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Author Topic: Regulation Can Also Be Protection  (Read 383 times)
Rooster101
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January 23, 2018, 05:54:10 AM
 #21

It's ok for me to regulate bitcoin exchanges if the purpose is to protect the users from any harm or illegal means. But if the government will later abused it or use by some people in power to be their source of money or use it in extortion activities, it is no longer beneficial to the users and to the people as whole. Excessive regulation is not also a good idea because the right of users will only be limited to a fewer choices. Good regulation will ensure the safety of users' transactions and may prevent someone from using the cryptocurrency in illegal activities. Personally I don't like regulation but if the government is decided to impose it then we have no choice.

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January 23, 2018, 01:21:10 PM
 #22

It's ok for me to regulate bitcoin exchanges if the purpose is to protect the users from any harm or illegal means. But if the government will later abused it or use by some people in power to be their source of money or use it in extortion activities, it is no longer beneficial to the users and to the people as whole. Excessive regulation is not also a good idea because the right of users will only be limited to a fewer choices. Good regulation will ensure the safety of users' transactions and may prevent someone from using the cryptocurrency in illegal activities. Personally I don't like regulation but if the government is decided to impose it then we have no choice.

I have a strong suspicion that they are not there to protect us, simple folks, but rather to protect themselves and their financial muscle from being taken by us. If they were really into the protection thing, why did they start talks about it only now when crypto has shown its strength? Cryptomarkets can very well regulate themselves, while government intervention will be more like a bull in a china shop. They are afraid of losing financial grip on the world, and that seems to be the primary driver behind their actions.
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January 23, 2018, 01:55:11 PM
 #23

The idea of bitcoin was that it will be a currency free economy. With no regulation. I am against state regulation of cryptocurrencies. This is contrary to the idea of cryptocurrency. Now governments and banks are actively engaged in an information war against bitcoin. Probably this was the reason for falling prices.

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January 23, 2018, 04:22:44 PM
 #24

A regulation can be very useful if everyone could benefit from it but when the government focused on centralizing everything the cost will be great. So it should be approved by the people's choices and not by themselves though it will take a lot debates but i'm certain that it is effective at the end. Though they can't really centralized Bitcoin itself but they can centralized those exchanges.
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January 24, 2018, 05:52:51 AM
 #25



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.

Though regulation might be considered as a step-forward towards improved collateral and security in payment, this would also result to a more 'controlled' and 'less-volatile' price of bitcoins in the market. What makes bitcoin interesting is its decentralized and high volatile nature, which makes it the perfect vessel/instrument for long-term investments. As compared also to the other types of investment in the market, bitcoin is regarded as the one who gives the highest yield of income in a short-amount of time.
Regulation among the cryptocurrency world can be a double-edged sword, as one entity has full control of the prices and the volume in the market. This then, may be subject to fraud schemes depending on the price of it currently.
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January 24, 2018, 12:08:43 PM
 #26

We do need some regulations for everything like Imagine a signature campaign without rules, it will become tragic. People with freedom is sometimes scarier than those  who follow rules. Regulations are made so that we can have a peace and order not only on this forum but everywhere. It can be a filter to those people who just want to make us something bad and gives us protection to stay away from them.

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January 24, 2018, 01:42:02 PM
 #27



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.
Before entering exchange, we really know the risk involve on it. Thats what are terms and conditons stand for. Most of exchangers today needed a verifications using ID before our wothdrawals, but what the use of it if the exchangers would just shut down in an instant?

I think it would be more of a large scale exchangers to implement the regulations for the whole country and the world because in every country have a different regulations. This would not be easy if countries are not united with a certain law to implement it.

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January 24, 2018, 02:42:00 PM
 #28



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.
Before entering exchange, we really know the risk involve on it. Thats what are terms and conditons stand for. Most of exchangers today needed a verifications using ID before our wothdrawals, but what the use of it if the exchangers would just shut down in an instant?

I think it would be more of a large scale exchangers to implement the regulations for the whole country and the world because in every country have a different regulations. This would not be easy if countries are not united with a certain law to implement it.
Such changes would really be implemented specially into bigger exchanges seeing of that they do able to generate millions of dollars when it comes to trading volume on daily basis which is normal for them to have those KYC to bas asked on. The risk of exchanges is there and talking about hacks since they are not backed by something then security would really be absent people do lost their coins forever once exchange been hacked.


