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EMIF
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March 13, 2015, 02:28:16 PM |
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In terms of protocol ; I dont believe Bitcoin can be regulated by any goverment.
However, in terms of currency ,Bitcoin can be regulated and be taxed etc. Goverments can make some restrictions what people can do with Bitcoin.
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Daniel91
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March 13, 2015, 02:35:43 PM |
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When Bitcoin finally becomes fully regulated and widely used like MasterCard I think many early adopters will sell out their holdings at the first giant price spike and stop coming here to post. Think about it, do you go over and hang out at the MasterCard forum? Of course not because MasterCard isn't trendy-edgy-cool. Bitcoin won't be either at that point.
I agree with you. After all, it's all about business and money. If early adopters think that bitcoin is good investment, they will stick with it, regulated or not regulated. |
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Netnox
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March 13, 2015, 02:40:00 PM |
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Agreed ^. Bitcoin runs completely fine without any governmental intrusion or regulation. The network and users regulates itself and that is the beauty of bitcoin. People were using and transacting with it just fine for years without any regulation so I don't see your logic.
How much like a couple thousand? Trust me bitcoin won't go mainstream if its not regulated, 99% of people won't use it. |
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ChuckBuck
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March 13, 2015, 02:43:44 PM |
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Agreed ^. Bitcoin runs completely fine without any governmental intrusion or regulation. The network and users regulates itself and that is the beauty of bitcoin. People were using and transacting with it just fine for years without any regulation so I don't see your logic.
How much like a couple thousand? Trust me bitcoin won't go mainstream if its not regulated, 99% of people won't use it. Have to whole-heartedly agree there. Bitcoin will die before it's even out of beta, if we don't get things like consumer and fraud protection in place. Insurance is another factor. All the Gox'ing, Stamp'ing, Mycoin'ing, Neo and Bees, and continuous scams will prevent Bitcoin from maturing and taking off if only the 200,000 or so Bitcoin users in the world use it. Need to add a few a more decimals to that figure, and only way to do that is to provide protection. |
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Netnox
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March 13, 2015, 02:45:10 PM |
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When Bitcoin finally becomes fully regulated and widely used like MasterCard I think many early adopters will sell out their holdings at the first giant price spike and stop coming here to post. Think about it, do you go over and hang out at the MasterCard forum? Of course not because MasterCard isn't trendy-edgy-cool. Bitcoin won't be either at that point.
Can you give reasons why they would do that when bitcoin network effect surpasses that of mastercard? The fact of the matter is bitcoin allows you to make transactions without the middle man so even if its regulated i can still send people money p2p without a middleman. |
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Netnox
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March 13, 2015, 02:47:11 PM |
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Agreed ^. Bitcoin runs completely fine without any governmental intrusion or regulation. The network and users regulates itself and that is the beauty of bitcoin. People were using and transacting with it just fine for years without any regulation so I don't see your logic.
How much like a couple thousand? Trust me bitcoin won't go mainstream if its not regulated, 99% of people won't use it. Have to whole-heartedly agree there. Bitcoin will die before it's even out of beta, if we don't get things like consumer and fraud protection in place. Insurance is another factor. All the Gox'ing, Stamp'ing, Mycoin'ing, Neo and Bees, and continuous scams will prevent Bitcoin from maturing and taking off if only the 200,000 or so Bitcoin users in the world use it. Need to add a few a more decimals to that figure, and only way to do that is to provide protection. +1 one of the reasons why bitcoins has been crashing big time and that for a couple times is because unregulated exchanges and incompetent people running those. |
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QuestionAuthority
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You lead and I'll watch you walk away.
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March 13, 2015, 03:37:52 PM |
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When Bitcoin finally becomes fully regulated and widely used like MasterCard I think many early adopters will sell out their holdings at the first giant price spike and stop coming here to post. Think about it, do you go over and hang out at the MasterCard forum? Of course not because MasterCard isn't trendy-edgy-cool. Bitcoin won't be either at that point.
Can you give reasons why they would do that when bitcoin network effect surpasses that of mastercard? The fact of the matter is bitcoin allows you to make transactions without the middle man so even if its regulated i can still send people money p2p without a middleman. Where do you buy your coins? |
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Ron~Popeil
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March 13, 2015, 03:45:47 PM |
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You can't really "regulate" bit coin. You can regulate people. The borderless nature of bitcoin makes it impossible to ever completely control it or the people using it. I think current consumer laws provide a framework for protection, it is simply a question of law enforcement catching up.
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funkenstein
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Khazad ai-menu!
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March 13, 2015, 04:01:51 PM |
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When Bitcoin finally becomes fully regulated and widely used like MasterCard I think many early adopters will sell out their holdings at the first giant price spike and stop coming here to post. Think about it, do you go over and hang out at the MasterCard forum? Of course not because MasterCard isn't trendy-edgy-cool. Bitcoin won't be either at that point.
