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Author Topic: Regulation Can Also Be Protection  (Read 386 times)
CryptoBry
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January 22, 2018, 07:00:59 AM
Merited by QuestionAuthority (5), mprep (1), mrcash02 (1), carlfebz2 (1), entrepmind23 (1)
 #1



In an ideal or perfect world, we don't really need regulations because people would be following the principle of fairness and selflessness but we are not in the ideal world and so we need regulations in order to protect ourselves from people who are just waiting to crunch us alive. The only problem is when regulations are set-up not to protect but to also kill or stifle the very thing being regulated.

One area of concern for regulation is accountability. For example, without regulations placed and laws enacted for the matter, an exchange can just closed its business leaving many members holding empty bags because their funds are gone the moment the site is not anymore operating. And because the people behind the site are anonymous members don't know what to do and where to seek help.

I also felt uneasy about regulations but if done right this can be for our own advantage and the whole cryptocurrency movement.

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January 22, 2018, 07:45:24 AM
 #2

Well that has kind of always been the idea. Regulations are for the protection of both the state and its citizens, not just regulation for the sake of regulating.

The catch here is that regulations could go both ways; overly stringent regulations could turn people off on the idea, while proper regulations could legitimize crypto in a way that citizens know that they're engaging in something real, and not some bubble crap that FUDers love saying.

I personally am for regulations for as long as they don't stifle the growth of the technology, and it erases the uncertainty of the government's future steps at the very least.

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January 22, 2018, 10:41:48 AM
 #3

Well the only problem is that governments don't see it as we do. We have nothing to lose if it becomes mainstream, but we would rather be happy to get something extra to use beside the traditional money that we have been using for centuries. But governments see it somehow as a threat, as they know they won't be able to control its growth nor its supply at any cost. If they regulate it for the protection of people not killing it, and if people start using it more often then the economy which is in their hand, it will be a disaster for them, and that is what they don't want.

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January 22, 2018, 10:51:28 AM
 #4

...

The catch here is that regulations could go both ways; overly stringent regulations could turn people off on the idea, while proper regulations could legitimize crypto in a way that citizens know that they're engaging in something real, and not some bubble crap that FUDers love saying.
...

There is also another catch. Introducing regulations increases the demand for certain
professions (e.g. tax advisors, lawyers). People in these professions are therefore
heavily incentivized to lobby for the continuation or even expansion of regulative efforts.

There are several cases where a finance minister in a country has first introduced
strict regulations and later switched to the very companies that were affected by his laws
in order to advise them on how to circumvent the regulatory rules that were
created during his term as minister.
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January 22, 2018, 10:51:45 AM
 #5



In an ideal or perfect world, we don't really need regulations because people would be following the principle of fairness and selflessness but we are not in the ideal world and so we need regulations in order to protect ourselves from people who are just waiting to crunch us alive. The only problem is when regulations are set-up not to protect but to also kill or stifle the very thing being regulated.

One area of concern for regulation is accountability. For example, without regulations placed and laws enacted for the matter, an exchange can just closed its business leaving many members holding empty bags because their funds are gone the moment the site is not anymore operating. And because the people behind the site are anonymous members don't know what to do and where to seek help.

I also felt uneasy about regulations but if done right this can be for our own advantage and the whole cryptocurrency movement.

Exactly my point and that is the reason why the argument of regulations will continue to win everyday and its because the major players are giving room for such. Imagine an exchange site that would wake up and close up, get hacked, treat customers like they are doing them a favor for coming to patronize them, customers support is not responding and no matter how you complain, they just seems not to clear. It does not happen in the real world, banks don't just close down, they don't treat customers anyhow without having to deal with complain from the Central Banks, I have seen banks refund for extra charges taken from my account simply because someone is there to call them to order.

Its not all good for banks too, but some bit of regulations is required for sanity to return to this crypto world because only then can trust on a large value is placed in the industry and hopefully we can get there.
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January 22, 2018, 11:56:21 AM
 #6

It seems to me that excessive regulation is a problem of our time. States constantly stepping on our rights. Moreover, they want to take our income in taxes. The government can't demonstrate the effectiveness of government. Probably this is the main reason for the growing popularity of cryptocurrency in the world.