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January 25, 2018, 11:06:00 PM
 #29



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.

That is the main goal behind setting up a regulatory body, to safeguard the interests of the common people. But it is also being used by the governments to safeguard their own interests as well. Like China and USA banned ICO through the financial regulator, instead of filtering them through proper procedural formalities.

Definitely the presence of regulators in any market boosts the moral of the common people because they know that the regulator has completed the due diligence and then approved a company to run a business on their soil. So people invest in those companies or transact with them with confidence. So it is basically a protection for us if not run according to the interests of the governments.
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January 26, 2018, 03:42:40 AM
 #30

Regulation is a double edge sword since it can protect you in some ways but then it can also hurt you as well if the one who are implementing it is not in favor of what you are doing. There are many people in crypto world who are just so excited to be free from all those regulations because they can do whatever they want without anyone restricting their movements but then there would always be abusers of those freedom and think of ways to get more from other people thus we still need regulation to have accountability of those people who use the freedom to abuse or scam others.

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January 26, 2018, 04:47:34 AM
 #31

The idea of bitcoin was that it will be a currency free economy. With no regulation. I am against state regulation of cryptocurrencies. This is contrary to the idea of cryptocurrency. Now governments and banks are actively engaged in an information war against bitcoin. Probably this was the reason for falling prices.

This might be the reason why the price right now are still dump but I believe this regulation will protect us from the scammers, specially from the exchanges. There's a pros and cons but we need our government to support this technology so we can freely use this. We don't want this to be banned, we can't stop government from doing it so I really think regulations will be done in the future.

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January 26, 2018, 07:23:14 AM
 #32

The idea of bitcoin was that it will be a currency free economy. With no regulation. I am against state regulation of cryptocurrencies. This is contrary to the idea of cryptocurrency. Now governments and banks are actively engaged in an information war against bitcoin. Probably this was the reason for falling prices.

This might be the reason why the price right now are still dump but I believe this regulation will protect us from the scammers, specially from the exchanges. There's a pros and cons but we need our government to support this technology so we can freely use this. We don't want this to be banned, we can't stop government from doing it so I really think regulations will be done in the future.

I see where your concerns lie but how can regulation, however strict it may be, save you and your coins from being stolen? If the exchange staff is incompetent in security questions, then no amount of regulation will help you in this department. Even the biggest exchanges like Bitfinex had been hacked in the past with literally dozens of million dollars worth of bitcoins stolen. You as their client should be concerned about these issues in the first place. In a nutshell, heavy regulation will give you a false sense of security and protection where there is none.
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February 09, 2018, 02:48:40 AM
 #33

When government regulates the use of bitcoin, it means you can freely use the bitcoin in any transactions that allowed by the law. There are also some protections that are provided by regulation on your bitcoin bitcoin funds. But the real reason for implementing a regulation on bitcoin and the cryptocurrency exchanges is to control the way bitcoin is used to protect the financial stability. More governments are now looking for a better or effective crypto regulation to protect global finance from the illegal activities.
But regulation might not be effective to control or prevent hacking because it is use modern technology and recognized no law.   

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February 09, 2018, 04:44:06 AM
 #34

It's ok for me to regulate bitcoin exchanges if the purpose is to protect the users from any harm or illegal means. But if the government will later abused it or use by some people in power to be their source of money or use it in extortion activities, it is no longer beneficial to the users and to the people as whole. Excessive regulation is not also a good idea because the right of users will only be limited to a fewer choices. Good regulation will ensure the safety of users' transactions and may prevent someone from using the cryptocurrency in illegal activities. Personally I don't like regulation but if the government is decided to impose it then we have no choice.

Anything that is excessive can be not anymore good and this wisdom is quite true with almost anything we do or get concerned with in life. This is quite true with cryptocurrency. While there can be legitimate reasons to regulate, the same platform can be abused by anyone. And maybe that is the reason why we have to be vigilant always as there is no perfect government at all. One thing for sure...if the government want to pass regulations then there is nothing we can do but follow not unless one is so mentally prepared for all the hassles going against the law.

