We enter a new era of heavy regulations

[chek2fire]

I believe that Bitcoin and general crypto indrustry enter an era of heavy regulations.

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Today EFF have post an article about this matter

https://thedefiant.io/crypto-endangered-confronting-an-existential-threat/

https://twitter.com/EFF/status/1448023101518671873

Bitsamp already do this and ask from the most of their customers to give them every bitcoin or crypto transaction they have done the last years. Where they buy and where they get them.

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

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[goldkingcoiner]

The next step of regulation as I see it, is whitelisting. Soon anyone who has a "dirty bitcoin", which isn't direcly tied to the kyc of an entity, might find themselves stuck, unable to sell it or trade with it.
However how exactly they can pull that off, remains to be seen. I kind of doubt that regulators will have that kind of control over decentralised apps and finance. At most they can only regulate the custodians and intermediarys.

This would maybe benefit poor countries or countries that refuse to bow down to the US. Perhaps your coins could still prove to be useable in their own cryptospaces.

[Bitstar_coin]

And what happens if assuming I refuse to give those info? Will be prevented from trading and my account get blocked or something! If there are no other stiff penalties aside from those, I think I will gladly refuse and find alternative, yeah, I guess this will make p2p more popular among crypto enthusiasts. What a calamity. 

[stompix]

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Can you please give a single example of those regulations that will make it Impossible!! for Most! poeple to buy trade and use bitcoin?
One single example of such thing that will affect the majority of a country's population!

For ten years everyone was telling the movements can't stop bitcoin and now suddenly we're in a vulnerable spot and we need to create activist cells in every corner of the world and fight for the revolution otherwise we're doomed.

The crypto industry is facing an existential threat, one that can only be neutralized by collective community action

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Existential threat.wtf!!..if one or two bills are posting an existential threat it means everything was flawed from the beginning and it's not worth fighting, back to the drawing board.

[Fortify]

I believe that Bitcoin and general crypto indrustry enter an era of heavy regulations.

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Today EFF have post an article about this matter

https://thedefiant.io/crypto-endangered-confronting-an-existential-threat/

https://twitter.com/EFF/status/1448023101518671873

Bitsamp already do this and ask from the most of their customers to give them every bitcoin or crypto transaction they have done the last years. Where they buy and where they get them.

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

I think that article takes a very pessimistic view of the cryptocurrency world. The fact that it has been allowed to flourish for over 12 years now is testament to hands off regulation and seeing how big the benefits of this new functionality can be. For the last few decades now we have been steadily marching towards digitizing everything, however having a form of cash that does not require a middleman has been missing from that. This is similar to an article saying the internet should be banned because it has pockets of illegal activity, it is a wholly unfair characterization of what it is generally being used for these days. It's worth remembering that the EFF walks a fine line between performing useful defense of our freedom and possibly over-hyping potential threats in an effort to raise more funds for their organization.

[Imran232]

I think this type of transaction might be fair. If they ask for KYC, then it might be needed for something. If I explain my thoughts, then there is one possibility. Some months ago, I heard that India's most popular exchange informed the cyber department about someone, and after their information, police tracked him down and found that he was a drag dealer and dealing in drag with crypto. In this case, the exchange didn't know about his drag dealing. The exchange saw he had some suspicious activity. He got payments from different wallets at different times and a huge number of payments, so they informed him about it. In this case, I think his kyc documents help exchange identify that person. I think if we followed government rules, then the government might not be strict on exchange and wallets, and they probably wouldn't be as strict regulated as well. If kyc is a must, then we should do it in a trusted place. In my opinion, regulation is okay, but strict regulation might be problematic. Ithers people’s opinion can be different as well.

[chek2fire]

an example for what is coming is Bitstamp. Bitstamp for the most active account ask to prove where you get or buy those bitcoins that you trade there.
This is not a simple KYC but a heavy barrier to use this exchange especially for ppl that holds a great ammount  of bitcoin and they get them from differnt sources.

