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Author Topic: Is this how we regulate Bitcoin?  (Read 2805 times)
cryptomarketyourself
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June 11, 2019, 10:47:59 AM
 #1

I'm falling in love with these guys lately - they have some really cool ideas.

Anyways, here's where I come from: https://cryptotradernews.com/cryptocurrency/how-crypto-should-be-regulated/


Key highlights:

Utilizing the underlying tech of virtually every cryptocurrency, we can police our own. With blockchain, smart contracts, and the very same miners currently working to provide the heart of Bitcoin, Ether, XRP, etc., etc., we can eliminate virtually every scam ICO as well as ensure that exchanges and wallets are adhering to industry requirements.

It really boils down to one of the most basic set of commands known to man — If, Then, Goto, and Else. Except now we have the power of smart contracts where we can ensure that the parameters are completely met along the way, and we can verify these requirements via the blockchain at any given time.



This truly is how we can regulate Bitcoin and virtually any currency isn't it? I mean we already have the power it's just a matter of putting all the pieces in place.


Thoughts?

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June 11, 2019, 11:02:33 AM
 #2

There is no regulation. That's what makes BTC unique mate.
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June 11, 2019, 11:02:37 AM
 #3

Regulation is necessary if we want to see Bitcoin grow into something more than just a speculative asset. Author is on point.
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June 11, 2019, 12:08:15 PM
 #4

Regulation? HELL NO. If BTC were to be regulated it would just be calleed USD.
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June 11, 2019, 12:22:15 PM
 #5

Regulation is necessary if we want to see Bitcoin grow into something more than just a speculative asset. Author is on point.
Ico's will continue, the reality is that education nerds to happen. There are plenty of shit scam stocks out there today, the same will always be said with ICOs.

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June 11, 2019, 01:17:29 PM
 #6

owning a coin is self control.
as soon as you request/desire someone to control/police your funds. the funds are not yours.
you may presume ownership due to the police(regulation policy) giving you licence to request usage, but if they have the final say about if a transaction should happen or not. its not your money.

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June 11, 2019, 01:27:19 PM
 #7

If regulation comes to bitcoin and cryptocurrency as a whole it will loose its value. The regulators are likely to do it in favour of their selfish interest especially when it comes under government regulations and management. I believe how it is makes it a unique currency. The answer to regulation of bitcoin is big NO
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June 11, 2019, 01:34:45 PM
 #8

I'm falling in love with these guys lately - they have some really cool ideas.

Anyways, here's where I come from: https://cryptotradernews.com/cryptocurrency/how-crypto-should-be-regulated/


Key highlights:

Utilizing the underlying tech of virtually every cryptocurrency, we can police our own. With blockchain, smart contracts, and the very same miners currently working to provide the heart of Bitcoin, Ether, XRP, etc., etc., we can eliminate virtually every scam ICO as well as ensure that exchanges and wallets are adhering to industry requirements.

It really boils down to one of the most basic set of commands known to man — If, Then, Goto, and Else. Except now we have the power of smart contracts where we can ensure that the parameters are completely met along the way, and we can verify these requirements via the blockchain at any given time.



This truly is how we can regulate Bitcoin and virtually any currency isn't it? I mean we already have the power it's just a matter of putting all the pieces in place.


Thoughts?



It's easier said than done! The structure of cryptos are built such a way which makes it very hard to put a surveillance framework in place! But not impossible though!

You will mostly find supporters of freedom here but I do have a different kind of thinking for cryptos. That's the reason why I absolutely support the below statement,

Quote
The world of crypto should embrace regulation!

Only regulation can bring the best out of crypto! Crypto needs adoption to grow and adoption can only happen with regulation and nothing else! The day we will be able to buy groceries with crypto or pay for the public transport, can only help to grow the market!


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June 11, 2019, 01:40:31 PM
 #9

Very well said. I do agree with the author. It needs regulation to stop or lessen scams, especially in ICOs. There are lots of scam ICOs flooding the market that stops some people from doing campaigns and instead of investing in it, they prefer to stop and give up in cryptos. With a little regulation, this may lessen the number of scam ICOs or if effective, totally eliminate it.

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June 11, 2019, 03:03:13 PM
 #10

I'm falling in love with these guys lately - they have some really cool ideas.

Anyways, here's where I come from: https://cryptotradernews.com/cryptocurrency/how-crypto-should-be-regulated/


Key highlights:

Utilizing the underlying tech of virtually every cryptocurrency, we can police our own. With blockchain, smart contracts, and the very same miners currently working to provide the heart of Bitcoin, Ether, XRP, etc., etc., we can eliminate virtually every scam ICO as well as ensure that exchanges and wallets are adhering to industry requirements.

It really boils down to one of the most basic set of commands known to man — If, Then, Goto, and Else. Except now we have the power of smart contracts where we can ensure that the parameters are completely met along the way, and we can verify these requirements via the blockchain at any given time.



