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Question: What type of effect will regulation have on bitcoin and bitcoins long-term future?
Positive
Negative
None
I don't know

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Author Topic: POLL: How do you think government regulation will effect bitcoin?  (Read 2613 times)
nutildah
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July 30, 2014, 08:29:44 PM
 #1

Please vote. I am curious to find out what the general consensus of the forum is with regards to this issue. Thank you.

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July 30, 2014, 08:32:46 PM
 #2

if exchange will be regulate ... local exchange pass over all this shit.
coinsafe with ATM integrate in software is an answer like mycelium or localbitcoin.
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July 30, 2014, 08:37:08 PM
 #3

if exchange will be regulate ... local exchange pass over all this shit.
coinsafe with ATM integrate in software is an answer like mycelium or localbitcoin.

read the bitlicence draft.

if ANY new york resident (customer) uses ANY service ANYWHERE on the planet then that service will need to pay for a bitlicence, insurance, employe a compliance officer (or pay one to get trained).

so if you own a bitcoin business anywhere, expect lawsky to suddenly want to be your "customer" no matter what blocks you put in place, purely to get you to buy his licence.

and thats just one of the pitfalls

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July 30, 2014, 08:42:37 PM
 #4

if exchange will be regulate ... local exchange pass over all this shit.
coinsafe with ATM integrate in software is an answer like mycelium or localbitcoin.

read the bitlicence draft.

if ANY new york resident (customer) uses ANY service ANYWHERE on the planet then that service will need to pay for a bitlicence, insurance, employe a compliance officer (or pay one to get trained).

so if you own a bitcoin business anywhere, expect lawsky to suddenly want to be your "customer" no matter what blocks you put in place, purely to get you to buy his licence.

and thats just one of the pitfalls

Any service or any service that acts as a store of value?

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July 30, 2014, 10:52:02 PM
 #5

It's going to have a negative effect I would think it's against the whole concept of Bitcoin and I really can't understand how they managed to regulate it.
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July 31, 2014, 03:37:27 AM
 #6

if ANY new york resident (customer) uses ANY service ANYWHERE on the planet then that service will need to pay for a bitlicence, insurance, employe a compliance officer (or pay one to get trained).

Not quite - banks are exempt from all of the bitlicense requirements.

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July 31, 2014, 09:07:27 AM
 #7

Its just going to piss off everyone who lives in new york. They are just trying to make things difficult for everyone. Annoying.

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July 31, 2014, 09:22:44 AM
 #8

Short term possibly negative. If the regulation is not totally bad, it'll be positive in long term. Banks etc need to know the exact rules. And after all, the outcome will be good.
Consider:
1) Bitcoin will be regulated OK and banks & visa/mastercard etc can join
2) Bitcoin will be regulated badly, possibly made illegal or whatever. This will cause all bitcoin stuff move underground (which may be bad initially but it will change in the long run) - Bitcoin can't be stopped.

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July 31, 2014, 09:52:47 AM
 #9


if ANY new york resident uses ANY service ANYWHERE on the planet then that service will need to pay for a bitlicence
 LOL - one more example of US megalomania.

  
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July 31, 2014, 10:59:23 AM
 #10

They can't regulate anything.

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July 31, 2014, 11:29:56 AM
 #11

It's going to have a negative effect I would think it's against the whole concept of Bitcoin and I really can't understand how they managed to regulate it.
The gov can easily put regulation on btc companies and their customers. It makes then run and behave legally. It's nothing to do with BTC's core. The protocol and block chain of btc wont be effected by the regulations.

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July 31, 2014, 11:17:05 PM
 #12

It's going to have a negative effect I would think it's against the whole concept of Bitcoin and I really can't understand how they managed to regulate it.
Regulation of bitcoin will give it some level of legitimacy and will prevent some percentage of scams that are attempted and scams that are successful. Both should help bitcoin over the long run.

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August 03, 2014, 04:24:16 PM
 #13

I voted "positive" (for the Bitcoin economy at large) because government regulation is part of becoming mainstream. However, government regulation is negative for those who don't like to be monitored by the government. As Bitcoin becomes regulated and mainstream, I think it's important to preserve its underground aspects.
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August 04, 2014, 09:21:56 AM
 #14


Have to be regulated to become mainstream unfortunately - if you wanna see $40k a BTC. 
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August 04, 2014, 02:01:47 PM
 #15

Governments will never be able to regulate bitcoin itself. They are only possible to regulate the operations of companies under their jurisdiction. If the legislations are fair and sensible it will be a good and useful thing, protecting the customers, etc. But if the regulations are abusive it will simply scare away investors (tax payers/employment creators) from that specific jurisdiction.

Bitcoin is stronger than all that.

