The Threat of Regulation to Cryptocurrencies

[Legolas]

There was in article that details how terrorists are using cryptocurrencies to move funds. Thoughts on this being a valid reason to regulate the cryptocurrency market?

 

https://www.thecipherbrief.com/article/exclusive/why-virtual-currencies-are-potential-strategic-threat-1089

[Guest]

Hmm...

1. I wonder if terrorists use the US Dollar?
2. I wonder who the terrorists are?
3. I wonder who funds the terrorists?

[natethesnake]

I'm pro-regulation. The argument that "existing regulation is corrupt, so we should do without it" is a flawed one. We need emerging tech to be able to help regulators with their jobs. Right now legacy systems, fiat and majority of cryptos fail to deliver on this. That's why I hope XRP can be the game changer here that is pro-regulation.

[Coinseeker]

7 minutes ago, natethesnake said:

I'm pro-regulation. The argument that "existing regulation is corrupt, so we should do without it" is a flawed one. We need emerging tech to be able to help regulators with their jobs. Right now legacy systems, fiat and majority of cryptos fail to deliver on this. That's why I hope XRP can be the game changer here that is pro-regulation.

XRP can't be regulated anymore than bitcoin can.  That's the beauty of cryptographically secured money.  You can build business' or integrate with business' that choose to comply with regulatory policy but XRP...is beyond the reach of regulators.  

[posetranos]

50 minutes ago, Max Entropy said:

Hmm...

1. I wonder if terrorists use the US Dollar?
2. I wonder who the terrorists are?
3. I wonder who funds the terrorists?

All great questions...I also wonder if terrorists have been using all types of fiat currency, maybe even for thousands of years, but why is it all of a sudden a problem now? Do we need a war on cash? Really? Who's broke....the terrorists or the gov.t.'s who created them?

[Legolas]

2 hours ago, Max Entropy said:

Hmm...

1. I wonder if terrorists use the US Dollar?
2. I wonder who the terrorists are?
3. I wonder who funds the terrorists?

This is the answer I was hoping to fish out.

[snowpar]

Cryptocurrencies will eventually fund terrorism. What matters more is what the response will be when it happens: https://coincenter.org/entry/it-s-time-to-assess-the-potential-for-terrorist-use-of-cryptocurrencies

In addition, cryptocurrencies are already regulated, but to varying degrees across the world. If we ever expect cryptocurrencies to be used for global business, regulations will need to increase.

This is not a bad thing, regulation will increase usage, acceptance, and maybe even price .

We've already seen some progress with Japan passing the Virtual Currency Act, which now recognizes cryptocurrencies as a payment method. I hope this trend continues. 

https://bravenewcoin.com/news/bitcoin-regulation-overhaul-in-japan/

 

If you're interested in tracking regulations, here is the best site I've found: http://bitlegal.io/

[midair77]

I simply want to see the fiat printings from the Govts to stop.  They have been stolen our money under our noses. 

One of the reasons I consider XRPs as a good investment is because there are 100 billions of XRPs and that number is slowly decreasing.

[Coinseeker]

6 hours ago, snowpar said:

Cryptocurrencies will eventually fund terrorism. What matters more is what the response will be when it happens: https://coincenter.org/entry/it-s-time-to-assess-the-potential-for-terrorist-use-of-cryptocurrencies

In addition, cryptocurrencies are already regulated, but to varying degrees across the world. If we ever expect cryptocurrencies to be used for global business, regulations will need to increase.

This is not a bad thing, regulation will increase usage, acceptance, and maybe even price .

We've already seen some progress with Japan passing the Virtual Currency Act, which now recognizes cryptocurrencies as a payment method. I hope this trend continues. 

https://bravenewcoin.com/news/bitcoin-regulation-overhaul-in-japan/

 

If you're interested in tracking regulations, here is the best site I've found: http://bitlegal.io/

Why would regulation need to increase?  Is crypto not money?  Does crypto need it's own regulations because it's not money or are the laws and regulations on the books sufficient for money?  

Still not sure why government getting involved makes people think that's helpful to growth.  Gov is never helpful to growth, unless it's growing government or debt.  

[Guest]

I think the key is to take the dumb profit out of the system.

If there is less free money, there will be less to do stupid stuff with. I would just let the banks twist in the wind... and ignore them. They put themselves in this position.

Bypass.

[gforce]

http://www.coindesk.com/initial-coin-offering-ico-where-sec-might-stand/

[Dennis]

Terrorism is such an easy excuse to promote regulation in anything due to its ambiguity.  Don't buy pot because it funds terrorism.  Don't let in refugees because terrorism.  Oh you bought a fidget spinner?  Nice move funding terror.

The real reason digital currency needs regulation is all of the scum that try to take advantage of peoples hope and fomo.  Every time there is attention and money thrown at a thing, scammers pop up to ruin the party.  I've read that the SEC is just waiting for the right case to take decisive action.  I truly hope the rules and regulations are focused on preserving the innovation and wealth creation rather than simply classifying a new asset for taxation and risk aversion.

I agree that XRP has an advantage in this regard, but we should not wish the downfall of other assets to make ours the only option.  We should hope for these rules to pave the way for greater adoption.

[kanaas]

7 minutes ago, Dennis said:

Terrorism is such an easy excuse to promote regulation in anything due to its ambiguity.  Don't buy pot because it funds terrorism.  Don't let in refugees because terrorism.  Oh you bought a fidget spinner?  Nice move funding terror.

The real reason digital currency needs regulation is all of the scum that try to take advantage of peoples hope and fomo.  Every time there is attention and money thrown at a thing, scammers pop up to ruin the party.  I've read that the SEC is just waiting for the right case to take decisive action.  I truly hope the rules and regulations are focused on preserving the innovation and wealth creation rather than simply classifying a new asset for taxation and risk aversion.

I agree that XRP has an advantage in this regard, but we should not wish the downfall of other assets to make ours the only option.  We should hope for these rules to pave the way for greater adoption.

How much innovation is there in 98% of all those "coins", besides the innovative way to make the issuers richer? For my part most of them should have been passing in the courts 

[Dennis]

7 minutes ago, kanaas said:

How much innovation is there in 98% of all those "coins", besides the innovative way to make the issuers richer? For my part most of them should have been passing in the courts 

Although I agree there needs to be renewed focus, it's a slippery slope to discount an idea because of the amount of funding they receive.  I don't pretend to have the answers, and haven't put enough thought into every angle, but I could come up with a list that promotes innovation and limits risk.  I fear that the regulations will focus on the outliers, and could suppress the new free market that is already shifting the paradigm of how money moves, how companies are funded, how wealth is created, etc.