Can REGULATION Really Be Beneficial to Bitcoin?

[Skyshark]

Joseph Stiglitz, the Nobel Prize-winning former chief economist of the World Bank, Nouriel Roubini and Kenneth Rogoff were in unity in claiming that Bitcoin’s value could drop to just $100 after being "regulated into oblivion".
However experts from trading platform Blocktrade.com and LoyalCoin stressed that "REGULATION WILL NOT MAKE BITCOIN PLUMMET TO $100. It will not kill off cryptocurrency but will in fact be vital to crypto's growth. It will be essential to the adoption of cryptocurrency on a global scale. And will encourage more businesses to start taking the emerging technology seriously. The key issues affecting cryptocurrency, like security and volatility, can be rectified through regulation". [https://www.businesscloud.co.uk/news/regulation-will-not-make-bitcoin-plummet-to-100]
 
I've read this somewhere; The currencies that succeed, are not those that circumvent the state, but rather those that are legitimised by the state.
But it is a known fact that, Bitcoin is a decentralized digital currency. Free from government interference and manipulation.
Does this mean that Bitcoin, being the most popular and most sought after cryptocurrency, still cannot be considered a successful currency?
How can regulation help Bitcoin along with other cryptocurrencies? Will it benefit the investors as well?
Your thoughts guys...

[BlackPanda]

Regulation is a legal basis for determining how Bitcoin can be used. With the regulation, everything related to bitcoin will have a clear rule.
With things like this, investors can make decisions, when regulations support the development of Bitcoin, it will make investors more convinced to invest in Bitcoin.
For me regulation is an urgent matter, when everything has been regulated then everything will be much better.

[dothebeats]

Before, I can see regulations as somewhat detrimental to the growth of bitcoin due to the unjust implementations made by the governments, but now it seems that they are slowly trying to level with the masses and actually listens to the pleas made by people. Also, regulations somewhat protect people from getting screwed by scammy services and organizations that uses bitcoin and cryptocurrencies as media for their nefarious doings. Overall, regulations for bitcoin and cryptocurrencies somewhat shaped the scene into a nice form which people and services see as somewhat inviting.

[mu_enrico]

Depends.
If it's about bitcoin as a currency then legalized bitcoin could invite more users, then in effect would increase its value.
If it's about bitcoin as an illegal scarce collectible, then the scarcity, difficult to get, risk to store, would also increase its value. Well, it's more like stolen Mona Lisa.

I'd prefer the first option.

[cellard]

Nouriel Roubini or however it's spelt it's a notorious nocoiner of the highest grade, he has been missing on Bitcoin for ages now, it's similar to the case of Peter Schiff, all of these guys have been aware of Bitcoin since it was a couple of dollars, they never bought so became eternally salty at it. He will always find the bear angle of things.

Regulation is unavoidable because that is what governments do. What do you expect, that they will allow money laundering and so on through Bitcoin? don't be deluded.

What we know is that they allowed Futures and Bakkt and ETF are going to be approved eventually. So if they wanted to crush Bitcoin they would leave it at Futures and continue suppressing the price, and not allow bullish products like these (again im assuming the will eventually pass.. maybe they don't)

Anyway the value of Bitcoin is that it works irrespective of what governments have to say about it. For me this makes it incredibly undervalued, for others that can't fathom something has value on it's own without government approval it has no value.

[joniboini]

If it's about bitcoin as a currency then legalized bitcoin could invite more users, then in effect would increase its value.
If it's about bitcoin as an illegal scarce collectible, then the scarcity, difficult to get, risk to store, would also increase its value. Well, it's more like stolen Mona Lisa.

Agree. Price will eventually go up, but decentralization is risked here depending on how the government will regulate it. But I guess it will be difficult even if they want to make Bitcoin as a "scarce asset", as people can just make a ton of wallet and then do P2P. It's better for them to accept it openly (either as money or commodity) and start taxing people when they buy/sell/use Bitcoin.

Btw, I don't care what those guys said (either Noubini or whatever). Their words are difficult to be taken seriously considering their past. I wonder how people still consider his opinion seriously after he called Bitcoin will crash numerous times but eventually, it reached new ATH, multiple times.

[pooya87]

the $100 statement is simply bullshit along the lines of same FUD that they have been spreading about bitcoin. so don't pay attention to these types of statements that much. the fact is bitcoin is designed in a way to be censorship resistant and that means nothing can stop it. all they can do is to slow down the adoption but evidence in multiple countries that banned bitcoin (the ultimate negative regulation) shows they could not prevent people from buying bitcoin. so in case of bad regulations that are preventive the price may fall but it won't go near as low as $100! worst case scenario if US and Europe ,... banned bitcoin it would drop to $2000 and then continue to rise to probably even gain more value.

and that is not happening, we are seeing how every country is adopting bitcoin and how their regulations is actually leading to bitcoin price rise. take Japan for instance. their regulation led to one of the biggest bitcoin rallies of the past 10 years.

