If most politicians know nothing about Bitcoin then how will they regulate it?

[squatter]

bitcoin cannot be regulated its an advertised internet token with fixed amount.

no way to regulate it.

only fiats can be regulated in their rewarding usage.

The US government disagrees. The IRS has stated clearly that digital currencies like Bitcoin are defined under the law as property, which entails specific tax treatment. The CFTC has asserted that digital currencies are commodities subject to their regulations and a federal court has agreed with them. FinCEN has established that digital currency users are not defined as MSB under FinCEN regulations but that digital currency exchangers are money transmitters subject to AML/KYC regulations.

As you can see, Bitcoin already falls under many existing regulations. They can't regulate the Bitcoin protocol, but they can regulate Bitcoin users and businesses.

[bitbunnny]

Politicians know nothing of Facebook and Google, how the hell do you expect these old people to correctly understand something extremely modern when they we're children there was literally nothing close to a computer or internet. It's not an easy thing for them so they believe rumors and wives tales.

I wouldn't say they don't know anything. It's very limited knowledge, that is true, but they are aware of new technologies and social networks in the range that is necessary for their own promotion. Similar is with Bitcoin and other cryptocurrencies. And if they had the mandate to decide on Bitcoin regulation that would also be according to their personal interest, at least that is my opinion.
At the moment politics and politicians are not so interested in Bitcoin because they don't see either threath or gain for themselves.

[1Referee]

Politicians know nothing of Facebook and Google, how the hell do you expect these old people to correctly understand something extremely modern when they we're children there was literally nothing close to a computer or internet. It's not an easy thing for them so they believe rumors and wives tales.

It's not like the entire governmental system consists of old farts. I am actually of believe that most of the governments have been pretty fair with their regulations concerning Bitcoin, especially when you take into consideration how disruptive this technology fundamentally can be.

In the end, governments adapt to every situation with time, and that will also apply to crypto currencies. I'm pretty certain that most of the people here don't even know what this space is about, so how can we expect the government who isn't involved in crypto to know it? Crypto does, governments react, that's how it works. Japan has been a great example. They very quickly reacted to the exchange hacks in the best possible way, and that will eventually lead to better/safer exchanges.

It has gone so far, that they allow the industry itself to form a regulative body in the space. That's progress.

[Pyr3x]

Unfortunately, modern politicians do not need to know how cryptocurrencies work in order to try to regulate something. But I think in the near future their illiteracy will play against them and decentralization will take its place among the society.

[adzino]

Unfortunately, modern politicians do not need to know how cryptocurrencies work in order to try to regulate something. But I think in the near future their illiteracy will play against them and decentralization will take its place among the society.

You are saying exactly the opposite. They need to know how this crypto currency and the system works! Because of their ignorance the development of crypto currency is being totally hampered. We are lacking behind because we are not getting any proper support from them. Once they get to know the system, they will realize that the regulations they are applying is rather stupid.

[TIDOVEE]

Many politician will claim to be rich enough than to come into bitcoin, can many of them even take good time and patience to work with it? Not even in this part of the world that I am. Where politicians believe in just getting to the position and gathering money with their signatures. The only thing the wise of them can still do is trade. But they may not be diligent enough to monitor it.

[ololajulo]

I dont understand the relevance of cryptocurrency to politicking except in a corrupt community where money can be laundered. I prefer government to never get involved and also not hinder the transaction/trade. Bitcoin adoption is not with vacant idea, it should be relevant to use of any individual.

[cizatext]

That is correct most of the law makers we have have no knowledge on how the blockchain technology really works and even the little that have the knowledge are also taking advantage of the technology like using is to carry out they corrupt deal e.g money laundering and buying of illegal material for they political use. So the issue of regulations of bitcoin is still far from being achieve.

[Denton]

I also think that among the government there are very few (if any) who really understands cryptocurrency. I don't know how they can start regulating it if they don't know anything. In any case, they will try to do it, but how stupid will these laws we learn later.

[FedorIzmailov]

they will begin to understand all this and I think that then all politicians will begin to regulate bitcoin and cryptocurrency in order to earn money on it

[bettercrypto]

Bitcoin cryptocurrency most likely already in the knowledge of the politician. We may not know that they already invested huge amount here. Most likely they are investors already of course with the guide of their crypto consultant. But, knowing how things work around crypto is something that haven't come to their mind because their focus is profit.

[kelz1]

Politicians can try but they won't be able to regulate it unless they create it like the petro. Bitcoin can't be controlled unless they turn into mega whales and manipulate the market when they need the pumps and dumps

[pixie85]

Politicians don't understand most things. Most of them don't even speak a single foreign language. Many have never been outside their own country. HOw can they decide what is good and what isn't? They are doing it because we are letting them. We are giving them power and they are abusing it thinking that we expect them to take a stance. Frankly, most of us do expect them to take care of everything, even if it means giving up some of our rights.

[Vickyrichy]

Most politicians have basically little or no knowledge about recent technological advancements. All that concerns them is how to make easy money by stealing from the country. They can never regulate bitcoin.

