Average Congressman has nearly 60 years. Can those grandpas regulate bitcoin?

[arayde]

They cant regulate IT industry in general. There should be fresh blood inside the government for sure. Or at least IT experts as advisers

[Latviand]

They obviously don't understand it but it doesn't mean that can't regulate it.

If they were smart they'd be able to admit they don't know anything about it and ask younger people to do it for them. Every congressman has a group of young advisors and researchers working for them. They don't even answer their emails it's all done for them.

But most of the grandpas or elder people are really ignorant about how technology evolved in our society?

The only thing that they know is life experiences and when it comes to investments and cryptocurrency, they are clueless. Most of the younger people and adults are more into the use of technology that's why they have a lot of time to explore digital currencies and the market. It is about having time to engage with bitcoin, having a time to study and learn it.

They can study bitcoin in that age of 60 but it is too late for them to see its benefits in the long run. The person who will benefit their asset bitcoin in the future is probably their relatives.

[rexxarofmoknathal]

-Snip-

It really depends, in theory taking into account that technology is becoming more and more dominant each passing year a few of those people should be experts in different fields of technology and if that was the case then there will be no problem, but we know that in order to reach those positions in the government for the most part your expertise does not matter, so the question becomes are they humble enough to know that it is impossible for them to create a decent regulation on their own and ask the advice of experts? And if I am honest I do not believe that is the case.

They have their own interpretations, they are smart in terms of knowing things around them and bitcoin is no longer a small things to talk but already worldwide that needs to address.

Those grandpa's knows that they've needed to implied rules that will be accurate and be accordance with the laws,
It's not just because  they are old they don't know how to balance things, it so happened that there are many things
That new to them and it will take more research before they fully understand the whole actual industry.

I agree this is a matter of really understanding technology and many people at that age won't be able to grasp such a complicated technology so easily even if they might be somewhat smart.
The danger with this is that then decisions will be made on the general scale and that will probably not be reflected well on crypto.

[Jet Cash]

I don't think there will ever be serious regulations to restrict Bitcoin, any more than there are restrictions on physical gold. Too many of the banking elite are buying into it at the moment. They may try to block purchases by smaller users in an attempt to manipulate the price, but as they can't do this on a global basis, it probably won't have a ling term effect.

[bearexin]

The truth is that they don’t know anything about Bitcoin, so they will not be able to do the right thing when it comes to anything about bitcoin and its regulation (we can simply assume what all they might be aware of is, money laundering and KYC).

I have seen a lot of them talk about cryptocurrency and it’s clear that they don’t know anything about it, and some of them call it a scam, even till today they are still thinking it’s a scam, which clearly shows that they don’t have a single understanding of what it’s all about. And one thing we all know for sure is that none of these men are ready to step down for the younger generation to take over, lol, they will prefer to remain there till they are dead.

[imstillthebest]

The truth is that they don’t know anything about Bitcoin, so they will not be able to do the right thing when it comes to anything about bitcoin and its regulation

how do you know ? many older presidents i see can manage the country verry well and they also legalize btc  .

 they wont be on that position if they are not smart enough to handle anything that is thrown to them . if this is thier first time to hear btc they can learn it right away , why not ? except if they are really too old that they cant move or speak properly because that also affect the way they think

[Findingnemo]

Those people will never agree that bitcoin is even a currency so trusting them will be a huge regret later.If there is a situation they understand that they need to regulate crypto currencies then simply they will implement more taxes and that is what they can do.

If the government prohibit the circulation of bitcoin as a legal cryptocurrency, why should they tax bitcoin ?
I agree that the current government understand bitcoin very well because of its high value. They will forever fear that bitcoin will have a negative impact on the countrys economy. To be honest, I don'lt even agree that they ban bitcoin circulation but they also impose taxes.

If government regular cryptos as a money which is legal tender then it is not possible to impose taxes on it but we need to pay the taxes if we earn using it but now the government doesn't consider it as current but as a form of digital asset so they can get more taxes in this way.

[South Park]

They cant regulate IT industry in general. There should be fresh blood inside the government for sure. Or at least IT experts as advisers

They can easily hire advisors that know about this technology the real question is if they are going to listen, but we know how politics work if those people feel that bitcoin threatens their interests then any regulation that they may create is going to be very restricting and while that probably will not affect us it will affect any businesses that primarily deals with cryptocurrencies or with any businesses that wants to accept bitcoin as a form of payment and that will surely slow down adoption, at least for a time.

[20kevin20]

They can easily hire advisors that know about this technology the real question is if they are going to listen, but we know how politics work if those people feel that bitcoin threatens their interests then any regulation that they may create is going to be very restricting and while that probably will not affect us it will affect any businesses that primarily deals with cryptocurrencies or with any businesses that wants to accept bitcoin as a form of payment and that will surely slow down adoption, at least for a time.

If businesses are affected, everyone else probably will be as well. Restrictions are usually not imposed to exchanges themselves but to us as customers (see KYC for reference), and that ends up as a big headache for all of us. I get that advisors could be hired, but does that really help if the decision is still in the Congressman's hand?

[BChydro]

They cant regulate IT industry in general. There should be fresh blood inside the government for sure. Or at least IT experts as advisers

This they will be doing and all the governments around the world will be having expert advisers but for everyone to understand everything even with an expert adviser is a big task for politicians even if they are young and if they do not have any relation to the IT industry they will not understand these things and hence age is not a factor.