[Baskeyairdrop]

I believe that Bitcoin and general crypto indrustry enter an era of heavy regulations.

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Today EFF have post an article about this matter

https://thedefiant.io/crypto-endangered-confronting-an-existential-threat/

https://twitter.com/EFF/status/1448023101518671873

Bitsamp already do this and ask from the most of their customers to give them every bitcoin or crypto transaction they have done the last years. Where they buy and where they get them.

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

Regulations put limitations to what bitcoin stands for and if so much regulations are made, it would only limit the way the Cryptocurrency itself is used and where it is used. Most of these bodies that put up these regulatory rules do not even understand how the blockchain works.

[Shenzou]

I totally agree on this point, because for a long time now we have seen a lot of people earning thousands of dollars and this market has grown and has a cap of billions of dollars, and they are doing so under the radar and not paying any taxes while the average joe is struggling in his deck job to barely make a living and having to pay taxes for the government, and i think that the inflation in the number of people who are gaining too much money from trading or investing in crypto  is going to lead to some strict regulations.

[Dread Pirate Roberts]

an example for what is coming is Bitstamp. Bitstamp for the most active account ask to prove where you get or buy those bitcoins that you trade there.
This is not a simple KYC but a heavy barrier to use this exchange especially for ppl that holds a great ammount  of bitcoin and they get them from differnt sources.

It's already advanced KYC. not just customer data but asking for information from where the money came from and others. and each time user make a deposit . they will questioned from where that money come from? and it would be even more difficult if they asked us to prove it . personally I hope no exchange comes close to something like this . really complicate things.

[sunsilk]

an example for what is coming is Bitstamp. Bitstamp for the most active account ask to prove where you get or buy those bitcoins that you trade there.
This is not a simple KYC but a heavy barrier to use this exchange especially for ppl that holds a great ammount  of bitcoin and they get them from differnt sources.

Yeah, this is a complicated type of verification every time you send a fund, you have to be clear with their verification by telling where your funds came. I think this is really something that we don't like to tell where it came.

But if you can just get onto another good exchange then that's the only solution that you can do for the meantime. Hopefully that all of them are not going to be the same with that strict verification of where our funds came every time we deposit.

[Hamphser]

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

Not really that surprising because government would really love to involved on things which they cant able to take some grasp out of it thats why they do target out platforms or services that do connects through it and

as a user then we wouldnt really be having any choice but to deal with it and KYC is indeed the new era since we've seen on how BInance been affected on this one where verification is already mandatory.

Sooner or later on upcoming years to come then it wont really be a new thing on seeing this new standard and us users would really be having no choice.

[milewilda]

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

Not really that surprising because government would really love to involved on things which they cant able to take some grasp out of it thats why they do target out platforms or services that do connects through it and

as a user then we wouldnt really be having any choice but to deal with it and KYC is indeed the new era since we've seen on how BInance been affected on this one where verification is already mandatory.

Sooner or later on upcoming years to come then it wont really be a new thing on seeing this new standard and us users would really be having no choice.

Even on our local wallet provider which the regulation becomes more tightier as the years passing by where current users wouldnt really have any choice but to accept with those terms despite of being
already centralized because there's no other way for us to make out some fiat conversion but only on this path which means users will really be dealing with the verification needed even though its
totally opposing on what they do prefer but due to this very reason then we wont really be having any choice and i agree on what is op been saying about this heavy regulation thing.

[Marykeller]

All these regulations are centred to control the trading flow of Bitcoin. I thought Bitcoin is meant to be traded anonymously in any part of the world. Putting up this type of strict measures of regulations will only hinder the circulation of Bitcoin globally.
This should be the US game plan to destabilize cryptocurrency

[Vaculin]

We are going to expect this thing as the government will surely find a way to take control of this and having a strict regulation in the use of cryptocurrency could help for them to succeed.

Yeah, we started to feel it now as even exchanges are now asking for KYC because they are also urged by the government otherwise no permits will be released for them.
https://www.pymnts.com/cryptocurrency/2021/crypto-regulation-and-possible-executive-order-show-top-down-approach/

Well, they have the reason for this and I think we have to put this in consideration since it was for the good of everyone and helping to stop any act of money laundering and illegal activities in which these people are using cryptocurrencies.

