Crypto regulation
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Crypto market is growing every year and more and more money is invested into Cryptos. Crypto market cap grew from 1 Billion USD in 2013. to 385 Billion USD at moment of writing with peak in Jan 2018. of almost 800 Billion USD.
More money at market attract more people and while there is many people who understand and support Cryptos, there is also lot of people that are against it. More money also attracts interest of media and that is why we hear everyday different opinions from many people.
Some of them like Tim Draper are Hyping Cryptos while we hear some FUD from many old school investors like Warren Buffett who doesn't believe in Cryptos, that are saying that Bitcoin is worst scam in history or some other bullshit.
Of course that I think different but I can't say that I don't understand them. Almost all people who are trashing Bitcoin are older and they have problem to understand technology behind cryptos and importance of it. If we add on that that there is almost NO REGULATION at Crypto market, I really understand why they don't believe in Cryptos.
For me, CRYPTO REGULATION IS KEY FOR MAINSTREAM ADOPTION OF CRYPTOS.
This is slowly happening and more and more countries are setting some rules. I know that lot of people don't like that but that is great for Crypto world in my opinion. You have to pay tax on everything in your life and while you can like that or not, these are the rules.
I say that regulation is great for Crypto world because I am sure that there is lot of people that don't have anything to hide and they are waiting for regulation to invest. I have many friends around the world who are invested at stock market and they would invest in Cryptos but they are waiting for regulation because they don't want to mess with unregulated things.
Things are slowly going into that direction and now almost all exchanges have implemented KYC. Detailed KYC is usually obligation if you wanna trade larger amount of cryptos or if you wanna cash out and take fiat money. For smaller trades most of exchanges don't do KYC but that will change also in future. Coinbase has huge amount of users and when you wanna use it you will get this:
Because of that, people who want to stay anonymous will use DEX. Decentralized exchanges are very important because there is many reasons for some people to stay anonymous. From DEX will be very hard to cash out in fiat money but still you will have your wealth in your coins. Beside DEX, there are Privacy coins like Monero and Zcash for them. I am sure that Bitcoin will also have some full privacy option in the future.
Privacy is important because it gives you freedom and independency. Julian Assange couldn't fight for his cause without cryptocurrency support. Many regimes around world forbid use of Cryptos because they know that they can't control it. Even some countries like Venezuela made its own Crypto to fight sanctions against them.
That is beauty and future of Cryptos in my opinion. If you wanna be fully transparent you will have that and if you wanna have privacy, you will have that also!
I would like to know your opinion about regulation, do you support it or not?
Regards,
next years will be great for crypto
I agree regulation is one of the most important things related to crypto and the Japanese bank trustee is a prime example. No one person should be able to move the market as much as him. Also, when he does his big sell orders - there are a lot of insider trader short orders as well. Regulation will help take us back to $800 billion market cap!
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Great content. And i am always agree with you @cicbar. Crypto regulation is really a key for mainstrem adoption. From 2013 to 2018 crypto market grew a lot. Many of us now want to invest their money in crypto. Thanks for sharing your valuable knowledge with us.
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It's going to be interesting to watch, the cat and mouse game between regulators on one side and innovative, libertarian people inventing ever-harder-to-trace and ever-harder-to-censor crypto systems.
I believe there is a learning curve involved and the crypto "battlefield" is ideological at heart. Crypto is the new revolution. I know the anarcho-capitalists behind the earliest and most successful cryptos will shudder at the comparison, but they are the new Trotsky, Lenin and others.
I bet at some point a plurality of people will realize that, on balance, the "old world" is better balanced and offers more people opportunties to live their lifes as they see fit. The "old world" will incorporate the best features of crypto but overall, the anarcho-libertarian ideology, having understood the downsides of what it dreams of, will subside.
A bit of campaigning:
+1
Depends on what you consider “regulation”, @cicbar.
Good decentralized cryptocurrencies are already self-regulated through their algorythm.
Regulation of the fradulent cryptocurrencies is already managed through the civil and criminal laws. ICOs can also be regulated by analogy to any other venture we already have.
Now, when the state talks about regulation, it really talks about CONTROL and possibility to TAX cryptocurrencies.
So, I, as a retired lawyer, have to say — the state should care about securing an honest trade, and it should regulate BUSINESS, and not care about the means of payment.
State regulative in the domain of decentralized cryptocurrencies is not possible nor is a good thing. AGAINST.
By regulation I mean that you know your rights and obligations if you hold some Crypto. It is not same if you hold payment coins or platforms and passive income tokens. They should be treated different. You can’t expect that civil or criminal low helps you in case of some fraud like Bitconnect or Davor coin without proper regulation.
Of course you can @cicbar! It's a simple fraud. Imagine that Bitconnect or Davor coin promised you something else (for example gold, or some fiat, or chocolate bars), and didn't deliver. Of course you would be entitled to sue for fraud, and the state would be obliged to protect you (if it is a real state, and not an oligarch scheme). Why would it be necessary to regulate a special case of trade with chocolate bars? It's a fraud. It isn't important what was the object of trade, it is important that one side didn't deliver promised.
