Hey steemians,
apart of ripple we don't have other big currency that are already managed by the government and i think the vision of a decentralise blockchain as nothing really to do with third party institution that control the power. But if in the future more regulations will come in, probably ripple would be a very good option to adopt.
But here is a Q&A session that i found VERY Useful that explains and give insights about regulations and how the government will interact with this blockchain revolution. Give me you feedbacks and the end and if you think he is right??
What prevents governments from taking control of exchanges, just as they have seized gold in the past? Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin. This talk took place at the Silicon Valley Bitcoin meetup on April 11th 2017 at the Plug and Play Tech Center (@PlugandPlayTC) in Sunnyvale, California: https://www.meetup.com/Silicon-Valley...
Those are the main points that are brainstormed in the video and i hope you appreciate this synthetic list:
- Goverment can take over centralised exchanges, but a significant number of people do not store their bitcoins on exchanges long-term (your keys, your money), so that would not enable them to control the network.
- They may come after people who they can see have bought bitcoin from exchanges, but that will just drive the entire economy underground. Rather than simply buying bitcoin with your bank account, you will have to barter or offer services and be paid in bitcoin. Anywhere that bitcoin is banned, the spread will increase.
- Premium prices and smuggling.
- Until the levels are equalized, the more it will continue to flow into a giant underground market. Foreign currency controls. Russian history. Bribery and corruption. Venezuela and India examples of Gresham's law. DEA agents stealing bitcoin from the Silk Road, Ross Ulbricht case. Making a mockery of the law.
- If breaking the law is the difference between feeding your kids or watching them starve, no one gives a damn about the law and nothing will stop them.
- Let them go after the exchanges, because they're going to create exactly the premium that's going to drive an enormous black market. "Black market" is just another word for 'unofficial' market.
I hope you found it interesting and looking forward to your comments to discuss!
Happy steeming,
Francesco
You can watch the full talk here: https://youtu.be/i_wOEL6dprg
Some related work that you MUST read that i think is necessary to understand the situation today:
- Alternatives to centralised exchanges - https://youtu.be/3jmeJjhH84s
- Why I earn bitcoins instead of buying them - https://youtu.be/Ci7TyD8jETY
- The Currency Wars and Bitcoin's Neutrality - https://youtu.be/Bu5Mtvy97-4
- Hot vs. cold wallets - https://youtu.be/Aji_E9sw0AE
- Coinbase vs. the IRS - https://youtu.be/YQJk-5ZYmoM
- The separation of money and state - https://youtu.be/jGmtRA9S7_Y
- Will Bitcoin survive global government intervention and regulation? - https://youtu.be/_QS-wCxnqr0
- How will the currency wars affect companies? - https://youtu.be/c9MIM2vZUZc
- Global financial crisis (GFC) - https://youtu.be/JU3gNC_ZPKM
- Remittances and smuggling in Venezuela - https://youtu.be/RRXecXfWARw
- Can cryptocurrencies support terrorism? - https://youtu.be/Ryz-pXbsojU
- A voluntary alternative to mandatory currencies - https://youtu.be/5ogv3Eya9nQ
- Why we should resist financial surveillance - https://youtu.be/KBFedmrDTQw
- The revolution in trust - https://youtu.be/iWfpxB3HZOY
- How much bitcoin do you have? - https://youtu.be/DJtM9mR7cOU
- Price premiums and arbitrage - https://youtu.be/B4tsk-ZiHuE
Andreas M. Antonopoulos is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
Upvoted by Emma
cool thanks!
muy buen post bro
Well if you think about it it could happen I mean the money system there could use Bitcion.
Important questions, i think everybody has a very pessimistic view of government bodies and regulations. I think as they come in its up to the community of crypto supporters, users, investors, traders to work with the system to protect the integrity of of the blockchain and cryptographic assets. The governments are not just going to snatch it.
How long do you think will take for that @satchmo, if it will snatch it? thanks for the great inputs
I don't think they can snatch it - Its a function of how fast the mainstream and to be honest wall st. want it to happen. Regulators will faster and faster, fire got lit under them when the market cap of the cryptographic assets burst. Not sound over optimistic but I think all the news from regulators and legal bodies has been extremely positive.
Very interesting, given what is happening at BTC-e. It looks like all exchanges must follow the United States Know Your Customer laws or risk very large fines. I hope you follow up on this topic, I enjoy your posts.
Thanks @norris! I am looking forward to see how the BTC-e strategy will be and the adoption from other countries. Why do you think that everyone will follow the USA?
No I do not think this will ever become a US major money source!
I agree @micheal! What is your opinion on which country is a good candidate to adopt it?
I think if it was to take off Mexico would be a good place!
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STOPthank you for sharing the info.