Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: arvinabeabe on September 18, 2018, 11:52:16 AM
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I mean how? Given it is completely decentralised. can you explain?
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If bitcoin is regulated by an institution or government, I think bitcoin cannot be said to be decentralized anymore. Because we know, decentralization is not controlled by anyone, including the government.
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So Bitcoin is one of the digital money from the Crypto world that also implements the Blockchain System, namely the financial system with Decentralization. Which means that we can manage our finances freely without any applicable regulations and make it easier for us to transact because there is no third party like the Bank here. So the cost is cheaper and certainly will save.
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More harm than good. In fact, even now it is impossible to predict how the development of bitcoin and its ecosystem will continue.
However, this widespread inability to understand the fundamental principles and capabilities of the bitcoin protocol can lead the authorities to decisions that would only harm their economic development without having any effect on criminal activity. One of the most obvious flaws in the patriotic actions of such countries as Russia, which seeks to protect its citizens from terrorists and money laundering, is the simple fact that the government can not enforce its demands.
Bitcoin and other crypto-currencies are completely decentralized peer-to-peer systems. They do not use central servers that can be turned off, there's no way to convict anyone, or even hold them accountable, and even if such an opportunity existed, it would not crush the system.
Simply put, no government in the world can prevent anyone from downloading the wallet application or client for mining and connecting to the Bitcoin network. The US and other developed countries have been unsuccessfully trying to regulate the peer-to-peer network of torrents over the past ten years.
Therefore, anyone who wants to use bitcoins to launder money abroad will be able to buy them from private traders or miners, or even purchase their own equipment for mining to turn their "dirty money" into crypto-coins.
Of course, one can easily imagine the development of the bitcoin industry exclusively in the context of breaking the law - for servicing illegal organizations that can receive much more flexible means for both storing and moving money around the world. This is what governments fear, but they do not understand that one way or another nothing can be done about it.
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Basically if Bitcoin uses a system called Decentralization, it will be difficult for others to monitor and see our financial situation. But if we manage Bitcoin, we can do it as long as we do it together. If you want bitcoin to go up, you have to buy the coin. If it goes down, that means many people sell it.
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I mean how? Given it is completely decentralised. can you explain?
Yes it is possible most especially that the government today are now finding some financial to build some infrastructure project to help improve our country and i think regulation in bitcoin can really help raise taxes.
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More harm than good. In fact, even now it is impossible to predict how the development of bitcoin and its ecosystem will continue.
However, this widespread inability to understand the fundamental principles and capabilities of the bitcoin protocol can lead the authorities to decisions that would only harm their economic development without having any effect on criminal activity. One of the most obvious flaws in the patriotic actions of such countries as Russia, which seeks to protect its citizens from terrorists and money laundering, is the simple fact that the government can not enforce its demands.
Bitcoin and other crypto-currencies are completely decentralized peer-to-peer systems. They do not use central servers that can be turned off, there's no way to convict anyone, or even hold them accountable, and even if such an opportunity existed, it would not crush the system.
Simply put, no government in the world can prevent anyone from downloading the wallet application or client for mining and connecting to the Bitcoin network. The US and other developed countries have been unsuccessfully trying to regulate the peer-to-peer network of torrents over the past ten years.
Therefore, anyone who wants to use bitcoins to launder money abroad will be able to buy them from private traders or miners, or even purchase their own equipment for mining to turn their "dirty money" into crypto-coins.
Of course, one can easily imagine the development of the bitcoin industry exclusively in the context of breaking the law - for servicing illegal organizations that can receive much more flexible means for both storing and moving money around the world. This is what governments fear, but they do not understand that one way or another nothing can be done about it.
I somewhat agree but why do these transactions on the public blockchain? Why not just money launder or trade for X (bad thing listed here) in Monero or Zcash? Its been proven with just a bit of FBI interest that they casn track down owners of bitcoin wallets, there just seems to be better methods for what you are describing.
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Yes it is very possible. By the way you and me are subject to go with the flow neither the market is bloody or healthy. Bitcoin is decentralized but it could be centralized particularly in other countries that wanted to regulate bitcoin.
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Government cannot easly regulate cryptocurrencies but due to restrictions they can be harder to obtain. I think any attempt to regulate cryptos wont work. But at the end we need goverments' acceptance and collobaration.
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I don't think there's any way to regulate it globally, you maybe could regulate it within a country, but it would require tracking down and attaching wallets to people. While not impossible, it would take quite a lot to pin even one person down that required investigation. I don't think it's feasible personally.
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Essentially if Bitcoin utilizes a framework called Decentralization, it will be troublesome for others to screen and see our money related circumstance. In any case, on the off chance that we oversee Bitcoin, we can do it as long as we do it together. On the off chance that you need bitcoin to go up, you need to purchase the coin. In the event that it goes down, that implies numerous individuals offer it.
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@debra, yes that is true. I think bitcoin is decentralized so it is difficult for the government to control. But the idea of managing bitcoin is a good idea for the development of bitcoin. And this will affect the value of bitcoin which will increase further because of the trust of the community.
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Ripple is an example on how to regulate bitcoin. I can't explain it well but one thing I understand is create a centralized system while using a decentralized system or the blockchain.
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Actually, Bitcoin can't be set according to our personal desires. Because in fact Bitcoin uses the Blockchain technology system which means a decentralized financial system. The meaning of this system is freedom, so users in managing their finances and businesses can be free to do anything without control. That is what is called the Decentralization system.
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I mean how? Given it is completely decentralised. can you explain?
I think it is possible for bitcoin to regulate most especially for countries accept and legalize bitcoin because the taxes that the government may earn is quite big due to a large number of investors that are currently involve in crypto investment.