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January 22, 2018, 12:00:57 PM
 #7

If the bitcoins are regulated then it will be really helpful for the entire community. The regulations will make sure to protect the interest of the investors and it will also keep check on the service providers. People will start to trust bitcoins and it will attract more investment into the bitcoin market; as the demand for the bitcoins will increase, there will be rise in the value of the bitcoins.
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January 22, 2018, 12:25:41 PM
 #8


Regulation is a good thing it makes usage of bitcoin beneficial for the government and citizen but at the same time it looks opposing the basic nature of crypto currency that is decentralization.The crypto was found to be used as a currency without any intruder in between,now government will record the transactions by means of regulation.So we have to pay taxes and other stuffs to the government as using fiat money.But regulation will protect(maybe) the crypto currency market from illegal activist.So it is a good thing right for the government and for the citizen also.

I think if the crypto currencies were totally regulated the people may lose their interest on using it because it also looks same as using fiat.So there maybe more price fall in crypto market if more countries regulate the usage.

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January 22, 2018, 01:06:38 PM
 #9

Regulation is the reason why there is an organized organization and a smooth flow of a transactions. So it is better to have a good regulation to protect us.   
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January 22, 2018, 01:08:29 PM
 #10

Regulations are one of the steps for centralization. We already know the story, it starts with regulations and later after some decades it leads to
"I control your money".

In @CryptoBry's example with an exchange closing its business, I don't see how it can really protect people. What about if exchanges didn't exist? What about if Bitcoin is the only currency worldwide (so we don't need exchanges anymore)?

Now if you say regulations are good for criminal activities etc. Oh really? That's why the current system is so efficient to do this, so why do they create more and more regulations?

Another argument can be, it protects both parties (let's say, buyer and seller) for their transaction. To not be scammed or whatever you can imagine. It's up to people to educate themselves about the risks when doing a transaction.
IRL if you got scammed and used banknotes to pay, who is going to help you? Nobody, your money is gone.

One of the goals with cryptos is to do be able to do a transaction without using a third party

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January 22, 2018, 01:25:19 PM
 #11

If the bitcoins are regulated then it will be really helpful for the entire community. The regulations will make sure to protect the interest of the investors and it will also keep check on the service providers. People will start to trust bitcoins and it will attract more investment into the bitcoin market; as the demand for the bitcoins will increase, there will be rise in the value of the bitcoins.

This is the ideal scenario where the people and government can work hand in hand where just like stock markets in each country they have regulators which also protects the people money and give people confidence to invest more in same way if things works towards this direction for cypto it would be beneficial for entire community.

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January 22, 2018, 01:52:23 PM
 #12

Well that has kind of always been the idea. Regulations are for the protection of both the state and its citizens, not just regulation for the sake of regulating.

The catch here is that regulations could go both ways; overly stringent regulations could turn people off on the idea, while proper regulations could legitimize crypto in a way that citizens know that they're engaging in something real, and not some bubble crap that FUDers love saying.

I personally am for regulations for as long as they don't stifle the growth of the technology, and it erases the uncertainty of the government's future steps at the very least.

for me the government should apply the rules / legislation to the bitcoiner that regulates this (the list includes most or all developed countries with free market economies), which ensures the right of consumers, as well as fair trade, competition and accurate information on the bitcoin market . so crypto users have a sense of convenience.
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January 22, 2018, 02:03:34 PM
 #13

Well that has kind of always been the idea. Regulations are for the protection of both the state and its citizens, not just regulation for the sake of regulating.

The catch here is that regulations could go both ways; overly stringent regulations could turn people off on the idea, while proper regulations could legitimize crypto in a way that citizens know that they're engaging in something real, and not some bubble crap that FUDers love saying.

I personally am for regulations for as long as they don't stifle the growth of the technology, and it erases the uncertainty of the government's future steps at the very least.

for me the government should apply the rules / legislation to the bitcoiner that regulates this (the list includes most or all developed countries with free market economies), which ensures the right of consumers, as well as fair trade, competition and accurate information on the bitcoin market . so crypto users have a sense of convenience.