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Rajamuda
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February 09, 2018, 04:57:12 AM
 #35

Actually.. this is will be lead to a new things that lead to a more modern era, it must to be applied at nowadays and for so on.
Yeah and anyhow if indeed the government has been regulating, there will be many things that are more tended on the positively and can be avoid the negatively things that can be done with crypto.
I think if we got hacked by hackers, we can report it to the government, and the government will act on it. If the country has not regulating yet.. it's not just a hackers who act freely, there will be a lot of negative things that will harm many people and the country.

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orions.belt19
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February 09, 2018, 05:52:31 AM
 #36

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.

Instead of serving as a safeguard for the users, regulations became detrimental to the users instead. It is the government and state's duty to ensure the security of its citizens and this is the purpose for creating regulations. These regulations were made to discourage the potential scammers, instead of scaring away the investors or users. In a way, it should actually encourage the use thereof since these regulations should help prevent scams.
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February 09, 2018, 02:15:54 PM
 #37

Regulation can also be protection?


Yes thats true and i do believe in the saying that "ignorance of the law excuses no one". Your ignorance with the law or rules and regulations will not save you but rather harm you , so it is better to obey it because it is also for our own good and protection.

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February 09, 2018, 02:51:12 PM
 #38

It takes two to tangle in this regard. Regulation by Government might open way for non bitcoiners to have interest in Bitcoin, invest in it in order to gain out of it since their fair of uncertainty is being alleviated to some extent making the Crypto to be more durable in use for transaction on line since they are now legitimately somehow covered from being scammed. But they are to me entering into the world of Deceit negligently because this does not  guarantee their protection in totality. The other angle at which I looked at this is that it might springs up inflation or cause deflation in the economy since the effect of middle men will be drastically abolished or reduced, and this shall however generates high or low demands and supply for goods and services in the economy.
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February 09, 2018, 08:29:47 PM
 #39

It takes two to tangle in this regard. Regulation by Government might open way for non bitcoiners to have interest in Bitcoin, invest in it in order to gain out of it since their fair of uncertainty is being alleviated to some extent making the Crypto to be more durable in use for transaction on line since they are now legitimately somehow covered from being scammed. But they are to me entering into the world of Deceit negligently because this does not  guarantee their protection in totality. The other angle at which I looked at this is that it might springs up inflation or cause deflation in the economy since the effect of middle men will be drastically abolished or reduced, and this shall however generates high or low demands and supply for goods and services in the economy.
Yes you are right regulations can play a vital role in our protection from scammers. But in my opinion it will take long time to make some legislation on crypto.
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February 10, 2018, 12:01:26 AM
 #40

It's ok for me to regulate bitcoin exchanges if the purpose is to protect the users from any harm or illegal means. But if the government will later abused it or use by some people in power to be their source of money or use it in extortion activities, it is no longer beneficial to the users and to the people as whole. Excessive regulation is not also a good idea because the right of users will only be limited to a fewer choices. Good regulation will ensure the safety of users' transactions and may prevent someone from using the cryptocurrency in illegal activities. Personally I don't like regulation but if the government is decided to impose it then we have no choice.

Anything that is excessive can be not anymore good and this wisdom is quite true with almost anything we do or get concerned with in life. This is quite true with cryptocurrency. While there can be legitimate reasons to regulate, the same platform can be abused by anyone. And maybe that is the reason why we have to be vigilant always as there is no perfect government at all.

What would be a good regulation taking the exchange's example?

I believe it would be to have a 'clear', transparent exchange, which we would know the names of the people behind the site. The problem is that the governments charge a lot of money from services and consequently from its users (because the services won't have any loss, they will pass their outgoing to users), just to make the first ones regulated.

That is not fair. The right thing would be to not charge anything (maybe a little insignificant amount) from exchanges, let them operate like they currently operate, but just make them show their legit informations!

People aren't trying to hide themselves, they are just trying to not pay abusive taxes because their activities are regulated and a government's parasite charge a lot of money just to make the regulative job.

One thing for sure...if the government want to pass regulations then there is nothing we can do but follow not unless one is so mentally prepared for all the hassles going against the law.

If there were unity and discernment among the citizens of a country, only fair regulations would pass. What happens is that people against these regulations are minority in many places, so they are easily weakened by the local authorities.

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