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Author Topic: Regulating Bitcoin  (Read 3815 times)
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November 08, 2017, 06:17:04 AM
 #81

Goverments can only regulate bitcoin to fiat exchange. Cause they can control fiat flow through banks.
But they cannot regulate bitcoin or any other blockchain based coins. Specially they will never regulate TOR based or Privacy based currencies.
This is just a dream of dictators.

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November 08, 2017, 06:30:12 AM
 #82

I think those who criticize only some people who do not know crypto. they are jealous of the development of bitcoin but they are afraid to take part in it because of the high risk. I think this part of the virtual world even we gamble has a very high risk of failure. and I think bitcoin will not get regulation.

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November 08, 2017, 06:43:51 AM
 #83

Bitcoin is a decentralised system, so regulations can only be implemented on government levels and at local exchange level. Further across the globe no rules can be imposed between 2 users as peer to peer transactions take place. Government is worried because of the misuse and money laundering happening due to Bitcoin, so they may try to impose regulations when people are trying to convert Bitcoin in local currency. But all over regulations in Bitcoin are hard to happen.
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November 08, 2017, 06:53:45 AM
 #84

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
It is possible to make both regulation and control even for use, only it costs a lot of effort and investment. Well, the main desire of those people, but for now it's certainly easier to ban than to invent a new one.
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November 08, 2017, 08:17:38 AM
 #85

Decentralise and autonomous nature of bitcoins attracting many bad/even forces towards it. Central banks of many countries have taken a stand that transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment. So as a precautionary measure countries like China, Japan, Indonesia, Sweden, Russia, Thailand , Iceland, Vietnam, Australia have decided to either ban completely or regulate bitcoin in their country. Control over operations by these countries have created a confusion in the minds of new bitcoin investors. Regulated permission by these countries may builds a confidence in the minds of bitcoin investors.


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November 09, 2017, 11:08:06 AM
 #86

There would be a trade-off between regulation and anonymity. We will probably lose the latter (which is the selling point of cryptocurrencies) since the very notion of regulation is tightening the freedom bitcoin offers. I personally can think of a way of regulating it without jeopardizing anonymity but would I would probably support it if they can come up with a good approach.

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November 09, 2017, 11:43:31 AM
 #87

Bitcoin is a decentralised system, so regulations can only be implemented on government levels and at local exchange level. Further across the globe no rules can be imposed between 2 users as peer to peer transactions take place. Government is worried because of the misuse and money laundering happening due to Bitcoin, so they may try to impose regulations when people are trying to convert Bitcoin in local currency. But all over regulations in Bitcoin are hard to happen.

Government regulation will only be limited to each of their own jurisdiction and since bitcoin is decentralized, the government will be able to impose regulation when the users convert it to fiat since they already have applicable laws in terms of fiat currencies. It is hard for them to regulate something that they cannot trace directly. This is also the reason why some countries are banning bitcoin because of the anonymity and they are afraid that their citizens would be involved in illegal transactions.

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November 09, 2017, 11:44:20 AM
 #88

I dont like any party to regulate bitcoin, when the regulation being set, it will end up locking the potential of bitcoin, actually it is possible to regulate bitcoin, but no one will used it again if the regulation is applied, people need the freedom currency that is why a lot of people using bitcoin
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November 09, 2017, 12:23:45 PM
 #89

I dont like any party to regulate bitcoin, when the regulation being set, it will end up locking the potential of bitcoin, actually it is possible to regulate bitcoin, but no one will used it again if the regulation is applied, people need the freedom currency that is why a lot of people using bitcoin
Regulation is putting limit to the users of bitcoin to avoid any complications. Without regulation or rules or limit to the users of bitcoin then it will be easy for them to use bitcoin into different bad things that might damage the reputation of bitcoin and since bitcoin is decentralized and uncontrollable then regulation is just a good choice to implement in bitcoin for safety measures.

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November 09, 2017, 01:59:11 PM
 #90

I think those who criticize only some people who do not know crypto. they are jealous of the development of bitcoin but they are afraid to take part in it because of the high risk. I think this part of the virtual world even we gamble has a very high risk of failure. and I think bitcoin will not get regulation.

bitcoin does have a high enough risk as well. because in achieving a success in bitcoin it is very risky. so any risk we still have to face.

