Does Bitcoin Require Regulations?

[Snail2]

Always the same pro-regulation bullshit  . Moaning about cheaters, criminals and pedos... yeah these things surely didn't existed before 2009 and actually nobody used cash, gold, whatever store of value for cheating, trading drugs and buying pedophile stuff, right?

Are we really stuffed with idiots here, or this feeling is just my paranoia ?

[DooMAD]

The protocol itself can't be regulated unless the majority of users agree to it, so "no".  The only thing that can be regulated are the entry and exit points when you convert to and from fiat.

And that's exactly what will happen. No point trying to fight it really. May as well accept it of part of reality really.

Eventually even regulating exchanges won't matter.  More trades will just be done peer-to-peer and they can't regulate that.  If they can't stop p2p filesharing, it stands to reason they can't stop p2p money.

Exchanges weren't part of Bitcoin's design plan anyway.  They're just an unfortunate throwback to peoples' bizarre willingness to trust third parties with their money even though they don't actually need to, but that's another subject.

[Yeah?]

Bitcoin doesnt require it at all. It'll manage fine without it, but the governments will  obviously be looking at how to best regulate it.

[yatsey87]

The protocol itself can't be regulated unless the majority of users agree to it, so "no".  The only thing that can be regulated are the entry and exit points when you convert to and from fiat.

And that's exactly what will happen. No point trying to fight it really. May as well accept it of part of reality really.

Eventually even regulating exchanges won't matter.  More trades will just be done peer-to-peer and they can't regulate that.  If they can't stop p2p filesharing, it stands to reason they can't stop p2p money.

Exchanges weren't part of Bitcoin's design plan anyway.  They're just an unfortunate throwback to peoples' bizarre willingness to trust third parties with their money even though they don't actually need to, but that's another subject.

You can never expect to regulate everything 100%. You can do plenty of deals in cash that would never leave a papertrail or see govenments taking their cut. It's called money laundering, and they'll come after you if you try get around paying what you owe to them.

[Whitehouse]

The protocol itself can't be regulated unless the majority of users agree to it, so "no".  The only thing that can be regulated are the entry and exit points when you convert to and from fiat.

And that's exactly what will happen. No point trying to fight it really. May as well accept it of part of reality really.

Eventually even regulating exchanges won't matter.  More trades will just be done peer-to-peer and they can't regulate that.  If they can't stop p2p filesharing, it stands to reason they can't stop p2p money.

They cant really stop them but filesharing is still illegal and youll be punished if caught.

[spazzdla]

No punishment in Canada for F sharing .

[QuestionAuthority]

To be widely adopted by every schmo in the country that wants to buy a bag of peanuts with the cool new technology: regulation desired.

To be a tool for people to avoid the persecution of governments and the control of their subjects: regulation subversion necessary, mass adoption by the moral majority undesirable.

[atc1]

Exchanges weren't part of Bitcoin's design plan anyway.  They're just an unfortunate throwback to peoples' bizarre willingness to trust third parties with their money even though they don't actually need to, but that's another subject.

I think that having regulations for exchanges is the only thing that Governments can actually do at this pint. Since it's pretty much impossible to stop the protocol itself,the weakest links where Bitcoin comes into contact with governmental currency is at the exchanges. But such regulations may also help lend credibility to third party exchanges,since without any regulations,if you lose your money,there'd be a total lack of accountability.

[yatsey87]

To be widely adopted by every schmo in the country that wants to buy a bag of peanuts with the cool new technology: regulation desired.

To be a tool for people to avoid the persecution of governments and the control of their subjects: regulation subversion necessary, mass adoption by the moral majority undesirable.

And I think both ways will work together nicely. If you want to buck the government and go full anarchist then you can do so, but if you want to play good little citizen and pay your taxes to your leaders and get on with your life you can do that too  .

[blatchcorn]

Of course it needs some regulation, mainly the way people interact with bitcoin.

Like these pump and dump schemes, for instance, are clear examples of issues that should be regulated.

[RodeoX]

I would say that it does not need regulation. But since it involves commerce, it will have regulation.

[Jesu]

Of course it needs some regulation, mainly the way people interact with bitcoin.

Like these pump and dump schemes, for instance, are clear examples of issues that should be regulated.

Will regulation really stop pump and dumps though?

[Aswan]

Why are we so intent on begging governments to meddle with bit coin? Does it lend some false sense of legitimacy? Why do battered animals curl up beside abusive masters?

Bit coin does not need permission to exist and it certainly does not need a bunch of bureaucrats meddling with how we use it.

Nobody is begging them nor does it need their permission, but the powers that be wont just let us use it whilst avoid paying taxes on it. If it's going to be a legitimate currency then it's to be expected that they will try and regulate it.

The whole term of "Tax Avoidance", "Tax Evasion" etc. if a weird one to begin with. You aren't called a "Death avoider" or something like that by not joining the military and going to wars either. People don't "avoid" Tax, they just decide to not bribe a bunch of people for not getting their land and possessions taken.
However, this is a medieval way of life with the only difference that back then it was easier to hide and you the thieves were less organized.

[Beliathon]

To be widely adopted by every schmo in the country that wants to buy a bag of peanuts with the cool new technology: regulation desired.

To be a tool for people to avoid the persecution of governments and the control of their subjects: regulation subversion necessary, mass adoption by the moral majority undesirable.

Bitcoin is a tool, do with it what you will. Remember, tools are always neutral - you bring the morality. You shouldn't let anyone tell you how to use your tools, you need only your own ethics.

Let truth be your authority, not authority your truth.

[yatsey87]

To be widely adopted by every schmo in the country that wants to buy a bag of peanuts with the cool new technology: regulation desired.

To be a tool for people to avoid the persecution of governments and the control of their subjects: regulation subversion necessary, mass adoption by the moral majority undesirable.

Bitcoin is a tool, do with it what you will. Remember, tools are always neutral - you bring the morality. You shouldn't let anyone tell you how to use your tools, you need only your own ethics.

Let truth be your authority, not authority your truth.

I like the saying every tool is a weapon if you hold it right.

[unexecuted]

If you're a member of chineese or russian government, your answer is "yes" 

[franky1]

bitcoin does not need financial oversight, such as Fincen Fintrac, FCA etc

what is needed is that businesses follow the rules of consumer rights, better business bureau and all the other consumer/business stuff.

[Maidak]

I've slowed down my frequent buying/selling of BTC due to the tax laws in the US.

[TopherB]

Of course it needs some regulation, mainly the way people interact with bitcoin.

Like these pump and dump schemes, for instance, are clear examples of issues that should be regulated.

Will regulation really stop pump and dumps though?

As long as there are people that believe they can fall into money and that eventually it will be their turn, as long as there are people who's greed is stronger than their rationality, there will be pump and dumps and all manner of cons. No laws, no regulations will ever change that.

[DooMAD]

bitcoin does not need financial oversight, such as Fincen Fintrac, FCA etc

what is needed is that businesses follow the rules of consumer rights, better business bureau and all the other consumer/business stuff.

Precisely this.  Not only does it not need oversight, but because Bitcoin is global, a single sovereign government or smaller subsidiary body couldn't impose oversight upon it, even if it wanted to.  Plus there would likely be disagreements with other sovereign nations with what those oversights should or shouldn't be and they would never reach agreement anyway.  

Companies, on the other hand, are subject to the laws of the jurisdictions in which they operate.  Regulatory bodies should act upon any such business which aren't treating their customers well.  That should be more than sufficient in terms of how far regulation should go.