Could there be any importance and need for some kind of mild regulations?

[Bananington]

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

[DapanasFruit]

The problem here is human nature. Yes, left on our own doing, there is that tendency for us to do things that can be hurting everyone. On my on personal view, we need regulations on many aspects in the business of cryptocurrency and this so glaring with centralized platforms as they are more prone to be corrupted by people behind them and suffer collapse...which is of course magnified with what happened with FTX. However, regulations should not be done to kill what is supposedly to be regulated but to make things fairer and more transparent, otherwise regulations can just be a tool for control and nothing more. So the next question is: Can we trust the people who are in charge with regulations?  

[stompix]

I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me?

I already know that there will be a lot of voices against this but I at least for sure agree.

There is a reason why some people in some countries have a lot of faith in their government and some have almost none, and this is a bit ironic, you go and vote (well in democracies, not NK or Russia) and then you argue the ones you've voted can't be trusted. Every single government is made up of people, people from that country, that have grown up there gone to the same schools as many more, and played with a lot of the future "plebs" it's not like the authority in that country whatever the brach, law or judicial has a will of its own, it's still a group of persons behind it.

Quite interesting, the same people who wouldn't trust anybody to run the country have no problem flying with a plane with a stranger and not thinking for a moment the pilot might be high or on a suicide drive. How many ask themselves how capable the bus or uber driver is before stepping in?
Much of the "distrust" when it comes to politics is mainly about stuff they don't like personally, not much else.

If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

Decentralization under different forms happened way before Bitcoin, it's present in the US when it comes to local government or education, it's present in technology with distributed databases, it's present in commerce and tourism when you have different hotels or chain stores that despite carrying the same brand they have different prices, different merchandise, and a ton more.

Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now?

Regulation or no regulation, people will abuse everything, give a man anything from a broom to a flower pot, a keyboard, or a pie and he will eventually hit somebody in the head with it instead of using it as it should.  Fertilizers should be used for growing crops and trucks to carry furniture around, yet we have idiots making IEDs out of them.

There will always be abuse, regulations and punishment might reduce it, not make it disappear.

[inthelongrun]

I agree with you OP. I already mentioned many times that I can do a KYC without much of an issue although I am doing as much as possible some sort of privacy like using platforms that are not asking for KYC for all of its users. I don't usually trust people especially those at the top. We already know throughout history that those at the top aren't really honest with their ordinary citizens. People nowadays are craving more privacy and decentralization due to the many failures of those on top that are in control. They aren't serving the good of everyone anyways but rather they are serving themselves and the people within their circles.

[crypticj]

Could there be any importance and need for some kind of mild regulations?

We need regulations for sure. Because they will speed up adoption which will rise the price and usability of bitcoin. The other question is WHAT regulations we need. And because it's the government choosing them, these regulations would be bad for bitcoin. That's why we probably need a long time before bitcoin will be regulated correctly.

[EarnOnVictor]

I like to read from an unbiased mind like yours. Truthfully, I love Bitcoin and cryptocurrency ideology very well, and presently, I am making daily income from the opportunity the coins have brought. But this doesn't mean I should be selfish, our dear cryptocurrencies will still be active, yet, regulations will cover up for the illicit flows that the evil users are using.

I read one article on this, and it so much agrees with what I thought about the who situation. Before cryptocurrency, scammers, terrorists, money launderers, and traffickers use other tighter means that is stringent for them. But now, they use crypto, which is worrisome.

No matter how much we love cryptocurrency and want to support it, should we selfishly hate our society?

Only regulations can reduce these illegal financial rates.

Else, people will do as they like, and most people don't care if the whole world collapses as long as they are benefiting.

[rat03gopoh]

but because we do not trust the people who are in control, do you agree with me?

This I agree with, but I'm not gonna generalize this reasoning for all centralized services. I've heard more about cases of service injustice controlling user wealth since I've been in the crypto space. The reason that might make sense is the difficulty of resolving legal steps when cases such as unilateral control occur, so this serves as protection for services to make any decisions that are unfair.