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November 09, 2017, 03:17:07 PM
 #91

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
There is nothing impossible, but how to make the regulation that bitcoin itself is made with the goal of decentralization that is not bound by this official financial rule makes the regulation more complicated.
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November 09, 2017, 03:27:49 PM
 #92

I think those who criticize only some people who do not know crypto. they are jealous of the development of bitcoin but they are afraid to take part in it because of the high risk. I think this part of the virtual world even we gamble has a very high risk of failure. and I think bitcoin will not get regulation.

bitcoin does have a high enough risk as well. because in achieving a success in bitcoin it is very risky. so any risk we still have to face.


Can regulate bitcoins. There are Sec and other organizations that can be given the law to avoid the wrong actions that can be made with bitcoins. But knowing what the person is doing is not because bitcoins are decentralized without controlling it so we are free to use it. And if the bitcoins are controllable, I mean maacess is not good because it can have price manupulations


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November 09, 2017, 03:32:21 PM
 #93

I think Bitcoin and digital coins are built on freedom, non-binding, decentralized and autonomous so binding rules and common rules are not necessary. It makes people feel uncomfortable when drinking Bitcoin, making more people hate Bitcoin. This is not necessary because people are always aware of their work and they always want to make money so putting constraints is not a good idea.

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November 09, 2017, 04:41:28 PM
 #94

I think Bitcoin and digital coins are built on freedom, non-binding, decentralized and autonomous so binding rules and common rules are not necessary. It makes people feel uncomfortable when drinking Bitcoin, making more people hate Bitcoin. This is not necessary because people are always aware of their work and they always want to make money so putting constraints is not a good idea.
Lol. Do you think that government officials are interested in your problems? People looking for extra income because all governments do not want to manage the economy so that people have a decent income. If we allow the state to regulate bitcoin it will happen the same as with Fiat. Why do it? Allowing the idea of state regulation do you kill bitcoin.
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November 09, 2017, 04:55:51 PM
 #95

In addition to the general rules in using Bitcoin, I think other rules are not necessary. Because Bitcoin needs freedom and decentralization, it makes people love Bitcoin more than any other currency. If more regulations are in place, the rules will make Bitcoin bound and pragmatic as well as controlled by the government. I really do not like this


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Harlot
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November 09, 2017, 05:06:42 PM
 #96

They now have done it. Some countries like Korea have now Bitcoin exchanges where they need a business permit to operate in their country. With that customers must need to verify their identity first before they can start trading in those exchanges. As far as regulation go they can also control Local wallet providers in order to give identity to wallet owners. These are some of the efforts of the government not because they are against it but because they want their people to use it but only in a good way at the same time protecting them.

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November 09, 2017, 05:07:09 PM
 #97

In addition to the general rules in using Bitcoin, I think other rules are not necessary. Because Bitcoin needs freedom and decentralization, it makes people love Bitcoin more than any other currency. If more regulations are in place, the rules will make Bitcoin bound and pragmatic as well as controlled by the government. I really do not like this

Decentralized platform should not be controlled by anyone dude. Until the bitcoin is being centralized no one can offer and lock the bitcoin with any rules and regulations. Whether any country gonna make the bitcoin legal or not but I wish bitcoin live witout any control and anonymous. Regulations will open up the anonymous factor for bitcoin.

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November 09, 2017, 05:28:39 PM
 #98

Bitcoin is decentralized, regulatory body for bitcoin completely nullifies the actual concept of bitcoin. I agree because of decentralized nature, we see tons of scam. But this is how it works. Even if we get one body, keeping a tab on every transaction where there are mixers services and other ways to hide transactions, it will take lot of resources which is only affordable by government or financial giants. These are the exact people we don't want interfering with bitcoin.

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November 09, 2017, 06:17:27 PM
 #99

Bitcoin was made independently that no one has to produce or build up any consequences for it. We, people are the one's who is responsible for every matter or problem that can occur on our account. 

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November 09, 2017, 06:20:58 PM
 #100

If governments has power to control whole blockchain system i am sure they will wanna to own it Wink Maybe this is the reason they are so angry against this transparent system and looking for ways to track transaction on blockchain.



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