This truly is how we can regulate Bitcoin and virtually any currency isn't it? I mean we already have the power it's just a matter of putting all the pieces in place.


Thoughts?



It's easier said than done! The structure of cryptos are built such a way which makes it very hard to put a surveillance framework in place! But not impossible though!

You will mostly find supporters of freedom here but I do have a different kind of thinking for cryptos. That's the reason why I absolutely support the below statement,

Quote
The world of crypto should embrace regulation!

Only regulation can bring the best out of crypto! Crypto needs adoption to grow and adoption can only happen with regulation and nothing else! The day we will be able to buy groceries with crypto or pay for the public transport, can only help to grow the market!


Bullshit, regulation means they have access and control of the network, if not they are just local laws. They can not regulate a decentralized coin. Mass use has nothing to do with regulation, you should know that at your rank.

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June 11, 2019, 03:18:04 PM
 #11

Regulation on crypto?
Then you are willing to give out your freedom once again after getting it through crypto?
You are willing to let them take over and know everything about you?
This is agains the anonymity it is agains the freedom of the user if crypto would just ends up being regulated then we just throw away what Satoshi had given us Finacial Freedom.

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June 11, 2019, 03:39:39 PM
 #12

People have chosen Bitcoin and cryptocurrency over banks because of the freedom that we could have through it. We are making our own banks here since we're far from regulation and we're in control of our assets. Scams and frauds are the consequences of the freedom that we're experiencing in crypto. If Bitcoin will be regulated, I don't see any sense and difference of it from banks except for being a digital currency.

 
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June 11, 2019, 03:58:13 PM
 #13


i hope that the regulation never arrives neither for bitcoins nor for altcoins already these kyc procedures disturb me a lot, the main features of the altcoins are anonymity and the absence of rules...

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June 11, 2019, 04:06:13 PM
 #14

Regulation is necessary if we want to see Bitcoin grow into something more than just a speculative asset. Author is on point.

Bitcoin was created to be sustainable without regulations, laws, authority, or whatever. It's just you guys who are praying for regulations and centralization in the hope the price skyrockets. No matter if it kills Bitcoin's ethics as long people are cashing out. The argument of the 'mass adoption' always used but Bitcoin will be adopted with or without regulations. It started a decade ago slowly but on point following its adoption

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June 11, 2019, 04:10:00 PM
 #15


i hope that the regulation never arrives neither for bitcoins nor for altcoins already these kyc procedures disturb me a lot, the main features of the altcoins are anonymity and the absence of rules...

You're not expecting a crypto-only society then right? If we go 100% full on crypto and no fiat and there's no regulation on crytpo... who controls taxes?
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June 11, 2019, 04:16:20 PM
 #16

A lot of crypto lovers as well as traders and investors will get disappointed if the government will get involved and regulate Bitcoin. We all know how the government works in ruling banks and nobody wants the same thing to happen with blockchain technology. I think fraudulent and scams aren't the reason enough to regulate bitcoin because it's something that should be fixed inside crypto without the involvement of the government.

 
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June 11, 2019, 04:16:58 PM
 #17

It really boils down to one of the most basic set of commands known to man — If, Then, Goto, and Else. Except now we have the power of smart contracts where we can ensure that the parameters are completely met along the way, and we can verify these requirements via the blockchain at any given time.[/i]
The only thing that Smart contracts can ensure is that people will get their token in exchange for their money. That's it. Most ICOs need funds for project development and they are not able to repay its investors if the project fails. Even if someone is not going to do any exit scam nothing can ensure that this team is not showing us a fake activity until the projects run out of money.
This is a human factor that can not be predicted by any code.
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June 11, 2019, 04:35:24 PM
 #18

Well, in Europe already there is 4th (and upcoming 5th) Anti Money-Laundering Directive which regulate some of the aspects of cryptocurrency trading and ICOs

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June 11, 2019, 04:37:29 PM
 #19

"IF" means a condition. You wouldn't want that to happen to a coin you solely own yet controlled by a contract.  I'd rather have a wild wild west than having that kind of regulation. Didn't they asked already for our KYC information which the regulation is about to go this way? We're on that direction, I wouldn't want the database created goes any waste.

 
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Crypto-Games.net: Multiple coins, multiple games


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June 11, 2019, 04:45:39 PM
 #20

One of the main ideas of using cryptocurrencies is to step away from traditional regulations in which fiat currencies are bound to, and people adhere to, in order to prevent the assets being seized and people being detained. By allowing your coins to be regulated, most especially the network in which it runs to, you are basically giving up your freedom to use those coins and let someone in 'authority' mandate you on what and what not to do with your coins. They can regulate the platforms built around bitcoin, but bitcoin itself won't and shouldn't be regulated.

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