[Oshosondy]

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

If there is not regulation at all, this will only give more ways to online criminal and other illegal activities, which means regulation is very good. But we need to be careful of regulation too, humans are full of bad sides too.

Without regulation, there would be money laundering and more ease for terrorism financing, which the world are going against.

But with regulation, it comes down to the fact that our data can be sold and privacy is what the regulatory bodies and government do not want, they want to sink their citizens in a way that they will have control over their citizens like a modern slavery in which the full right and freedom of citizens will become not possible for the citizens to achieve. We can see how the government are using fiat to override citizens right to their own money because the government are the ones controlling it.

Centralized and decentralized system in life have pros and cons, but as both are existing, some users still can be able to have privacy if they do not want to go with the regulatory way, but that is not easy to do.

[pooya87]

The thing about bitcoin has never been about anonymity, it has always been mainly about removing the middle man. When you use bitcoin you no longer need the banks, the same banks that use YOUR money to lend money to other people and worse of all run "fractional banking" (they lend more money that they have!) and have turned to basically usury centers and are also ruining the economy by creating more and more liquidity and inflation.
With bitcoin you eliminate them.

When it comes to regulations, I never had any problems with the spirit of regulations. After all we are living in a regulated world. The problem is always about the fact that when most governments (specially in democracies) talks about regulation, they are talking about control and surveillance. It is also extremely rare that a regulation helps bitcoin or its users.
Take regulating exchanges for example, all they do is increase their surveillance on exchanges. They don't do anything about the scam nature of them or the fact that when they run away, go bankrupt or get hacked the users have nowhere to run to.

[hugeblack]

When we talk about money, the decentralized nature of money is what is required, given that it is something that you obtained with your effort, and therefore another party controlling how you spend that money is something that is not required, just as the money’s enjoyment of a degree of secrecy is what makes that money equal, otherwise the value would differ, for example, the money that comes From the doctor, from the black market, and from selling drugs, it must be the same in terms of value, so that the money coming from the doctor is not of the highest value just because it came from a doctor.

So the decentralization of money and its privacy is important in principle.

[aoluain]

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

If there is not regulation at all, this will only give more ways to online criminal and other illegal activities, which means regulation is very good. But we need to be careful of regulation too, humans are full of bad sides too.

Without regulation, there would be money laundering and more ease for terrorism financing, which the world are going against.

But with regulation, it comes down to the fact that our data can be sold and privacy is what the regulatory bodies and government do not want, they want to sink their citizens in a way that they will have control over their citizens like a modern slavery in which the full right and freedom of citizens will become not possible for the citizens to achieve. We can see how the government are using fiat to override citizens right to their own money because the government are the ones controlling it.

Centralized and decentralized system in life have pros and cons, but as both are existing, some users still can be able to have privacy if they do not want to go with the regulatory way, but that is not easy to do.

Look at all the regulations in place with the FIAT system and there is still scammers
trying to steal our funds. Regulations wont stop scammers.

Regulation just means more control and the eroding of privacy in terms of Bitcoin.

IMO Bitcoin does not need regulation, its up to each individual to protect their
funds, if done correctly regulation wont be needed.

[goldkingcoiner]

The problem here is human nature. Yes, left on our own doing, there is that tendency for us to do things that can be hurting everyone. On my on personal view, we need regulations on many aspects in the business of cryptocurrency and this so glaring with centralized platforms as they are more prone to be corrupted by people behind them and suffer collapse...which is of course magnified with what happened with FTX. However, regulations should not be done to kill what is supposedly to be regulated but to make things fairer and more transparent, otherwise regulations can just be a tool for control and nothing more. So the next question is: Can we trust the people who are in charge with regulations?  

Try as you might, I very much doubt that one can regulate human nature. Not even the worst punishments (in some countries this also includes the death punishment) can persuade people not to do something. Regulations can be used as a tool for control, as you say, but usually they are a tool of  making sure that lawbreakers can be held responsible. Whether or not you see this as a good thing is really only up to you.

Some regulations make sense while others do not...

