Cryptocurrency and regulation, do we need it?

[lennart21]

Take a look at this article on cryptocurrency and regulation, do you agree with it?
https://medium.com/xtechblog/cryptocurrency-and-regulation-do-we-need-it-4ea0c6bb2733

[darkangel11]

I agree with the author that there are two sides of regulation and there will always be those who embrace it and want to run a legal business and pay taxes. I'm more on the purists' side and believe that we don't need it and shouldn't fit BTC into the current system, just like Andreas said. We should leave it as an alternative to those who don't want to be watched and controlled by the big brother.

[1Referee]

Does it really matter for people whether or not they think regulations are needed? It's not that we can prevent governments from regulating the ecosystem around crypto.

I'm not bothered by any regulations with how I barely use a centralized service anymore. If needed I will quit using Bitmex as well and from there be free from anything and everything trying to decide for me what's good or bad. Bitcoin is the first convenient way to cut through the governmental and banking system allowing people to obtain the purest form of financial freedom there is.

The mass is one economical collapse away from embracing Bitcoin as such. By the time they finally realize what Bitcoin is really capable of, it has scaled enough to serve them.

[Zadicar]

I agree with the author that there are two sides of regulation and there will always be those who embrace it and want to run a legal business and pay taxes. I'm more on the purists' side and believe that we don't need it and shouldn't fit BTC into the current system, just like Andreas said. We should leave it as an alternative to those who don't want to be watched and controlled by the big brother.

People would always have different insights some would prefer due to convenience where crypto is already being adopted but the negative side where its decentralization wont really already suited it out.
Its just really good as an alternative but some people do much prefer to be legalized but off of these things are actually contrary on cryptocurrencies true purpose.

[entrepmind23]

People would always have different insights some would prefer due to convenience where crypto is already being adopted but the negative side where its decentralization wont really already suited it out.

Being regulated would mean that there would be restrictions when it comes to implementing something but it would also be an advantage of the investors because the projects that would be launch would be properly checked before they would be able to collect some funds from the people. It would also be more trusted especially for those who are traditional who wouldn't believe something unless it has support from the government.

Its just really good as an alternative but some people do much prefer to be legalized but off of these things are actually contrary on cryptocurrencies true purpose.

If we think about it, having regulations really is opposite to what the creator of bitcoin is trying to achieved having a decentralized kind of currency that would be free from the control of the government. Form the looks of it, we still need regulation though but is due time, I believe we can do it on our own without the control of government.

[izanagi narukami]

If you want to be legalize , you need government's regulation.
For me it's important because you have the advantage by let them legalize for example : you can see the demand for bitcoin will increase because you can use bitcoin as payment like fiat.

Meanwhile, my government still against crypto so it's impossible for my government to make regulation about it.

[ngm22585]

Of course.

Without regulation, consumers won't be protected, and criminals will run rampant.

[figmentofmyass]

I'm not bothered by any regulations with how I barely use a centralized service anymore. If needed I will quit using Bitmex as well and from there be free from anything and everything trying to decide for me what's good or bad.

i wish i could feel the same way. the options for trading without KYC are getting slimmer and slimmer everyday. binance, bitmex and a few others are the last of a dying breed.

and unfortunately, decentralized exchanges can't begin to compare to centralized exchanges in terms of markets offered, liquidity and functionality. it's simply getting harder to safely hedge or profit from crypto markets. that's nothing to be happy about.

[pay_scotty]

Given the history of Bitcoin and why it was created in the first place, it seems contrary to it's creation to 'regulate' it - in saying that, every system needs some sort of guidance to run by and regulations are the easiest forms of that (well I believe anyway)

[Kingofbitcoin12345]

Funny you say that, because the exchange we are building currently (XTECH) is going to be completely free of KYC for the first months it is online. If you participate in our bounty or trading competition you can even get up to 6 months of feeless trading once we go online. Right now the date is set for the 4th of November, and currently registration only requires an email address, not even a name https://beta.xtechtrading.com/

Much more funny is that you used the word KYC to promote that exchange.. It is off topic even though you tried to connect such reply to make a point..

