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Author Topic: Regulating Bitcoin  (Read 3786 times)
cryptojac17
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November 07, 2017, 01:26:23 PM
 #61

That would be the last thing that I would want to happen with Bitcoin. Many countries have already given it a shot, the latest of which to join the list is Australia and this only imposes restrictions on the common Bitcoin users in a particular country. If all these nations rally up and determine to regulate cryptocurrency, its going to be a hard road ahead.
Central bank of Philippine has started to fave the away of regulating Bitcoin they are making polices that is accommodating in nature for BTC operators
in the country not to preempt the operation but for security reasons to prevent it to be used for terrorism financing and money laundering activities. I think this is a welcome development for a country like Philippines because this country is exporting workers around the globe and BTC is a big help for their remittances because its economical and fast.        

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November 07, 2017, 01:32:53 PM
 #62

That would be the last thing that I would want to happen with Bitcoin. Many countries have already given it a shot, the latest of which to join the list is Australia and this only imposes restrictions on the common Bitcoin users in a particular country. If all these nations rally up and determine to regulate cryptocurrency, its going to be a hard road ahead.
Central bank of Philippine has started to fave the away of regulating Bitcoin they are making polices that is accommodating in nature for BTC operators
in the country not to preempt the operation but for security reasons to prevent it to be used for terrorism financing and money laundering activities. I think this is a welcome development for a country like Philippines because this country is exporting workers around the globe and BTC is a big help for their remittances because its economical and fast.        
It seems to me that it is the duty of law enforcement. Let them show the effectiveness of their work. To accuse bitcoin of illegal business is not true. I see this as an attempt to shift the blame to bitcoin. Everybody talks about it but nobody provides any evidence. This is another argument against having to agree to the legalization of bitcoin.
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November 07, 2017, 02:52:41 PM
 #63

That would be the last thing that I would want to happen with Bitcoin. Many countries have already given it a shot, the latest of which to join the list is Australia and this only imposes restrictions on the common Bitcoin users in a particular country. If all these nations rally up and determine to regulate cryptocurrency, its going to be a hard road ahead.
Central bank of Philippine has started to fave the away of regulating Bitcoin they are making polices that is accommodating in nature for BTC operators
in the country not to preempt the operation but for security reasons to prevent it to be used for terrorism financing and money laundering activities. I think this is a welcome development for a country like Philippines because this country is exporting workers around the globe and BTC is a big help for their remittances because its economical and fast.        
It seems to me that it is the duty of law enforcement. Let them show the effectiveness of their work. To accuse bitcoin of illegal business is not true. I see this as an attempt to shift the blame to bitcoin. Everybody talks about it but nobody provides any evidence. This is another argument against having to agree to the legalization of bitcoin.

It's inevitable. For bitcoin to be accepted worldwide, it has to be regulated one way or the other. Governments won't allow such a currency that they can't control but people will stand for bitcoin because of it's features. So there would have to regulations to make a compromise

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November 07, 2017, 03:20:34 PM
 #64

Yes especially if government will start adaptation and legalizing the transactions of bitcoin and let it be a part of their economy. The only way government can earn control over bitcoin is by establishing regulation for bitcoin transactions with this they can penetrate the market as well as the circulation of bitcoin in their economy.

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November 07, 2017, 04:06:41 PM
 #65

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 because this rule is very important for the progress of bitcoin in the future because there are still many problems in Cryptocurrency and will automatically interfere with the performance of the Hunter if you want to find an advantage every time.

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November 07, 2017, 04:11:19 PM
 #66

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
They can try but at the end it is not going to be possible since they cannot enforce their rules they will need the cooperation from the users of bitcoin and that means that governments lose one of the greatest powers they have the power of coercion the power to make you do something you do not want, and if people decide to keep their bitcoin and not tell anyone there is nothing they can do against that person.


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November 07, 2017, 04:29:44 PM
 #67

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
They can try but at the end it is not going to be possible since they cannot enforce their rules they will need the cooperation from the users of bitcoin and that means that governments lose one of the greatest powers they have the power of coercion the power to make you do something you do not want, and if people decide to keep their bitcoin and not tell anyone there is nothing they can do against that person.
Such people don't exist. Each user periodically faced with the exchangers. As soon as you make a deal, you become visible to the government. All your future actions will be to monitor the government. Now they do not have the necessary legislation, but that could change at any time.

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November 07, 2017, 04:45:26 PM
 #68

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

Criticized mean nothing, action is something.
No matter who criticized cryptocurrency, government should regulate cryptocurrency, or at least regulate exchange and crypto-based business.
After Japan legalized bitcoin as legal payment, and its price continue to rise, more countries planned to regulate cryptocurrency.
They can't avoid this market, which has been growing and reach over $198 Billions dollars, it's too big to not notice it. Soon or later, every country will issue new regulations regarding cryptocurrency.