[MCobian]

I do not understand that politicians and congressmen who are over 60 years old still want to be leaders or regulators.
Why not retire and decide to live quietly at home and not be burdened by state problems, give young people the opportunity
to lead. I agree that every congressman has a young advisor and success team to provide input regarding Bitcoin which includes
modern technology, which a 60 year old congressman will likely not understand. But what I fear is the congressman did not
receive such input or advice. This could be a threat to Bitcoin futures.

[famososMuertos]

...and well! Regulate (!?) ... if they can't regulate it now, how can they do it in the future? Bitcoin in the future will be used so massively that they will have to regulate people and the entire related environment.

Today bitcoin can do almost everything that Fiat money allows an individual. Even in countries like the United States, which is the niche you want to include in your context (OP) they do, but under a "legal" and "illegal" framework there is an ambiguity, such a legal vacuum, that the United States Government allows When bitcoins are confiscated for any reason, they make a profit.

So! In today's world ""establishment"" , laws must regulate people who use bitcoin to earn income (taxes, etc.) from how people use it.

This seems inevitable, in fact many who understand bitcoin see it as an adoption, I like to think that all of us who own bitcoin understand this as the Trojan Horse.

_______
Second Opinion...from your context.

1.-It is quite discriminatory and without reason, which have to do with age and knowledge.

2.- These people manage their work and delegate. Generally, a senator makes decisions based on the advice of third parties. And that advisor may be 20, 45 or 70 years old, what does that matter.  

3.- It is very possible that when a law of this type is promulgated, all of us who are here will be elderly or close.  

________

Regards.

[DeadCoin]

In congress there's no one chooses whether educated or not or whether we are old because we are all have a freedom to participate in it .Today it's all about a digital age, it is in favor of young people however, there's nothing wrong about old administrator with lack of knowledge about bitcoin to regulate because most of them are wise and open to all good opportunity.

[South Park]

They can easily hire advisors that know about this technology the real question is if they are going to listen, but we know how politics work if those people feel that bitcoin threatens their interests then any regulation that they may create is going to be very restricting and while that probably will not affect us it will affect any businesses that primarily deals with cryptocurrencies or with any businesses that wants to accept bitcoin as a form of payment and that will surely slow down adoption, at least for a time.

If businesses are affected, everyone else probably will be as well. Restrictions are usually not imposed to exchanges themselves but to us as customers (see KYC for reference), and that ends up as a big headache for all of us. I get that advisors could be hired, but does that really help if the decision is still in the Congressman's hand?

That is the way the system works and there is no way around it, at the end the decision is in the hands of those that have been elected by the citizens of the country and it is up to them to decide what they think it's best for them, but we know it doesn't really work like that, we know that there are huge interests each trying to pull laws that are favourable to them and the banks are one of the most powerful among them and they do not want to pass favourable laws to bitcoin because it is a competitor to them.

[desticy]

This is the reason why we are developing so slowly. The old men have grasped power with their pale hands and do not want to give it up. This is a general global trend. In almost all countries, senior authorities are represented by old people. But who checks their decisions and judgments for adequacy? They are not touching, but at the same time, each of us has examples of old people who, at the age of 60+, no longer understand.

[Argoo]

No. I don't think they even recognize their relatives anymore. But in 10-15 years this will change. We can only wait.

At all times, age has been revered, which has always been associated with wisdom. People are in the parliaments of different states not because they understand the intricacies of current technological progress. There are people there who have basic knowledge and a wealth of experience, which are sufficient to avoid doing stupid things and not making quick and stupid decisions. So far, these grandfathers allow integrating cryptocurrency into the global economy, and for this they need to express our deep gratitude. Young people will also gain experience over time, but for now they need to listen to the opinion of the older generation. It has always been this way, thanks to this social structure, humanity is still surviving.

[DooMAD]

All they really need to comprehend is that they can only regulate their own citizens and companies.  There are limits to what they can do.  Even if they could make using Bitcoin problematic for people in the US, they can't stop the rest of the world.  If they try to restrict usage in their own country, it's only themselves they would be hampering.  And there are dangers of doing that when it comes to technology.  They might unwittingly put the US at a disadvantage, competitively speaking.  So they need to tread lightly if they have any sense.

[Jet Cash]

Do they even care about Bitcoin? They don't need to regulate it, as they are busy buying it all at the moment. That means they are acquiring an appreciating asset, and they can control the volatility to frighten most of the world population. We are lucky as we know their plans, so we can use it as an income source if we are sensible.

[ILuckyGuyI]

Generally, old people are having difficulty in understanding Bitcoin or they are denying it. I believe that there are people like that on the House too. But I don't think this will prevent Bitcoin from being regulated. Because I think their advisors can enlighten them about the industry and this can help for the regulation of Bitcoin.

[Vishnu.Reang]

Here in India, the situation is even worse. We have a few parliamentarians who are in their 30s. But even they don't have any idea about Bitcoin or other cryptocurrencies. Here the problem is that since they have very little knowledge about the cryptocurrencies, they allow the bureaucrats to formulate laws regarding them. Obviously some of these bureaucrats are very hostile to cryptocurrencies and this causes trouble for users like me. Last year, someone tried to install a Bitcoin ATM at Bangalore. He was arrested and the machinery was confiscated. And this was done despite the fact that Bitcoin is not banned in India. The cops asked him to get a license for installing the Bitcoin ATM. But the officials won't issue him a license. It is really frustrating to be a cryptocurrency user in India.