[maydna]

As long as the people in control are honest and can take responsibility for their work, I don't think we need to be afraid of a centralized system. But now that there are bitcoins that can give people the opportunity to make money, they can use them without anyone knowing unless they are asked to do KYC.

Governments don't want anything they can't control so they try to make regulations for crypto and crypto users. This is so that the government can find out who has succeeded in making money from bitcoin so that the government can see it on their tax returns. Everything people use bitcoin will ultimately be related to taxes set by the government, which the government has controlled.

[Fivestar4everMVP]

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

You are absolutely correct and you do have a really great point, the idea of total decentralization, without any form of regulation will likely breed some new set of really sophisticated scammers, which will have us all complaining again, and possibly jeopardize all the efforts put into seeing that bitcoin and cryptocurrencies in general is a success.

A mild regulation is really important in my own honest opinion, we all can say it's not needed and all that, but the heart of man, who can know it all?

[tranthidung]

I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

Trust is a key point and also a dead point.

If you trust a scammer, you lose money, it's clear.

If you trust a good person who runs a platform, that does not mean you will not lose money. Even the CEO does not intend to scam anyone, black swan events can occur even they are barely occur. Like recent crisis in bank system from the USA. to Europe, it barely occurs but when it appears, we have serious issues.

The idea of Satoshi Nakamoto and the growth of Bitcoin network, mining community, user and investor community make it very decentralized. Fortunately, the Protocol of Bitcoin does not allow a single person can exploit it or make serious change in the protocol too easily. It's power of decentralization!

[Wexnident]

I think that's something natural, the world we live in is a place full of regulations after all. A place without one would probably be just a barbaric place where strength rules all (with some scheming behind it, but mostly strength). The thing is a centralized and regulated system is supposed to make the lives of those who use it easier and safer, but instead the opposite happens, or somehow an alternate focus of those who implement the system is added, which makes it detrimental to the users when it can exist without those "add-ons".

In Bitcoin's case, I reckon most of those who use it simply just want to stay away from banks and all their bs. Simple as that.

[Aanuoluwatofunmi]

Can we accept even as little iota of regulation from government no matter how small it may appears, it's better we forget about that regulation threat from the US government over bitcoin, we all know it's a decentralized network with blockchain together cannot be regulated, they have tried it with censorship yet things doesn't work as expected, bitcoin remains a thick bone to their neck as government.

[avikz]

Could there be any importance and need for some kind of mild regulations? Knowing how things can get out of hand when everyone is left to do as they please, don't you think that the freedom and anonymity from bitcoin will be really abused when accepted and adopted for use even more than some people do now? I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

What do you mean by mild? Do you mean positive or favorable regulation? If the regulation is positive and doesn't change the inherent features of a decentralised network, then it should be good.

However, majority of the big governments will never do such things which will actually promote bitcoin effectively.  Rather what you will have is a heavy tax and a reporting requirement of every bitcoin transaction.

[so98nn]

I completely agree with the part where you said it’s all about the peeps we don’t trust. That one is right on the point. Yes, that’s the barrier and that’s what we don’t want when they are running a crypto exchanger. One thing about the crypto exchanger, it’s all the time flooded with lot of money. There is always a point when owner of these centralised exchanges would go nuts about the wealth they are looking at. There comes the point when partnerships are broken due to financial concerns and there is always a point when wealth comes by you have more rivals around. Who gets hampered with this? Well peeps like you and me who are here to just exchange our bitcoins and have that desirable value and stay happy. But no, they will always break the chain. That’s why it’s not needed.

[indah rezqi]

I have been thinking that why we really fear the centralized system is not because we detest the idea of control, but because we do not trust the people who are in control, do you agree with me? If there had not been any reason to not trust the people in control, the idea of a decentralized system will never have been.

I agree with you, even if the generation changes with the next generation, the same thing will still happen because it is always difficult to entrust the control of corrupt people.

I believe in centralized systems to some extent because it's difficult to escape completely from this truly centralized world. The idea of ​​decentralization serves as the best option when privacy and control are getting harder to entrust to those in control, but as far as I can imagine decentralization still won't dominate centralization.