Quote from: avikz on April 09, 2019, 03:07:26 PM

Quote from: coffeeastronaut on April 09, 2019, 11:16:21 AM

Hi all!

People in this forum and in many other discussions are fast to talk about the 'need for regulations'.

Most of the times it is in connection to mass adoption and for price speculation ideas.

Is regulations really only for Bitcoin to increase in price? What about the whole idea about a P2P currency without governments and banks being involved as a middle man .... Regulations issued by authorities, is that not only for the old system to take control of this emerging p2p currency market? I dont know but why should Bitcoin be regulated by governments and other authorities according to you?

There is a difference between regulation and over regulation. I will only talk about regulation here because I truly believe, only regulation can help us achieve the true use of bitcoin, a p2p currency!

A majority of the merchants today don't accept bitcoin in their stores just because of its confusing legal status in many countries. Some also believe that bitcoin is banned worldwide because terrorists use it. There are lot of misconceptions floating around bitcoin just because there is no regulation and education available for it.

I strongly believe, bitcoin needs to be used as a currency sustem in order to grow holistically. The major roadblock is the absence of regulation. We can't buy our daily goods using bitcoin because no stores in my country accepts it. If my government decides to regulate it, buying daily goods using bitcoin will become a reality, which will increase the use of bitcoin as well as the demand!

Government regulation is solely needed for bitcoin's own good!

In general I am against "regulations", but not regulations per se, but more against the narrative that regulations will increase the price of bitcoin which is in line iwth the whole digital gold idea which I dont really see being the true point of bitcoin. The idea waS for it to be a p2p currency, not a p2p digital gold! Just my opinion here, obviously there are good points made about the digital gold narrative too. Anyhow ...

I bolded the most interesting point you made there. I am willing to agree to that statement. I think that the key note is regulation and over regulation. What many fail to realise, not saying you, but authorities, is that the ledger traces all transactions and BTC is not anonymous and in a way a not the most clever approach to AML questions. However, privacy coins COULD be but it kind of falls under the same roof of physical cash, to some extent.

Thanks for sharing your thoughts.

coffeeastronaut

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