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Author Topic: Can authorities really regulate cryptocurrencies?  (Read 705 times)
WilingIam
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October 26, 2017, 03:05:44 AM
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They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
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Even in the event that an attacker gains more than 50% of the network's computational power, only transactions sent by the attacker could be reversed or double-spent. The network would not be destroyed.
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Argoo
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October 26, 2017, 03:35:18 AM
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Now the crypto currency in connection with the strengthening of its influence on the economy of almost every country enters the phase of its regulation by the states. On the one hand, without such regulation and recognition of the crypto currency as a legitimate means of payment, the crypto currency can not be widely introduced into the lives of citizens. On the other hand, such regulation would mean a significant limitation of anonymity in the conduct of transactions. In any case, the state will establish a tax on income from operations with crypto currency and when exchanging crypto currency for fiat it will establish rules of identification of a person with a view to levying this tax. This will mainly consist of state regulation of the crypto currency.

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October 26, 2017, 03:50:04 AM
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The authorities can only regulate the transactions by their citizens as regarding crypto currency but not regulating crypto currency in general.

no0dlepunk
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October 26, 2017, 03:57:49 AM
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Of course they can. They can always come up with laws restricting the usage or the operations of exchanges, however, there will always be a way to trade, it's just a matter of badassery.  Grin

Bitcoin is not so different from amphetamines, the government can always regulate but the trade can happen with them unaware. Law of supply and demand, dude.
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October 26, 2017, 04:04:44 AM
 #5

I heard that there will be some news in Japan recently. I hope it is just a ban on ICO, and I don't want it to be bad news for the bitcoin market. I've invested 80% bitcoins in all my property. God bless me Embarrassed
TomUyamot
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October 26, 2017, 04:08:18 AM
 #6

I think so. Governments can do that if they wish to. It is very easy for them because the reins of power in their country are in their own hands. Especially in the case of Chinese government and Russian government, which are basically authoritarian in its function, they can easily close and lock out and ban anything they want even if these are only found online. Even social media and blogging sites can be banned.
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October 26, 2017, 04:19:09 AM
 #7

They can try, like as there were attempts to regulate and tax barter exchanges, but good luck.
Jeff Cai
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October 26, 2017, 04:20:57 AM
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no acturally!
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October 26, 2017, 04:35:15 AM
 #9

They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.

Regulation simply means you have to follow the rules or face charges. It doesn't mean that the government has direct control and can do whatever they want - so they can actually create laws to regulate anything. The real question is whether those regulations would be successfully enforced to strongly discourage any unregulated use - and this is a very valid question for cryptocurrencies. To rephrase it - how many Bitcoin users would pay taxes, use licensed exchanges, follow any additional rules like providing their transactions logs, declaring cryptocurrency ownership when they cross borders and so on. Because it's very possible to avoid doing all this and still using Bitcoin just as those who comply with regulations.

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October 26, 2017, 04:48:03 AM
 #10

Of course, they can regulate but not the whole crypto. Because they can say it and enforce it. You see, but what's inside is not as good as regulating what they can do. So they can not stop the crypto. Crypto revolutions will occur.
jseverson
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October 26, 2017, 04:53:42 AM
 #11

They can only regulate its use. They can't touch it otherwise. That's the beauty of decentralization. In a sense, it could be said that the government can control its citizens' actions to some degree using the law, but they can't control cryptocurrencies at all.

That being said, regulations can still affect cryptocurrencies significantly, given the fact that their value only really stems from demand. Overly restrictive regulations can dissuade, or even penalize citizens from getting into cryptocurrency, and lax regulations could make it attractive for them to invest. That means the bottom line is, they could regulate it to some degree, even with decentralization in play

krauzzer02
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October 26, 2017, 04:59:56 AM
 #12

Yes they can and it must be regulated in order to lessen the criminal and scamming activities done by this anonymous unlawful makers. The anonymous feature of the bitcoin is a great feature however it can abused by someone with bad intent and the countries must respond to this type of law violation in order to make the crypto transaction safe and sound. Regulatory measure to btc is different from total control to this currency.
leonair
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October 26, 2017, 11:06:11 AM
 #13

They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.

