Regulations Not Working as Planned??

[o48o]

Regulations Not Working?

Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.
They are trying to put into regulations etc. Yet there are troubles to making the cryptos as “securities”

With all the lawsuits “they “ try to put onto the crypto companies. Has not worked in the “favour” of the powers that be?
Is this true?

Does this prove that the blockchain tech is a success?

That BTC could work as a money system for the people and help people to devalue FIAT currency?

Or am I wrong and the “powers that be” are winning  and people will lose in the crypto world?

Your thoughts?

I don't know that anyone would have ever tried to define bitcoin as a security, as it clearly passes the howey test. And since we are in bitcoin section, i won't be talking about government's successful swings against various altcoins. But they have succeeded well with banning mixers. And while people might still use those in the future, it will become more and more problematic as they need to prove the origin of the money in the future, otherwise CEXes will freeze their assets, or at least banks their fiat, if it's related to cryptos with unknown sources.

Blockchain tech in many ways is a success, but as long as we need FIAT money i don't think it's as resilient for political pressure as we thought. But just the fact that people want to use them, forces their leaders to adapt, and at least not totally ban them, because those are their future voters they are dealing with.

And what an earth you are talking about with devaluing FIAT currencies? That doesn't make any sense.

[Hamza2424]

Regulations Not Working?
Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.
They are trying to put into regulations etc. Yet there are troubles to making the cryptos as “securities”
With all the lawsuits “they “ try to put onto the crypto companies. Has not worked in the “favour” of the powers that be?
Is this true?
Does this prove that the blockchain tech is a success?

That BTC could work as a money system for the people and help people to devalue FIAT currency?

HMM, OP these are so many concerns which are been already discussed in different views, but still, I think the potential limit is still unknown and we haven't tested the boundaries, there are many good things with Bitcoin and crypto but (when it comes getting into it) in Bitcoin/Crypto with same narrative is tough because its human nature that many agree and many disagree.

Regulations were never the obstacle for the success of Bitcoin until or unless "they" decide to plan strict action on the community because everything is decentralized and in the P2P  system so how a government can be an obstacle, point is they realize that we cant control it this way but we can allow them to use under our control named as ETF. I don't know either what shit I'm typing its 4 AM and I'm making a post after working 6 hours consistently on code, and now after readings OP's post I thought why not put rough thoughts on it. Anyway, I'll look for an edit if required but tomorrow.

_Good Night ahhhhhh

[GreatArkansas]

(....)

Does this prove that the blockchain tech is a success?

That BTC could work as a money system for the people and help people to devalue FIAT currency?

Or am I wrong and the “powers that be” are winning  and people will lose in the crypto world?

Your thoughts?

For me, blockchain technology is already a success. What these regulators doing is yes they are fighting with cryptocurrency and the only way they are first working are these big companies that are related to cryptocurrency just like centralized exchange, why? because they can't directly attack the cryptocurrency, so they are only on that level.

[arjunmujay]

For me, blockchain technology is already a success. What these regulators doing is yes they are fighting with cryptocurrency and the only way they are first working are these big companies that are related to cryptocurrency just like centralized exchange, why? because they can't directly attack the cryptocurrency, so they are only on that level.

It's true that even blockchain technology is very extraordinary and very important to the future. Even attacking cryptocurrencies is impossible with today's most sophisticated computers.
The decentralization that is being promoted means that attackers have to rack their brains to attack all computers connected to the network. This is different from centralization which only exists on one complete server belonging to a company or bank.

[Minor Miner]

Regulations Not Working?

Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.
They are trying to put into regulations etc. Yet there are troubles to making the cryptos as “securities”
With all the lawsuits “they “ try to put onto the crypto companies. Has not worked in the “favour” of the powers that be?
Is this true?

Does this prove that the blockchain tech is a success?

That BTC could work as a money system for the people and help people to devalue FIAT currency?

Or am I wrong and the “powers that be” are winning  and people will lose in the crypto world?

Your thoughts?

When you say “help people devalue fiat”, understand that this isn’t the intention of Bitcoin. I understand it can happen but you say it like that’s the purpose. I think it will be just fine if both type of currencies can coexist and people can choose which one they want to use other than it being a battle (which Bitcoin isn’t battling against no one).

Satoshi never mentioned bitcoin would help people devalue fiat money or it would completely replace fiat, and destroy traditional monetary systems. But it is difficult to understand how some people got that idea and spread it, causing misunderstandings to become more and more serious. I think it is for that reason that the government was not sympathetic to bitcoin in the early days and took a hostile stance towards it.

