Enforcing government regulations

[TheUltraElite]

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

And you expect to operate a mining farm without involving any sort of services like electricity and maintenance?

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

There is nothing called ideal in this world. Added on top is the number of DEXes being shut down with authorities tracking them. They are good but not even close to perfect.

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

How do you propose the same?

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

Easy for anybody to say that. You never know when a certain official who might be working in your operation and siphoning off information to authorities. That was how most whistleblowers have worked.

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.

Most of them have but again you wont be able to rely for too long on one method of circumvention. It ends up being a cat and mouse chase.

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[Asmonist]

Bitcoin now is really just becoming known to everyone. We are increasing and so are the people who wants to ruin it. Those are people who just earned it lately. Crab mentality as they say. Why are we just be happy and be as one to have a progressive nation. Government regulations if that would be enforce then I hope it is fair and just. Its not just about the money, its about how we can be improve and evolve in this fast-changing world.

[darkangel11]

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,...

I was about to say that and looked for a similar comment.
I guess OP wanted to say mine Bitcoin not run a node, because running a node is pretty cheap. For most people a 1TB drive is very affordable and that + any computer, even an outdated one is enough to run a node. You can even buy an old laptop for $100 and run a node on it.

What governments can make expensive is mining as increasing the cost of power can make it impossible to mine in a given country. That does make BItcoin dependant on the government. You can't effectively ban it but you can ban mining and you can ban fiat trading.

[asus09]

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,...

I was about to say that and looked for a similar comment.
I guess OP wanted to say mine Bitcoin not run a node, because running a node is pretty cheap. For most people a 1TB drive is very affordable and that + any computer, even an outdated one is enough to run a node. You can even buy an old laptop for $100 and run a node on it.

What governments can make expensive is mining as increasing the cost of power can make it impossible to mine in a given country. That does make BItcoin dependant on the government. You can't effectively ban it but you can ban mining and you can ban fiat trading.

Government will regulation using bitcoin as legal currency payment transaction if know by their many people, when bitcoin only know by several people in their country can using for fault mistake like crime cases, but when many people have know whit bitcoin and price of bitcoin they will allow using bitcoin as legal currency payment and increase their economic country become better.

[Reid]

How did you talk to bitcoin?
How come he can make a promise?

There is no promise there. It is how you will use it.
Other governments doesnt like the idea of people having privacy but we are not a one government in this world. Some did accept it and others might also.

Are you speaking in behalf of your country?

[oleg681010]

The government unfortunately does not understand that crypto is the future, and resistance to this future will only slow progress.

[joshy23]

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.

Centralization will break the intentions of this system. But likewise the only way government will accept or embrace it completely is by means of controlling it inside their jurisdictions. The government will make certain rulings in order to imposed laws that will grant them much higher authority to control this industry inside their premises.

[cryptied]

...

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,...

I was about to say that and looked for a similar comment.
I guess OP wanted to say mine Bitcoin not run a node, because running a node is pretty cheap. For most people a 1TB drive is very affordable and that + any computer, even an outdated one is enough to run a node. You can even buy an old laptop for $100 and run a node on it.

What I meant was that for ordinary people wanting to use Bitcoin as a payment instrument, the $100 laptop seems overly expensive. You wouldn't pay $100 just to have your payment card working. Or maybe you would - depends on the part of the world you live in.
(I myself run several nodes, two of them are full nodes, one of them serves as a backend for LN node. But that's not how majority of people would use Bitcoin, so..)

What governments can make expensive is mining as increasing the cost of power can make it impossible to mine in a given country. That does make BItcoin dependant on the government. You can't effectively ban it but you can ban mining and you can ban fiat trading.

That's another possible attack vector from governments. I would say they have a lot of options now.


You all are right, Bitcoin didn't literally promise anything. But we all had the same expectations, hadn't we?

[Krislaw]

I will partially agree to your point because it's true that the government can regulate a cryptocurrency or the taxes for miners and other stuffs like that, but they cant regulate Blockchain in general, because the decentralisation will be off if they do that. There are privacy coins in which we can use to bypass them.

[enhu]

The nature of BTC still is decentralize, it hasn't changed but then we are now regulated because of the illegal use of cryptocurrencies. You can't expect the government no to intervene because if its not going to be controlled, more will probably scammed. We saw these happened when in 2017 and were just jumping out after the bullrun.

P2P still offers decentralization and some coins are pretty much unregulated still. If you are onto that, you should move on into those privacy coins.

