How will cryptocurrency be regulated?
Brian Armstrong, the CEO of Coinbase, has some view on it. He believes it will be multi-faceted.
Posted Using LeoFinance Beta
You are viewing a single comment's thread from:
How will cryptocurrency be regulated?
Brian Armstrong, the CEO of Coinbase, has some view on it. He believes it will be multi-faceted.
Posted Using LeoFinance Beta
SO many government aren't looking into regulating cryptocurrency, they are looking into making it unavailable to their citizens and only in cases of war like that of Russia and/or Protest that they remember that there is a decentralized method of payment.
Posted Using LeoFinance Beta
Yes well stopping a truly decentralized system is impossible.
The Nigerians operate under some crypto unfriendly laws and they basically told the government to pound sand. They could care less.
Posted Using LeoFinance Beta
Wouldn't there be a big rush to use Naira to buy crypto at the centralized exchanges used by Nigerians before their crypto gets offloaded to Web3 wallets or DEXs? If this is the case, it would be like the behavior of surf moments before a tsunami hits the coastline.
Posted Using LeoFinance Beta
True that. They want to crush it not control it. It is too much of a threat to the established system. Hope more people get involved in crypto. This is the only way to stop the government's plans
Posted using LeoFinance Mobile
That is the true defense.
As more people filter into cryptocurrency, the resiliency of the entire system goes up.
Posted Using LeoFinance Beta
The problem now is the people getting involved are business people and not much of those in politics are interested, and as we know, a businessman has only one aim, make money. So those getting involved currently aren't bothered about the regulations, all they do is manipulate the system to either pumping it or dumping it so they make money
Posted Using LeoFinance Beta
Interesting view. I think he is probably right.. I just wonder what kind of process they will use to classify and decide which path each coin will follow because there are so many out there and new ones being created by the hour
Posted Using LeoFinance Beta
We just need to build around it. That is all.
The ability is there. One big time application that hides identity or throws the tracking bots off the path and it is game over.
Posted Using LeoFinance Beta
That will be nice. I think privacy will be a huge "asset" in the future
Posted Using LeoFinance Beta
It is going to be tough to negotiate. Money is, after all, nothing more than data. And if we are entering an age where data is more important, then privacy is going to be considered.
How do they separate data that represents one medical history as compared to financial?
I am not sure it can be separated.
Posted Using LeoFinance Beta
As long as KYC is done in some form or other, it cannot be separated.
This is not crypto, but this example shows what we can do:
MetroCards can be tracked by a serial number, but that number isn't tied to anyone's identity. In this way, MetroCards are like cash.
OMNY, on the other hand, it tied to either the mobile phone or the bank account or both. Essentially, OMNY requires KYC.
If we can keep crypto more like the MetroCard, we're good. Once crypto becomes like OMNY, we're doomed.
Posted Using LeoFinance Beta
Agreed. We are seeing how they want to control everything and know all that is going on. For this reason, we can see how we (developers) need to develop layers that seriously alter the tracking abilities. They arent going to like it but if the industry has the stuff being produced from all over the world, there is nothing that can be done about it.
Posted Using LeoFinance Beta
First we give our crypto to
ELON, thenELONredistributes our money back to us in the proportions we used to give first.(
ELONhere is whatever privacy coin we want to use, not actual ELON memecoins.)Posted Using LeoFinance Beta
Lol Brain Armstrong is part of the system that crypto wants to disrupt. I don't think we need regulation in this space. Code is law and I am willing to leave It at that. If the government by any chance controls this spacewe can say goodby e to the freedom we have worked for... The government is just a few elites dictating what's right or wrong. I have no confidence in such systems
Posted using LeoFinance Mobile
Very true. Even if he started with pure intentions, he is now part of the establishment. Regulation protects his business from outsiders. His only vulnerability is from other banks.
Posted Using LeoFinance Beta
I hope we don't get to that point where we seek solace in the hands of a corrupt government. I understand people are concerned about scams and hacks but those are problems the industry should solve, rather than falling back on the government.
Posted Using LeoFinance Beta
DeFi, when established properly, is the defense against that. We have to keep building to the point where the infrastructure is such that anyone can fork what they need.
Then it is truly an unstoppable force.
Posted Using LeoFinance Beta
Spot on! This is none of the many points I made against regulation in my recent post. The infrastructure can take care of itself when done properly. So in other words we are simply going to innovate to the point where we mitigate fraud within this space.
Posted using LeoFinance Mobile
I get lucky once in a while.
Without a doubt. Regulation means nothing. This is why I keep trying to explain to people what the true model for cryptocurrency is. We are doing what the banking conglomerate did with the Eurodollar system. It is not different.
And that operates outside the scope of governments and central banks.
Posted Using LeoFinance Beta
I think the centralized blockchains will be regulated like that. Do you think they will start building profiles through KYC and start linking wallets together and giving them to the governments?
Posted Using LeoFinance Beta
Of course. That is what KYC allows. They know the accounts and then can start tracking everything. Once that have the identity, it is all over.
That is why they fear decentralized so much.
Posted Using LeoFinance Beta
I think that is already in the works... To bad I have done kyc on a couple of exchanges. Imagine Binance giving the nigerian government my data. Lol that's means I will start paying some form of tax. 🥲
Posted using LeoFinance Mobile
I think that is already in the works... To bad I have done kyc on a couple of exchanges. Imagine Binance giving the nigerian government my data. Lol that's means I will start paying some form of tax. 🥲
Posted using LeoFinance Mobile
Binance seems to be the one to resist most countries.
However, all governments are going to want that data.
Posted Using LeoFinance Beta