Is Regulation The End For Bitcoin?

[maku]

Is Regulation The End For Bitcoin?

http://bitforum.info/t/is-regulation-the-end-for-bitcoin/396

Maybe bitcoiners doesnt say this out loud but majority of us question ourselves, if Bitcoin will be regulated. Would it be the end?

I mean, if there is a central entity that regulates Bitcoin, do you think that they're regulation would be 'limited' or will they violate a bitcoiners privacy for the sake of 'regulation'?

In the article, it reads the advantages of regulation.

Can you give out negative effects if Bitcoin is regulated?

They can regulate all they want, they cannot come into your house and tell you what to do with your Bitcoins. As long as you don't convert to fiat reguations don't even matter.

Are you really that sure that authorities will not barge in to your house if you use unregulated coins? Think again.

In America? Probably yes as US government tends to be overactive to to the point is not funny anymore. In EU, I doubt it. But I already can tell that politicians want our money more and more. So sooner or later bitcoin will taxed along the way. And they probably do this in indirect way. That mean every service related to any form of cryptocurrency will be paying tax - just for using bitcoins.

[Kprawn]

If the regulation was brought in to protect the consumer, it would be a good thing.

If they bring in regulation or apply other regulation as the USA is already doing with AML / KYC it might harm the growth and innovation of the technology.

We also have huge companies with leverage with politicians, who will do anything in their power to stop Crypto currencies from disrupting their power and income monopoly.
We all know who is making these regulations and we all know that they are “puppets on a string” for these huge companies.

[kepo07]

Is Regulation The End For Bitcoin?

http://bitforum.info/t/is-regulation-the-end-for-bitcoin/396

Maybe bitcoiners doesnt say this out loud but majority of us question ourselves, if Bitcoin will be regulated. Would it be the end?

I mean, if there is a central entity that regulates Bitcoin, do you think that they're regulation would be 'limited' or will they violate a bitcoiners privacy for the sake of 'regulation'?

In the article, it reads the advantages of regulation.

Can you give out negative effects if Bitcoin is regulated?

They can regulate all they want, they cannot come into your house and tell you what to do with your Bitcoins. As long as you don't convert to fiat reguations don't even matter.

Are you really that sure that authorities will not barge in to your house if you use unregulated coins? Think again.

Honestly, how would they know if you are using Bitcoin and not your neighbour? If they ever strongly restrict Bitcoin, encryption methods can be used to encrypt transactions and authorities would not be able to find you.

[gentlemand]

I approve of regulation if it prevents people from having their coins nicked by the scum/ idiots that infest much of the current BTC space.

If governments attempt to enforce things like seizable addresses then I'll be going black or drifting away. I think many of them are bright enough to realise that working with it helps everyone. If they attempt to impose their will then it's going underground. It'll be a fraction of what it could be, but it'll still be out there somewhere.

[Onestopbrokers Directory]

I approve of regulation if it prevents people from having their coins nicked by the scum/ idiots that infest much of the current BTC space.

If governments attempt to enforce things like seizable addresses then I'll be going black or drifting away. I think many of them are bright enough to realise that working with it helps everyone. If they attempt to impose their will then it's going underground. It'll be a fraction of what it could be, but it'll still be out there somewhere.

I agree with what you point out.

I read also this http://www.onestopbrokers.com/2015/03/17/isle-man-preparing-pass-digital-currency-regulatory-framework/ that I think is related.

[turvarya]

I approve of regulation if it prevents people from having their coins nicked by the scum/ idiots that infest much of the current BTC space.

If governments attempt to enforce things like seizable addresses then I'll be going black or drifting away. I think many of them are bright enough to realise that working with it helps everyone. If they attempt to impose their will then it's going underground. It'll be a fraction of what it could be, but it'll still be out there somewhere.

That is just not possible. You'd have to change Bitcoin at it's core.

[gentlemand]

That is just not possible. You'd have to change Bitcoin at it's core.

Not the core, but widely utilised layers on top perhaps. I assume there'll be numerous bitcoin banks at some point.

Coinbase is already tracking coins run through them to gambling sites and shutting users down. The services that can be controlled more easily will be voluntary but very tempting for the average user.

[turvarya]

That is just not possible. You'd have to change Bitcoin at it's core.

Not the core, but widely utilised layers on top perhaps. I assume there'll be numerous bitcoin banks at some point.

Coinbase is already tracking coins run through them to gambling sites and shutting users down. The services that can be controlled more easily will be voluntary but very tempting for the average user.

