Is this how we regulate Bitcoin?

[SquallLeonhart]

Bitcoin was designed in a way that it cannot be controlled by a single authoritative body hence very difficult to regulate. Although governments can set limitations for exchange platforms and this may have an influence on Bitcoin activities, Bitcoin cannot be entirely regulated.

We all know that they cannot regulate the system completely, but the existence of Centralized exchanges has made it a lot easier for government to control cryptocurrency if they really want to. Many of crypto users has to all go through all exchanges before they can make any transaction be it local exchanges or any other exchange, so government has to start the regulation from there.

If the exchanges can be a little bit stricter in their policy, just like that of the implementation of KYC, then it will have a way to kind of sanitizes the cryptocurrency market and then eliminate all the unwanted threats to the existence of cryptocurrency such as scammers. Launderers and others, so I think that government can begin from there already.

[1714803337]

1714803337

[1714803337]

1714803337

[1714803337]

1714803337

[1714803337]

1714803337

[1714803337]

1714803337

[Lalafell]

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?

Rules and regulations in bitcoin could not be helpful, since bitcoin is a cryptocurrency that used online and the transactions happen everyday and everywhere could not be check and validate everytime. Without this laws from government bitcoin and other crypto currency can stand alone and it could not help to make more investors, it will just limiting the usage of the bitcoin users if it will be implemented.

[Expecto]

Governments won't be willing to legalize Bitcoin unless they apply regulations before accepting it. Actually, I would like to see Bitcoin with regulations. It could help decrease the number of scammers on a wide scale.

[Chlotide]

Read the article. Well wrote, except it's all wrong )

Let's start splitting hairs

Exchanges and wallets alike should be held to certain minimum standards, with fines for failing to adequately protect their infrastructure and customers.

Please name 3 big websites (regardless of the activity field) that have not been hacked! Yahoo, NASA, FaceBook, NSA, FBI, Capital One etc. This is the evolution of online security. Hackers get better. Online security needs to be improved. I agree that improper security protocols should be penalized, but put 3-4 mediocre hackers in a room and they can steal some crypto. It's not a solution. Imagine you have to pay a fine because your front door's lock was picked and thieves stole your dad's laptop. Doesn't really make sense. If you forgot the door opened ... then you're screwed !

Currently, there’s not any sort of “authority” that verifies the legitimacy of any particular upcoming project...

Is this guy serious ? Who will pick this "authority". Who will it respond to ? Who will audit it ? Better off trusting the ICO ...
A. Antonopoulos came with a interesting suggestion:  smart contracts ! They do an IEO and the funds are distributed in installments based on road map accomplishments. Did you do well so far ? Multisig between investors... you can have another 15%. Keep working hard and see you in 3 months for the next 15% if we decide you are on the right track. If not, return the remaining funds to us !
I HATE the idea of "regulatory authority" and what it means today.

We have this new great tech. Let's use tech to oversee it ourselves, not call for a "council of the elders" to guide us.

Listen to this guy: https://www.youtube.com/watch?v=c2Gf_PHk530  and then read that article again and tell me you fell the same way

[Kyraishi]

He makes a decent point relating to the exchange hacks, it feels like every month or so, millions of dollars worth of crypto are stolen, lost, or user information is hacked and exposed.

It all depends on how much the government/regulators can offer. If they can make sure no exchange, no one's ID gets leaked ever again, it doesn't sound like much of a bad idea - I'd pick being more forthcoming with the government if it means my funds are never in risk again.

The biggest problem, however, is that the so-called regulators are often hacked themselves. Yahoo, Google, Facebook have all been victims of these hacks, so there is really no point to regulation.

[toGETher_platform]

I believe that users should not regulate bitcoin.  The only one who can do this is the government if Bitcoin is introduced as a currency.  And then this is a very controversial issue.  I believe that Bitcoin should be a decentralized coin.

Bitcoin IS a decentralized coin. Nowhere in its code says it needs to wait input from external factors such as governments or financial institutions. It was made to work without those, which is why people can trade directly among themselves without these third parties.

