Does Bitcoin Require Regulations?

[Ron~Popeil]

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.

Exactly. We all ready have structures to protect consumers. We really don't need bit coin specific ones. It is all ready hard enough to operate a regular business in the western regulatory climate.   

[johnyj]

You can regulate the bitcoin related exchange/business, but you can't really regulate bitcoin since it can travel across the whole internet. Currently all the government's regulation only apply domestically

[Beliathon]

Just so everyone is clear, "regulation" is a euphemism for government castration of Bitcoin.

No, Bitcoin does not need the same corrupt fuckers who ruined the dollar meddling with it, thanks.

[LostDutchman]

Just so everyone is clear, "regulation" is a euphemism for government castration of Bitcoin.

No, Bitcoin does not need the same corrupt fuckers who ruined the dollar meddling with it, thanks.

What you wrote!

[BetMoose]

Technology will be our regulator.

In cryptography we trust.

[LostDutchman]

Technology will be our regulator.

In cryptography we trust.

Now there is a very good thought!

Of course it has gone right over the heads of the gaming types.

[jbreher]

Math has been used for some pretty bad things throughout history.

It should not be regulated.

I forget the details, but some legislature somewhere enacted a law that pi would henceforth be exactly 3.14. I'm sure they were well-meaning, and they were just 'doing it for the children'.

But the could not see the folly in their regulation.

Such would be with Bitcoin regulation.

[Denise520]

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

Tax laws of BTC ?

[LostDutchman]

Just so everyone is clear, "regulation" is a euphemism for government castration of Bitcoin.

No, Bitcoin does not need the same corrupt fuckers who ruined the dollar meddling with it, thanks.

Yep.

Too late though.

A new "underground" cometh.

[Denise520]

Technology will be our regulator.

In cryptography we trust.

Now there is a very good thought!

Of course it has gone right over the heads of the gaming types.

I agree with you to some extent. Technology will be our regulator.

[jc01480]

Just so everyone is clear, "regulation" is a euphemism for government castration of Bitcoin.

No, Bitcoin does not need the same corrupt fuckers who ruined the dollar meddling with it, thanks.

Yep.

Too late though.

A new "underground" cometh.

I'll tell you this: regulation will kill it faster than a politician can kiss a baby.  The kiss of death.  And yes, a whole global underground cometh after that. 

[LostDutchman]

Just so everyone is clear, "regulation" is a euphemism for government castration of Bitcoin.

No, Bitcoin does not need the same corrupt fuckers who ruined the dollar meddling with it, thanks.

Yep.

Too late though.

A new "underground" cometh.

I'll tell you this: regulation will kill it faster than a politician can kiss a baby.  The kiss of death.  And yes, a whole global underground cometh after that. 

Yep and I will be at the forefront but you will not know it is me.

[jc01480]

And what if it's me?  This town ain't big enough for two undergrounds, brother.

[bryant.coleman]

The best thing will be to create a Libertarian paradise, where there will be no regulations on the Bitcoin. If that is not possible, then let us welcome the regulations and laws on Bitcoin, in order to eliminate the taxation-related complications.

[Kazimir]

I think there's a misconception here. Contrary to what some of you seem to think, Bitcoin is already regulated. However, unlike other types of money and payment systems, Bitcoin is not regulated by a single person or institute (like a central bank, or government, or politician) but by the transparent, crystal clear, universal mathematical and cryptographic set of rules that constitutes the backbone of Bitcoin.

This is a new paradigm for many people, especially for lawmakers. It's a new kind of regulation - and a better kind for that matter, as far as I'm concerned. Better as in: more equal to all participating parties (nobody in particular is in control, or everybody together), more transparent, more universal, and much less prone to corruption, abuse or fraud.

So, yes, Bitcoin needs regulation. And fortunately, in a very clever and innovative way, it comes packed with all the regulation we could wish for.

[1986]

Bitcoin doesnt require any sort of regulation at all. Thats why I like it.

[Melbustus]

Technology will be our regulator.

