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Author Topic: LACK OF REGULATIONS = LACK OF SECURITY  (Read 443 times)
ORCAf
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November 08, 2017, 12:14:14 PM
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When talking about regulations on cryptocurrencies, people tend to be very defensive, most believe regulations are bad and there shouldn't be any. "It will destroy the purpose of cryptocurrency..." and so on, they say. 

Well, they are coming whether we want that or not. It's just a matter of time.

I believe that regulations are actually necessary since they can provide security and simply make cryptocurrencies legit.

But the regulations have to be rational and formed in such way that they would not interfere with the key aspects of crypto - anonymity (or should I say, pseudonymity), decentralisation, etc.

Setting well thought-out and correct regulations can help bringing huge amounts of new users to the market, therefore raising the demand and the price with it. Also, expanding the usability possibilities.

What are your thoughts on this? 


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November 08, 2017, 02:24:04 PM
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I think this thread should be on Bitcoin Discussion section. https://bitcointalk.org/index.php?board=1.0

You say that regulations are a need, Ok. Who will regulate is the local country administration, there will be needed people to work regulating it, what mean these people will want money to work this way and then we need to pay these people to regulate Crypto-Currency world. The wages of these workers will come from our profit with Bitcoins and as it's a really profitable world governments won't think twice before extorting a lot of money from this activity from its users.

Doesn't seen worthful for me. I prefer the lack of security as now, but without being extorted by governments.

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November 08, 2017, 03:34:14 PM
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I think this thread should be on Bitcoin Discussion section. https://bitcointalk.org/index.php?board=1.0

You say that regulations are a need, Ok. Who will regulate is the local country administration, there will be needed people to work regulating it, what mean these people will want money to work this way and then we need to pay these people to regulate Crypto-Currency world. The wages of these workers will come from our profit with Bitcoins and as it's a really profitable world governments won't think twice before extorting a lot of money from this activity from its users.

Doesn't seen worthful for me. I prefer the lack of security as now, but without being extorted by governments.


I am not limiting this topic to Bitcoin only, I'm talking about cryptocurrencies in general, therefore I don't think this qualifies only for Bitcoin Discussion section.

Governments should recognise cryptocurrencies, that's the first thing to do. Whether they should recognise it as a currency, asset, property etc., is yet to be determined. It needs to be evaluated which way would benefit cryptocurrencies the most.
As you said, governments won't think twice before extorting huge amounts of money from crypto users - well, governments can simply ban the whole damn deal and there won't be any users to start with.
What I'm saying is that rational and smart regulation is way better than ban which is one of the main ways governments try to "regulate" cryptocurrencies now.
There are people working to keep the cryptocurrency running now, I don't see any problems if there are people working to keep the market legit and clear, monitor it. They will directly profit from the cryptocurrency itself.
Having crypto recognised and regulated like current fiat currencies will open this economy for a lot more people, meaning A LOT more money will be brought to it, meaning A LOT less chances of the whole crypto thing collapsing, being banned etc.

I am not saying crypto should be regulated in the same way as fiats are now, it should still be decentralised and all, but some parts of it have to work together with the government to make this a WIN-WIN situation. Otherwise there's just no way to go.
Governments won't just sit there forever doing nothing, looking at ever increasing amounts of money circulating in the crypto market.
 

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November 08, 2017, 04:38:09 PM
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I think this thread should be on Bitcoin Discussion section. https://bitcointalk.org/index.php?board=1.0

You say that regulations are a need, Ok. Who will regulate is the local country administration, there will be needed people to work regulating it, what mean these people will want money to work this way and then we need to pay these people to regulate Crypto-Currency world. The wages of these workers will come from our profit with Bitcoins and as it's a really profitable world governments won't think twice before extorting a lot of money from this activity from its users.

Doesn't seen worthful for me. I prefer the lack of security as now, but without being extorted by governments.


I am not limiting this topic to Bitcoin only, I'm talking about cryptocurrencies in general, therefore I don't think this qualifies only for Bitcoin Discussion section.

This section is about legit investments, not discussion. Most appropriate would be "Bitcoin Discussion" or "Legal" I think.

Governments should recognise cryptocurrencies, that's the first thing to do. Whether they should recognise it as a currency, asset, property etc., is yet to be determined. It needs to be evaluated which way would benefit cryptocurrencies the most.

Isn't it already working fine? Why should they recognise it? Also, it's already considered an asset as people need to pay 15% tax over their Bitcoins and it's very unfair in my opinion. Just one more regulation and these 15% can turn into 20%-30% and even more.

As you said, governments won't think twice before extorting huge amounts of money from crypto users - well, governments can simply ban the whole damn deal and there won't be any users to start with.

Only weak people would accept this kind of agreement. Communists used similar speech: You should thanks for your food, because I could simply let you all starve... Both alternatives are bad and doesn't mean we should choose only one of them.

What I'm saying is that rational and smart regulation is way better than ban which is one of the main ways governments try to "regulate" cryptocurrencies now.

Rational and smart, that is good, but we don't have any guarantees it will happen (most probably won't), so better to stay like we are now.

There are people working to keep the cryptocurrency running now, I don't see any problems if there are people working to keep the market legit and clear, monitor it. They will directly profit from the cryptocurrency itself.

No problem, just don't cut other's profit to do this job... Also, the network regulates by itself, there are independent people working on the internet to keep the market legit, we don't need corrupt governments taxing us to do a worse job, but more expensive.

Having crypto recognised and regulated like current fiat currencies will open this economy for a lot more people, meaning A LOT more money will be brought to it, meaning A LOT less chances of the whole crypto thing collapsing, being banned etc.

Just because the mass population are fools that need the approvation of their government to do something, unable to think by themselves. When this day comes it will be the end of decentralization, as all these fools want is more state controlling and telling them what to do.

I am not saying crypto should be regulated in the same way as fiats are now, it should still be decentralised and all, but some parts of it have to work together with the government to make this a WIN-WIN situation. Otherwise there's just no way to go.

I think the tragedy is inevitable. Only a government with the same Bitcoin's ideals could make this work in a WIN-WIN situation.

Governments won't just sit there forever doing nothing, looking at ever increasing amounts of money circulating in the crypto market.

Unfortunatelly not, people should be prepared to break governments on the right time to prevent unfair regulations, but the few Bitcoin's enthusiasts have no power against it.

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November 09, 2017, 08:54:20 AM
 #5

I think this thread should be on Bitcoin Discussion section. https://bitcointalk.org/index.php?board=1.0

You say that regulations are a need, Ok. Who will regulate is the local country administration, there will be needed people to work regulating it, what mean these people will want money to work this way and then we need to pay these people to regulate Crypto-Currency world. The wages of these workers will come from our profit with Bitcoins and as it's a really profitable world governments won't think twice before extorting a lot of money from this activity from its users.

Doesn't seen worthful for me. I prefer the lack of security as now, but without being extorted by governments.
We do have the same preference on which i would rather choose up on staying up like this than on suggesting for crypto to be regulated even in indirect manner.I would prefer on this way because it signifies freedom for the government itself.They cant able to regulate cryptos directly thats why they trying to target the services which do involves on this one.The main concern here is that if its not regulated the risk on getting scammed would really be more than on those being regulated but i can still able to handle that risk though.

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