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Author Topic: Enforcing government regulations  (Read 558 times)
cryptied
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December 02, 2019, 01:06:04 AM
 #1

Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.

So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.

What do you think? Is the Bitcoin promise broken?
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December 02, 2019, 03:22:29 AM
 #2

?

Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.

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December 02, 2019, 04:08:17 AM
 #3

It depends. They can't enforce it enough where it is completely banned, or so they actually control the prices of the coin (since it's a decentralized coin), so that aspect of bitcoin still remains true to this day.

However, and we are currently seeing this happen with China, countries can basically bottlenet the coin and make it impossible for people to buy and sell the coin (by banning exchanges, etc), and also restricting peoples from use of the coin.

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December 02, 2019, 04:15:45 AM
 #4

It depends. They can't enforce it enough where it is completely banned, or so they actually control the prices of the coin (since it's a decentralized coin), so that aspect of bitcoin still remains true to this day.

However, and we are currently seeing this happen with China, countries can basically bottlenet the coin and make it impossible for people to buy and sell the coin (by banning exchanges, etc), and also restricting peoples from use of the coin.

More than that I've see one country regulation geing opposite the other
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December 02, 2019, 04:49:14 AM
 #5

the government cannot enforce these rules fully, but they can limit or narrow the circulation of bitcoin in that country, for example the government will give heavy sanctions to bitcoin holders, of course people will think twice when they want to have bitcoin in the country.
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December 02, 2019, 04:57:42 AM
 #6

?

Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.

Right. And right now, most governments are pretty lenient when it comes to bitcoin and cryptocurrencies. I think there's no need to be concerned about it. As you've said, and I agree, governments can enforce any regulation if they want to. And a lot of people also feel a little more comfortable and confident if it comes to this because they're already used to government backed banking systems.

 
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December 02, 2019, 05:04:23 AM
 #7

But we should ask ourselves how bad is regulation?, some months ago we have the Fintech regulation in México and that bring order about crypto business, that way anyone could have their own crypto-related business, so, for that kind of moves, bitcoin regulation isn't bad at all.

But if the government uses the regulation to start investigating al their crypto users then we have a problem

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December 02, 2019, 05:37:31 AM
 #8

Not really buddy, i wouldn't say the Bitcoin is broken because bitcoin still works as it is supposed to work. I mean, you can still send money to someone using someone in an "encrypted identity" as it was built. The governments are however doing their best to stop the tech but the fact is that you can't stop this tech. You can't say China's ban on bitcoin and crypto trading has made Bitcoin incapable to work as it was programmed to. Regulations became necessary when bad actors joined the game.
 
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December 02, 2019, 07:22:06 AM
 #9

These are the things governments can do to prevent you from using bitcoin:
1. Prosecute the bitcoin miners.
2. Raid the exchange offices running in that country
3. Some banks will freeze accounts if they are suspecting you to transact in bitcoin or so.
4. Attempt to extort you of your money or honeypot information from you.
5. Internet censorship

Although all of these are not possible some like 1 and 2 have happened in the world and thus people should be cautious. We have seen exchanges shift their location once or twice to keep away from authorities and run their businesses or just shut down.

However none of these stop your from using bitcoin.

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December 02, 2019, 08:03:07 AM
 #10

Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.

So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.

What do you think? Is the Bitcoin promise broken?
I think the government have ways to regulate cryptocurrency and bitcoin but it is not going to be easy, making a move in the market could easily affect differently the economy of the country.
I think bitcoin cannot be regulated in a country as a currency, to be an implemented currency in one country just like fiat money we need to regulate the currency itself to control the price of the money,
it is different in bitcoin because it depends on its market price in the supply and demand of the users and we cannot implement a currency that is over a thousand market value. It is better just for the bitcoin to be a secondary currency all over the world that we could use as a currency and also as an investment.

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December 02, 2019, 08:16:46 AM
 #11

The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes.
i don't know what scale you use when you say "enormously expensive" but it sounds like you have never bothered trying to run a bitcoin node before you make this statement. of course you aren't downloading a tiny app like a music player that takes up 20 MB!! but the cost is by no means "enormous". not to mention that there are a lot of different options to reduce the resources it needs such as limiting upload rate, connection count, storage space,...

Quote
Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.
actually if someone doesn't want to use a full node they use an SPV client, which could still be decentralized and resilient to any kind of regulations or censorship.

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December 02, 2019, 08:21:27 AM
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 #12

Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.

So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.

What do you think? Is the Bitcoin promise broken?


For hardware requirements, it's not "enormously expensive" to set up, and run a full node. For bandwidth, the expenses do add up.

