Do we really need regulations?

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avatar of @belemo
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2 years ago - 4 minutes read


The conversation about crypto regulations is not going to be leaving the airwaves anytime soon. Every day, crypto communities in different parts of the world find themselves embroiled in these debates that make you wonder if there's truly any resolution in sight.

The question everyone asks is do we or do we not need regulation? If we do, then to what level and how do we prevent government meddling?

Is it even possible?

Let's face it, crypto regulations are here to stay and no matter how we might feel about them, they will play a huge part in the future of the industry.

Some countries are crypto friendlier than others, thus making "nicer" regulations. However, at the end of the day, it still all comes down to the bottom line that it's a government making the rules.

Adoption will change it

The fact that everything still pretty much revolves around fiat means that crypto regulations will ultimately take eminence in the situation.

It's fundamentally impossible to wage a "financial cleansing" on a system that's based on fiat with crypto as your weapon of choice. There are numerous obvious reasons and one of them is because, well, cash is STILL King and it's still the predominant route to owning cryptocurrencies.

I believe that getting the industry and system as a whole to a self-sufficient point where the "cash flow" is solely based on the asset values in the digital space will be an important part of the journey to mass adoption.

Also, the fact that regulators also offer some form of security to their jurisdiction, makes them quite important to the industry.

As you know, you get almost zero protection, other than the underlying blockchain security that blockchains offer. However, the presence of regulators adds an extra layer of "protection" that you don't get when you rely solely on yourself.

To understand my point, all you have to do is take a gander at all the rug pulls and dirty schemes being played on Dexes and different DeFi platforms. I believe that with proper regulations, it is possible to cut down on the number of scammy entities in the market.

On the other hand

Sadly though, it's not entirely the case. If put it on a scale, fiat is still the most used tool for scams or put in another way, statistically speaking, scammers generally prefer accepting fiat.

So, if regulators haven't been able to curb fiat scams, how can we truly trust them? Also, are unsuccessful scams due to the presence of regulators or the potential victim's savviness?

I know regulation isn't directly proportionate to security, but I also know that you can't regulate me without protecting me.

I honestly don't trust in the capacity of regulators to offer protection to people.

So, how about we just cut out the bullshit and handle ourselves by ourselves?

Regulators can't protect you, the government can't protect you and neither can Peter Schiff, so what are you left with? You're left with yourself, your keys and your ability to do your own research.

If you want to do something right, you might as well do it yourself. Besides, the government is comprised of normal individuals like any of us with flaws and everything human.

Why do we have to sit back and watch them claim to "protect" you with their self-serving policies that mostly stand to benefit their employer, the government?

Government vs crypto

Forget what the governments are saying, it is still a war against cryptocurrencies. If they had their way, they'd just "pull the plug" of the market and end everything.

Now they send Trojan horses through their campaigns to "adopt Bitcoin" and save the crypto universe.

So no matter how governments claim to be more accepting of crypto, always remember the entire point of this journey. Always remember the goal of creating a new glob financial system.

Always remember that the true aim is to create a system where people aren't affected by the pesky and trifling ways of their government. A place where the cold wars between countries are extinct and every individual identifies as their own person.

It sounds like freedom and unlike what your government tells you, it's affordable.

Uphill battle

So do we need regulations? I don't think we do but if we're going to be regulated then it might as well be by our own design.

Cryptocurrencies and blockchain technology will play an important role in the future, the only question is, how can we create a friendlier environment for the industry to thrive?

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