Cryptocurrency and regulation, do we need it?

[carlfebz2]

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.

Sad to say but I do agree on this one but it isn't really necessary for bitcoin to be regulated but if we do talk about its usage it would really need to collaborate with governments acceptance for its adoption to scatter.
We do know on what would be the position of bitcoin when most government would ban it? We might say it can still stand on its own but would really be hard to utilize if we know that anyone is against it. Crypto is solely made for decentralization but we cant really break the chain of reality where government would still have the biggest effect depending on what decision they would made to bitcoin.

[Rooster101]

The proliferation of ICO scams that has already victimized a lot of people in the online world and the use of cryptocurrencies from illegal activities are just many of the reasons why some governments are determined to impose regulations on many crypto exchanges to control the flow of transactions. In a country where crypto scams and money laundering is hard to control, a regulation is needed to put an end to this kind of illegal activities.

[BitHodler]

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.

I actually can see this be a favorable outcome. It speeds up the process of having regulators finally dig into this space, which otherwise would annoy you and me somewhere in the later future.

Regulations are inevitable, and for that reason I rather see them be forced through right now than tomorrow. It will take away uncertainties as well, which should open the door even further for non crypto parties to enter.

Do you think that ICOs were the biggest ever crypto related shitshow or will we face a new hype that will make the ICO boom look like a joke? I personally believe that we've seen the worst.

[darkangel11]

The proliferation of ICO scams that has already victimized a lot of people in the online world and the use of cryptocurrencies from illegal activities are just many of the reasons why some governments are determined to impose regulations on many crypto exchanges to control the flow of transactions. In a country where crypto scams and money laundering is hard to control, a regulation is needed to put an end to this kind of illegal activities.

So you're in favor of the police state.
Say somebody is breaking the law, why do you want him to be caught and prosecuted if he's not harming you? If your neighbour bought drugs with Bitcoin, would you call the police on him only because his actions were illegal? Have you ever considered the possibility that law isn't ethical or moral? The truth is your neighbor could be dealing with a lot of stress and just wants to relax and have a smoke, but now he's going to face some more stress because they're going to break into his home and search it, put him in cuffs and humiliate him. I know I'm going too far with it but where's the line that they shouldn't cross? If you want the government and the police to interfere every time what will make them stop when the government makes the internet illegal or makes it illegal to hold bitcoins? Will you comply or face the consequences?

[iMark]

The proliferation of ICO scams that has already victimized a lot of people in the online world and the use of cryptocurrencies from illegal activities are just many of the reasons why some governments are determined to impose regulations on many crypto exchanges to control the flow of transactions. In a country where crypto scams and money laundering is hard to control, a regulation is needed to put an end to this kind of illegal activities.

You're right, we need regulation for better conditions. You know if there are a lot of fraud, scamming, money laundering and other illegal things and it can be suppressed by the regulation and control of the government, besides regulation also gives a different mindset about bitcoin, and there may be mass adoption then

[1Referee]

Regulations are inevitable, and for that reason I rather see them be forced through right now than tomorrow. It will take away uncertainties as well, which should open the door even further for non crypto parties to enter.

I actually believe that the banks are more of an obstacle for growth than regulations. It has been a returning topic that banks freeze bank accounts of crypto related businesses, and reject applications for bank accounts in case it concerns a crypto related applicant. It's a nasty move just because they can't stand what crypto stands for.

I have dealt with two banks in the last couple of years where they forced me to either stop completely with crypto activities, or to close my bank account immediately. The latter I did. I'm glad that my current bank isn't such a jerk.

Do you think that ICOs were the biggest ever crypto related shitshow or will we face a new hype that will make the ICO boom look like a joke? I personally believe that we've seen the worst.

It's definitely over. ICO's had free game last year, and that's largely over at this point, and with how regulations are continuously being deployed on a much larger scale, the demand for ICO's will continue to diminish. If you also take into consideration that top tier crypto exchanges won't be blindly listing every ICO token anymore (also for legal reasons), it makes another ICO pop even less likely than it already was.

