We need regulations in Crypto and not Bans
I'm not going to point at any country or an individual. I personally think that this technology is very good and it will have to get good use case when it comes to transactions and security. All publically viewable data should go inside the blockchain. That's what I feel. People using that blockchain or running a node should also be given incentives. The coin can also be in such a way that people can invest in that particular coin and gain profits from the same.
There was no big news anywhere about all cryptocurrencies going to get destroyed in another 10 days or something. I guess being in this crypto world seeing multiple "China Ban Crypto" news now and then, I'm used to all these dips unless it is really serious. I understand to some extent that the countries can bring some sort of regulations to cryptocurrencies but as long as we have enough witnesses running the node from different places of the world, blockchains won't go down and the governments cannot do anything about it. At least that's what I understand.
Even if there is a global revolution to bring the blockchains down by identifying every single person running a node, the blockchain would still be in a halt state and not be completely destroyed unless they also hunt the hard disk of every individual and destroy it. But we already have many encrypted copies of the blockchain stored in the cloud as well. This applies to not only bitcoin but several other blockchains including Hive as well. For instance, Hive node operators are from different corners of the world. I know someone who is running his witness from New Zealand and someone from other big countries too.
There are also witnesses who camouflage their IP addresses to point to a different location or a load balancing server which makes it difficult to trace the exact location of the witness server. That is also possible. I know we also have technologies available to hunt them down but I don't think anyone would go to that extent to bring the entire blockchain network down. If this was the case several years ago for Blockchain, it is understandable but now people are building amazing things with this technology and there are already many blockchains around the world operating for a different purpose. All that we need is regulation to categorize the good ones and the bad ones.
My final thoughts on this are - If a tree is filled with fruits and someone is tasting fruit from that tree and identifies that the fruit is bitter, they should try a different fruit or do something to make it get better. There is absolutely no point in cutting the tree itself just because one of its fruit was bitter. Let's hope the governments bring some good regulation to this technology in the favor of people as well as the government instead of banning this technology from use.
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Hopefully they'll regulate it well and not do something stupid in the process.
They will do something stupid in the process, that is what politicians and bureaucrats excel at.
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Yupp I gave up hopes long back.
Or let them not regulate and just keep talking over and over again so that we can keep going like this.
😂 oh how I wish that happens but because of certain people misusing cryptocurrency we common get to pay the price by non tech savvy government.
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Even if there is ban, there is actually no problem for us. We have enough ways to get money out and this ban actually does not have any impact on us who knows how to get crypto out into real world.
Yes that's definitely true. Even if there are regulations I don't think it will be very favourable. Let them keep talking over and over again and not decide anything.
We need development then we are not concerned about either their regulation or bans.
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Yes agreed. As long as we keep developing, it is good. We can just keep going.
Regulation is better than bans but I still prefer it if the governments did nothing but talk. Nothing good comes out of politicians and banks building rules that benefits themselves. Rather than regulation, people need to start doing their own research so they don't fall into scams.
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Yeah great. I'll also be very happy if they just keep discussing. As long as there is no ban I would like to keep the situation like how it is now so that I can cash out a little bit.
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I hope you get my reference.
Thanks man. Cheers!
Did you get the reference?
No, wondering if I missed something 🤔
In Italy until a few years ago they discouraged people from investing in cryptocurrencies, saying that they were absolutely to be avoided. Now they have changed their minds, now they are starting to think about applying taxes on cryptocurrencies.
Yeah I wish other countries too understand the importance and bring regulations instead of ban.
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