Since the bitcoin community is opposing the requirements of governments and the financial sector, they will not accept bitcoin at a large scale.
Now it's time to create a new coin that will be regulated and accepted by governments, banks and consumers.
You guys can still play around with your fun money, but don't expect any broad acceptance by society.
Sorry but we're all tired of being either robbed, ignored, manipulated, and/or controlled by the government...
Most of us are willing to work with the government for as long as the government is willing to work for the people. Our recent descendants have already handed the government absolute power over our wealth and well-being. Bitcoin was invented because people are tired of the abuse and entitlement that resulted from the poor choices of our recent past.
- What type of regulation would you propose?
- What type of regulation would the government propose?
- What is the real and measurable benefit of the regulation being proposed?
- What is the cost of the regulation being proposed?
- What is the current problem with Bitcoin that would cause people to feel that the cost of regulation is an investment rather than a burden?
Please answer all of these for me because these are the questions each of us will answer for ourselves when considering government regulations. Unless there's a measurable benefit associated with the cost then it's a bad decision. Each potential regulation has a separate cost/benefit relationship and should be considered individually.
Now obviously the USD isn't owned by the people. It can be re-appropriated, denied, debased, and regulated into oblivion all without our consent. The people have no ownership rights to the dollar or say in how it's treated. The USD was allowed to become more powerful than the people and the government follows the dollar before following the wishes of the population.
The centralized exchanges will be regulated; if you convert USD to Bitcoin then you play by the rules of USD. Each country will establish it's own laws for Bitcoin to fiat exchanges...
Businesses who accept Bitcoins will continue to be taxed on income. However; there will be a legal debate on what constitutes as a taxable event.
The government will start to consider the interests of the people if the people aren't completely dependent on the dollar... The people need the means to live independently of the government if the government becomes abusive. Allowing a monopoly on money is allowing a monopoly on power...
You can call it fun money if you wish; but I think a lot of people will call it redistribution of power...
