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Author Topic: Regulating Bitcoin  (Read 3466 times)
ss890
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November 04, 2017, 04:10:43 PM
 #21


Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?




Why not. When its government and regulatory authorities anything can be done from their side things are not arranged properly. I mean what are the chances if bitcoin being used for illegal activities and government aint doing anything about it in first. I think regulations are just amendments to the laws which already exist in the books. They can add up things as and when they are required to do so. Regulatory framework for crypto would include taxation as top priority and it will be used as normal currency only which will make the stuff like a local currency accordingly with the different countries.

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November 04, 2017, 04:44:33 PM
 #22

Countries like China, Indonesia, Korea are banning cryptocurrencies like bitcoins due to its decentralised nature. No central authorities have control over bitcoins, so these countries think bitcoins as fraud, and may mislead their economies. One of the secret of bitcoins popularity is its decentralised autonomous nature. If all countries started regulating bitcoin, it will endanger its nature as well as trust of its users. This may result in fall of bitcoin price.


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November 04, 2017, 06:13:23 PM
 #23

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
Regulation is possible by any country. Trouble comes only if a major country like China,how they tried to regulate and remove the concept of crypto currencies from the minds of its citizens. Rumors say that bitcoin and trading is going to come back to China but nothing is official yet.
There is no use of regulating bitcoin ,people will find one way or the other just to be non-compliant and the fact that its bitcoin and not a shitcoin.

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November 04, 2017, 06:32:09 PM
 #24

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
Regulation is possible by any country. Trouble comes only if a major country like China,how they tried to regulate and remove the concept of crypto currencies from the minds of its citizens. Rumors say that bitcoin and trading is going to come back to China but nothing is official yet.
There is no use of regulating bitcoin ,people will find one way or the other just to be non-compliant and the fact that its bitcoin and not a shitcoin.
People are still trading cryptos in China. It can't really be stopped without destroying trust in the blockchain entirely and as long as there's money to be made people will come flocking to it.

I think there needs to be some easy way to deal with taxes in a way that doesn't upset traders and investors. There also needs to be a legal framework that holds people liable, through contracts, in case of payments made through cryptocurrencies. But other than that I don't think a lot can be done due to the nature of the blockchain.

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November 04, 2017, 06:36:37 PM
 #25

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Not only is it possible, it's necessary. Regulation needs to take place at the points of exchange between Bitcoin and fiat, so basically businesses that operate as exchanges. Regulation, especially around KYC and AML, will bring credibility to those operating in this space, and provide legal recourse in the event they are negligent or fraudulent.


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November 04, 2017, 06:38:45 PM
 #26

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Not only is it possible, it's necessary. Regulation needs to take place at the points of exchange between Bitcoin and fiat, so basically businesses that operate as exchanges. Regulation, especially around KYC and AML, will bring credibility to those operating in this space, and provide legal recourse in the event they are negligent or fraudulent.
The problem with businesses is, that they can just make the coins disappear and nobody would ever have access to them. It's not like there's a bank account that can be frozen or assets that can be liquidated.

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November 04, 2017, 06:41:18 PM
 #27

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Yes why not? I mean it is a new asset class and their are a lot of unique characteristics but no reason there cant be law and regulation for it. I cant think of a single reason why bitcoin couldnt have legislation around it.

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November 04, 2017, 07:07:34 PM
 #28

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

I guess it is really possible because government always want to have control over almost certain things, and bitcoin can be included as well. That is why news about bitcoin in a country ended up in banning exchanges, and etc. But they still cannot control bitcoin I think, so the only solution for them is regulation. So possibilities still exist.
I think the regulation is made just about where the rules of how exchanges work in that country.
several times the countries have tried it eventually failed and ended up banning.
Regulation yes - Control no.
this condition is interesting because the regulation is made precisely to controlling. I think it's better there is no regulation. if they were to take full control about it.

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November 04, 2017, 07:17:42 PM
 #29

umm, its kinda difficult
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November 04, 2017, 07:22:24 PM
 #30

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

bitcoin is invented to work independently that no one hold or regulates it not even govenments so , i think it will be forever this way and i dont know what will be the benefit of having a regulatory framework around bitcoin? it is to regulate users ? because there were so many bitcoin users nowadays and the network is really congested. anyways , its ok for me if they can implement it and if that can totally improved the way bitcoin works.


