Crypto regulation

in cryptocurrency •  7 years ago  (edited)

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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.

FireShot Capture 22 - Global Charts I CoinMarketCap - https___coinmarketcap.com_charts_.png

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.

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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:
YaQx10TmWfXdgh4fi3ZlNFHAToVBYu3kXTI4Hb71-UM.jpg

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,

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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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  ·  7 years ago (edited)

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

I would like to know your opinion about regulation, do you support it or not?

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.

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.

  ·  7 years ago (edited)

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...

  ·  7 years ago (edited)

Yes but with regulation you would know where is company located, who are persons behind, who is responsible.

But that is not cryptocurrency regulation @cicbar. Тhat is already regulated, as I said, as any other fraud:

ICOs can also be regulated by analogy to any other venture we already have.

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 😁

  ·  7 years ago (edited)

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,

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:

  1. Да доношење нових закона неће решити ништа
  2. Да нам држава у овом облику више не треба јер не испуњава сврху

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.

With regulation we can see less scams like Bitconnect.

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…

  ·  7 years ago (edited)

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?

  ·  7 years ago (edited)

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

Great article, thanks for sharing. I've smashed the upvote button for you! I think that regulations are inevitable and could rather damage crypto or allow it to thrive. We will just have to see what happens.

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If we fall for the regulation, then we fall for the digital panopticon. There will be no in between here. Power corrupts, and absolute power corrupts absolutely. Regulation will create a digital panopticon the likes of which Hitler could never have imagined was possible in his greatest hopes.

Hello! Good post :)

If in 2013 the crypto market cap could grow from 1 Billion USD and In January 2018 it was nearly 800 Billion USD. It's so drastic.

Very drastic improvement, best regulation.

  ·  7 years ago (edited)

This whole idea of KYC (know your customer) is completely BS.
One of the most important features and advantages of cryptocurrencies was ANONIMITY.
Meanwhile exchanges expect you to provide your personal data, and if not they still track you by IP and assign your wallets to it.
If its going to be controlled, centralized and not anonymous, then there are practicaly no advantages in using it over regular currency.
In fact it would only be hassle.

Just take a guess, who is pushing for control so much.
Hint: They control central banking.

Then use bisq it a decentralized fiat exchange. Then use bisq to trade crypto or use barterdex to trade crypto using atomic swaps

Great dear

Bitcoin is quickly becoming an actual currency, the reserve currency of the crypto space, replacing the US dollar for merchant transactions. The speculative mania about bitcoin price will end. There's a name for this - "price discovery". At that point, bitcoin will behave like the euro, dollar, yen, etc. Fractional fluctuations will drive speculators away.

Government regulation is inevitable. Coinbase is now acting somewhat like crypto's Federal Reserve. The Feds have access to Coinbase's customer transactions because Coinbase basically operates under US banking regulations. Yes, governments will tax crypto transactions. Total transparency will need to give way to the need for buyers and sellers to know who they are buying and selling from. This is the only way for sustainable international commerce.

Yes exactly after proper regulations people won't be scared to invest in crypto.

Thanks for sharing my friend.

havin brain wide open you'll see that no regulation is just a type of regulation kinda self regulation. Lack of borders and rules is what gives the power to the crypto market. Of course the question of trust is the first in crypto (for example I bought PKT only due to the trust in cloud gaming in general and Playkey team exactly) but it is absolutely organic, back to the primitive and forward to future at the same moment

Very nice article sir. You always come with great content @cicbar. Crypto regulation is really a key for mainstream adoption

The people who did not understand about cryptocurrency, who does not care about. When they benefit from it, they understand the importance of that day. For cryptocurrency news follow @jyotirmay

I love your post. Cryptos deserves some regulations, yes, but I ,also, prefer a freedom of choice. I'm still a newbie in this world, so cannot offer some significant opinion. However, I'm in love with cryptos...
p.s. feel free to correct my english ;)

We agree that crypto regulation will bring an element of stability and general acceptance from the masses to cryptocurrency in terms of credibility and value. In addition, we at Blockbasis believe that another important element of mass adoption is accessibility and usability. That's why we created a platform that allows users to send and receive cryptocurrency like Bitcoin and Ethereum using only an email. Simple for beginners, with all the features a crypto expert would expect. See for yourself today!

Oneday the market cap will cross all the barears of the world.

That's right, friend. You can not stop things like cryptocurrencies. It will be everywhere and the world will have to readjust itself. We have decided to put our money and our faith into a mathematical structure that is free from human or political mistakes.