It will be interesting to see how the utility platforms will adapt to far lower ICO demand, because that's what they have been banking on all the time.

[SoiledDove]

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

This article gives us a really good perspective on the pros and cons of non-regulation. I suppose the thing to do would be to keep this in mind as it's for the good of the investor ultimately. We should also try to see if we can use the open ledger to try and track the hackers. Now that would be a great innovation.

[Capt00]

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

This article gives us a really good perspective on the pros and cons of non-regulation. I suppose the thing to do would be to keep this in mind as it's for the good of the investor ultimately. We should also try to see if we can use the open ledger to try and track the hackers. Now that would be a great innovation.

Different people are having a different perspective view about legalization in cryptocurrencies, but yes I oppose with you that this legalization and regulation have a good impact to all of us to bring us in a safety precaution that possibly happens. Like in having illegal activities, through transaction we can easily track them. But as what you have said there are pros and cons if that happens, the word ''decentralize" in cryptocurrency is just like a legend.

[Kemarit]

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

This article gives us a really good perspective on the pros and cons of non-regulation. I suppose the thing to do would be to keep this in mind as it's for the good of the investor ultimately. We should also try to see if we can use the open ledger to try and track the hackers. Now that would be a great innovation.

I do think that hackers are being tracked by authorities, remember the BTC-e and Mt. Gox heist connection? They're doing their job but it will take a lot of effort on their end as hackers are also evolving and very careful in hiding their tracks. But sooner or later government or authorities will hunt them down.

I also believed that crypto regulation is about to happen in the near future. Regulations will somewhat put legitimacy and we might see investors confidence going back to market because of this. Investors are getting smart, they're not willing to shell out their cash specially if they are not that confident about the current market situations. Majority of them are just waiting in the corner and might be looking at clear regulations before they enter the market again.

[cellard]

Governments will not run a survery to their citizens asking: "Do you want us to regulate Bitcoin?" in fact, specially when it comes to the status quo of money, they don't care about the citizens opinions, they do what's on their agenda.

They are going to keep regulating all exchanges that fall on their jurisdiction and it will keep getting worse. Just look at Poloniex for a picture of what will happen to all exchanges within reach of big brother governments. I used to trade there with some fake name, I was free to trade any coins I wanted. Recently it seems its impossible to do anything without a picture of your ID, phone number, address and what not, and I never trusted crypto exchanges with my data so I left when I still had the opportunity and never came back.

Now the problem is, if I want to cash out some of these coins to buy a house, the government will ask for the origin. I hope it's not a problem that I used a fake name, I mean years ago it was the wild wild west.
Even if I don't cash out and buy it directly with bitcoin a couple years from now, they most likely still ask for origin of funds, you must be able to prove that your coins don't come from illegal activity. Obviously all of my coins are legal, but the trace is not clear since I lost some trading history on some exchanges.

[iTradeBit]

Yes, I generally agree, of course, as with ordinary money, it will become more bureaucratic and less free in terms of control over operations with crypto that and longer, but on the other hand, confidence in cryptocurrency will increase, which will make them more open to everyday and wide circulation for the mass user.
This will attract new investors, users and business and government structures. For example, it seems to me that it would be faster and more convenient to sign contracts on blockchain, without powers of attorney of notaries and actual signatures with the presence of the parties, without an exchange of copies, in fact everything will be faster and more reliable, even concideration by the state apparatus.

[Harlot]

So you're in favor of the police state.
Say somebody is breaking the law, why do you want him to be caught and prosecuted if he's not harming you? If your neighbour bought drugs with Bitcoin, would you call the police on him only because his actions were illegal? Have you ever considered the possibility that law isn't ethical or moral? The truth is your neighbor could be dealing with a lot of stress and just wants to relax and have a smoke, but now he's going to face some more stress because they're going to break into his home and search it, put him in cuffs and humiliate him. I know I'm going too far with it but where's the line that they shouldn't cross? If you want the government and the police to interfere every time what will make them stop when the government makes the internet illegal or makes it illegal to hold bitcoins? Will you comply or face the consequences?