That can happen. The government being the most powerful business entity in one country would surely have its hand in the bitcoin market especially as its growth is becoming more and more noticeable. I have read that some countries are even planning to have taxes over it. However, I think people would not support that because that would spell the inconvenience of using bitcoin disappearing.

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November 04, 2017, 07:29:25 PM
 #31

If you just want to trade bitcoins and make a profit because of the price increase then yes, maybe you would prefer regulation by the government. But that would also mean you'll have to pay taxes, what does not have to be a bad thing of course. But bitcoin was developed to avoid regulations, to cut off financial organizations to make a profit from your financial transactions. So, calling for regulations is a contradiction in this case.

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November 04, 2017, 09:06:42 PM
 #32

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

In the united states, the cost of healthcare regulation under the affordable care act (so called: obamacare) was more than 20 tax hikes and $1+ trillion dollars. The website setup by the federal government to allow americans to sign up for healthcare subsidies cost $1 billion dollars & contained many errors which prevented it from functioning properly when opened to the public.

It is possible that creating a regulatory framework for bitcoin is 100% impossible. Taxes would need to be hiked substantially to pay for the cost and maintenance of the program. Deficits being large, and budgets strained, makes funding a project like state imposed crypto regulation a virtual impossibility.

Bitcoin regulation could be like a manned mission to mars. People talk about it but there isn't anyone willing to spend big money to make it happen. Normally taxpayers would cover the bill. But that source of revenue has been depleted.

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November 04, 2017, 09:48:46 PM
 #33

Who has criticized crypto currencies for lack of regulation? The users or governments and banks that try to bad mouth bitcoin because it's a huge enemy for them?

I as a user don't want any regulation and have enough negative experiences with laws and regulations by governments that finally only take the value of my work immensely!
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November 04, 2017, 11:56:59 PM
 #34

Attaching KYC documents in order to mark your bitcoin address as a "legit and acceptable address", that could be the only way to regulate bitcoin in my opinion.

Everyone who had his address KYC confirmed, would be able to transfer funds from this address into stores or to use it as a sort of payment, if your address isn't KYC verified, then it will be illegal for stores/online shops to accept you as a customer and to let you pay with bitcoins.

I still think that regulating bitcoin is far from going mainstream.

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November 05, 2017, 01:04:44 AM
 #35

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

In due time this will be implemented mandatorily.. A regulation that is doable and beneficial to both the bitcoin community and the government.. This will be the biggest turn around in bitcoin history,, from a decentralized status to a regulated one but is good on both side.. This time as scammers and criminal activities are widespread,, I’m open for it as long as it is for fairness..

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November 05, 2017, 01:56:38 AM
 #36

Attaching KYC documents in order to mark your bitcoin address as a "legit and acceptable address", that could be the only way to regulate bitcoin in my opinion.

Everyone who had his address KYC confirmed, would be able to transfer funds from this address into stores or to use it as a sort of payment, if your address isn't KYC verified, then it will be illegal for stores/online shops to accept you as a customer and to let you pay with bitcoins.

I still think that regulating bitcoin is far from going mainstream.

That's could be the way to regulate the bitcoin. But it's throwing away our privacy even though we can make a brand new completely anonymous address. It's just not how bitcoin made for, decentralized, privacy and anonymity. It's kinda weird to see a system that designed for anonymity and privacy but the user does the opposite.



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November 05, 2017, 02:32:17 AM
 #37

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
I think regulation should first start with the ICOs. There are too much fraud and scams there. Then it can trickle down to already established cryptos including Bitcoin. People shouldn't have any problem with the government on that. But controlling the activities of Bitcoin by the government is a no-go area as that will strangulate the crypto system.

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November 05, 2017, 02:37:05 AM
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Control sounds to me a "few people" regulating, but just regulating sounds like every body has the control

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November 05, 2017, 03:19:49 AM
 #39

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

To be honest, those critics just don’t like cryptocurrency, plain and simple. If the regulation of bitcoin is implemented they will look for another reason to criticise it. They are just a bunch of insecured individuals who were being affected by the phenomenal popularity of bitcoin that they’re not ready and not expected to be. Those are mostly bankers/CEO, government officials w/investments on banks(conflict of interest), and the media (paid by the bankers). And what is the common dominators of all “Hunger of Money”.
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November 05, 2017, 03:29:27 AM
 #40

Yes it could be possible to come up with a regulatory framework for Bitcoin. I think in time it will be implemented but not now since bitcoin is still fully decentralized. Once the government will mandate it by law then it will.

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