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November 07, 2017, 07:08:20 PM
 #69

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

One of the main characteristics of Bitcoin is being decentralized so why in the world people will want to criticize it for lack of regulation, Bitcoin exchanges are the one that is worth of a regulation in my own perspective because there are a lot of money involve there that this users entrusting their funds to that centralized platform and it is vulnerable anytime with hackers. People should always be responsible to their cryptocurrencies and never rely no anyone so that they holdings will be safe.














 

 

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November 07, 2017, 07:26:24 PM
 #70

Soon or later, every country will issue new regulations regarding cryptocurrency.

That's how it should be, at least in a fair and appropriate way, but we all know that not every country will follow that path. Various countries have already said to prohibit crypto in general, and hand out penalties for those who don't abide by these laws, which obviously is a sign of weakness. It's sad to see how hostile certain countries are towards crypto currencies, but it directly shows that they want to do everything they can to prevent people from enjoying financial freedom. People are supposed to remain in this system for their entire life, and therefore crypto is something they want to keep outside their borders.

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November 07, 2017, 07:37:16 PM
 #71

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

One of the main characteristics of Bitcoin is being decentralized so why in the world people will want to criticize it for lack of regulation, Bitcoin exchanges are the one that is worth of a regulation in my own perspective because there are a lot of money involve there that this users entrusting their funds to that centralized platform and it is vulnerable anytime with hackers. People should always be responsible to their cryptocurrencies and never rely no anyone so that they holdings will be safe.

Yes, and I also think if bitcoin is going to get massively adopted, it is going to be through centralized exchanges, especially if government regulates them and masses see it on the news.

Does anyone know how many wallets there are in exchanges vs. private wallets and wallets in decentralized exchanges? Is it possible to get that info?
I might be mistaken but I don’t see the average Joe buying a trezor to buy his first 100$ worth of bitcoins, I see more normal he buys them in Coinbase.

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November 07, 2017, 07:44:24 PM
 #72

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 even with a proper regulation they will still find ways to criticized bitcoin and that is inevitable but bitcoin comes this far I don't think it needs to change something.

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November 07, 2017, 07:53:17 PM
 #73

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

One of the main characteristics of Bitcoin is being decentralized so why in the world people will want to criticize it for lack of regulation, Bitcoin exchanges are the one that is worth of a regulation in my own perspective because there are a lot of money involve there that this users entrusting their funds to that centralized platform and it is vulnerable anytime with hackers. People should always be responsible to their cryptocurrencies and never rely no anyone so that they holdings will be safe.
So the thing is bitcoin is a cryptocurrency that was designed to be decentrelized and controlled by the poeple themselves and this is waht made it so popular, it is no suprise that goverments will eventualy regulated it or tax it , i mean poeple are earning thaousands of dollars from it and not paying taxes, but doing so, it will mean taking the core idea that makes bitcoin popular, and that is control and decentrelization.

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November 07, 2017, 08:11:46 PM
 #74

Governments are not able to regulate totally blockchain because of its nature. Blockchain tecgnology is future of banking system which already failed several times during last 10 years. Governments will gladly accept their own cryptcurrency based on blockchain but bitcoin will play function of "valueable asset"

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November 07, 2017, 08:14:54 PM
 #75

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

Governments are going to want to have some control over Bitcoin to at least collect taxes on earnings. There is also a sense of concern from the big banks that they feel threatened by the potential of cryptocurrencies to make people more independent when it comes to controlling their own money. Cryptocurrencies can provide a way to store, spend, and send funds without the use of a bank. And we know that the big banks are basically running the major world governments.

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usorin
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November 07, 2017, 08:56:57 PM
 #76

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
If it will, i think it will be related with the process when someone is making an exchange from crypto to fiat currency, because other ways...that is the role of crypto, to make direct payments decentralized and in a transparent way.

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November 07, 2017, 11:19:34 PM
 #77

as bitcoin was a decentralized crytpocurrency many would believe that it must be unregulated and need not be controlled by any government forces, but for the security of investors, communities, consumers and supporters, i think regulation is a must but not as much as a strict regulation . KYC and AML is enough but implementing for tatxes is not quite fair.

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November 07, 2017, 11:49:41 PM
 #78

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 could be regulated by government when you are converting it to fiat already however bitcoin transaction itself can't be regulared by any government or authorities


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November 08, 2017, 02:00:50 AM
 #79

I think the governments of different countries have already tried to do a research for making a law about Bitcoin. What government is controlling and it is hoped that the government will not disappoint Bitcoin users and allow Bitcoin to use it for their citizens.

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November 08, 2017, 04:14:04 AM
 #80

I think the governments of different countries have already tried to do a research for making a law about Bitcoin. What government is controlling and it is hoped that the government will not disappoint Bitcoin users and allow Bitcoin to use it for their citizens.
I also think the same thing like you and i believe that the government are now getting into bitcoin research because they want to clear things up if accepting bitcoin will give them benefits for accepting it and letting their citizen to use it or not. Bitcoin regulation will help also to make sure that the things will not go really bad.

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