Crypto Why Cryptocurrency should be regulated?

sincerem

VIP Contributor
That's just the simple truth because once the government has details of exchange platforms and wallet developers there is every possibility that they will get all the necessary data they might need to track all cryptocurrency activities and to come up with regulatory policies it is just like the Central Bank reaching out to all other commercial Banks to get data, they don't need individuals customer or clients.
You're right too. The government owning such kind of data directly from exchange/wallet sites will enable them holding the essential data of those involve around the crypto banking institutions and learn ways to track each and everyone's Cryptocurrency activities on those respective platforms where they transact around Cryptocurrency.
 

sincerem

VIP Contributor
This is also another good reason why cryptocurrency should be regulated, money laundering can be easily achieved with the use of cryptocurrency because it cannot be traced and the perpetrators cannot be brought to book. The government should look for a way to do this and also it would be reasonable if the government will not have the capacity and ability to monitor people's transaction anyhow because it will defeat the purpose of cryptocurrency completely.
Money laundering have been the serious issue around Cryptocurrency, their is no how it will be rectified if the market is simply anonymous. But regulating it like the fiat currency isn't the original purpose why Cryptocurrency was created in the first place. Every creation have purpose and objective why it is created and Cryptocurrency is created to remain anonymous.
 

Chibson

VIP Contributor
This is fact! Several shitcoins out there pulling some ruse stunts. I think there are some coins that gives bad name to Bitcoin and the rest of the legit coins we have. People that are being scammed because of these shitcoins will not trust crypto any longer. However, people needs to educate themselves about what crypto currency is all about, not jumping into one scam coin to the other.

A lady in my neighborhood was scammed few months ago through Bitcoin mining....Imagined if she was educated about cryptocurrencies and know how difficult it's to mine Bitcoin......She might have been saved having that little knowledge.
definitely it is very important that before anyone will try to do anything with cryptocurrency he or she must have the proper knowledge and understanding of how it really works. there are a lot of scammers on the internet looking for who to rip off, people need to be very careful of them. I am always very careful when I want to invest on any new cryptocurrency, and of course I do my proper research because many of them will rugpull and go extinct.
 

Sherman198

VIP Contributor
yes, I also have the same view because every day there are a lot of shitcoins coming out trying to scam people of their money. There are a lot of cryptocurrencies and majority of them do not have any reasonable use case and I think such cryptocurrencies should be brought down because they are causing more harm than good to the cryptocurrency world.
This is fact! Several shitcoins out there pulling some ruse stunts. I think there are some coins that gives bad name to Bitcoin and the rest of the legit coins we have. People that are being scammed because of these shitcoins will not trust crypto any longer. However, people needs to educate themselves about what crypto currency is all about, not jumping into one scam coin to the other.

A lady in my neighborhood was scammed few months ago through Bitcoin mining....Imagined if she was educated about cryptocurrencies and know how difficult it's to mine Bitcoin......She might have been saved having that little knowledge.
 

Chibson

VIP Contributor
Well, I do not think that the cryptocurrencies should be regulated because the main reason for cryptocurrencies is to make the sender and the receiver anonymous. If you start regulating, controlling, or start identifying the person who is behind cryptocurrency transactions, then this is not what cryptocurrencies were made for. Not all the people who use cryptocurrencies are bad or criminals.
Anonymity should be maintained in cryptocurrency because that is the primary purpose cryptocurrency was brought out and it has a lot of acceptance and people are really using it to do transactions swiftly. Money laundering is one thing that is still the problem of cryptocurrency because people can easily steal money through cryptocurrency and they will not be caught.
 

Chibson

VIP Contributor
Why it should be regulated is due to the money laundering issue that is going through it steady, the scammers who scam people off their hard Cryptos too, are making it look pathetic branding crypto with bad image. That should be taken into action to add more security into it, regulate it by tracking down such phishing activities of the scammers and recover the stolen funds.
This is also another good reason why cryptocurrency should be regulated, money laundering can be easily achieved with the use of cryptocurrency because it cannot be traced and the perpetrators cannot be brought to book. The government should look for a way to do this and also it would be reasonable if the government will not have the capacity and ability to monitor people's transaction anyhow because it will defeat the purpose of cryptocurrency completely.
 

Chibson

VIP Contributor
You may be right bro..... Presently we have over 12,000 coins in the cryptocurrencies ecosystem. Now, if you check the majorities of these coins, you will see that some of them have no value at all, they are just there filling up spaces. Coins that the owners have dumped long ago are still there. I think it would be reasonable if we have regulators who would decide which coin comes into the the crypto microcosm.
yes, I also have the same view because every day there are a lot of shitcoins coming out trying to scam people of their money. There are a lot of cryptocurrencies and majority of them do not have any reasonable use case and I think such cryptocurrencies should be brought down because they are causing more harm than good to the cryptocurrency world.
 

Chibson

VIP Contributor
I also believe that cryptocurrency should be regulated to a reasonable extent because everyday a lot of scam cryptocurrencies are coming out and people are using them to scam people of their had any money in the name of buying presale. I have seen a situation whereby people bought new crypto-currency on presale and at the end of everything it was rugpulled and they lost all their money.
 

Sherman198

VIP Contributor
I agree with you that there is a need for proper regulations of these new coins and how they get accepted and launched. Some of them are just pump and dump scams that are only used by the rich to make them selves richer from the ignorance of poor investors who thought they were making the best decision to make some profits.
You may be right bro..... Presently we have over 12,000 coins in the cryptocurrencies ecosystem. Now, if you check the majorities of these coins, you will see that some of them have no value at all, they are just there filling up spaces. Coins that the owners have dumped long ago are still there. I think it would be reasonable if we have regulators who would decide which coin comes into the the crypto microcosm.
 

sincerem

VIP Contributor
Why it should be regulated is due to the money laundering issue that is going through it steady, the scammers who scam people off their hard Cryptos too, are making it look pathetic branding crypto with bad image. That should be taken into action to add more security into it, regulate it by tracking down such phishing activities of the scammers and recover the stolen funds.
 

