Push for regulation where? Washington DC? They won't be able to regulate the exchanges in Germany and Japan from Washington DC, all they could do would be to try to make it illegal for US residents to do business with them.
Is the UN going to be trying to regulate bitcoin exchanges globally? That seems unlikely.
This is beyond nations, and thankfully there's no global government yet.
EDIT: The real solution is for people to stop leaving their bitcoins in the hands of these exchanges. You keep them in your personal wallet and only do a transfer when you are ready to do a transaction. Leaving them somewhere you yourself don't control is just asking for trouble.
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Cryptocurrency
In the countries they reside in. And then they'll set up other regulatory agencies for the foreign ones in order for the domestic ones to do business with them, etc. If they can do it internationally with banks, they can do it with Bitcoins.TPRJones wrote:Push for regulation where? Washington DC? They won't be able to regulate the exchanges in Germany and Japan from Washington DC, all they could do would be to try to make it illegal for US residents to do business with them.
"... and then I was forced to walk the Trail of Tears." - Elizabeth Warren
If they can do it internationally with banks, they can do it with Bitcoins.
Says who? The model is entirely different. Banks trade in currencies backed by nations.
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
That's a pretty big assumption, based on recent history. Plus, banks are rooted in a physical location and tied to a government through it's currency. Bitcoin has no roots in any country.If they can do it internationally with banks...
Japan has already ruled that bitcoin is outside the purview of their ministry of finance and won't be doing anything to regulate exchanges like MtGox. So, any country that tries to regulate the exchanges in ways the exchanges don't like, nwo they'll just move to Japan.
And then they'll set up other regulatory agencies for the foreign ones in order for the domestic ones to do business with them, etc.
The exchanges have no business with each other. This isn't like with banks where person A in country X needs to do a transaction with person B in country Y so they each go through their own banks and the banks handle the currency exchanges. Each person deals with whatever bitcoin exchange they wish wherever it is individually and directly. The only legal hold a country could have on a foreign bitcoin exchange would be to make it illegal for their citizens to do business with it, and I don't see that working very well in most western countries.
The sort of regulations you are envisioning here would take very specific and strongly built multi-national treaties of the sort that cedes regulatory power over to an international agency like interpol. I don't see that happening anytime soon - if ever - over bitcoins.
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"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
And as long as bitcoins remain backed by nothing, they are going to be seen as risky.Malcolm wrote:Says who? The model is entirely different. Banks trade in currencies backed by nations.If they can do it internationally with banks, they can do it with Bitcoins.
"... and then I was forced to walk the Trail of Tears." - Elizabeth Warren
Meh, every other currency is backed by nothing these days, and they do well enough. Fiat currency is pretty much accepted as just the way money works now.
As long as someone somewhere is willing to buy a bitcoin for a certain price it will keep having that value.
EDIT: Plus, digital video game currencies of all sorts are teaching people that money is whatever you decide it is. The only difference between Isk and Bitcoin is where you can spend it.
Edited By TPRJones on 1394043759
As long as someone somewhere is willing to buy a bitcoin for a certain price it will keep having that value.
EDIT: Plus, digital video game currencies of all sorts are teaching people that money is whatever you decide it is. The only difference between Isk and Bitcoin is where you can spend it.
Edited By TPRJones on 1394043759
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
True, but the US dollar is protected by the FDIC with banks for ripping you off up to a certain amount. As is becoming apparent to lots of bitcoin holders, you get no such protection with their currency. And when a bank goes under, at least another bank can come in and buy all the assets and keep the members solvent. When the bit coin exchanges go bankrupt, there are no assets.TPRJones wrote:Meh, every other currency is backed by nothing these days, and they do well enough. Fiat currency is pretty much accepted as just the way money works now.
"... and then I was forced to walk the Trail of Tears." - Elizabeth Warren
True, but the US dollar is protected by the FDIC with banks for ripping you off up to a certain amount. As is becoming apparent to lots of bitcoin holders, you get no such protection with their currency. And when a bank goes under, at least another bank can come in and buy all the assets and keep the members solvent.
Another bank that can go under? And the FDIC's promise is only as good as the fed's checkbook.
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
In a sense, bitcoins are backed by the security of the bitcoin P2P network. The one thing that would irrevocably destroy the value of bitcoins is if someone figures out how to hack the software that supports the network to create or steal bitcoins at will.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
As long as they control the printing presses, the money's protected. Might only be worth 10 cents on the dollar by the time they're done, but they'll protect your dollars in the bank. While at the same time destroying them...Malcolm wrote:Another bank that can go under? And the FDIC's promise is only as good as the fed's checkbook.
"... and then I was forced to walk the Trail of Tears." - Elizabeth Warren
It would depend on when the next election is, and if the party of the person in the White House is at risk.Vince wrote:As long as they control the printing presses, the money's protected. Might only be worth 10 cents on the dollar by the time they're done, but they'll protect your dollars in the bank. While at the same time destroying them...Malcolm wrote:Another bank that can go under? And the FDIC's promise is only as good as the fed's checkbook.
"Be bold, and mighty forces will come to your aid."