Some governments and banks have noticed that Bitcoin can work without them. Some get worried, and some accept the new reality of a new world to come. All the regulation and rules that some countries are imposing to Bitcoin are unenforceable unless you touch fiat.

While they might write a law where you are supposed to declare all the bitcoin in your possession, you can always keep a secret wallet, and they can do nothing about it.

Bitcoin is not decentralized. This is only "conditional decentralization". The largest number of bitcoins are stored on the smallest number of wallets and belong to a small circle of people. These people can easily manipulate the rate of bitcoin. It's centralization.

Today, in most cases, in order to live in society, we need to contact Fiat currencies. This means that without the withdrawal of BTC in Fiat money, we turn into"stamp collectors". Why do you need bitcoin, if all you can do with it is to keep it on your wallet for the rest of your life without being able to spend it?

Any form of regulation is needed as long it will protect the users. In fact most of the countries are already regulated the use of Bitcoin but it seems that their existing regulations are weak as the scammers are able to continue to penetrate and used Bitcoin  to steal from the people. This shows that the need to strengthen more the regulation and we should support it.

You're right. But the whole problem is that too much regulation will lead to the fact that the cryptocurrency market will simply be strangled and will not be able to develop. And some countries, especially strongly opposed to cryptocurrencies, will only benefit from this.

We need differences. Different regulations for different countries, able to create a competitive environment on the world stage. Then we will get a climate in which scammers will not be able to be active, but the market itself will be able to grow and develop.

[Wexnident]

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?

Might as well go turn back to banks if you wanted regulation to be in place. Sure, it would enhance security and prevent scams from occuring but it'll place limitations on its full capacity to work with.

Governments won't be willing to legalize Bitcoin unless they apply regulations before accepting it. Actually, I would like to see Bitcoin with regulations. It could help decrease the number of scammers on a wide scale.

Well thats the point. They aren't willing to accept something they cannot control and bitcoin is one of those. The government is used to having everything under it controlled by it, and bitcoin is not one of those. Bitcoin has it's freedom and is open to public, literally anyone can access it without any limitations and thats what makes bitcoin, bitcoin.

[toGETher_platform]

It's somehow crucial to regulate bitcoin. It had existed for many years now without having any agency or government intervention. Its a virtual currency that is being something without actually being it. It exists on computers and on the internet that is very hard to regulate.

The problem is that without regulation, we won't get mass adoption of cryptocurrencies by people. And without this adoption, there will be no market growth.

[Chlotide]

It's somehow crucial to regulate bitcoin...

It is crucial to build apps for dummies. If btc wallet would be as easy to use as any VISA card we wouldn't have this conversation now. All this is a bit too complicated for an average user. Either lacking in technical knowledge, or technology impaired or just scared he does not know how to secure his funds and believes he has high chances of being hacked or tricked. Once some easy to use apps will be developed ... and I mean EASY AS FUCK, even your grandma can use with a bit of will power ... then we know we made it! Until then we'll just argue about regulations vs maturity & auto-regulation. This is going nowhere...pace !

[Shenzou]

I think that regulating bitcoin or any other cryptocurrency is a very difficult matter and leads to a controversy, because on one had we have the reason why they were created and that is to escape any form of control and just be your own decider of how and how much you do with your money, and regulating it defies that whole idea, regulating and controlling bitcoin transactions is also not an easy thing to do if it is even possible that is why people on the dark market use it to buy drugs and guns and other illegal stuff, we can never know here the transactions are going to end up, either for good thing or bad things and that is in my opinion one of the challenges that we face with the regulation of cryptocurrency.

[izanagi narukami]

Every country have their own way to regulate the bitcoin so as long as they can provide with the protection against crypto,
IMO it's not a major problem !

We as the holder always keep supporting,right?

[efxtrader]

Any form of regulation is needed as long it will protect the users. In fact most of the countries are already regulated the use of Bitcoin but it seems that their existing regulations are weak as the scammers are able to continue to penetrate and used Bitcoin  to steal from the people. This shows that the need to strengthen more the regulation and we should support it.

