Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: ataraxiaceleste on August 07, 2020, 04:19:35 AM
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What are your thoughts on the need for regulation in the cryptocurrency industry? As the industry matures, I think it would make sense to go the regulatory route rather than to fight the "existing system"?
I think Concordium clearly understands the need for Privacy. I like how this project clearly separates between privacy and anonymity. The founder of Concordium is the founder of Saxo Bank. It made sense when he mentions in his video that he's seen trends like the internet grow when no one believed him and the way it matured over time.He thinks something very similar is going to happen in blockchain as well.
According to him Banks and Financial institutions ( he has more than 20 years of experience being CEO of a bank he co founded ) need identity verification and anonymity will not be possible but privacy sure can be possible and Concordium addresses this very point.
It made sense to me. What are your thoughts?
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I believe that regulation is badly needed in the entire crypto industry to control those bad actors who ruining the achievements of the crypto Industry. because every time that there was negative publicity the entire market will suffer and thats because of those fraudulent activities that were initiated by the few thats why regulation is needed to stop those fraudulent activities.
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I have reservation when it comes to regulating crypto. It will only mean crypto will go back to be centralised because someone will have to make that final decision. Except we create something like decentralised regulation
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Unlike traditional databases that depend on a centralized server, the adoption of a distributed system allows for a much more secure exchange of data while cutting down on data. the administrative costs that the current system has incurred.
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Ideally, the blockchain and cryptocurrency and other related platforms and concerns should have been unregulated right from the very start...but this is in an ideal world which sadly we are not in. to control bad people utilizing and exploiting these new technologies and platforms there must be controls and parameters set otherwise the gains will just go to waste. Of course, this is assuming that regulations are not being used to kill the industry being regulated.
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Ideally, the blockchain and cryptocurrency and other related platforms and concerns should have been unregulated right from the very start...but this is in an ideal world which sadly we are not in. to control bad people utilizing and exploiting these new technologies and platforms there must be controls and parameters set otherwise the gains will just go to waste. Of course, this is assuming that regulations are not being used to kill the industry being regulated.
I think projects like Concordium which will be public, permissionless and decentralized will help make sure that there is nothing like "over regulation". I do agree that we live in very crucial times where regulation will play the deciding factor.