Each country that offers to regulate cryptocurrencies exchange has their own right in their country to control it with their citizens and that's only that, they can't force people to use what they want as most of your said countries have a democratic kind of government so they are not really controlling their citizens just like what North Korea is implementing to its people. The only thing that this government can do to Bitcoin is to regulate and they can't totally destroy it even if they put a nuclear bomb to its developers.
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October 26, 2017, 01:59:36 PM
 #14

They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.

It can't be helped. Icos are very risky since there are almost more scams than legitimate ones and china and russia are thinking about security. Studies definitely will be made and its likely that regulations will be implemented but they can't contain crypto usage i think

 
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Fatso123111
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October 26, 2017, 02:03:43 PM
 #15

Of course they can. They can always come up with laws restricting the usage or the operations of exchanges, however, there will always be a way to trade, it's just a matter of badassery.  Grin

Bitcoin is not so different from amphetamines, the government can always regulate but the trade can happen with them unaware. Law of supply and demand, dude.
This guy gets it. You can hide your cryptos but you're at risk on exchanges.
giga_999
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October 26, 2017, 02:10:33 PM
 #16

They can regulate and the example is the USA , China in terms of ICOs which is good. regulations can eliminate scams, but hope no Government will ban all Crypto related activities

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shinjunobi09
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October 26, 2017, 02:14:02 PM
 #17

The transaction maybe they can overrule some of the terms there, we all know how the government works, but as for the overall bitcoin they could do something about because bitcoin is decentralized transactions meaning there is no ruler here in which they will find it difficult to find to find and control because our bitcoin is being by everyone who owns one.

Exister
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October 26, 2017, 02:20:42 PM
 #18

Cryptocurrencies in general will be so broad in their application that attempts to regulate them as a whole will be overly broad, and hurt the countries that attempt it.

More specific regulations will not be seen as effective or beneficial because those will simply single out and impose losses on investors in a specific project, leading to them being overtaken by competitors. They also might be countered by a hard fork.

Trying to regulate bitcoin specifically will just lead to hard forks because the policy on the protocol is not flexible to be tampered with by governments.

Governments will be creating fiat on private permissioned blockchains (main ones not sidechains) and trying to sell them to you as cryptocurrency. They may not be able to fool you and me but they will fool the vast majority of people. Their objective will be to capture as much of the global market share as they can and stop the flight of money into true cryptocurrency.

The best thing we can do is to teach people about the threat of cyber warfare and how diversity of cryptocurrency and decentralization provides far greater safety than any government can.





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October 26, 2017, 02:21:02 PM
 #19

Of course governments can regulate cryptocurrencies. If the government decides to put regulations on crypto coins there is no other way than to yield.
In fact they are already starting doing this. Look at China for example. Or at russia. They started implementing a krypto rubel.
Since the market cap of BTC, ETH, .. is rising constantly there will sooner or later be all regulated (if not made illegal).
I dont think we will pay with cash in the next 5-10 years. Crypto currencies are a good alternative. They have to get regulated.

Bitcoincole
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October 26, 2017, 02:21:24 PM
 #20

Of course they can. They can always come up with laws restricting the usage or the operations of exchanges, however, there will always be a way to trade, it's just a matter of badassery.  Grin

Bitcoin is not so different from amphetamines, the government can always regulate but the trade can happen with them unaware. Law of supply and demand, dude.
This guy gets it. You can hide your cryptos but you're at risk on exchanges.



Maybe sometime in the future when authurities can already figure out as what policies and laws are appropriate to cryptocurrencies. This would be advantegeous to us bitcoiners to prevent fraud and criminalities worldwide.
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