Regulation Are you For It Or Against It

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I am against regulation because that is what makes the bitcoin protocol what it is. IMO we do not have to legitimize BTC through regulations. I do understand we need some bank involvement yet we should not yield to over regulations and corrupt Regulators.

Posted on March 19, 2014 at 12:42 PM

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gthrones

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Very much against it.

We already have laws that handle theft, fraud, etc and that authorize law enforcement to pursue these after the fact. So the question is, what can help prevent these events from occurring before hand? And I strongly believe that regulatory solutions (words on paper just like laws) are outdated, ineffective way of attempting to deal with it. The real solutions to improve security will be technical solutions.

Technical solutions like multi sig, voting pools, and various innovations within open transactions are the types of things that will actually provide strong security that does not rely on trust.

Regulation is not good. And even worse than being ineffective, regulations bring immense costs and raise barriers to entry, often limiting entrepreneurial opportunitty to only those with money to surmount the costs imposed by these regulations (like byzantine MSB regulations.). Not effective, high costs, barrier to innovation, and privacy invasive too.

I don't see how any well informed person can be for regulation.

Posted on March 19, 2014 at 10:18 PM
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gthrones

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I'd also add that the few Bitcoiners who are calling for regulation, seem to be reacting emotionally, especially post Gox. They are calling for a vague "regulation" not even stating what they think that means or how it would help.

Still other Bitcoiners who are calling for regulation don't actually want regulation, per se, what they really want is actually clarity.

They want clarity that the existing regulations will not be interpreted against them. They just want to know for sure that the government won't try to harm them for running an honest Bitcoin start up.

I want clarity too, but that is not regulation.

The best clarity would be for the gov to say: "We're taking a hands off approach and letting this develop organically." That would be ideal.

Bruce Fenton on clarity vs regulation:
https://www.youtube.com/watch?v=mOg0MHr-0no

Bruce Fenton seems to get it.

Posted on March 19, 2014 at 10:31 PM
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dvsbyknight

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Posts: 13

Absolutely against regulation. I tend to think those that are pro-regulation are mostly aimed at the narrow-minded goal of mass adoption & early investor financial gain. I'm more of the opinion that Bitcoin is not for everyone, and that's OK! That the value of Bitcoin in relation to USD is largely irrelevant. There is a lot of personal responsibility that comes with being your own bank, and not everyone is capable of handling that responsibility. Of course it will still be wonderful to watch the ecosystem develop to bridge the gap & make Bitcoin more accessible to the masses. However, those services, as well as regulation, are not necessary for the success and growth of Bitcoin. Bitcoin is already successful. We didn't need permission to get to this level, and we don't need permission to get to the next.

Posted on March 20, 2014 at 5:51 AM
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CoinAdd1ct

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Posts: 130

Anyone who thinks regulation will save them clearly does not understand how the world works.

Posted on March 20, 2014 at 8:48 PM
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cmason

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Posts: 119

I'm not terribly worried about high-level regulation. That is, forcing exchanges to prove they have the assets they claim, ensure they are operating responsibly, stuff like that. Eventually, of course, with distributed exchanges, this won't matter. What I am worried about is low-level regulation.

Bitcoin ATMs are taking off, and I hope to use one soon, but I haven't yet. I would like to make weekly visits to a simple ATM where I can purchase a small amount of bitcoin. However, I've started hearing stories about even bitcoin ATMs asking people for ID and documentation which makes no sense to me. I can give you cash to buy an iPod or a computer, or whatever else, but you want ID for me to buy bitcoin? I don't think so.

What if governments try to regulate the low-level process of buying and selling bitcoin in person? I think that is a threat and something to be concerned about.

Posted on March 21, 2014 at 2:19 AM
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Shatteredzen

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Posts: 20

I'm against meaningless regulation but I'm also not foolish enough to think we will get away with no regulation. What is really needed in this space is active and thoughtful engagement with regulators, just as the Bitcoin foundation and others are doing now, in order to get the community a seat at the table before legislation sets the course for everyone.

You can nay say anything you want but the reaction from regulators to our community has been largely positive, we have updated guidance on mining / day trading classifying both mining and arbitrage as lawful and not in the realm of money transmission businesses and even the current Fed chair Janet Yellen has made it a point to divest the Federal Reserve of any regulatory interests in bitcoin. Insist on treating everyone in government as a blood sucking space octopus and you will receive treatment that fulfills that prophecy, regulators don't like people who call them names and shout them down, while this is perfectly legitimate as a form of protest, it won't win you any friends and all people are the same, they help those who they know and who treat them with affection and respect. You will win a thousand more battles putting on a suit and shaking some hands then you ever could raising a picket sign, I don't make the rules, that's just how things actually work.

Ranting and raving about how corrupt everything is does no good unless you still actively participate in the process of government in good faith because that's the only way your going to get even a little bit of what you want. Not voting, not talking to regulators, not participating with government in any way just makes it easier to sideline and marginalize you. I hear people saying they don't see how any well informed person can be for regulation but what ill informed person thinks they will get what they want if they stomp away from the negotiating table? Those in power get what they want by incrementally taking it, one small victory at a time, that's the game and you can choose to play or not but your still going to be subject to the outcomes, despite how much you do or don't want to believe it.

Posted on March 21, 2014 at 3:38 AM
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dsmalone

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Posts: 30
Location: Austin, TX

"Those who would sacrifice freedom for security deserve neither" - Benjamin Franklin

Shatteredzen above makes several well thought out points for why the bitcoin community should work with regulators but I feel strongly that the community should not seek, ask for, beg for or solicit government approval (regulation). Let's keep working hard to promote, foster and grow bitcoin faster than the government can figure out how to regulate healthcare.

Posted on March 21, 2014 at 4:16 AM
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Daisuke

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Posts: 6

Benjamin Franklin was right! I, like most here, am opposed to governmental regulation.

Let the clarity, reliability, and precision of algorithms bring us forward as a species.

And let us have options (unregulated alts) allowing us to choose which algos we follow and how we store our wealth.

Posted on March 21, 2014 at 4:27 PM
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Dection

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Posts: 8

Entirely against. Any regulation and it's all over. Either CCs are capable of existing regardless of official blessing, or the technology needs to evolve. I really appreciate how Andreas describes it. Governments should be ignored, and if they push, they'll encourage something they find even less palatable. It's the purpose of CCs. You don't negotiate with terrorists.

Posted on March 22, 2014 at 4:12 AM
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Elokeum

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Posts: 23

Anarchy all the way.

Posted on March 24, 2014 at 2:45 PM
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