they're doing. What I think is the only reasonable way to 'fight' the regulations is by being involved when forming them. Thing is, we need to have a conversation with governments, we have to reach a consensus that would be beneficial to both parties - the crypto community and the country. It simply has to be a win-win situation, otherwise there is no future for crypto. The core characteristics of cryptocurrencies have to remain, but there should be some sort of regulatory system to avoid scams and make this type of currency a safe alternative for the general public. Governments can get tax money from transactions (we gotta pay the taxes, that's just how it is) and therefore it is also beneficial for them. I am not exactly sure yet how to regulate cryptocurrencies in a way that they would keep their 'anonymity' and so on., but I'm currently working on a project with a mission to achieve exactly that - fair, open and regulated environment for cryptocurrency adoption, that is safe and sustainable. We can't forget some of benefits fiat currencies currently have, we have to bring them to crypto.
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Coffee135
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October 24, 2017, 12:28:20 PM |
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Regulations, of course, depend on the country/state where they are being issued. But they are coming and that's a fact. If not regulations, then bans. As more and more money is being thrown into the crypto market - more and more money is being taken away from the reach of governments with the current pretty much non-existant definition of cryptocurrencies. Also, governments are there to protect their citizens (they should be) and there is no way to protect your people when you have no idea about what they're doing. What I think is the only reasonable way to 'fight' the regulations is by being involved when forming them. Thing is, we need to have a conversation with governments, we have to reach a consensus that would be beneficial to both parties - the crypto community and the country. It simply has to be a win-win situation, otherwise there is no future for crypto. The core characteristics of cryptocurrencies have to remain, but there should be some sort of regulatory system to avoid scams and make this type of currency a safe alternative for the general public. Governments can get tax money from transactions (we gotta pay the taxes, that's just how it is) and therefore it is also beneficial for them. I am not exactly sure yet how to regulate cryptocurrencies in a way that they would keep their 'anonymity' and so on., but I'm currently working on a project with a mission to achieve exactly that - fair, open and regulated environment for cryptocurrency adoption, that is safe and sustainable. We can't forget some of benefits fiat currencies currently have, we have to bring them to crypto.
In fact, to protect the transaction very easy. Such systems exist with Fiat. Until the buyer confirmed that the product is delivered and the terms of the transaction are met the transaction amount is blocked on his account. After confirmation the transaction is automatically resumed and the money goes to the seller. Why do we need the state? |
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akamit
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October 24, 2017, 12:47:02 PM |
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How do you think, will states be able to regulate the crypto currency?
A governments can do anything, anytime when they likes, they got the power. But governments should not regulate crypto because crypto is meant to be decentralized / anonymous. If a government regulates crypto then the beauty of crypto will be lost. The only way to regulate crypto is regulating all wallet firms and exchanges I think. |
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orions.belt19
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October 24, 2017, 02:33:42 PM |
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How do you think, will states be able to regulate the crypto currency?
I think yes of course, If they want they can do it, Bitcoin is a big thing now for the most powerful countries and they want to regulate it because there is a big money that is involve inside of it and their citizens are making a profit and loss out of it so they will soon regulate it with taxes for that big money that is circulating. Bitcoin and cryptocurrency exchanges as of now I think is not paying in the government regarding those taxes with each every transactions so I think this is the main objective of USA. The answer is, they can't due to bitcoin's decentralized nature. No one can regulate bitcoin transactions due to the anonymity it provides but if the government of each country are determined to control bitcoin, then I guess that if they acquire at least more than half of the total bitcoin they can monopolize and control the price using the law of supply and demand. But I also guess that if CIA were to intervene with bitcoin transaction, then they just might crackdown the secrets of regulating it, thus imposing tax and becoming a state-policy. Acquisition of huge amounts of bitcoin would definitely affect supply and demand but then for this to happen it would take much time and money. The best part about bitcoin's decentralized nature is the lack of any control or regulation over bitcoin. Governments may try to impose taxes on bitcoin transactions in order to generate revenue and protect the interest of the citizens. They may make some regulations such as limited bitcoin holdings or transactions to be made. The CIA may be already trying to intervene with bitcoin transactions already for as much as we know. |
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sindikat
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October 24, 2017, 06:12:57 PM |
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How do you think, will states be able to regulate the crypto currency?
A governments can do anything, anytime when they likes, they got the power. But governments should not regulate crypto because crypto is meant to be decentralized / anonymous. If a government regulates crypto then the beauty of crypto will be lost. The only way to regulate crypto is regulating all wallet firms and exchanges I think. Governments cannot regulate bitcoin. But to control users and monitor transactions on exchange of bitcoins for Fiat money can always. This means that the state can indirectly regulate the turnover of bitcoin. When you are able not to exchange the bitcoin to Fiat the possibility of the state will be significantly limited. |
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ismart1
Full Member
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Activity: 1008
Merit: 127
Make a difference, make it better.
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October 24, 2017, 07:55:41 PM |
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The government can't regulate cryptocurrencies. In order to do this you need to have control over the issuance and circulation of currency. I am sure that all governments would like to have the opportunity and then the question of the legalization of bitcoin was not. But since it is not possible they will never accept bitcoin.
Never is a long-term, and never does not exist in theory. They can regulate a lot of steps as their citizens deal with cryptocurrencies and still some governments are more open than others, Japan, for example, created a few rules to regulate the way the population use the cryptocurrency and virtually legalized bitcoin as a usual currency, Switzerland made rules to make the country a safe haven for ICO projects. It´s all about mentality. They may try to ban and prohibit and have theirs citizen breaking theirs laws or they may make a set of rules to allow their population use it, but regulate completely no, there it goes your NEVER. |
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harrison801
Newbie
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Activity: 16
Merit: 0
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October 24, 2017, 07:57:27 PM |
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Everything the governments of states, U.S. and foreign, have tried against Bitcoin has failed. What else could they plausibly which hasn't been tried already?
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Cloud27
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October 25, 2017, 08:57:31 PM |
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The government can regulate the current crypto currency thru the services like exchanges, ICO and wallet providers, but not the crypto currency itself. Or the government from all over the world can make their own crypto currency and make similar organization like the IMF (International Monetary Fund) that have rules and regulations.
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bubblebit
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October 26, 2017, 06:27:20 AM |
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The government as an elected officials by the people has the mandate to protect and serve for the betterment of them. In that alone most government officials uses that to regulate bitcoin/cryptocurrencynot for that reason but most because they’re protecting they’re investments in banks.
They can regulate bitcoin but not the users. We can go beyond anonymity and hide/run from authority but until when? is a sad truth. We must follow laws that may implemented and share to our countries economy improvements.
Even bitcoin should be decentralized but because of abused and scammers we pay the price that our member of the community mistakes and that is “regulation “.
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