Can you give reasons why they would do that when bitcoin network effect surpasses that of mastercard? The fact of the matter is bitcoin allows you to make transactions without the middle man so even if its regulated i can still send people money p2p without a middleman. Where do you buy your coins? And where do you buy your fiat tokens? |
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Beliathon
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March 13, 2015, 04:02:50 PM |
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The blockchain will treat any harmful regulation as damage to the system, and will route around it as indifferently as a river routes around a boulder.
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erikalui
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March 13, 2015, 04:03:43 PM |
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I feel that it's better that bitcoins are regulated. It will be more safer to use and a recognized entity as it is said in the article that currently Bitcoin can be used for illegal activities like funding terrorist organizations but with the regulation, this risk will reduce significantly.
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Ron~Popeil
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March 13, 2015, 05:04:05 PM |
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I feel that it's better that bitcoins are regulated. It will be more safer to use and a recognized entity as it is said in the article that currently Bitcoin can be used for illegal activities like funding terrorist organizations but with the regulation, this risk will reduce significantly.
We have books of regulations for fiat currency. Criminals still use it. So do terrorists. You cannot regulate away people with nefarious intentions regardless of what their chosen medium of exchange is. There will always be criminals and they will always use currency no matter the format. |
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Bit_Happy
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A Great Time to Start Something!
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March 13, 2015, 05:10:50 PM |
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First, there will be less bitcoiner, since it's regulated Second, some bitcoin will sell their coins & dropping bitcoin price, since it's better to hold fiat than regulated bitcoin Third, some bitcoin service will be closed, especially ilegal service  But, i think bitcoin better die than must be regulated First, there will be many more bitcoiners, since countless business are looking for a "stable legal framework" before they dive into BTC related activities. |
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Joe_Bauers
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March 13, 2015, 05:17:40 PM
Last edit: March 13, 2015, 06:03:33 PM by Joe_Bauers |
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In general, regulation is the enemy of freedom. However, some regulation, especially with regard to the exchanges, will likely get rid of some of the "wild wild west" aspects of the current environment and possibly bring wider adoption.
This regulation could be as simple as a "mandatory" proof of reserves concept used by all major exchanges to help eliminate any future MtGakEsque shitstorms and should be enabled/enforced by the community rather than some world government.
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winchancer
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March 13, 2015, 05:29:41 PM |
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That's crap. BTC will never be regulated otherwise it will be another LibertyReserve currency aka victim of Usa.
It was created to evade any possible regulation so it is so popular...
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erikalui
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March 13, 2015, 05:30:34 PM |
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I feel that it's better that bitcoins are regulated. It will be more safer to use and a recognized entity as it is said in the article that currently Bitcoin can be used for illegal activities like funding terrorist organizations but with the regulation, this risk will reduce significantly.
We have books of regulations for fiat currency. Criminals still use it. So do terrorists. You cannot regulate away people with nefarious intentions regardless of what their chosen medium of exchange is. There will always be criminals and they will always use currency no matter the format. Criminals can get anything without any verification but if the currency is regulated, it will atleast not be illegal to use for users who are earning it and not using it for illegal activities. Currently in some countries, transaction in bitcoins is considered illegal. |
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Ron~Popeil
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March 13, 2015, 05:38:36 PM |
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I feel that it's better that bitcoins are regulated. It will be more safer to use and a recognized entity as it is said in the article that currently Bitcoin can be used for illegal activities like funding terrorist organizations but with the regulation, this risk will reduce significantly.
We have books of regulations for fiat currency. Criminals still use it. So do terrorists. You cannot regulate away people with nefarious intentions regardless of what their chosen medium of exchange is. There will always be criminals and they will always use currency no matter the format. Criminals can get anything without any verification but if the currency is regulated, it will atleast not be illegal to use for users who are earning it and not using it for illegal activities. Currently in some countries, transaction in bitcoins is considered illegal. And yet those countries still have crime and terrorism issues. Weird..... Governments tend to assume that everyone has nefarious intentions and proceed to place ham handed regulations on everyone as a result. They then prosecute people that would not be criminals except for their regulations. They then trot out these "criminals" and pat themselves on the back for proving that their regulations work. Crypto currencies do not need specific regulation. Governments need to enforce consumer protections and current laws to protect crypto users within the current regulatory framework. |
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redhawk979
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March 13, 2015, 05:59:06 PM |
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The blockchain will treat any harmful regulation as damage to the system, and will route around it as indifferently as a river routes around a boulder.
Yea, cause microsoft, et.al are totally going to stay on board with that. |
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countryfree
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March 13, 2015, 07:51:01 PM |
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Regulation? Drugs are highly regulated. In most places, they're illegal, and yet they're everywhere, available to all. If governments have failed with drugs, I can't imagine how they could control BTC with whatever regulation.
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I used to be a citizen and a taxpayer. Those days are long gone.
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nutildah
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March 13, 2015, 07:59:29 PM |
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The IRS has already issued guidance on how to report BTC buys/sales as taxable income... Any more regulation that adds to the transaction fee renders bitcoin more and more useless. The U.S. is already getting their cut every time you report gains from BTC, lets hope it ends there.
New York is already well on the way to making sure it won't, though.
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