Post
Topic
Board Bitcoin Discussion
Re: Do we want to work with money regulators, or keep Bitcoin unregulated?
by
melvster
on 10/05/2013, 14:07:17 UTC
Wait. All of you posters who seem to be supporting government regulation being built into Bitcoin itself should clarify what you are supporting here.

Which of these things, exactly, are you posting in support of?

For instance we can ensure that it remains possible to track the flow of money through Bitcoin.

We can also ensure that there are options if certain funds need to be frozen and blacklisted, due to fraud, theft, or because they encode illegal data.

...

We can work with them to find ways to apply AML rules to Bitcoin transactions

...

There are ways to put taxation into Bitcoin itself, so that taxes are automatically applied when a transaction is made.

...

Maybe even one day we'll be required to prevent dangerous levels of deflation.

...

developing P2P blacklist technologies

I dont think it makes too much sense to build govt regulation into bitcoin 0.8+ ... that would be a hard fork or a new coin (maybe the same thing).  Because each regulation would be different in each country.  I do think that having a conversation with regulators to explain the system is healthy and looking at the recommendations.

Arbitrary freezing of funds would make bitcoin sterile.  

I would LOVE to see cypto currency used for public good (my idea was to give 10% of mining rewards to charity) but again this should be a new coin.

Deflation / Inflation cannot be controlled centrally.  It's trivial to print new bitcoins and settle in fractions or cash, as gold does.

The illegal link in the BC argument is pretty absurd ... you can encode information by using any image gallery, or by timestamps on facebook and twitter ... to prevent the sharing of links you have to shut down the internet, and maybe even paper!

Anyone can fork btc and introduce arbitrary measures, whether anyone will use that fork is a different question.

Each country will be different.