Is this how we regulate Bitcoin?

[Fredomago]

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.

The idea of regulating those venues are important since scammers and hackers are rounding around this market, If good ordinance will be implemented and government will be able to execute such laws to help investors to avoid being victimized by professional scammers.

Though the entire bitcoin chain is designed being decentralized so there's no need to regulate this chain and allow it to coexist with current system.

[Wintersoldier]

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

Dude, we need the implication whenever in case bitcoin will be regulated by government and other entity. But I would like to provide some insights regarding this. If bitcoin will be regulated by the government, how would they going to do it? Bitcoin is decentralized, what they can do is to control the platform that utilizes cryptocurrency such as bitcoin. Restricting access or motivating people to use crypto is one of the power that government can induce. But they can never ever directly stop their citizens in using bitcoin.

[teosanru]

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?

Apart from the ideas of people about how it is against decentralization I would give you an insight about how it isn't possible practically. Law actually is not simple an if then else command. For example. Its not written in the law in plain language. that "If you kill someone then you will get death penalty else you are merely imprisoned. It's written that anyone who commits murder will get death penalty or imprisonment or shall be liable to fine which means it leaves a lot of scope for understanding of law and on personal opinion of the judge and jury. So this is not a way how bitcoin or anything can be regulated. You just can't have a statement of if then else.

[Xxmodded]

Bitcoin is unique digital currency payment without have regulation, price of bitcoin could manage by any institution and running how supply and demand, if bitcoin regulation stop maybe bitcoin become usual fiat currency have stable price and only have function as currency not for investing, we use bitcoin for earning profit with investing or trading with higher and lower price  of bitcoin in several days.

[Youghoor]

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

How is regulation necessary when it only brings limitations and eliminates financial freedom? What you should understand is that anybody that owns bitcoin is in charge of his/her own security in terms of keeping their bitcoin safe. Regulating Bitcoin will make it no different from the ready existing traditional online payment systems.

[iMark]

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.

Thats right, in this case it is impossible to use bitcoin more and more without a regulation. The government as the holder of the rule will not allow offline stores to accept payments with bitcoin if regulations have not been made, and of course it will complicate yourself. The OP has explained how the benefits of the blockchain, smart contract and so on, so that the government wants to facilitate regulation. of course we are reluctant to eliminate anonymity and decentralization, but in some parts there are still these characteristics even when regulation has been made. we need regulation mate.

[crossabdd]

this is the real benefit of the blockchain. make all transactions and history transparently. many ICOs fail because they do not meet the legality of the law. especially about protecting investor rights. so that ICO fraud is always broken. Blockchain transparency has actually been recognized by many countries. because it has great benefits. in the future.

[JessicaVL]

You're right. In terms of tech, we do already have the power to self-regulate. I'm just wondering how we would go about convincing miners and developers from different blockchains to band together to regulate the cryptoasset industry. Eliminating scam ICOs is certainly crucial to the long-term success of the crypto markets, so perhaps if it was presented in such a way we could put this plan into place. Overall, I think there's definitely some serious food for thought here, particularly when it comes to securing the crypto markets, as well as exchanges and marketplaces like Vertex.

[jarhed]

You're right. In terms of tech, we do already have the power to self-regulate. I'm just wondering how we would go about convincing miners and developers from different blockchains to band together to regulate the cryptoasset industry. Eliminating scam ICOs is certainly crucial to the long-term success of the crypto markets, so perhaps if it was presented in such a way we could put this plan into place. Overall, I think there's definitely some serious food for thought here, particularly when it comes to securing the crypto markets, as well as exchanges and marketplaces like Vertex.

You have a good and very necessary idea. We need to fight fraudsters in the cryptocurrency market with more powerful methods than now. Apparently, a few more years are needed for the development and strong regulation of the cryptocurrency market.

[Fappanu]

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.

I think what the regulation needs most is the ICO,

Improper regulation of scammers, We must have the true identity of the Founder of an ICO Campaign, What they can contribute to crypto, Where to find their office, And they need to be approved by the SEC or Securities and Exchanges Commisions. To assure them that their intention is true to run the ICO Campaign.

[asus09]

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

By regulation bitcoin can control by some country about how bitcoin price, we need bitcoin price based on how supply and demand where investor want to push or make bitcoin down, just give regulation for bitcoin become legal payment or allow as investment assets without control or manage bitcoin price at the future, lets make bitcoin running and control by investor when have to higher or lower price.

[NeironixNV]

You're right. In terms of tech, we do already have the power to self-regulate. I'm just wondering how we would go about convincing miners and developers from different blockchains to band together to regulate the cryptoasset industry. Eliminating scam ICOs is certainly crucial to the long-term success of the crypto markets, so perhaps if it was presented in such a way we could put this plan into place. Overall, I think there's definitely some serious food for thought here, particularly when it comes to securing the crypto markets, as well as exchanges and marketplaces like Vertex.

You have a good and very necessary idea. We need to fight fraudsters in the cryptocurrency market with more powerful methods than now. Apparently, a few more years are needed for the development and strong regulation of the cryptocurrency market.

Yes, y o u ' r e absolutely right, i agree with u opinion   

[sana54210]

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.

You are looking at it in one direction, yes if there is regulation, a lot of exchanges will be put to check as the government will keep an eye on exchange to ensure that whichever project that come through them is thoroughly verified, and secondly, quack exchange will not be approved because for an exchange to get approval to be established by the government, they will also need to go through vigorous examination.