[Indrawan77]

Most of the politicians got no knowledge about crypto, if they want to regulate then they need to study about it, they cannot invite someone and make the regulation based on what the people said, each countries got different regulations and got a different economic situation, so its really important the politicians to know the the potential and the crypto usage before they start to make any regulation

[devinks]

Most politicians know nothing about Crypto currencies but those that are close to them could be an influence to Crypto World

of course it will be difficult to influence the politician, because politicians will think about it if he learns bitcoin then legalizes it and how he will later manage it is definitely not easy. most politicians today are not concerned with what bitcoin is and they only focus on the rules of their country.

[1993jochico]

I think it is not a problem, its not hard to learn cryptocurrency by just reading online anyone can learn and understand crypto because it is not that hard to understand what is cryptocurrency all about.

[KingScorpio]

bitcoin cannot be regulated its an advertised internet token with fixed amount.

no way to regulate it.

only fiats can be regulated in their rewarding usage.

The US government disagrees. The IRS has stated clearly that digital currencies like Bitcoin are defined under the law as property, which entails specific tax treatment. The CFTC has asserted that digital currencies are commodities subject to their regulations and a federal court has agreed with them. FinCEN has established that digital currency users are not defined as MSB under FinCEN regulations but that digital currency exchangers are money transmitters subject to AML/KYC regulations.

As you can see, Bitcoin already falls under many existing regulations. They can't regulate the Bitcoin protocol, but they can regulate Bitcoin users and businesses.

these are "definitions" not "regulations"

regulations also bring in force. etc.

a population has to accept a regulation. thats even less possible in the united states since, everything is private there the population are just economic subjects, its not a national socialist democracy with a public.

if the SEC "regulates the cryptomarket" it means nothing because its simply a private organ of a private banking cartel.

[squatter]

The US government disagrees. The IRS has stated clearly that digital currencies like Bitcoin are defined under the law as property, which entails specific tax treatment. The CFTC has asserted that digital currencies are commodities subject to their regulations and a federal court has agreed with them. FinCEN has established that digital currency users are not defined as MSB under FinCEN regulations but that digital currency exchangers are money transmitters subject to AML/KYC regulations.

As you can see, Bitcoin already falls under many existing regulations. They can't regulate the Bitcoin protocol, but they can regulate Bitcoin users and businesses.

these are "definitions" not "regulations"

regulations also bring in force. etc.

a population has to accept a regulation.

How is this any different? A population has to accept the tax code, otherwise people risk tax audits, fines and penalties, or even prison time for tax evasion. You can't get around that by using BTC, at least according to current regulations. The same goes for engaging in fraud using virtual currencies. The CFTC has charged defendants for just that because their regulations cover Bitcoin and other cryptocurrencies.

[KingScorpio]

The US government disagrees. The IRS has stated clearly that digital currencies like Bitcoin are defined under the law as property, which entails specific tax treatment. The CFTC has asserted that digital currencies are commodities subject to their regulations and a federal court has agreed with them. FinCEN has established that digital currency users are not defined as MSB under FinCEN regulations but that digital currency exchangers are money transmitters subject to AML/KYC regulations.

As you can see, Bitcoin already falls under many existing regulations. They can't regulate the Bitcoin protocol, but they can regulate Bitcoin users and businesses.

these are "definitions" not "regulations"

regulations also bring in force. etc.

a population has to accept a regulation.

How is this any different? A population has to accept the tax code, otherwise people risk tax audits, fines and penalties, or even prison time for tax evasion. You can't get around that by using BTC, at least according to current regulations. The same goes for engaging in fraud using virtual currencies. The CFTC has charged defendants for just that because their regulations cover Bitcoin and other cryptocurrencies.

honestly

the us population gives a damn about "regulations" its just some private individuals that release something.

it means nothing, if sec regulated something, sec is weak. without the soviet union today even weaker then ever, they are just a bunch of private bankers that are seeking to enrich themselves privately.

if they "regulate something" or morph into communists no one will trust and care what they do.

infact i think that current cryptomarket is already regulated

take the index as an example that is privatly owned by gliss, with main influence. its simply a corrupt indexmafia nothing else it is of course regulated the regulating rules are:

1. Bitcoinmaximalism
-> no cryptocurrency can be listed with a bigger marketcapitalisation than bitcoin
2. Corruption
-> if someone wants to list a cryptocurrency with a huge number of token and a huge price (huge marketcapitalisation) it must be rich, powerful
or bribe the indexmafia
-> ripple/xrp
3. Denouncing all others that are not aligned with (1) and (2)
->everything else is a "shitcoin"


this is in fact a regulation, you are regulated.
what is the SEC supposed to do about it? the SEC is forced to respect free market principles, that comes from the constitution of the north american state (liberalism)

and its what the cryptomarket is standing for.
and i honestly dont think you will survive with that.

so if you want to be a different more nobel regulated so the world supports the market or much less likely "bitcoin"
fix this. (which is not easy)