And frankly, even if bitcoin was created by Satoshi for that purpose, I bet bitcoin is not powerful enough to do that. Only the government has the right to threaten bitcoin, bitcoin has never been an opponent for them to worry about. Many people are too delusional and exaggerated about the power of bitcoin.

I agree with you, I also thought of a scenario where both would coexist side by side and bitcoin would be an alternative alongside fiat money instead of fighting with each other.

[avikz]

Regulations are here to take control over the entire crypto ecosystem by the governments, especially US government! They know it's not an easy task and that's why they are targeting centralized businesses and putting them under Anti-money laundering law. Governments know they can't control the algorithm but they can surely control the big corporates built around the algorithm.

But I do not see any issues in Fiat system due to this. Bitcoin isn't here to attack the status quo in fiat! It has created a parallel economy and that's why all governments are fuming and trying to get things under their control!

[retreat]

Many governments are trying to control the circulation of Bitcoin in their countries - the one we hear most often is the US, this is the country that most passionately wants to control Bitcoin in their country. And they were successful at that. Just look at how the exchange operates there, you will be able to see how the exchange is closely monitored by the SEC and they cannot do things outside of SEC regulations. If there is an exchange platform that is not regulated and operates there, then the owner of the platform could be punished, wherever in the world he is. That's one example of how governments regulate Bitcoin, and we haven't discussed other countries yet.

[davis196]

I don't know what exactly are you traying to say in your forum thread.
The idea that the governments/banks want to "take control" over the crypto world is nothing more than a conspiracy theory.
Most government/banks around the world don't want to have anything in common with Bitcoin/crypto. They would rather ban it than trying to take control over it. You have to distinguish the centralized crypto companies, that have to abide by the law, and the people with cold wallets, who aren't using centralized crypto services.
No regulations and bans are working in a perfect way. Illegal drugs are banned in most countries around the world and there are millions of drug addicts. The same applies to every ban that is imposed by the governments. There will always be criminals, who are taking advantage of the ban by selling illegal stuff.

[AprilioMP]

Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.
They are trying to put into regulations etc. Yet there are troubles to making the cryptos as “securities”
With all the lawsuits “they “ try to put onto the crypto companies. Has not worked in the “favour” of the powers that be?
Is this true?

I won't say that it's right or wrong but I wanted to share my thoughts on it.
The government is in power because they are the party who runs the country with rules as a supporting force in regulating all aspects.
I'm trying to interpret that the legal requirements you are referring to are about loopholes that are used for actions such as money laundering.

Because Bitcoin runs on its own rules with the intention of not harming the government, for me whatever rules they make will not make Bitcoin controlled. Regarding their success in taking advantage of crypto institutions and controlling crypto with their power, I think the fiat currency system should not be involved with Bitcoin which has its own system that does not take care of the fiat bank system.

That BTC could work as a money system for the people and help people to devalue FIAT currency?

It is not the purpose of Bitcoin as an electronic payment system from one party to another without going through a financial institution. Read whitepaper.

[Baki202]

Many governments are trying to control the circulation of Bitcoin in their countries - the one we hear most often is the US, this is the country that most passionately wants to control Bitcoin in their country. And they were successful at that. Just look at how the exchange operates there, you will be able to see how the exchange is closely monitored by the SEC and they cannot do things outside of SEC regulations. If there is an exchange platform that is not regulated and operates there, then the owner of the platform could be punished, wherever in the world he is. That's one example of how governments regulate Bitcoin, and we haven't discussed other countries yet.

A lot of countries are trying to regulate bitcoin by all means and the more they try, the more they fail. was designed with the idea of a decentralized finance system that would give people more power  and the truth is that the government is always looking for ways to regulate what is not in its control, and the government feels bitcoin is behind the crash of some countries currencies, which is very wrong after they have made there own mistakes, then they look for what to blame it on. and with the way we want that power to control crypto, the same way other countries are looking for ways to control crypto in there own space.

Because the Nigerian government already gave a directive on banning crypto, looking for ways to control it won't work. Other countries are looking for ways to invest, and other countries are looking for ways to control to me its a misplaced priority.

[jcojci]

The government wants to control BTC and other cryptos. But they can't do that because BTC stands alone and is not dependent on the government. That's why the government is trying to make regulations to control it, but they can only control BTC and crypto users. The government has done this to monitor crypto users in their country so that the government can get additional taxes from them. Maybe the government forces crypto companies to follow their regulations but they can't force BTC because BTC is different from other crypto companies.

Blockchain technology has successfully developed and we can see that many crypto companies have launched their respective projects. But we don't know which crypto companies are connected to the government and are always monitored by the government.

