POLL: How do you think government regulation will effect bitcoin?

[nutildah]

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

[Meuh6879]

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.

[franky1]

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

[AliceWonder]

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?

[pissedoff]

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.

[jbreher]

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.

[doubleredrolex]

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

[Anduck]

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.

[cogabonito]

They can't regulate anything.

[lihuajkl]

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.

[blumangroup]

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.

[Giulio Prisco]

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.

[BitCoinNutJob]

Have to be regulated to become mainstream unfortunately - if you wanna see $40k a BTC. 

[libivan]

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

[mnmShadyBTC]

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)

[jjc326]

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?

[51percemt]

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.

[counter]

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.

[BIGbangTheory]

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.

[cryptofan5]

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.