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August 06, 2014, 02:02:39 AM
 #16

Governments will never be able to regulate bitcoin itself. They are only possible to regulate the operations of companies under their jurisdiction. If the legislations are fair and sensible it will be a good and useful thing, protecting the customers, etc. But if the regulations are abusive it will simply scare away investors (tax payers/employment creators) from that specific jurisdiction.

Bitcoin is stronger than all that.

Posted From bitcointalk.org Android App
What they can really only regulate is when bitcoin is converted to fiat. It would be very difficult to regulate any other part of the bitcoin economy. This is exactly what the NY regulators are trying to do (regulate exchanges)

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August 06, 2014, 02:21:39 AM
 #17

Governments will never be able to regulate bitcoin itself. They are only possible to regulate the operations of companies under their jurisdiction. If the legislations are fair and sensible it will be a good and useful thing, protecting the customers, etc. But if the regulations are abusive it will simply scare away investors (tax payers/employment creators) from that specific jurisdiction.

Bitcoin is stronger than all that.

Posted From bitcointalk.org Android App
What they can really only regulate is when bitcoin is converted to fiat. It would be very difficult to regulate any other part of the bitcoin economy. This is exactly what the NY regulators are trying to do (regulate exchanges)

Interesting.  Yeah to regulate exchanges, they can do that, but the nature of Bitcoin and the community means there's always going to be transactions "off the grid" and on places like localbitcoins, I think.  Or, do you think they could regulate it to make it "illegal" to trade Bitcoin anywhere other than on a regulated exchange?  That would suck.  Imagine localbitcoins would have like "Bitcoin marshals" who would try to get you to trade with them, then arrest you?
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August 06, 2014, 02:21:45 AM
 #18


Have to be regulated to become mainstream unfortunately - if you wanna see $40k a BTC. 
This is true. The unregulated nature of bitcoin currently likely is preventing both consumers and merchants from wanting to start adapting bitcoin use. With small amounts of regulation Bitcoin will get a certain amount of legitimacy.
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August 06, 2014, 03:06:31 AM
 #19

The more they regulate it the more attention Bitcoin gets.  Consider it free advertisement when people already don't trust the government.  The people paying attention will likely do what is in their best interest and Bitcoin is in everybody's best interest generally speaking.
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August 06, 2014, 03:46:22 AM
 #20

The more they regulate it the more attention Bitcoin gets.  Consider it free advertisement when people already don't trust the government.  The people paying attention will likely do what is in their best interest and Bitcoin is in everybody's best interest generally speaking.
This is only true to a point. It bitcoin becomes so regulated that people need to jump through 12 hoops to buy or sell it then the amount of press that it gets will not matter - people will not want to use it or buy it.
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August 07, 2014, 10:52:29 AM
 #21

Depends what regulation, in which country. The btc industry is already so big that even if it will become overregulated in one country, there always will be an alternative.
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August 07, 2014, 11:56:20 AM
 #22

Please vote. I am curious to find out what the general consensus of the forum is with regards to this issue. Thank you.
As the number of regulatory issues being discussed, many are wondering what it will do to the value of bitcoin. BTC does not operate in a vacuum. Regulatory decisions that will affect the price of bitcoin. The question is: will it help or hurt the value?
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August 07, 2014, 03:57:55 PM
 #23

I don't want government regulation.
I think regulating money is a pretty bad thing and highly invasive. i think you at most should have to declare income and pay tax but i think that in its current state money regulation (at least in the UK) is highly invasive and against what bitcoin aimed to achieve (Anonymity of money)

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August 07, 2014, 04:05:34 PM
 #24

I prefer using fiat if government get involve in bitcoin.


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August 08, 2014, 11:38:02 AM
 #25

It will have negative effect on the concept of bitcoin.

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August 08, 2014, 11:49:19 AM
 #26

if exchane controlled by goverment and no hacker can steal it .
it will big exchange.
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August 08, 2014, 11:58:08 AM
 #27

Negative, it should stay like it is now without regulations, BTC dont need government control

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professorXY
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August 10, 2014, 06:00:45 PM
 #28

Bitcoin is a self-regulating system, so any outside interference will have a negative impact on the development of this system
Mobius
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August 10, 2014, 06:08:51 PM
 #29

The more they regulate it the more attention Bitcoin gets.  Consider it free advertisement when people already don't trust the government.  The people paying attention will likely do what is in their best interest and Bitcoin is in everybody's best interest generally speaking.
There are some situations when it is not in a person's best interest to you bitcoin. One example of this would be a title company or a law firm account that is holding funds on behalf of their clients. Both of these types of companies need to have a very clear paper trail documenting every single transaction into and out of their bank accounts.
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