Big blockers will never care until constant 10mb pass through their networks, but I believe they believe it's impossible. Hahaha.

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December 02, 2019, 08:25:49 AM
 #13

No promise has been declared, nor any assurance of government's non intervention. Sure thing that Bitcoin aimed that separation from the government and traditional financial methods, but saying that it assured it would be maintained that way is utter false. You cannot stop governments from interfering with anything unless you (the people) demolish your own government, in which case it would just be chaotic. They could, and would, monitor all things under their sovereignity because that's their job.


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December 02, 2019, 08:29:39 AM
 #14

Not really buddy, i wouldn't say the Bitcoin is broken because bitcoin still works as it is supposed to work. I mean, you can still send money to someone using someone in an "encrypted identity" as it was built. The governments are however doing their best to stop the tech but the fact is that you can't stop this tech. You can't say China's ban on bitcoin and crypto trading has made Bitcoin incapable to work as it was programmed to. Regulations became necessary when bad actors joined the game.

You know what, in terms of cryptocurrency and its systems, what they can just do always is to block and ban, they cannot really interfere the inside structure or systems associated with a particular cryptocurrency. In this case, even though people are using nodes, it will not break the system of cryptocurrency, especially bitcoin. What I mean in simple terms, we all know that government wants to utilize taxes with crypto, and there is no way they can manipulate the codes and encryption that enables a cryptocurrency to run.

 
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December 02, 2019, 09:26:14 AM
 #15

Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.

So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.

What do you think? Is the Bitcoin promise broken?

That's somewhat true! Bitcoin can't be controlled by the regulatory authorities! But they can certainly provide a framework to use cryptos within the mainstream economy and to mitigate the risk of illegal use of it. I think it is very important to curb the illegal usage of cryptos. The deepweb is one of the examples of illegal crypto usage and it is rising alarmingly. It must be stopped before it gets out of the hand!

So even if the bitcoin promise is broken, it's better to have some sort of legal framework around cryptos. It will fuel adoption as well as make things smoother for crypto users for longer term!

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December 02, 2019, 09:43:28 AM
 #16

Sure, the governments can enforce some regulations about the use of bitcoin in the real world but what if we continue to use in the digital world like it has always been? There will always people who are willing to purchase bitcoin and others who might want to sell in this industry. I don't know about all of you guys but i think we made the governments believe this industry have seen great heights even without their participation.

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December 02, 2019, 09:51:45 AM
 #17

~snip~
However, and we are currently seeing this happen with China, countries can basically bottlenet the coin and make it impossible for people to buy and sell the coin (by banning exchanges, etc), and also restricting peoples from use of the coin.
If many governments implement regulations like China, then bitcoin will be difficult to develop in that country. Because the ban carried out by China is so serious that it monitors all its citizens and prohibits the use of coins. But current government regulations vary according to their respective policies. There are those who support and there are those who close themselves from bitcoin.

 
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December 02, 2019, 11:26:45 AM
 #18

These are the things governments can do to prevent you from using bitcoin:
1. Prosecute the bitcoin miners.

it could be because some factors and one of them is because you are opening yourself to public and engage with govt too much.

2. Raid the exchange offices running in that country

centralized exchanges suck, that's all. Ideal exchanges for decentralized world should have no office and not centralized.

3. Some banks will freeze accounts if they are suspecting you to transact in bitcoin or so.

we don't need to use centralized bank anymore. You can cash your assets without bank.

4. Attempt to extort you of your money or honeypot information from you.

any information should be kept for yourself, no one should give their information to public.

5. Internet censorship

there are so many way out there to solve this issue.


Well, basically govt is free to do anything just like we always want to freely use bitcoin, should not be a problem here and we have solution for every problem. Sometimes, people are just too far away from decentralization and make everything looks complicated.
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December 02, 2019, 01:02:20 PM
 #19

What promise? is there any promise stated in the whitepaper? Even with regulations, the governments can't stop nor touch bitcoin. It's their people they are regulating about the use of cryptocurrency or bitcoin. As a matter of fact, it's not always bad when we're talking about the regulation of bitcoin. It would still depend on how they are going to regulate the use of bitcoin. As long as we're living under a government, they can always interfere whenever they want.

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December 02, 2019, 01:16:28 PM
 #20

The majority of governments of the world are against Bitcoin in its original form which is decentralized, distributed and free from manipulation. You can still send and receive Bitcoins without any intermediary like majority of us do.
The only way the government willing to accept crypto is through regulations. In my view regulations destroy the main purpose which satoshi proposed. You have both ways to use, the choice is yours.

 
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