I think drugs is a way more different scenario compared to people using ICO scams to steal money. For people who are doing drugs, I think that it is ok for me as long as they don't put me into it. But if some of my countrymen are being deceived by this scams and they are actually losing money from it, I think we need to take action from it as this kind of crime is actually destroying the lives of people who are hoping to get rich on what they believed is a good investment which they will late find out is a scam.

[Indrawan77]

I agree if the regulation can be used to make crypto become better and give more secure feelling to the users, I personally feel that crypto doesn't need any government interference, but I know there are some scenario from crypto that could create threat to the country's economic, so I don't mind crypto being regulated as long as it doesn't destroy crypto potential to grow

[mornabo]

I agree if the regulation can be used to make crypto become better and give more secure feelling to the users, I personally feel that crypto doesn't need any government interference, but I know there are some scenario from crypto that could create threat to the country's economic, so I don't mind crypto being regulated as long as it doesn't destroy crypto potential to grow

Many users also have the same mind that the cryptocurrency should not be intervened by the government but if the regulation helps to develop of bitcoin, and many users can feel safe with the regulation, because it can suppress online crime, of course we will support it, as long as it does not destroy the development of bitcoin

[lennart21]

For those of you interested, our author wrote another article on the issue of wash trading in crypto exchanges, which is also a highly debated topic. You can read it here: https://medium.com/xtechblog/crypto-exchanges-a-growing-divide-e0f2b3709f5d

[ahmad21]

I do not think that there is a need to associate regulation with the negative impact!! In fact, regulation sometimes prove to be beneficial for the country because everything moves in a systematic and organized manner. So the environment of the crypto market, remains friendly for the community because there would be lesser scams and frauds. This way there would also be a controlling authority to look over the market conditions and regulate the acts of the market. Yes, we do need regulation unless it curbs the activity of the market in a negative manner.

[Rustamm]

Regulation of cryptocurrency by the state is necessary, because regulation is part of the legalization of cryptocurrency. Without legalization and regulation of cryptocurrency, it will not be able to work on the territory of the state and be used by business structures. In this case, it can only be used by citizens and very limited. Therefore, we need regulation. Especially if the regulation is only in the order of circulation and use of cryptocurrency on the territory of the state. Regulation is good because the state, determining the status of a cryptocurrency, takes it under legal protection.

[Tapyaks72]

Regulation of cryptocurrency by the state is necessary, because regulation is part of the legalization of cryptocurrency. Without legalization and regulation of cryptocurrency, it will not be able to work on the territory of the state and be used by business structures. In this case, it can only be used by citizens and very limited. Therefore, we need regulation. Especially if the regulation is only in the order of circulation and use of cryptocurrency on the territory of the state. Regulation is good because the state, determining the status of a cryptocurrency, takes it under legal protection.

Yeah that’s there is no absolute freedom, we should also abide the law, we should abide the law, although bitcoin is anonymous and know boundaries, in a country with their own they will  provide counter measure to insure the welfare of their citizens, which I believe if we look it in a positive outlook it isn't bad. 

[3la9l_kolbaCa]

For me, what is happening right now with price which declined drastically was due to some regulations particular on exchange sites like having KYC. The anonymity of a person has been exposed publicly, so if made anonymous traders became more hesitant with crypto investments. I am not yet in favor with that certain regulations, and maybe this has to be put into serious review before it will be fully implemented.

[suzanne5223]

For me, what is happening right now with price which declined drastically was due to some regulations particular on exchange sites like having KYC. The anonymity of a person has been exposed publicly, so if made anonymous traders became more hesitant with crypto investments. I am not yet in favor with that certain regulations, and maybe this has to be put into serious review before it will be fully implemented.

I agreed with what out said in terms of the cryptocurrency exchange KYC make some investors/traders not to put much fund into cryptocurrency and regulation the US SEC/Senior regulators ought to suppose to be prevention of scam ICOs but they choose to force control cryptocurrencies.
Mind you, we still have some exchange site which are still anonymous.