[romero121]

Both the possibilities were there, to me growth happens without any fail. Even if the price falls upon regulation same as that mentioned by Nobel winning economist, it'll recover. On the other side as trading platforms suggested it is a must for bitcoin to get adopted in the global scale. Now when we take a survey it'll clearly indicate a large percentage of common people standing away from cryptocurrency just because of fearing legal issues. If the same gets resolved automatically they'll contribute to bitcoin with their involvement. I believe regulation is much more beneficial than decline in growth.

[Blockchainer06]

For the whole encrypted money market, 2018 is undoubtedly a very difficult year. After the market reached its peak, the SEC repeatedly delayed ETF's decision, and a large number of project parties panicked to sell ETF... In the second half of 2018, it was almost negatively brushed. With the global economic downturn, Bitcoin ushered in its first 10-year birthday. Apart from Bitcoin, what other hot spots are worth noticing in 2019? These five hot spots may become an important factor affecting the market this year!

I. Bakkt and Bitcoin Futures

Physical delivery, through the contract function, can truly protect the security of Bitcoin spot storage; it will promote the popularity of Bitcoin as a payment method, which is conducive to the global circulation of Bitcoin; and promote the entry of institutional investors by providing safe and regulated custody services. Thus, Bakkt and its Bitcoin futures are paving the way for many institutions to enter the market, which will have a huge impact on the market and promote the maturity of the encrypted money market.

II. Lightning Network

According to the statistics of monitoring website 1ML.com, the number of accessible nodes in lightning network has reached 5019, up 16.83% from last week, while the number of trading channels has reached 17205, up 36.9% from last week. As a real-time, low-cost, scalable sub-chain system for bitcoin trading, lightning network is growing at an "alarming rate". At present, it still has the defect of "centralization" which is criticized by the outside world. However, the number of lightning network channels will continue to grow in 2019, and there will be more application scenarios of micro-payment.

3. Stabilized Currency

Overall, there are more than 50 stable currencies circulating in the market, and the most widely accepted and least volatile stable currencies are basically born in large companies with backgrounds, backed by relevant government audit institutions. For the existing stable currencies, most of them are still facing industry challenges, especially in transparent auditing, industry endorsement and other aspects, there are congenital technical barriers. In 2018, the stable currency began to rise. By 2019, the stable currency will experience elimination and integration. A new round of shuffling will be carried out. The stakeholders will be growing and the issuer's ability to solve technical problems will be enhanced. Therefore, the stable currency will still be able to survive and develop considerably.

IV. Regulatory system and norms

How to regulate encrypted currencies has always been a global problem. In 2018, different countries'attitudes can also be seen in the news. In response, the G20 has proposed a FATF standard, an international body to address global financial crime, with the aim of improving transparency in the regulation of digital money. The first set of rules on tightening monetary regulation will be issued in 2019. Undoubtedly, once FATF standards are issued, they will inevitably affect the global market pattern in 2019. Investors'rights and interests are guaranteed, and regulation will become an example to follow. This is also an extremely important step towards the maturity of encrypted currency.

Five, STO

STO can basically be linked and anchored to any form of investment and assets, including stocks or commodities. Now more than 20,000 STO issuers are queuing up to issue their own securitization certificates, which will create a trillion-scale market. Therefore, STO may replace 1CO in 2019, even if not completely, but the replacement ratio will be considerable.

It is often said that "last year's regrets will become the bedding of this year's surprises." In fact, there are still many hot spots to pay attention to in 2019. In addition to the above five points, there are ETF, DApp, anonymous currency and so on, which may become the key to turning the situation around.

[Kakmakr]

The currencies that succeed, are not those that circumvent the state, but rather those that are legitimised by the state.

Bitcoin is currently the most successful Crypto currency and it is regularly circumventing government control. <State surveillance and Capital controls.>

In many countries Bitcoin is not a legal currency and it is not legitimised by the state, but it still cross their borders and people are still trading bitcoins on the street.

Regulation will not stop Bitcoin crossing borders or being used on the Black markets and Dark markets or being shifted to countries where it is legal tender. 

[franky1]

regulations, if you wash away the buzzwords is this in simplicity:
1. gives a business a shiny sherrifs badge to look professional and an authority of trust. while letting the business police its customers
2. it allows businesses to get away with certain civil crimes by letting them push the crime onto someone else
3. it does not allow a customer to police a business. even though the business is the one holding the funds/product/asset of the customer

regulating bitcoin does not help decentralised independent people. it just helps make businesses and custodians look professional while hindering users utility.

regulations should not be promoted. but instead at worse consumer protections should be promoted whereby allowing independent people to police the custodians/businesses that take funds of users.

