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Author Topic: How do you feel about market regulation?  (Read 958 times)
Rage
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July 03, 2011, 04:25:34 PM
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There's been a lot of talk about submitting the Bitcoin economy to governmental regulation and, frankly, it scares the hell out of me. One of the reasons I'm so excited about Bitcoin is because it presents the same promise of a fully free market that cash does without all the problems surrounding a fiat currency.

Personally, I am strongly against Bitcoin regulation. I believe the market is completely capable of caring for itself and regulation would simply expand government intrusion into people lives. I can see no benefit and a lot of detriment.

What do you think? Do you think the Bitcoin economy should be regulated? If so, to what extent?

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bitrain
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July 03, 2011, 04:35:31 PM
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Never ever. And impossible. Period.
 Thank you Smiley.

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July 03, 2011, 04:36:04 PM
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The system we got is the system we got, and we have to work with it.

I personally think that regulations over the exchanges would be a positive thing as it would give Bitcoin a more respectable appearance from the point of view of a lot of people. And once Bitcoin goes big politicians will have a hard time taking it down. Also, its not like we have a choice: when the government comes down to regulate the exchanges, what are they going to say? No thanks, we want to remain unregulated... I can almost hear the laughter of the regulators. So, as it is going to happen anyways, at least trying to work how it is done.

The advantage of Bitcoin from an anarchist point of view, is that it allows for black markets on the Internet, which previously was only possible with cash. F.e. in my country the stimations say around 20% of the economy is black market. Bitcoin will allow this on the Internet. But for that you need a door from and to the system.
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July 04, 2011, 03:41:04 AM
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Good question OP.

Bitcoin should not be regulated in any way, period. However, it will be, and this doesn't bother me because deep down it cannot be regulated and we know that. So let the stupid senators make their laws regarding the exchanges and money laundering and blah blah blah. The fact that I can keep my coins secret, on a thumb drive, and transfer them across the world with nobody knowing means I care not what laws are plastered upon Mt. Gox.

And strategically speaking, if the politicians go ahead and regulate parts of bitcoin, it will lend it legitimacy and help it become even more ingrained in the economy. It will build and build. This is much better than if the politicians outlaw it fully... and we know they'll either regulate or outlaw, so I prefer the former.

And again, we know the meaningful essence of btc cannot be regulated anyway Wink

mikeintimesaves9
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July 04, 2011, 05:59:31 AM
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...I personally think that regulations over the exchanges would be a positive thing as it would give Bitcoin a more respectable appearance from the point of view of a lot of people...

The other alternative for exchanges outside of a government body would be self-regulation.  If an exchange participates in a self-regulation organization and follows a set of established best practices, the exchange would get a stamp of approval to publicize to customers and improve credibility.  Over time, exchanges that participate would most likely gain share faster than ones that did not abide by the exchange industry's best practices in security, third-party auditing, claims handling, etc.

Separately, while there is a lot of animosity in the BTC community regarding the US financial system, the FDIC and SIPC seem to be good ideas that may make sense to implement for exchanges and other eWallet providers that hold customer funds.  These organizations provide insurance in the event of bankruptcy of a deposit-holding company, reimbursing customer for their lost funds up to a certain amount.  This might also give newbies more faith in the system.

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July 04, 2011, 08:43:46 AM
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The other alternative for exchanges outside of a government body would be self-regulation.  If an exchange participates in a self-regulation organization and follows a set of established best practices, the exchange would get a stamp of approval to publicize to customers and improve credibility.  Over time, exchanges that participate would most likely gain share faster than ones that did not abide by the exchange industry's best practices in security, third-party auditing, claims handling, etc.

Im not discussing which system is best. I personally distrust any regulated system. But in the eyes of a lot of people a regulated exchange has more credibility.

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Separately, while there is a lot of animosity in the BTC community regarding the US financial system, the FDIC and SIPC seem to be good ideas that may make sense to implement for exchanges and other eWallet providers that hold customer funds.  These organizations provide insurance in the event of bankruptcy of a deposit-holding company, reimbursing customer for their lost funds up to a certain amount.  This might also give newbies more faith in the system.

The FDIC and SIPC are horrible ideas because protects reckless business. The exchanges doing it voluntarely would be a different issue since they would have the incentive to police each other to avoid someone abusing, because they would have to pay for it.
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July 12, 2011, 03:59:25 PM
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Anyway, it would be appropriate to have several non-profit organizations to be so-called market-regulators. It may increase the trust for newcomers, I guess.

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July 12, 2011, 08:08:51 PM
 #8

The market will regulate itself, we can't stop stupid people from being stupid unfortunately. We will see better exchanges, Mt Gox's days I feel are numbered, unless they can step up their game. Although, ironically, I think one barrier to stopping Bitcoins from really taking off (the other just being the immaturity of the market) is the threat of government regulation. Why would an established legitimate business adopt Bitcoins if there is any threat from government regulation or outright outlaw. Sure, they can't stop Bitcoin from operating undercover, but they can stop those with business licenses from using it.
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