In cryptography we trust.

Now there is a very good thought!

Of course it has gone right over the heads of the gaming types.

I agree with you to some extent. Technology will be our regulator.

Exactly. Eventually, the radical transparency and funds-control offered by the blockchain and crypto will make much of what regulators do in the legacy financial system redundant. Proof-of-reserves, multi-sig, blockchain audits, etc, will allow consumers far more immediately verifiable information about the entities with which they choose to transact, plus more secure control of funds. Providing that sort of transparency and info to consumers was one of the main drivers for the existing regulatory body.

[franky1]

Technology will be our regulator.

In cryptography we trust.

Now there is a very good thought!

Of course it has gone right over the heads of the gaming types.

I agree with you to some extent. Technology will be our regulator.

Exactly. Eventually, the radical transparency and funds-control offered by the blockchain and crypto will make much of what regulators do in the legacy financial system redundant. Proof-of-reserves, multi-sig, blockchain audits, etc, will allow consumers far more immediately verifiable information about the entities with which they choose to transact, plus more secure control of funds. Providing that sort of transparency and info to consumers was one of the main drivers for the existing regulatory body.

bitcoin is not money. governments have said it out loud in the US, UK, and multiple countries of Europe. so they and all of us agree that bitcoin itself will no be regulated by financial regulators, because its an ASSET! (which is a good thing)

so lets close the book on discussions of financial regulation of bitcoin.

now then, the oversight of BUSINESSES however will be apparent, for exchanges that use FIAT deposits/withdrawals they have to follow the current FIAT rules. also the business ethics side (consumer rights) there are already agencies in place such as BBB(better business bureau) OFT(Office of Fair Trading) etc.

so as long as businesses run ethically and control FIAT responsibly, then bitcoin can be left to do what it does best.

[LostDutchman]

Technology will be our regulator.

In cryptography we trust.

Now there is a very good thought!

Of course it has gone right over the heads of the gaming types.

I agree with you to some extent. Technology will be our regulator.

Exactly. Eventually, the radical transparency and funds-control offered by the blockchain and crypto will make much of what regulators do in the legacy financial system redundant. Proof-of-reserves, multi-sig, blockchain audits, etc, will allow consumers far more immediately verifiable information about the entities with which they choose to transact, plus more secure control of funds. Providing that sort of transparency and info to consumers was one of the main drivers for the existing regulatory body.

bitcoin is not money. governments have said it out loud in the US, UK, and multiple countries of Europe. so they and all of us agree that bitcoin itself  be regulated by financial regulators, because its an ASSET! (which is a good thing)

so lets close the book on discussions of financial regulation of bitcoin.

now then, the oversight of BUSINESSES however will be apparent, for exchanges that use FIAT deposits/withdrawals they have to follow the current FIAT rules. also the business ethics side (consumer rights) there are already agencies in place such as BBB(better business bureau) OFT(Office of Fair Trading) etc.

so as long as businesses run ethically and control FIAT responsibly, then bitcoin can be left to do what it does best.

"so as long as businesses run ethically and control FIAT responsibly......."

Yeah, right.

Leave Bitcoin alone anyway.

[franky1]

"so as long as businesses run ethically and control FIAT responsibly......."

Yeah, right.

Leave Bitcoin alone anyway.

your depth perception seems limited.

personal bitcoin transactions will remain free to do whatever they want. same goes for personal loans, and other peer to peer stuff.. but businesses... ACTUAL businesses do need some ethics.

take BFL for instance. wouldnt you even agree that if BFL didn't do the 1 year 'pre-order' but instead only offered pre-orders for no longer then a month (which is an acceptable reasonable time in regards to BBB policy) then consumers would be happier.

take intersango for instance, if as a business they had to register a business with companies house and get audited, wouldn't you and everyone have been happier that they were legit and be held legally accountable

in both cases these 'companies' acted like dodgy hobbyists taking large sums and acting like they are not accountable for anything.

this is not about bitcoin. this is about businesses treating customers correctly