[muslol67]

Joseph Stiglitz, the Nobel Prize-winning former chief economist of the World Bank, Nouriel Roubini and Kenneth Rogoff were in unity in claiming that Bitcoin’s value could drop to just $100 after being "regulated into oblivion".
However experts from trading platform Blocktrade.com and LoyalCoin stressed that "REGULATION WILL NOT MAKE BITCOIN PLUMMET TO $100. It will not kill off cryptocurrency but will in fact be vital to crypto's growth. It will be essential to the adoption of cryptocurrency on a global scale. And will encourage more businesses to start taking the emerging technology seriously. The key issues affecting cryptocurrency, like security and volatility, can be rectified through regulation". [https://www.businesscloud.co.uk/news/regulation-will-not-make-bitcoin-plummet-to-100]
 
I've read this somewhere; The currencies that succeed, are not those that circumvent the state, but rather those that are legitimised by the state.
But it is a known fact that, Bitcoin is a decentralized digital currency. Free from government interference and manipulation.
Does this mean that Bitcoin, being the most popular and most sought after cryptocurrency, still cannot be considered a successful currency?
How can regulation help Bitcoin along with other cryptocurrencies? Will it benefit the investors as well?
Your thoughts guys...

I can understand people like Roubini whose economic views are strong. But their economic views are based on the economic structures of today and the past. His ideas for the future are just the guess.

Maybe he can get right. But we're all confident that Bitcoin and Cryptocurrencies are completely new formations. It is very difficult to make economic foresight. Remember the first discovery of the money ... It was difficult to follow up until the banks came out. But with the introduction of banks and legal records, economic life has become completely different.

[killat]

Regulation of btc might help as many institutional investors would be interested in buying btc if there are concrete regulations.

Until then, price will continue to be manipulated by big whales and news.

[Pursuer]

you are just referring to bad sources and it is a normal thing to be confused after reading a huge amount of nonsense that has been circulating in the bitcoin related news sites which only care about creating some clickbaits so that they can earn more money as people read their crap regardless of what they are doing to the system itself!

the thing about bitcoin is that it is decentralized. and that is not just a buzzword that we use. it is a very important concept. and that essentially means that regulations are meaningless for something that is decentralized.
but a big part of bitcoin's usage is its usage by the companies, businesses and merchants and they can be regulated. so regulations are only affecting them. and they affect the adoption. so if they aren't regulated, the adoption will go on at a slower pace and if there is regulation and more merchants adopt bitcoin then the adoption will grow faster and with it the price will go faster.
this means that lack of regulations is not going to cause a price drop!

[talkbitcoin]

I've read this somewhere; The currencies that succeed, are not those that circumvent the state, but rather those that are legitimised by the state.

this is the banksters mentality trying to force it on others and trying to convince everyone that if things aren't controlled by them, then they should automatically fail.

but 10 years of bitcoin history and decentralization without regulation or government intervention has already proved that we do not need them or their regulations.

the thing is THEY have to adapt with bitcoin not the other way around. so their regulations should comply with bitcoin not bitcoin comply with their regulations.

[thesmallgod]

I do not think crypto being regulated will make the price drop. When it is regulated. everyone will have clear understanding of how to use it and what can be used for and most importantly a lot of businesses will make use of it more especially those people that have interest but they are scared that since it is not regulated it is dangerous. I think reason why people doesnt want it to be regulated is that they do not want government to know the source of their investment

[bitbunnny]

I think that regulation could benefit Bitcoin a lot. Some believe this would cause price drop, centralization, loss of users support but I don't think this is the case. Just the opposite, regulation could bring legal background and support to Bitcoin and more adoption, especialy by businesses.
Some say that Bitcoin was functioning even before regulation. That is true but in order to Bitcoin survive and make progress it should develope and grow further and I think regulation could help with that.

[ecnalubma]

I believe that regulation is beneficial and one way to boost mass adoption. If we are against it then we can't achieve this milestone and the adoption that we dream of, before many people are scared using Bitcoin for it is used deep web transactions but now it is totally different people begin to realize and regulators craft organic laws to protect and gain investors confidence over Bitcoin and crypto investments.

[leonair]

The point that they want Bitcoin to regulate is a good one because they are now into it and they know that it has something that must be regulated or else they will regret it later, I see more of a positive side on this matter.

Who knows what will happen to Bitcoin after regulation, it depends to whatever extent each government would want to regulate it but one thing is for sure it will never go back to $100 because we all know most of the regulated things on this world are soaring high in terms of price.

[KingScorpio]

bitcoin cannot be regulated. only the cryptocurrency indexation and advertisement can be regulated, plus the usage of fiat style token.

bitcoin is defined in its code.

its idiotic that people ask this question at all.