Good-Guy

VIP Contributor
Well, I do not think that the cryptocurrencies should be regulated because the main reason for cryptocurrencies is to make the sender and the receiver anonymous. If you start regulating, controlling, or start identifying the person who is behind cryptocurrency transactions, then this is not what cryptocurrencies were made for. Not all the people who use cryptocurrencies are bad or criminals.
 

sincerem

VIP Contributor
If such sharing or exchange of data is properly done between the government and wallet developers or exchange platforms, the excuse of money laundry that government is using against cryptocurrency adoption will be completely all reasonably eradicated because they can track in and out of funds in all cryptocurrency exchange plaforms in their respective countries.
You're simply right again. That's what we expect the government to always do and not just coming to the public to voice out their displeasure around the progress made so far around Cryptocurrency. Saying, crypto is mainly used for criminal offence, when they have the power to call things in order and eradicate issues of theft in the Cryptocurrency ecosystem.
 

Ahmedo24

Verified member
You're right too. The government owning such kind of data directly from exchange/wallet sites will enable them holding the essential data of those involve around the crypto banking institutions and learn ways to track each and everyone's Cryptocurrency activities on those respective platforms where they transact around Cryptocurrency.
If such sharing or exchange of data is properly done between the government and wallet developers or exchange platforms, the excuse of money laundry that government is using against cryptocurrency adoption will be completely all reasonably eradicated because they can track in and out of funds in all cryptocurrency exchange plaforms in their respective countries.
 

Ahmedo24

Verified member
No doubt to very reasonable extent cryptocurrencies are growing stronger and there is a possibility that they have come to stay but they are serious challenges that is needed to be solved of which personally I believe that government cannot shy away or stay away from cryptocurrencies but keen to regulations.
The cryptocurrency ecosystem currently has challenges on the continuous inflow of news coins on daily basis with very many of them having no case use and making few to make money and majority loosing out because all that propelled such coins is hyping and nothing else.
If countries of the world can come together or in their individual countries regulate cryptocurrencies even the launch of new coins can be controlled which will give the Crypto currency market more significant. Share your opinion on this.
 

Ahmedo24

Verified member
It will be hard for the government to complete the eradication of its anonymous nature since wallets/exchange sites can still be created by anonymous people to perform criminal activities too. The best to regulate Cryptocurrency is finding those who created and reach agreement with them to help control its anonymity and make it possible to track down money laundering transactions.
That's just the simple truth because once the government has details of exchange platforms and wallet developers there is every possibility that they will get all the necessary data they might need to track all cryptocurrency activities and to come up with regulatory policies it is just like the Central Bank reaching out to all other commercial Banks to get data, they don't need individuals customer or clients.
 

sincerem

VIP Contributor
The anonymous nature of Bitcoin and other cryptocurrencies may not be completely eliminated by government even when they try as much as possible to regulate the activities of cryptocurrencies rather they will ensure compliance of exchange platforms, wallets developers and few other people in the sector such that when there is need for them to track activities or persons they can easily dig up data as we know that lots of people use cryptocurrency for criminal activities.
It will be hard for the government to complete the eradication of its anonymous nature since wallets/exchange sites can still be created by anonymous people to perform criminal activities too. The best to regulate Cryptocurrency is finding those who created and reach agreement with them to help control its anonymity and make it possible to track down money laundering transactions.
 

Bookwormlux

Valued Contributor
I agree with you that there is a need for proper regulations of these new coins and how they get accepted and launched. Some of them are just pump and dump scams that are only used by the rich to make them selves richer from the ignorance of poor investors who thought they were making the best decision to make some profits.
 

Ahmedo24

Verified member
Crypto shouldn't be owned by the government, government are forcing their way into Cryptocurrency just to regulate it combat with its anonymity, volatility which is the main reason why anonymous Cryptocurrency developers created it for. It isn't created to be regulated in terms of killing its anonymity. If the government can come in and help those exchange sites to adopt more security protocols to combat theft it will be highly appreciated.
The anonymous nature of Bitcoin and other cryptocurrencies may not be completely eliminated by government even when they try as much as possible to regulate the activities of cryptocurrencies rather they will ensure compliance of exchange platforms, wallets developers and few other people in the sector such that when there is need for them to track activities or persons they can easily dig up data as we know that lots of people use cryptocurrency for criminal activities.
 

sincerem

VIP Contributor
Crypto shouldn't be owned by the government, government are forcing their way into Cryptocurrency just to regulate it combat with its anonymity, volatility which is the main reason why anonymous Cryptocurrency developers created it for. It isn't created to be regulated in terms of killing its anonymity. If the government can come in and help those exchange sites to adopt more security protocols to combat theft it will be highly appreciated.
 

Ahmedo24

Verified member
The activites surrounding the mining of cryptocurrencies should be regulated to be ecosystem friendly if truly it possess some great dangers as reported. But the transactions in cryptocurrency should not be regulated as this will not boil down with the reasons why crypto was introduced. It was introduced to be decentralized and not centralized.
Actually understand this fact that anonymity and financial libration is one of the desires of cryptocurrency trends but we are already in the system where government takes charge of so many things and we are guided by laws the worst part of it is that people are taking advantage of cryptocurrency to commit crimes and other illegal activities that we justifies government reasons to regulate cryptocurrencies if they must exist.
 
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