BTC does not devalue FIAT currencies but BTC works together with FIAT to help each other in the financial sector. BTC can provide the opportunity to make cross-border financial transfers that are not limited by distance and time or high transaction fees. Maybe I'm wrong on this, forgive me.

[PrivacyG]

Bitcoin is STILL fairly new.  And being Decentralized too, it is hard to build a framework that just works as they want it to.  Particularly when they know Bitcoin can not be controlled the same way they wish it could, unlike most of the other things they regulate.

I believe they are trying to find the perfect framework so it sounds logical while pressing on to the Bitcoin users at the same time.  With enough pressure, restrictions and regulations, they can create a burden so large a pretty significant amount of potential users will probably just give up thoughts about joining the Blockchain.  On the other hand, they also need to make sure MOST of the users can be supervised.  As a consequence you see Know Your Customer being imposed every where, Governments pushing negative news and stories about Monero et cetera.

It is some what understandable that the Government is doing this.  But as I said.  The framework is still in the works and it will take a long time before Bitcoin gets a some what solid regulatory foundation.

Think about Gold, since it is always compared to Bitcoin.  How many centuries has Gold been around for?  Yet you STILL hear about new regulations once every year at the very least.  In time, things change.  I do expect a lot of changes in the near AND farther future surrounding the Bitcoin regulations, and I do expect that in time Bitcoin users will feel increasingly strangled by new regulations.  But it is what it is.

Regulations are partially working and partially not.  Yes because there truly are people who out of fear obey to Know Your Customer and such other ridiculous laws.  And no because the more oppression there is, the more power Bitcoin users like me get.  While the Government is working on regulating Bitcoin, the users who HATE these regulations are working on opposing them.  Through various ways, such as building Decentralized Exchanges.  Atomic Swaps.  Markets.  Layer Two solutions to make Bitcoin faster and 'better'.  And so on.

[jaberwock]

I won't say that it's right or wrong but I wanted to share my thoughts on it.
The government is in power because they are the party who runs the country with rules as a supporting force in regulating all aspects.
I'm trying to interpret that the legal requirements you are referring to are about loopholes that are used for actions such as money laundering.

Because Bitcoin runs on its own rules with the intention of not harming the government, for me whatever rules they make will not make Bitcoin controlled. Regarding their success in taking advantage of crypto institutions and controlling crypto with their power, I think the fiat currency system should not be involved with Bitcoin which has its own system that does not take care of the fiat bank system.

A lot of people came to bitcoin because they were fed up with fiat world ruining their possibility and not making a fair ground for them, rich got richer and the system was built as a way to make you stay poor, at least the financial part of it, rich people who do not even need money, could get even bigger and bigger loans, because they are trusted to be able to pay back (odds shows huge companies are the ones who bankrupt and default on their loans a lot more often so banks are wrong) whereas a small business owner would not be able to get any loans at all.

This is why I believe that while whitepaper may or may not state something, "what" something is and how it is used are different things and this is why I believe that it is a special situation.

[Synchronice]

Regulations are to control money flow but in Bitcoin's case it's very different. Regulations let exchanges to ask their users so submit KYC every time they deposit money but there have been many cases when exchanges asked users to submit KYC for no legit reason and they didn't even release user's funds when they submitted every document that exchange demanded. If there was more care for users and exchanges didn't have all the rights and the ability to run business from offshores, then that would be good.

however regulations actually allow services to police the customers to then allow the service to evade themselves being liable for the illicit acts of their customers

You described it well!

[bSpend]

Regulations Not Working?

Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.
They are trying to put into regulations etc. Yet there are troubles to making the cryptos as “securities”
With all the lawsuits “they “ try to put onto the crypto companies. Has not worked in the “favour” of the powers that be?
Is this true?

Does this prove that the blockchain tech is a success?

That BTC could work as a money system for the people and help people to devalue FIAT currency?

Or am I wrong and the “powers that be” are winning  and people will lose in the crypto world?

Your thoughts?

Bitcoin has always been a success the moment it gained value and people started choosing it for investment over several other assets that's been in existence for decades now and well recognized by the government, this includes precious stones like gold, silver and so on.

Isn't the success of bitcoin and the entire cryptocurrency ecosystem the reason why government became interested in it in the first place?.
And what I can tell us all is that, the government's quest to regulate bitcoin and crypto at large was actually a plot for them to gain control over the entire system, but right now, I think they are amazed at what they saw, they are amazed and overwhelmed at what theyve seen man is capable of building, and how helpless they are..
This is why they appear frustrated, and since they can't really do much, they've turned to lawsuits as a way to try to fight those who are helping push crypto to the masses through various means.

