Post
Topic
Board Announcements (Altcoins)
Re: [ANN][NOTE]DNotes - New Company Launch in 2016 To Integrate The Currency, Pay...
by
RJF
on 04/11/2015, 00:59:40 UTC
This is disappointing, Taiwan declares Bitcoin illegal essentially because of a kidnapping that used Bitcoin for the ransom. Why don't they declare TWD illegal? I'm sure that is used in all other criminal activity.

https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/



Youch, that is a bit harsh. I thought Taiwan was fairly friendly when it came to digital currency. I'm not sure how that will be helpful for the Taiwanese people. I'm sure this won't stop criminals from using digital currency, but will certainly prevent the average person from using it and prevent business and technology development in Taiwan.

I agree, quite harsh. I am sure there will be backlash and this will be reversed. I can only hope otherwise another bad press story on cryptocurrency. I do wish NEWS would report the good as well as the bad, but alas bad NEWS is what sells.


The Taiwanese government should have read the DNotes Educational Guide.  One of the questions in the quiz is: "Blaming bitcoin for criminal activity is like blaming kidnapping on cash."  True / False  

Even if the government official had answered false incorrectly, the app would have corrected their misconceptions.   Just saying...   Wink

You hit the nail directly on it's head! These types of reactions are caused by a lack of education and fear/suspicion of the unknown in almost all cases. People such as the Taiwan government official don't know what Bitcoin is but, they know it is associated with crime and criminal activity so, they fear it. And fear brings irrational, knee jerk decision making. We have seen this time and time again throughout history.

So, what can we do about it? Simple, educate those who have power but lack understanding. We have a great vehicle in DCEBrief and we need to continue to get the word out. Perhaps, along with the "Regulation" header, we could add a header for world leaders where articles would specifically deal with not over reacting to every crime using Bitcoin or other digital currency. Perhaps a focused, advertised and well placed section for world leaders would pick up some readership from those who actually make the rules and who's knee jerk reactions can easily affect the entire globe including financial markets in other countries.

And, remember Mr. Tseng Ming-chung, when you "ban" something, then only the criminals will be free to use it. It doesn't work the way you think it does. Looks like Taiwan's citizens are not as free as mainland China's citizens. Might want to think about that for a moment...



Though it's a negative headline, I've asked Thomas to write an article about this on DCEBrief, so DCEBrief can weigh in on it a little. It also warrants an update to the DCEBrief writers guide.


[...]


To many, the Taiwanese response to this incident certainly seems to miss the mark. The fact remains that the motivations for the kidnapping are still under investigation, and the crime itself seems to have had nothing to do with Bitcoin – other than the fact that the criminals chose that as their medium of exchange. Moreover, even if they had demanded to be paid in New Taiwan dollars, it is difficult to see how things would have turned out differently. The victim would have still been rescued using the same procedural tactics. The only difference is that no one in the Taiwan government would have called for outlawing the nation’s currency simply because one group of criminals chose it as their preferred form of ransom payment.

Given the island’s apparent fondness for Bitcoin, it is difficult to imagine this decision having any real lasting impact. For now, however, cryptocurrency advocates in Taiwan and elsewhere can only wait to see whether clearer heads ultimately prevail.

http://dcebrief.com/taiwan-declares-bitcoin-illegal/


Taiwan Declares Bitcoin Illegal - http://dcebrief.com/taiwan-declares-bitcoin-illegal/

That was fast, and a great response to a reactionary (and uneducated) move on the part ot the Taiwanese government.  I hope they do clear their heads and realize what the opportunity cost is of their decision to go from the chance of being a leader in this industry, to being left out altogether.

I would go so far to say the Chairman of the Financial Supervisory Commission, Tseng Ming-Chung, is no longer fit to lead that commission. When people in positions of power make snap judgements without facts, research or even a clear cut line of reasoning, it is time to remove them from their position before they cause irreparable harm to the very people they are charged to protect. Prove Taiwan is a free country, remove this man from his throne.