Reported to moderator..

Of course.
Without regulation, consumers won't be protected, and criminals will run rampant.

You won’t be sure about that,, we might be protected by outside criminal organization,, but within the government and the one implementing the regulation.. Corruption is rampant..

If it can be addressed then regulation be necessary..

[Dilerium90]

Take a look at this article on cryptocurrency and regulation, do you agree with it?
https://medium.com/xtechblog/cryptocurrency-and-regulation-do-we-need-it-4ea0c6bb2733

I thinkб that ordinary citizens cannot influence the regulation of cryptovalues. No matter how much we talk about this topic, the government will do it anyway. I have a lead that you just need to work both in unregulated mode and in regulated mode.

[Theb]

We must know it by now that regulations are an inevitable thing to happen as it is the government's way of accepting cryptocurrencies in there country. The reason of regulation is not only for them but also for the protection of their citizens as the article also stated other things that the government is facing is money laundering (and other criminal activities) and also the protection of their financial system all of which can be protected with proper regulation involve. Regulation can protect their citizens by not letting fraudulent ICOs and other scams being promoted in their country as an investment opportunity, countries monitoring their cryptocurrency industry is helping their citizens not to fall victim in these kinds of scam.

[Danilotot]

there are more cryptocurrency regulation options available for those who want to enter the crypto. and for that we have disciplines in ourselves. it is better to have those who breach the crypto regulation will have more penalties.

[LeGaulois]

Accepting to see the cryptocurrency regulated is no more different than accepting to be still controlled by institutions/govt. Which is exactly what Bitcoin ideology didn't want to see.
It's not going to make you safe from hackers, How a regulation could make you safe online?

[maarx]

Personal opinion and views do differ from such other and this is the main reason behind crafting a set of common rules and regulation. As crypto is a new system adapted, every country decides upon their security environment and the it's economic growth. And such rules and regulations will keep things on track though few still skip them over. Always there will be conflicts and contredictions when implementing new rules and regulations at the beginning.

[timerland]

I think that regulation for exchanges are probably needed due to the fact that there are simply so many of  these scam exchanges out there that are taking user funds or selectively scamming users on a daily basis.

Having a regulation code for them is going to potentially help people understand the risks and also better credit the legitimacy of such businesses.

However, even with that said, education is far more important than regulation in this sense because there will still be unregulated entities, and if people are not educated, they could still use these shady exchanges.

But as to regulation on bitcoin itself, I don't think that's possible nor feasible, nor wanted within the community. Only services that are centralized can be regulated effectively.

[saaux]

We need to have and comply with the crypto regulation. it's even better for our well-being and secured accounts. and it would be better to have anyone who violates the crypto regulation.

[jhongzjhong]

They are right, different people are having a different perspective insight about legalities on bitcoin, IMO, it is better to have a legalization for the good relationship between bitcoin and governments and can join their forces by having regulation. So far, our country now was friendly to the bitcoin and other crypto's. Besides, they recognized bitcoin as a part of payment currency. As what I have seen here it's better to have a regulation in bitcoin to have a minimal risk in having illegal activities both parties.

[gentlemand]

and unfortunately, decentralized exchanges can't begin to compare to centralized exchanges in terms of markets offered, liquidity and functionality. it's simply getting harder to safely hedge or profit from crypto markets. that's nothing to be happy about.

Decentralised exchanges are still in their extremely nascent stages. I wouldn't give up on them yet. At some point relatively soon there will be a truly compelling option. I certainly am not tempted to use any of the current ones.

It's irrelevant asking whether crypto needs regulation. It's going to get it regardless.

I think the ICO shitshow has done more than anything else to bring unwelcome heat. Had that not blown up there might've been more time available for crypto to infiltrate things under the radar. That chance is now blown.

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