The futility of regulating Bitcoin
Historical precedents have shown that whenever the people have a means of obtaining items of currency (effectively) out of the ground, that governments will step in and not only demand a piece of the action, but will eventually shut it down. For example, the US government eventually made it illegal to use gold as currency, despite the gold rush that added so much to the country's wealth. The same may well happen with Bitcoin, as governments become nervous of a currency being created that is beyond their control, regulation may be imposed to prevent Bitcoin mining. When Bitcoin began, it....
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History has demonstrated that when regulators attempt to intrude on liberties, individuals find workarounds. The post The Utter Futility Of A Bitcoin Ban appeared first on Bitcoin Magazine.
History has demonstrated that when regulators attempt to intrude on liberties, individuals find workarounds.
Proponents argue it is set to change real estate, accounting, securities and a gamut of other industries. But, how should this technology be regulated? A better question might be, 'Should it be?' And if so, 'How?' Lawmakers generally try to create rules that are technology neutral. Indeed, one of the most pressing criticisms of New York's BitLicense regulation was that it deviated from this approach. Why this has been successful is because regulators know that software developers move faster than they do. When rules are created for specific technologies, there’s a danger that rapid....
Following the appointment of the new prime minister in the UK, who is a pro-crypto-enthusiast, the lower parliament house of the state assembly votes in favour of regulating virtual assets as per the Financial Services and Markets Bill. Lawmakers favoured the amendments to the bill that the parliamentarian Andrew Griffith presented on October 25. The […]
It seems that regulating Bitcoin has become an ‘arduous’ task, that is true at least according to a report published by the private intelligence company Stratfor. Stratfor is a company who provide geopolitical intelligence to individuals as well as organisations across the world. Stratfor’s publication is called ‘The Arduous Task of Regulating Bitcoin’ and is available for download here. They forecast that the regulatory uncertainty will continue to act as a deterrent in the wider adoption of cryptocurrencies. Why Cryptocurrencies will not become a dominant force. In its analysis of the....