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Author Topic: The Need for Bitcoin and an Argument Against Regulation  (Read 258 times)
DooMAD
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April 25, 2018, 10:58:35 PM
 #21

I think somewhat differently on regulation. I don't want to differentiate between harshly regulate or moderate regulate just as now. Lets talk about regulation only. I believe that regulation will actually help crypto currencies to flourish instead of impacting its price adversely. The reason lies within the core of our society. We, humans are the God and Government fearing social animal. 90% of common mass won't do anything which is not permitted by their government. Not everyone is rebellious like us who would want to venture into unknown water. So if bitcoin or crypto currency in general is not regulated by a government, majority of its citizens will think it as an illegal asset and never invest or trade in that asset. So without regulation, we are actually seeing that a large number of potential investors staying out of bitcoin market. The same applies to the regulated financial institutions.  

On the other hand, if a government chooses to regulate bitcoin and roll-out a regulatory framework to its citizens, the common mass who are staying out of the bitcoin market will now start exploring it and put money into it. Regulated financial institutions will also start doing the same because they have the support of that regulatory framework rolled-out by their government. We will then actually see billions of dollars pouring into crypto market from common people as well as regulated entities. Because now they have legal cover. Regulation will actually help spreading positive vibes about bitcoin and other cryptos. If major economic superpowers start regulating bitcoin and crypto market in their country, we will actually see exponential growth of the crypto currency market.

But the sticking point would always be what the governments would insist on having in return for giving us their blessings.  I can't see a scenario where they would universally accept Bitcoin as it is.  There are things they would naturally insist on curtailing.  It's likely the regulations they would impose would be viewed as unfavourable by the current crypto-enthusiasts we already have, so we'd possibly gain interest from new people at the expense of the old ones who might leave the space, disillusioned by a regulatory framework that potentially diminishes some of the qualities they value.  It's going to be more than a little tricky to find a compromise that would please everyone already involved, while still appealing to the masses.

Moreover, the moment anyone encounters a regulation they don't agree with, they'll start work on a new project to flout it.  So the governments of the world need to be on the same page as us and I think that's going to take a while.  It's going to be a game of whack-a-mole if they don't get regulation right.  It would still end up being "them" versus "us" if we can't agree on what form the regulations should take.  That's not progress.  If there is some sort of happy compromise in the middle, I'm not seeing it yet.

I almost feel sorry for the arduous task governments face in trying to deal with us.  Almost.  But then I remember the reason that this whole thing exists is almost entirely due to their own ineptitude anyway, letting the banksters run riot and destroying the global economy.  They couldn't be trusted to regulate the banksters, so what makes them think they're ready or even qualified to regulate us?  I'm happy to wait a while until they recognise their failings as plainly as we do.  Let them come to us with some humility once they figure out how badly they fucked the world.  Then maybe we can engage with them about what's good for crypto.  

They just aren't ready yet.

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Roboabhishek
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May 10, 2018, 05:37:04 PM
 #22

Bitcoin has been talked about a lot recently. It is one of the most revolutionary transaction tools. Some now even see it as an investment and this has been proven to be a good investment with the fluctuating value. It’s just a matter of time before it is used by almost everyone
stingraydiver
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June 18, 2018, 08:14:16 PM
 #23

Yes indeed!  Everyday I see new outlets for crypto currency.  It is amazing how fast we are growing! 
Harlot
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June 18, 2018, 08:24:59 PM
 #24

Indeed Bitcoin and hopefully other cryptocurrencies can do more than scratch the surface of this businesses and hopefully achieve more compared to what has done by other investments such as stocks and forex. The returns they are simply goving are not enough for this banks to do better returns for us. If they see that a lot of people are getting richer with cyrptocurrencies I thinm this will be the start to see them as a threat to their business. Hopefully the government is also on our side that when the time comes we are not the ones who are in danger.

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June 18, 2018, 08:27:41 PM
 #25

Bitcoin should not be regulated!
timerland
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June 18, 2018, 09:57:35 PM
 #26

Bitcoin should not be regulated!

Of course it shouldn't. But third party services do need to regulated to a certain point where it makes it safe for anyone using one of the regulated exchanges to be safe in storing funds with them (obviously, it's still best to store funds on the trustless bitcoin network anyways).

It should be noted though that these regulations shouldn't be a tool to restrict people from using bitcoin. Instead, it should be actually be keeping people safe by regulating ICOs, exchanges, etc.

There are many advantages which bitcoin offers to people that are currently unbanked, underbanked, or living in a country which a non-working fiat currency. And we are already seeing an emergence of these bitcoin users. These benefits are clear for me, but it does take time for adoption to catch on.

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August 05, 2018, 05:39:33 AM
 #27

Bitcoin has been talked about a lot recently. It is one of the most revolutionary transaction tools. Some now even see it as an investment and this has been proven to be a good investment with the fluctuating value. It’s just a matter of time before it is used by almost everyone
The extremely stable and durable bitcoin has nothing to discuss. But anything against the rules is not so important. In essence I find it does not affect anyone but also gives value to the community. That proves it is more and more trusted and respected in the market.

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