The day Bitcoin is "regulated" is the day we lose our freedom

[Interized]

I mean, how can they regulate a value system where WE THE PEOPLE say who has value.

When you have $1000 in your bank, that is the bankers saying okay this is your money you have a right to resources now.

Bitcoin allows US to say okay you have 1 BTC you have a right to resources now.

I just don't get how you can ever "regulate" the Bitcoin system, we are all collectively supporting it.

All information is public, when you send BTC your IP is logged and if the fed needs to track money laundering, they will be able to do it, BTC exists somewhere on the planet within the internet, so I don't see why anyone needs to regulate or create extra rules on a system that tracks peoples value better than ANY money system that exists today.

Paper money would have to go FIRST before they even THINK about touching BTC.

Stay away from OUR money system we don't need YOU to be apart of it by regulating BTC.

[yatsey87]

Well if it has value and people are using it then they're going to regulate it at some point.

[BrewCrewFan]

Well if it has value and people are using it then they're going to regulate it at some point.

Yes and when that happens it will be regulated more and more till its garbage.

[hilariousandco]

The governments aren't just going to sit back and let us use Bitcoin freely. They'll want their cut. Regulation is natural process really.

[franky1]

bitcoin itself wont be regulated.

USA only has power over the us dollar. so the only thing bitcoin related that would be regulated is the exchanged that change fiat into coin. this means the exchanges that only spaw coin for coin EG altcoin and no fiat involvement. wont need these bitlicences.

the important thing to know is that USA can only regulate FIAT. other currencies are not in their juristiction

[atp1916]

I have no issues with law enforcement oversight. Law enforcement oversight != regulation.  I have no problems with law enforcement knocking out SR type sights / people on them.

I do have issues with financial oversight (regulation) by governments that are hypocritical and motivated by corruption.  Eliminate the conflict of interest, and i'll happily pay my bitcoin tax.

The 2 forces of government and law enforcement cannot be disjointed, as law enforcement is a subdivision of the authority vested by God into governments, but the conflict of interest must and will be eliminated...and bitcoin will be that tool which does it.

That being said: bitcoin will survive.

This latest chain of events highlights the 3 worst things that could ever go wrong with the currency:
#1 Protocol issue: Being fixed, and once fixed.. will demonstrate just how "simple" it is to "fix" the protocol: try that with a fiat system.
#2 Major exchanges going down:  Will obviously be coming back up.  See what happens to fiat when the 2 largest banks in the world go offline for days.
#3 DDoS: is being mitigated: See what happens to fiat when the global banking system is hit by DDoS over a period of days.

[hilariousandco]

bitcoin itself wont be regulated.

USA only has power over the us dollar. so the only thing bitcoin related that would be regulated is the exchanged that change fiat into coin. this means the exchanges that only spaw coin for coin EG altcoin and no fiat involvement. wont need these bitlicences.

the important thing to know is that USA can only regulate FIAT. other currencies are not in their juristiction

They'll just tax it when we spend it or exchange it for cash.

[runam0k]

Bitcoin is already regulated - or self regulated - in the sense that most exchanges require KYC verification. This is to be expected - after all, if you want to swap large amounts of USD for Euro, for example, you'll be asked to provide ID. It's the regulatory uncertainty that's the issue at the moment - clarity one way of the other will bring liquidity to the market.

[abhay81]

Why do govt.s require to regulate BTC???

honestly...can't we self regulate...or maybe can we have faith in a regulatory algorithm that prevents....money laundering???

Kindly answer...

[arousr]

Why do govt.s require to regulate BTC???

honestly...can't we self regulate...or maybe can we have faith in a regulatory algorithm that prevents....money laundering???

Kindly answer...

I don't think 'self regulation' will happen.  Best would be clear regulation by each government (so that people are not afraid to buy and spend with btc, pay their taxes etc), that would secure customers into using it on an everyday basis. Many people still trust their government to protect them.  I think bitcoin is a fantastic tool and is a perfect payment method and I really wish this to be widely used.  Just not many people using it to buy things yet, compared to credit card. (Well not in our business anyway).

From what I can see (any I may be wrong) It is still mostly an investment / gambling activity, based on the swings of the value, people buy and sell en for currencies not much for products or services (well, legal ones).  My opinion is this will have to change and value will have to stabilize before people get comfortable spending em instead of holding em for future profit.

[hilariousandco]

Why do govt.s require to regulate BTC???

honestly...can't we self regulate...or maybe can we have faith in a regulatory algorithm that prevents....money laundering???

Kindly answer...

They'll want their cut. If it's down to most people they wont willingly give them their share.

[web-project]

I don't think the BTC will be regulated, as it will be exactly the same crash like in EU zone, equalisation of every currency - terrible mistake of EU.

[arousr]

I don't think the BTC will be regulated, as it will be exactly the same crash like in EU zone, equalisation of every currency - terrible mistake of EU.

Governments will still need to collect tax money to provide services to population (and to waste it of course) so unless people want to physically move to an completely unregulated country, leave their family and friends, they will have to disclose their assets and be taxed according to the law of their country (unless they want to break the law which is another story).  For this to happen, governments have to carefully study what btc is and write laws that let people use it freely (and not banning it stupidly like Russia did). 

That's my humble opinion anyway for what it's worth...

[vaccinesaregood]

Regulation of BTC is not necessarily a good thing BUT, I think regulation of major players lends credibility to the system and IS a good thing.  I like to know that my exchange isn't going to close up shop and abscond with my BTC overnight.  I like the idea of regulation not for users, but for major institutions. 

[bmanzzs]

I believe NYC just announced that they will require "Bit Licenses" for any merchant dealing with bitcoin... I mean, seriously? Fuck that. Bye bye any sort of innovation in New York. They're just shooting themselves in the foot.

[bmanzzs]

Regulation of BTC is not necessarily a good thing BUT, I think regulation of major players lends credibility to the system and IS a good thing.  I like to know that my exchange isn't going to close up shop and abscond with my BTC overnight.  I like the idea of regulation not for users, but for major institutions.  

The thing is, eventually this transforms into companies asking favors for the government, and in turn the government gives these certain companies advantages over others. We don't want bitcoin exchanges to turn into the the top 6 national banks. Next thing you know, we'll be saying MtGox is too big to fail, too big to jail. I don't even want to imagine that scenario. Ugh.

[yatsey87]

I believe NYC just announced that they will require "Bit Licenses" for any merchant dealing with bitcoin... I mean, seriously? Fuck that. Bye bye any sort of innovation in New York. They're just shooting themselves in the foot.

Depends how hard or costly these "Bit Licenses" are. Any information on them?

[Taras]

All information is public, when you send BTC your IP is logged and if the fed needs to track money laundering, they will be able to do it, BTC exists somewhere on the planet within the internet, so I don't see why anyone needs to regulate or create extra rules on a system that tracks peoples value better than ANY money system that exists today.

You don't need an ip or name to get a transaction on the chain.

[Taras]

Regulation of BTC is not necessarily a good thing BUT, I think regulation of major players lends credibility to the system and IS a good thing.  I like to know that my exchange isn't going to close up shop and abscond with my BTC overnight.  I like the idea of regulation not for users, but for major institutions.  

The thing is, eventually this transforms into companies asking favors for the government, and in turn the government gives these certain companies advantages over others. We don't want bitcoin exchanges to turn into the the top 6 national banks. Next thing you know, we'll be saying MtGox is too big to fail, too big to jail. I don't even want to imagine that scenario. Ugh.

Hopefully we can decentralize online services like we did currency.

[Sniar]

Yes you can