If you are not the solely owner of your private key, you have no Bitcoin.
Nobody can seize my paper wallets.

[mikelitoris]

A regulated, fully traceable currency, sounds like a tax mans wet dream

[Ron~Popeil]

If the regulation was brought in to protect the consumer, it would be a good thing.

If they bring in regulation or apply other regulation as the USA is already doing with AML / KYC it might harm the growth and innovation of the technology.

We also have huge companies with leverage with politicians, who will do anything in their power to stop Crypto currencies from disrupting their power and income monopoly.
We all know who is making these regulations and we all know that they are “puppets on a string” for these huge companies.

The problem is that they will say it is all about the consumer but as with everything else government does it is about control and getting their share of the pie.

Visa and Mastercard definitely come to mind as a huge company that will lobby like crazy against bitcoin. I am not sure how much the government could actually do for them at this point, but they will most certainly try.

[Lauda]

I think that we had this discussion many times already here. Regulation is necessary for the future of bitcoin. We're currently lacking it.
I'm pretty sure that Andreas talked about this multiple times, you should look it up on the internet.

In any case, Bitcoin stays alive, legal or illegal.

[Furio]

I think that we had this discussion many times already here. Regulation is necessary for the future of bitcoin. We're currently lacking it.
I'm pretty sure that Andreas talked about this multiple times, you should look it up on the internet.

In any case, Bitcoin stays alive, legal or illegal.

Alive when illegal yes, but thriving, no, bitcoin value would be a fraction of what it is now, since alot of people get deterred when it's illigal, eventhough the current financial system creates more crime 

[Honeybooboo]

A regulated, fully traceable currency, sounds like a tax mans wet dream

It's not fully traceable though and you can only track it so far if the person uses mixers or other such methods to try obfuscate their coins true destination.

I think that we had this discussion many times already here. Regulation is necessary for the future of bitcoin. We're currently lacking it.
I'm pretty sure that Andreas talked about this multiple times, you should look it up on the internet.

In any case, Bitcoin stays alive, legal or illegal.

Exactly. People seem to have a knee jerk reaction to the word 'regulation' but it is a natural process and can even be good in some cases. For instance, I would rather drugs be legal and regulated so the consumers get a safe product and the government can get taxes (but only if those taxes are spent on things in the public good like schools, hospitals, roads etc.

[rastapirataroberto]

i think regulation could be something good for bitcoin when it has to go mainstream to be working, or the fees won't just be enought to substain a decentralized mining..

maybe going mainstream is also the end for bitcoin, dunno.

[Honeybooboo]

i think regulation could be something good for bitcoin when it has to go mainstream to be working, or the fees won't just be enought to substain a decentralized mining..

maybe going mainstream is also the end for bitcoin, dunno.

Why would going mainstream be the end of bitcoin? Doesn't make sense. If anything going mainstream would be the beginning of it becoming a useful currency.

[countryfree]

There will always be services like localbitcoins with people exchanging BTC for cash at bars, and there are more and more digital goods, so even if part of the BTC economy can be regulated, there will always be large unregulated activities.

Besides, even with regulation, BTC is far from doomed. Many people are honest and willing to pay their fair share of tax.

[Gimpeline]

If it gets too regulated I think most of the users will move over to something else.
Not sure if it would die, but it would loose a lot of it's value

[ChuckBuck]

Need a happy medium, so a little bit of both.  Regulation for the major Bitcoin exchanges, but not for the developers, merchants, and end users with Bitcoin.

Just a little give and take when it comes to regulation, like pretty much what's happening now in New York with the Bitlicense.  Can't always operate in the dark or gray area, but at the same time, we can't have regulation stifle innovation, growth, and maturation.

[Kipsy89]

Is Regulation The End For Bitcoin?

http://bitforum.info/t/is-regulation-the-end-for-bitcoin/396

Maybe bitcoiners doesnt say this out loud but majority of us question ourselves, if Bitcoin will be regulated. Would it be the end?

I mean, if there is a central entity that regulates Bitcoin, do you think that they're regulation would be 'limited' or will they violate a bitcoiners privacy for the sake of 'regulation'?

In the article, it reads the advantages of regulation.

Can you give out negative effects if Bitcoin is regulated?

I think regulation is a very good thing for Bitcoin and is much needed for it to gain more momentum and traction. People are unwilling to invest in something that may be illegal or is too shady. We need regulation!!!

[OpenOcean]

If the regulation is inefficient, people will break the law.

This has happened with alcohol in the past, marijuana in the past, it might happen with Bitcoin, too.