Regulation also has its own disadvantage to the cryptocurrency community also, as it will not enable people to freely use cryptocurrency as they like, and I am sure that they will not allow decentralized coins to thrive that much or be registered in exchange for people to be able to use them, which means we are basically going back to centralization.

[Wintersoldier]

You're right. In terms of tech, we do already have the power to self-regulate. I'm just wondering how we would go about convincing miners and developers from different blockchains to band together to regulate the cryptoasset industry. Eliminating scam ICOs is certainly crucial to the long-term success of the crypto markets, so perhaps if it was presented in such a way we could put this plan into place. Overall, I think there's definitely some serious food for thought here, particularly when it comes to securing the crypto markets, as well as exchanges and marketplaces like Vertex.

You have a good and very necessary idea. We need to fight fraudsters in the cryptocurrency market with more powerful methods than now. Apparently, a few more years are needed for the development and strong regulation of the cryptocurrency market.

Meaning to say that the regulation appropriate for cryptocurrency is only for avoiding fraud and scam, especially thoae that can lower the reputation of bitcoin. Since in terms of transactions, we could not regulate bitcoin as it is its main characteristic that we, investors and traders really want. In this case, helping bitcoin to become more reliable is the best idea we can do in order for better market adoption.

[NathanJB]

You're right. In terms of tech, we do already have the power to self-regulate. I'm just wondering how we would go about convincing miners and developers from different blockchains to band together to regulate the cryptoasset industry. Eliminating scam ICOs is certainly crucial to the long-term success of the crypto markets, so perhaps if it was presented in such a way we could put this plan into place. Overall, I think there's definitely some serious food for thought here, particularly when it comes to securing the crypto markets, as well as exchanges and marketplaces like Vertex.

You have a good and very necessary idea. We need to fight fraudsters in the cryptocurrency market with more powerful methods than now. Apparently, a few more years are needed for the development and strong regulation of the cryptocurrency market.

Meaning to say that the regulation appropriate for cryptocurrency is only for avoiding fraud and scam, especially thoae that can lower the reputation of bitcoin. Since in terms of transactions, we could not regulate bitcoin as it is its main characteristic that we, investors and traders really want. In this case, helping bitcoin to become more reliable is the best idea we can do in order for better market adoption.

Regulating the cryptocurrency should not be coming from the inside. It should be coming from the outside. If this is the case, regulations should be coming from the governments. Frauds and scams are not to be stopped by fellow crypto projects, except if the project itself is particularly designed for that. If not, you do not expect that these crypto projects would care about the rising scam projects. Cases of scams and frauds are criminal cases, therefore the proper government authorities should be the ones running after them and impose on them the lawful penalty.

[rodel caling]

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

I am also against in regulTion but if this the way for bitcoin become much better as become legally in the whole world I'll go and I agree on that propossal. We have no choice if the government want regulate bitcoin before to approve as legal currency in every country.


Meaning to say that the regulation appropriate for cryptocurrency is only for avoiding fraud and scam, especially thoae that can lower the reputation of bitcoin. Since in terms of transactions, we could not regulate bitcoin as it is its main characteristic that we, investors and traders really want. In this case, helping bitcoin to become more reliable is the best idea we can do in order for better market adoption.
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I think not that is the point for regulation, regulatiin want to control manipulation  of bitcoin price stability into market cap.

[barabarian1]

I myself do not agree if to avoid fraudsters using the rules. Bitcoin was born without independent and decentralized rules. if bitcoin later uses the rules then bitcoin will be the same as fiat money which will later be controlled by the government. in my opinion it's better like this there is no regulation. of fraud is a risk that we must face when entering the crypto market. maybe to avoid fraudsters we have to be more careful when going to the ICO project and we also have to increase the security of our wallet.

[fiulpro]

Whatever you buy individually makes you a partner and you can buy and sell anytime that small amount you can regulate and it's market affect will actually depend upon the amount you have , a small amount won't actually matter much , if you actually have a huge amount of bitcoins then you could make a good profit and could regulate the market yourself , that's what whales are !
I think this is the only regulation that's in the bitcoins.

[Wysi]

I myself do not agree if to avoid fraudsters using the rules. Bitcoin was born without independent and decentralized rules. if bitcoin later uses the rules then bitcoin will be the same as fiat money which will later be controlled by the government. in my opinion it's better like this there is no regulation. of fraud is a risk that we must face when entering the crypto market. maybe to avoid fraudsters we have to be more careful when going to the ICO project and we also have to increase the security of our wallet.

Yes I agree with you as we would prefer to be decentralized with some big players controlling the market rather than involving government or giving them a chance to meddle in between as decentralization is the main reason why people prefer crypto. We cannot blame crypto and it's decentralized nature for getting involved in scam ICO as it's our job to check it before joining.

[Murat]

Regulation is necessary very much for this platform because of heavy scamming and frauding in recent time, if we can put some of these then it might be a good result for this platform, but your mentionable things are not enough to measure to those problems so an institutional regulation could be the main effect of this system. but there is some negative effect also if you put any regulatory body in the blockchain system. because there are a lot of people who don't like to transact, invest or deposit their money on the conventional banking system so they will not come to this platform when they face some sort of regulation, so both things could happen when you set a regulation.