We agree that crypto regulation will bring an element of stability and general acceptance from the masses to cryptocurrency in terms of credibility and value. In addition, we at Blockbais believe that another important element of mass adoption is accessibility and usability. That's why we created a platform that allows users to send and receive cryptocurrency like Bitcoin and Ethereum using only an email. Simple for beginners, with all the features a crypto expert would expect. See for yourself today!

I think that the investors of the old school more than the resistance to change what they have is afraid of losing the stock market monopoly.

I agree with regulation. The only thing I want to see is see how the SEC plans on regulating zcash or dash or any privacy based coins

Bitcoin has the right balance of pros and cons. That's why it's so popular.

Great analysis. Upvoted and resteemed

It's very interesting all the changes in so short period of time, and I guess this will be growing more and more!

As much as regulations bring sanity to the finance corridors, you would agree with me that some of the measures put in place are complete nightmare and takes an awful lot of time to complete a single transaction. Why the idea of cryptocurrencies is here to snuff out the challenges inherent in the fiat world. The only regulations that will be the same old ones that are highly unfavorable to under developed and developing countries of the world which I am part of. Cryptos are not for the risk averse investors, the have bonds, treasury bills, hedge funds, options and futures, fixed deposit to mention but a few. Let those who are risk takers go it and please for the love of God stop spreading false information that alarms investors, causing the market to crash and burn. That being said, I oppose regulation.

I am very glad that the market is growing in the Cryptos Crabtos currency. $ 800 billion is a pretty good achievement, I am not aware of this matter, so now I read your material hard and I have the desire to invest in Cryptos. Thank you very much for the valuable information that my you gave for the crypt.

  ·  7 years ago (edited)

Hi, a very good post. The only way for sustainable international trade, full transparency, is needed when we buy or sell to be sure. If there are rules, people will not have a strain!

Cryptobusiness is definitely growing big

Dont worry Fiat will die and all the names that go with them. It may take some time to happen as a transitional period from the Fiat to Crytpo is inevitable now, but only for the short term and the Fiat will phase out till no one uses it any more Tether, Dia etc will die with them. Pound is a measure Weight and has no relevance to crytpo.

Is the total crypto market cap equal to the total amount of fiat money invested in crypto?
So in other words, did we pay 385 billion USD to buy crypto?

No. That is fictive market cap according to last price of token... If you make cryptocurrency with 1 million coins and you sell one coin to somebody for 10 USD then market cap of your cryptocurrency would be 10 million USD dough only 10 USD are invested...

That's exactly what I was thinking. So we can't precise determine how big the crypto markets really are in terms of USD value being really invested in it. Or is there another way to find out?

Agree.In this world for each and everything rules and regulation is required to maintain proper balance and to know your rights and obligations.
Regulation is one of the most important things related to crypto as it helps in mainstream adoption of cryptos.

I support crypto regulation for safety purposes. It's ok to pay taxes as long as the security is high for crypto users.

That is beauty and future of Cryptos in my opinion.
Crypto is going to grow in future a lot

Thanks for sharing your knowledge, it is observed that it has been following the market for quite some time

Crypto is great.

we cannot go back to the world without cryptocurrency

Very good post

we all knew this was coming!

Absolutely great content. congratulations!

very good post about crypto.

Thankyou for sharring this informative it WILL be a great help in the future have a Awesome day

cryptocourency going

You have a minor grammatical mistake in the following sentence:

Even some countries like Venezuela made it's own Crypto to fight sanctions against them.
It should be its own instead of it's own.

Thanks. Edited.

i am beginner at steemit please upvote me

Crypto is the money

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The ICO site is this one: https://token.rawg.io/.
It's a video game discovery platform that converts your skills into goods and services.

You can earn tokens by playing your favorite games. The site is already working, with more than 50,000 games in the database and new games are getting added every day. This is the site: https://rawg.io/

Quite good looking, don't you think?

Have a look! I hope this information is helpful.

  ·  7 years ago Reveal Comment

Crypto market is growing industry

You should follow @icowatchdog. ICO Watchdog is your comprehensive solution to following the cryptocurrency market. Follow the market with 100% Free and Real-time cryptocurrency alerts for all your favorite messaging applications today. Follow @icowatchdog Steemit account for news updates and token sales/air drops.

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
BTCBitcoin8590.520$0.33%-10.53%
KEYSelfkey0.010$9.65%-16.24%
XMRMonero209.556$3.6%-11.29%
ZECZcash249.462$1.73%-15.22%

crypto is good

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cryptocurrency it great post...

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