
Bitcoin faces regulatory crackdown, Bank of England warns - oldcynic
https://www.theguardian.com/business/2018/mar/02/bitcoin-faces-regulatory-crackdown-bank-england-warns
======
dom96
The quotes in the article mention anonymity as one of the problems, but all
Bitcoin transactions are public. Is it really that difficult to tie people to
these transactions?

~~~
chatmasta
This is the UK government we’re talking about, the same government with
representatives who think “real people don’t need end-to-end encryption” and
that “we should get people who understand the necessary hashtags [sic]” to
implement back doors.

So more likely than not, the people calling for regulations on bitcoin have
little to no understanding of its basic properties.

~~~
cinquemb
> _So more likely than not, the people calling for regulations on bitcoin have
> little to no understanding of its basic properties._

How many on HN would gladly jump at the opportunity to "understand the
necessary hashtags", and write the software with skinner box like interfaces
for our glorious institutions that we owe our mind and body to in order to
protect us from ourselves?

Excluding those of you who already work on these profitable boondoggles of
course… ;)

------
d0lph
Title should be "cracking down on Bitcoin exchanges", I don't think they can
crack down on Bitcoin proper.

~~~
this_user
That would be difficult indeed, but you could certainly crack down on
exchanges, payment processors, miners and generally every company dealing with
crypto currencies, including banks. That would greatly cripple their
usability.

~~~
d0lph
I also think you could move most of that to a Tor onion service.

------
WheelsAtLarge
Bitcoin's real trouble is with transaction time and cost. Those are the
troubles that will bring it down way faster than any regulation. Once that's
fixed, there is no stopping it since there are countries where Bitcoin is
welcome. Example: Japan is one of those countries. The exchange rate between
fiat currencies and bitcoin will definitely bounce around but 100 years from
now someone will be using Bitcoin to make a transaction.

------
arisAlexis
Some remarks:

First of all, cryptocurrencies are a new paradigm and a threat to bans so
asking Bank of England is like asking taxi drivers their opinion about Uber.

Secondly, regulation means that they are accepted as legal tender, asset or
money officially.

Lastly, any country that will try to outright crackdown and ban them is at a
very great risk of economic exclusion and being left behind.

------
granaldo
At current market cap of almost 200b for bitcoin based on
[https://www.coingecko.com/en](https://www.coingecko.com/en)

It seems that the market is ignorant against news like this. As we have seen
after what some countries had attempted to ban

People will see value in this and try to acquire it. Making it harder to buy
may very well put bitcoin a higher price or activity goes underground.
Everyone loses

~~~
notahacker
Good to see somebody's done the "this is good for Bitcoin" post without
intended irony...

There's a tenable argument the UK simply isn't a big enough influence on BTC
prices to make much difference and the regulation probably won't go very far,
but arguing that making Bitcoins more difficult to acquire, spend or turn into
something spendable is going to drive demand for it is just silly.

~~~
russdpale
I will be buying the dip. Be greedy when others are cautious.

~~~
dogecoinbase
_Be greedy when others are cautious._

Youth really is wasted on the young.

~~~
joeblow9999
It's a paraphrase of Buffet's quote 'Be Fearful When Others Are Greedy and
Greedy When Others Are Fearful'

Not so young.

------
cjg
More direct quotes and more information on Bloomberg:
[https://uk.investing.com/news/cryptocurrency-news/boes-
carne...](https://uk.investing.com/news/cryptocurrency-news/boes-carney-calls-
for-regulation-to-end-cryptocurrency-anarchy-1062914)

------
OnlyRepliesToBS
If you close the door after the horse, other speculators will see the value of
that horse's freedom.

This is a positive feedback loop.

Pyrrhic victory for law, but the banks get their protections codified in law.

------
deadmetheny
This is good for Bitcoin.

(such thin skin from the Bitcoin True Believers)

------
pmarreck
Well it's a good thing Bitcoin DNGAF what the state thinks because all Bitcoin
actually is, is math and code