I agree that the people in the BITCOIN industry feel protected by the government.
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January 22, 2018, 06:15:49 PM
 #14



In an ideal or perfect world, we don't really need regulations because people would be following the principle of fairness and selflessness but we are not in the ideal world and so we need regulations in order to protect ourselves from people who are just waiting to crunch us alive. The only problem is when regulations are set-up not to protect but to also kill or stifle the very thing being regulated.

One area of concern for regulation is accountability. For example, without regulations placed and laws enacted for the matter, an exchange can just closed its business leaving many members holding empty bags because their funds are gone the moment the site is not anymore operating. And because the people behind the site are anonymous members don't know what to do and where to seek help.

I also felt uneasy about regulations but if done right this can be for our own advantage and the whole cryptocurrency movement.
No matter which way you go there would be no security because you wont even know if those government who do backed exchanges would assure you to have such protection. Centralization means full control and we cant dictate or do know on possible plans are being molded ahead but somehow thinking off about confidence since its being backed by government will really be there. People do have different preference some may agree with centralization and some would prefer the traditional ways.


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Nahl
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January 22, 2018, 07:16:27 PM
 #15

regulation can be protection and yes i do agree about that but the regulation also must have good benefit from both sides the government and bitcoin users itself i mean if the purpose of the regulation is only payment of taxes but we as bitcoin users can't get full of protections then i think it's useless
kryptorian
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January 22, 2018, 08:14:34 PM
 #16

One area of concern for regulation is accountability. For example, without regulations placed and laws enacted for the matter, an exchange can just closed its business leaving many members holding empty bags because their funds are gone the moment the site is not anymore operating. And because the people behind the site are anonymous members don't know what to do and where to seek help.

I also felt uneasy about regulations but if done right this can be for our own advantage and the whole cryptocurrency movement.

It makes some sense but crypto will remain crypto, and if someone steals your coins, then no amount of regulation will help you find the thieves and get the coins back. There is scarcely an exchange that hadn't been hacked in the past with their clients money stolen, so I don't really see how regulation can be of any particular help here. It may prevent deliberate scams, of course, but definitely not thefts. And for users, it won't make any real difference.
samcrypto
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January 22, 2018, 09:34:41 PM
 #17

If the bitcoins are regulated then it will be really helpful for the entire community. The regulations will make sure to protect the interest of the investors and it will also keep check on the service providers. People will start to trust bitcoins and it will attract more investment into the bitcoin market; as the demand for the bitcoins will increase, there will be rise in the value of the bitcoins.

This should be regulated with a great purpose to gives us protection, its really good to be regulated but the government must work for the interest of the public and not just to manipulate the circulation or even the collection of taxes. There’s a pros and cons when it comes to regulation but if its for the sake of many people, will support on it.
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January 22, 2018, 09:39:03 PM
 #18

I agree with you, regulations can build or break a good idea like the blockchain and its projects, and if done just right this will certainly protect investors and their money and prevent the closure of our beloved exchanges that keep the crypto ecosystem alive and in check.


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Indrawan77
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January 22, 2018, 11:05:54 PM
 #19

Regulations is mean to protect us from harm, since there are always different point of view in solving a problem, regulation ia needed as a solution,  maybe some of the regulation  sounds not fair but actually it protect all of us, but somehow when regulation is implemented the freedom is gone
I actually prefer crypto is not regulated, let the peole have it's freedom to used, but in one side, some people used it for illegal things, so maybe the solution of this is  to be regulated, it is better being regulated rather than be banned

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January 23, 2018, 05:33:00 AM
 #20

...
I actually prefer crypto is not regulated, let the peole have it's freedom to used, but in one side, some people used it for illegal things, so maybe the solution of this is  to be regulated, it is better being regulated rather than be banned

Bitcoin is being create and people interest this technology because of it's decentralized concept.
If government regulate bitcoin, it means that bitcoin being control by government which means that bitcoin become not decentralized anymore.

I'm just afraid when government regulate bitcoin, bitcoin's demand start decrease and unable reach current value anymore ( $ 10.000 ++ )

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