[adzino]

I believe that Bitcoin and general crypto indrustry enter an era of heavy regulations.

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Today EFF have post an article about this matter

https://thedefiant.io/crypto-endangered-confronting-an-existential-threat/

https://twitter.com/EFF/status/1448023101518671873

Bitsamp already do this and ask from the most of their customers to give them every bitcoin or crypto transaction they have done the last years. Where they buy and where they get them.

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

This was inevitable. As long as you are using central exchanges like those, you have to go through all these hassles. But the regulations won't make it "near impossible" for people to make to buy, sell or trade crypto currencies. You can always try p2p trading without using a centralized exchange. It's going to be little hard because you have to trust the person you are dealing with. But isn't this how we are supposed to use crypto currencies to keep it decentralized?

[cabron]

As long as the regulators won't ban crypto, the heavy regulations will not kill cryptocurrency, cryptocurrency will probably kill some industries instead. The FED did said they are not going to ban Bitcoin which I guess started the spike of BTC again.

If users will really want to stay away from regulators, they will not be going to p2p since banks or any other mode of payment like Paypal are part of the regulated platform. They are among those regulators.

[24Kt]

As long as the regulators won't ban crypto, the heavy regulations will not kill cryptocurrency, cryptocurrency will probably kill some industries instead. The FED did said they are not going to ban Bitcoin which I guess started the spike of BTC again.

If users will really want to stay away from regulators, they will not be going to p2p since banks or any other mode of payment like Paypal are part of the regulated platform. They are among those regulators.

At some point, we really have to comply such regulations. Even before, if you cash out your crypto to your local fiat using your local exchange, they are already asking for KYC of their customers. It is now being highlighted as even top crypto-exchanges like binance are asking for compulsory KYC for all its customers. But even with this move, I don't think it will kill the crypto market. People will just find alternatives on how to lessen the exposure of their crypto dealings.

[arwin100]

As long as the regulators won't ban crypto, the heavy regulations will not kill cryptocurrency, cryptocurrency will probably kill some industries instead. The FED did said they are not going to ban Bitcoin which I guess started the spike of BTC again.

If users will really want to stay away from regulators, they will not be going to p2p since banks or any other mode of payment like Paypal are part of the regulated platform. They are among those regulators.

At some point, we really have to comply such regulations. Even before, if you cash out your crypto to your local fiat using your local exchange, they are already asking for KYC of their customers. It is now being highlighted as even top crypto-exchanges like binance are asking for compulsory KYC for all its customers. But even with this move, I don't think it will kill the crypto market. People will just find alternatives on how to lessen the exposure of their crypto dealings.

This is part of regulation and its expected that those things happen since this is the sign that government is already acknowledging crypto currency then they want people to be atleast safe from frauds by having that KYC things and other what they can do to track the users since they want to know the userbase of bitcoin. Maybe the only disadvantage there is the taxation but for me its totally fine as long as we can see bitcoin standing strong and will be known as legal currency around the world.

[vv181]

an example for what is coming is Bitstamp. Bitstamp for the most active account ask to prove where you get or buy those bitcoins that you trade there.
This is not a simple KYC but a heavy barrier to use this exchange especially for ppl that holds a great ammount  of bitcoin and they get them from differnt sources.

Welp, it still didn't prohibit nor limiting most people to buy/trade/use Bitcoin. As your concern as it poses a threat to most of the people and @stompix emphasizing what the regulations could do toward most people. In any way, Bitcoin still is still possible to be used. Not to mention, you stated it only applied to "most active account", right.

Anyway, here is my take, regulations will come, sooner or later. No matter what the consequence, the possibility of Bitcoin being used and traded is limitless, thanks to its decentralized nature. I think we must consider and comprehend that at the underlying level, Bitcoin is at its censorship-resistant and decentralized nature.