Quote from: iamTom123 on January 01, 2018, 04:43:32 AM

Quote from: Low Sigma on December 31, 2017, 09:22:08 AM

Quote from: dreamer81 on December 31, 2017, 09:05:11 AM

Well, rule #1, never convert your bitcoin back to fiat. The banks and governments wants a cut of this. If you are trading, convert everything back to bitcoin, and keep it in this currency.

fiat is the most insecure thing ever, not because of theft, but because of governments. I'ts like their last grasp before we become free

Please let's not be so 100% sided but combine a little bit of both. Almost everyone is worried about crypto exchanges doing stupid things or going "hacked" or delaying withdrawals of verified accounts by a few weeks, while at the same time the same users going against regulation. Doing this is very stupid.A little bit of regulation is actually healthy. For example if the govs said that is mandatory to follow some very strict security rules when it comes to handling cold/hot users coins then this is very beneficial for us the traders/investors because the exchange will be audited to see if they don't breach some common sense procedures (by intention or mistake). Otherwise you will see headlines of another exchange "hacked" (maybe by an insider who works there and exploited a backdoor that he left open). Of course you can't make it 100% bullet proof, but at least you reduce the risk. What the banks did in this case is common sense. Otherwise hackers/crackers, human traffickers, criminals will flourish. I prefer to pay a small cut to the govs in order to be assured that the criminals will not affect my affairs.

I understand what you really mean. The best environment is actually unregulated and decentralized but the problem is that we are still beset with the weakness of human nature. Where there is an opportunity to make money, expect some people to exploit the same platform for their own selfish interest and this is where the problem is. In order to protect the many, there has to be rules, procedures and laws specific for cryptocurrency otherwise there can be mini-anarchy and that the whole market can be turned sour as less investors will be interested to go into something where there is no order. Regulations with good intent should be welcomed with both open arms and everybody should exert effort to follow those changes otherwise we will really have big problems.

Exactly. What you said: "... weakness of human nature.", are the keywords here.

To be honest I don't think that there will be a "big battle" between the big banks and the BTC. Instead the banks will (some already did) start to embrace it and not to mention that central Bank of England is researching a cryptocurrency for their own.

Low Sigma

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