Not all countries regulate and allow bitcoin as a means of payment. For many countries, it is difficult to regulate bitcoin as a means of payment because there are no responsible entities other than that the government certainly does not want the use of its currency to be disrupted

[Hypnosis00]

Any form of regulation is needed as long it will protect the users. In fact most of the countries are already regulated the use of Bitcoin but it seems that their existing regulations are weak as the scammers are able to continue to penetrate and used Bitcoin  to steal from the people. This shows that the need to strengthen more the regulation and we should support it.

Not all countries regulate and allow bitcoin as a means of payment. For many countries, it is difficult to regulate bitcoin as a means of payment because there are no responsible entities other than that the government certainly does not want the use of its currency to be disrupted

Not actually they are having regulation in order stop protect their local currency from vanishing but would it likely to tell is that crypto is still the market adoption and they'll have doubts about its capability. May be mistakenly understood of its purpose as a currency but rather they think that it only be an option to run illegalities and frauds. As regulations might minimize illegal activities and any act of money laundering.

[jarhed]

Any form of regulation is needed as long it will protect the users. In fact most of the countries are already regulated the use of Bitcoin but it seems that their existing regulations are weak as the scammers are able to continue to penetrate and used Bitcoin  to steal from the people. This shows that the need to strengthen more the regulation and we should support it.

Not all countries regulate and allow bitcoin as a means of payment. For many countries, it is difficult to regulate bitcoin as a means of payment because there are no responsible entities other than that the government certainly does not want the use of its currency to be disrupted

Not actually they are having regulation in order stop protect their local currency from vanishing but would it likely to tell is that crypto is still the market adoption and they'll have doubts about its capability. May be mistakenly understood of its purpose as a currency but rather they think that it only be an option to run illegalities and frauds. As regulations might minimize illegal activities and any act of money laundering.

You're right in the future we are definitely waiting for the fight against money laundering at all exchanges. Therefore, everyone will need to go through the user verification procedure. This is essentially a normal process.

[Cityhunter123]

How can we regulate bitcoin? How can anyone regulate bitcoin?

[Astvile]

Regulation? HELL NO. If BTC were to be regulated it would just be calleed USD.

It is mandatory for bitcoin to be regulated if we want to push bitcoin to its upmost beneficial way, spending it legaly and freely to physical markets out there. Government needs to take over it before they even initialize that the usage of bitcoin in all markets are accepted because it is the government who is stoppong bitcoin to be use in such market and that is what we want but we need to sacrifice decentralization for it.

[blckhawk]

This is exactly what I have been telling when someone in the forum asks if regulation is bad. There's someone that needs to oversee ICOs if they conform with the standards. For the exchanges, to ensure that they use standards in security that will increase the trust of new investors in investing to cryptocurrencies. This is because some exchanges have security flaws that thefts are happening to their platform, but no "authority" is in action to make the exchange responsible for the asset loss.

Having regulatory board would not mean centralization, the whole trade and supply-demand would remain untouched. It's just that these scams should at least be lessen to further attract more investors to the crypto-market.

[nankers]

I'm happy with the current state of bitcoin. As you can see, many people who do not agree with bitcoin regulations, including me. I personally think many negative sides if bitcoin is regulated. IMO, the thing that will happen related to bitcoin regulation is that bitcoin will be controlled by the government which in my opinion is not good. because if bitcoin has been controlled by the government, bitcoin-related things like taxes, markets and circulation will be regulated by the government. because of this I disagree about bitcoin regulation

[glendall]

I think regulation is needed for industry players, such as exchanges, and ICO or IEO, but if regulation for bitcoin specifically is not very important, because bitcoin must be free if it wants to develop,
There have been many developments that have taken place, it's just that many industry players need regulations so that users of cryptocurrency are safe.

[minersday]

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

I don't think you really understand the word regulation. If you did understand it, you will not be saying that regulation will make Bitcoin grow into something more than a speculative asset. Regulation of Bitcoin will just give a central body the authority to control how bitcoin will be used and this goes against the trademark of what bitcoin is all about. Bitcoin is not a speculative asset, you need to understand.