How Should Bitcoin Be Regulated?

[ShameOnYou]

"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night." 

This would be impossible to enforce. Since the bitcoin network does not have a specific address, the government would have no way to determine if someone is connecting to it. Not only that but it is easy to use bitcoin via TOR, which would cause a lot of uproar by even liberals if access to this was limited.

For the OP: there should be mild regulations concerning converting BTC to fiat and fiat to BTC to combat money laundering, other then that BTC should really not be regulated IMO.

[Koko]

"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night." 

This would be impossible to enforce. Since the bitcoin network does not have a specific address, the government would have no way to determine if someone is connecting to it. Not only that but it is easy to use bitcoin via TOR, which would cause a lot of uproar by even liberals if access to this was limited.

For the OP: there should be mild regulations concerning converting BTC to fiat and fiat to BTC to combat money laundering, other then that BTC should really not be regulated IMO.

I was mostly kidding, but you're right, if the anonymity aspect was limited too much not only it would upset the users, it would also make bitcoin much less appealing which would kind of defeat the whole purpose. I'm sure they'll find a way to get at least something out of it though.

[rackcityb1]

"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night." 

This would be impossible to enforce. Since the bitcoin network does not have a specific address, the government would have no way to determine if someone is connecting to it. Not only that but it is easy to use bitcoin via TOR, which would cause a lot of uproar by even liberals if access to this was limited.

For the OP: there should be mild regulations concerning converting BTC to fiat and fiat to BTC to combat money laundering, other then that BTC should really not be regulated IMO.

I was mostly kidding, but you're right, if the anonymity aspect was limited too much not only it would upset the users, it would also make bitcoin much less appealing which would kind of defeat the whole purpose. I'm sure they'll find a way to get at least something out of it though.

I think this would still allow bitconi to be used with anonymity. Actual exchanges would only need to verify the identity of people and would not need to report their identity to the government. People could use mixers to make it so their identity is not associated with the actual coins they bought and their identity.

[Beliathon]

It should NOT be regulated!

And if it IS regulated, we should ferociously resist compliance ...

My thoughts exactly. Bitcoin is simply the exchange of information - bits of data - math. Free flow of information is vital to the health of a democracy...

You can't stop free speech in modern democratic society.

[BTCTIME247]

It should NOT be regulated!

And if it IS regulated, we should ferociously resist compliance ...

My thoughts exactly. Bitcoin is simply the exchange of information - bits of data - math. Free flow of information is vital to the health of a democracy...

You can't stop free speech in modern democratic society.

Bitcoin can NOT be regulated. At least regulations can not be effectively  enforced. They tried with alcohol, pot, prostitution, online gambling. Bitcoin will be even more difficult than all of the above to regulate.

But I assure you as tax revenues drop they will try.

[AMVM]

IMHO:

Internal regulation: Yes, within the code advancing with the idea that BTC doesn't need anything outside it's own code to work.


External regulation: No. Unfortunately I think this regulation is inevitable, cause all those Dinosaurs will want to control it in some way (yeah, that just shows how they don't have a clue about BTC, I know).



The real question to me is how should the community react to external regulation, mainly the business owners.

[ensurance982]

It shouldn't be regulated, period. That's kind of the whole point. If the government tries to ban or control it with taxes and what not, I'm really hoping the bitcoin community will respond by showing the middle finger.

Yeah, so it will be forbidden by the government. After all it is still the government that passes laws and has a monopoly on enforcing those laws, even by using force ifneedbe. We need stable regulatory frameworks in order to make it possible for companies to get on the Bitcoin train!

[sandykho47]

Bitcoin shouldn't regulated. does they seriously think USD will lose to BTC 

"We've decided that you can use bitcoin, but only if you use a special government sanctioned wallet that subtracts a tax fee from every transaction you make. If you won't do that, you're going to jail for being a terrorist. Thank you and good night." 

This happen, bitcoin price might freefall

If bitcoin will be regulated by someone...it will lose an idea of bitcoin!

You right, but some bitcoin service is already try to track you bitcoin (as what i see)

[littlewizard]

Bitcoin should not be regulated because it is used as decentralized currency to replace the currencies issued by countries.
If it is regulated, it is value will be reduce.

[moriartybitcoin]

Bitcoin needs to remain UNREGULATED or else it will be vulnerable to monopolization by large corporate entities. We're already seeing this with CoinBase, Circle, etc.

[wordman267645]

If we want a crypto world bitcoin should stay free.It should be regulated by free market and develop by free market rules.

[bornil267645]

it shouldn't, thats the idea, wasn't it?

[Soros Shorts]

In the US the right to unrestricted and unmonitored use of Bitcoin should be ratified as the 28th Amendment to the Constitution.