What I did say is that, the main battle have not actually began, we should all get set, they will fight and give up themselves, rest assured that Bitcoin have succeeded already, we are here for a really long ride.

[Silberman]

I won't say that it's right or wrong but I wanted to share my thoughts on it.
The government is in power because they are the party who runs the country with rules as a supporting force in regulating all aspects.
I'm trying to interpret that the legal requirements you are referring to are about loopholes that are used for actions such as money laundering.

Because Bitcoin runs on its own rules with the intention of not harming the government, for me whatever rules they make will not make Bitcoin controlled. Regarding their success in taking advantage of crypto institutions and controlling crypto with their power, I think the fiat currency system should not be involved with Bitcoin which has its own system that does not take care of the fiat bank system.

It is not that simple, while bitcoin runs a system that is parallel to the fiat one, since the fiat system was basically a monopoly, then it is obvious that governments are doing what they can to make it very difficult for bitcoin to keep existing parallel to it, this is why you see governments passing all kind of laws and using the media to discredit bitcoin, as they do not want people to believe that bitcoin can survive long term, will they succeed? Who knows, but governments are definitely trying.

[KingsDen]

That BTC could work as a money system for the people and help people to devalue FIAT currency?

Bitcoin was never created to devalue the fiat. Satoshi stated it clearly that he created bitcoin to save as an alternative to fiat. If you don't like the fiat way, atleast you have another way to toe and if the bitcoin way is affecting fiat, it wasn't intended.

alot of people think/assume/hoped that regulations were about consumer protections to avoid centralised services facilitating illegal activities that can cause other innocent customers to be abused and lose value due to bad acts of the services

That's the concept they sold to us, little did we know that this regulation will have no specific direction. It could go against the centralised services more than the people.

[Dunamisx]

Regulations Not Working?

Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.

In cryptocurrencies, just take this difference as something you will need to understand with them all, not all cryptos are the same, bitcoin cannot be regulated in cryptocurrencies, altcoins can be regulated because they are centralized, government can be raking attacks upon attacks on any centralized crypto exchange or coins, but they cannot hypnotized bitcoin because its under a decentralized digital network.

[Mr.right85]

Regulations Not Working?

Do you think it is true, that right now with the governments, banks “powers that be” in attempt to Gain control of BTC and other cryptos.
They are trying to put into regulations etc. Yet there are troubles to making the cryptos as “securities”
With all the lawsuits “they “ try to put onto the crypto companies. Has not worked in the “favour” of the powers that be?
Is this true?

Does this prove that the blockchain tech is a success?

That BTC could work as a money system for the people and help people to devalue FIAT currency?

You don’t get to win all the wars eventually, you win some and you lose some. Obviously, what is projected is the fact that, it can’t be properly taxed and not all users of Bitcoin or cryptocurrencies use it for the right reasons. Some use it for illegal purposes but, the government chose to tie this not to the poeple themselves but to Bitcoin or cryptocurrency as a whole.
Given the deductions that could come out of cases like this when brought up, your sure to be guilty of some charges.

Still, I can’t say the government are winning. Where they could win is having to change the mind of Bitcoin or cryptocurrency users towards the innovation but, this is far from being achieved. They are finding loopholes eventually and these loopholes are continually been filled with new services and means to privacy/security in the space.

Also, the blockchain technology isn’t just for Bitcoin or cryptocurrency. It’s just another way of keeping ledger.

[Mame89]

Many governments are trying to control the circulation of Bitcoin in their countries - the one we hear most often is the US, this is the country that most passionately wants to control Bitcoin in their country. And they were successful at that. Just look at how the exchange operates there, you will be able to see how the exchange is closely monitored by the SEC and they cannot do things outside of SEC regulations. If there is an exchange platform that is not regulated and operates there, then the owner of the platform could be punished, wherever in the world he is. That's one example of how governments regulate Bitcoin, and we haven't discussed other countries yet.

Yes that's right. All powerful countries are always trying to control Bitcoin but in reality they are still not completely successful. So it is not surprising that all exchanges in America are supervised by the SEC. I have always believed that one of the initial reasons for the creation of bitcoin was because some people no longer believed in the decentralized world financial system of the Fed, IMF, Word Bank et al. So it's no wonder why countries have always tried to fight bitcoin until now.

Just imagine that they are private but can regulate the value of dollars, euros and other countries' currencies. It doesn't even just regulate the value of world currencies which are both in the form of paper. They can also print as many dollars as they want without having to reserve a corresponding amount of gold. With the group's decentralized fiat money financial system, they can rob and even blackmail the country through finances. So I believe that the more countries that want to control bitcoin or try to control it, the more people are interested in bitcoin, the rarer it becomes, and the more expensive it will be.