[cryptied]

The nature of BTC still is decentralize, it hasn't changed but then we are now regulated because of the illegal use of cryptocurrencies. You can't expect the government no to intervene because if its not going to be controlled, more will probably scammed. We saw these happened when in 2017 and were just jumping out after the bullrun.

P2P still offers decentralization and some coins are pretty much unregulated still. If you are onto that, you should move on into those privacy coins.

I agree, but the problem with government regulation in general is that they don't have to answer to anyone. Some amount of regulation is generally good but who draws the line? The people who benefit from it. Banks. All kinds of institutions connected to governments. And these institutions don't want regulations to be good for people, they want regulations to be good for themselves. But this is no secret, everyone knows how these things work. That's why someone tried to create technology layer to prevent it. But technology alone can't do this. I guess our only option is to educate people. Because so far people don't care what the government is doing as long as they have enough to bring the food on the table.

[BitHodler]

P2P still offers decentralization and some coins are pretty much unregulated still. If you are onto that, you should move on into those privacy coins.

Privacy coins do not offer much of an advantage. It's very difficult to find someone that's accepting them. I really expected privacy coins to take over like a year ago, but I couldn't be more wrong.

I underestimated how important brand awareness and acceptance is, and there is only one coin popping up as the absolute nr 1, and that's Bitcoin despite the fact that it doesn't offer any actual privacy features.

Governments probably see that as a good development because the transparent nature of Bitcoin makes it easier to trace criminals, especially when they feel they can't be traded and start to act recklessly.

[todiboa]

Restriction and prohibition is the main weapon of any government. Bitcoin can not circumvent that, in everything else the coin is still unregulated because it is a decentralized asset

[cryptied]

Restriction and prohibition is the main weapon of any government. Bitcoin can not circumvent that, in everything else the coin is still unregulated because it is a decentralized asset

The real question is why any government needs a weapon against its own citizens.

[diahsw]

where did you mention it was a promise .. ?? I think it's just a conclusion that you made yourself ...

[Oceat]

Restriction and prohibition is the main weapon of any government. Bitcoin can not circumvent that, in everything else the coin is still unregulated because it is a decentralized asset

The real question is why any government needs a weapon against its own citizens.

I think you have to open your eyes and think broadly about of your question because the answer that you were looking is in front of your eyes. A little common sense and it will sink everything into your brain.

The government can do/make any regulations regarding of the needs and security of their people. And if Bitcoin will become a threat to them due to its decentralized attribute they may follow the steps of other countries for banning Bitcoin and cryptocurrency.

[cryptied]

Restriction and prohibition is the main weapon of any government. Bitcoin can not circumvent that, in everything else the coin is still unregulated because it is a decentralized asset

The real question is why any government needs a weapon against its own citizens.

I think you have to open your eyes and think broadly about of your question because the answer that you were looking is in front of your eyes. A little common sense and it will sink everything into your brain.

The government can do/make any regulations regarding of the needs and security of their people. And if Bitcoin will become a threat to them due to its decentralized attribute they may follow the steps of other countries for banning Bitcoin and cryptocurrency.

No, they won't fight Bitcoin and cryptocurrency when it becomes a threat. They will fight it when it becomes personally beneficial for them to do so (regardless of it being a threat or not). That's the problem.

[xiboothrezi]

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

Exactly. In fact, most governments are concerned about the misuse of cryptocurrency for illegal activities, thereby limiting their mobility. However, if the government is in line with the cryptocurrency scheme without interfering too deeply in the case you explained, then that is no problem.

[figmentofmyass]

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.

bitcoin never really promised that. it depends on the internet (at least it does today) and the electricity infrastructure, among other things. those are totally subject to government regulation.

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.

the claim that bitcoin nodes are extremely expensive to run is not self-evident. the storage costs are actually quite cheap, and significant optimizations have been made over the years to mitigate for low bandwidth conditions.

i think the reason so many people use 3rd parties is out of convenience.

[Wintersoldier]

Exactly. In fact, most governments are concerned about the misuse of cryptocurrency for illegal activities, thereby limiting their mobility. However, if the government is in line with the cryptocurrency scheme without interfering too deeply in the case you explained, then that is no problem.

Especially if people really want proper use of cryptocurrency, abiding government regulation is a good thing to consider. It doesn't mean that since bitcoin or other crypto is providing us freedom in our financial assets, we will not abide the government. Let us help them do their part in maintaining good governance. Blocking illegal sites that will promote misuse of cryptocurrency should be supported thinking that it is for us not for them in the first place.