Yes but with regulation you would know where is company located, who are persons behind, who is responsible. All those trial are pointless at moment, nobody will get back their money because nobody knows who is responsible. Even Mt. Gox case that was much more transparent, finished without justice and Mark Karpeles finished richer then ever. With regulation this would be different...
But that is not cryptocurrency regulation @cicbar. Тhat is already regulated, as I said, as any other fraud:
In fact, analogy can be applied without bringing any new laws or amendments to old ones.
Everything is there. If someone invests at the “Blockchain company” without checking if they really exist, he deserves what is going to happen to him. There is a principle in the Roman Law, thousands of years old, that says: Caveat emptor (Let the buyer beware — нека се купац чува).
Ако неко на коњској запрези продаје „Змијско уље“, драги мој @cicbar, па му људи то покупују и он нестане с парама у виду ластиног репа, неће они бити ништа боље заштићени од преваре доншењем конкретног закона о регулисању продаје преко одобрења искључиво овлашћеним продавцима „Змијског уља“ који имају регистровану адресу :)
Нема то регулисање никакве везе с криптовалутама.
Ja razumem šta ti pokušavaš da mi kažeš a ja tebi pokušavam da objasnim da danas ne možeš da osnuješ firmu ako ne ispunjavaš određene uslove i tako bi trebalo da bude i za kriptovalute koje su premined i idu na ICO.One su centralizovane i iza njih treba da stoji kompanija koja za to treba da bude odgovorna. Za to nam treba regulativa, da ne može bilo ko da napravi prevaru preko ICO. Za kriptovalute koje se dobijaju kopanjem važi tvoja priča o decentralizaciji i samoregulaciji i to je skroz ok jer tu neka dalja regulativa nije potrebna. Nadam se da smo se sad razumeli 😁
Бојим се @cicbar, да куцаш упорно на отворена врата. Ја покушавам да ти објасним како та регулатива о којој ти причаш ВЕЋ ПОСТОЈИ. Питање је политичке воље да се она примени и у случају ИЦО. Ти заправо видиш ситуацију у којој те политичке воље нема, а то повлачи најмање два закључка:
Ето то је у најкраћем проблем — трагично отуђење државе. Ту не помаже никаква регулатива. Лек за тако нешто је мотка, и то она умочена, полуаутоматска…
I agree fully with you!!!
Thanks, @talking-crypto.
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Definitely agree. while one way I hate regulation-regulation is needed for crypto to go mainstream. With regulation we can see less scams like Bitconnect. With regulation, we can see a proper market cap and a proper coin ranking. With relegation I don't need to freaking pay $50 in fees to buy $250 worth of crypto.
In the meanwhile, dexs like bisq using LN properties, pegging dex like openledger, atomic swaps aka dierclty trading of diff crypto on the LN, or smart contracts dex will be worked on and slowly be built and become popular.
Bitconnect scam is already regulated — as any othes scam is. That doesn't have anything with cryptocurrency regulation, @sames. Connection is falsely derived because the State's wet dream is to decide what will be designated as a scam, and then introduce the worst of all scams — centralized crypto that should replace fiat scam.
You can't expect “proper market cap and a proper coin ranking” from the people who have installed the greatest scam in history of mankind. It is an illusion. Market cap and ranking you can see here or here, and they will be proper once fiat disappears…
I like to disagree with you. Regulation are bad yes and will get corrupt but it will also bring new people into crypto. Bitconnect being regulated it lasted way longer than normal. While yes their are scams services like herbalife running atleast they were selling a real product. Bitconnect you were sold a promise. Regulation won't be prefect but should be better. On the issue of market cap/coin ranking those don't take account of volume or the community and dev. The coin ranking can be faked. Replacing fait won't solve that shit. With regulation a consensus of what defines the coin market cap can be reached by investors. The top 50 coin=the market cap of the cryptomarket
Proper coin ranking can be reached such as a new system of taking account of diff prop not only price*coin amount.
See my answer to @cicbar, @sames. All the necessary regulations already exist. Anything above it is CONTROL, and is not wanted, nor will not bring new people into crypto, but will pave a way for the worst possible scams — state scams.
Are you aware of the reason why decentralized cryptocurrencies have been made?
Yes I am aware why decentralised cryptocurrency were made. Yes I even admitted there will be the chance of state scams-read my comment @lighteye
But it will bring new people to crypto-not many people are like us loving the idea to be free completely from control. Here my question give some a taste of freedom or block that taste by making it harder for them to get it?
I want to see a decentralized world. In fact I love Dexs like bisq and forkdelata. I love bitcoin and won't give it up.
Well I am a firm believer of regulation. This will increase the trust of the people who didn't invest yet into the cryptomarkets! This will attract so much new fiat money into the cryptomarkets that the previous bull markets will look like koalas 😂
The problem is that it should only be a mild regulation and the best regulation would have to come from the insight! If this will not happen governments will force regulation which will make it worse then better!
Most of the regulation so far consists of insisting on KYCs and so on - so to prevent money laundering, which is the govt's priority.
I'd like to see regulations insisting that the exchanges get insurance against hacking, and regulations beefing up the exchanges data-protection, to protect users.
hey,,,@cicbar.,,The crypto market is much more than that because the crypto market is at any top label.
Post the best my friend