Quote:
Originally Posted by Nooseknot
All those quoting price volatility, bitcoin's value has grown 50,000% in the last 5 years. I'm not sure how you see that as a problem. Volatility in this regard is also quite easy to fix technically which many emerging projects are doing.
Poker around the world is heavily controlled by payment processing restrictions and regulatory controls because its historically been used to launder and for capital flight.
Bitcoin/crypto is a no brainier, except the legacy models don't have the capability to adapt quickly to adopt it. They are falling behind.
Regarding volatility: Of course this is a huge issue. This is fixed with normal currencies using a huge amount of different financial products and services that allow companies to control the risks related to multi-currency transactions. As far as I know, the current offer of these products crypto currencies is very weak. Your statement "but it has gone up 50.000% how can it be a risk?" either lacks understanding of basics concepts regarding risk or shows that you do not have an objective view on the matter.
Regarding regulatory controls: It is true that gambling in general is heavily regulated, but it is entirely possible that specific regulation regarding crypto currency will be pushed down to other industries as well. All it takes is a negative event or a government proceeding with strict regulation.
Quote:
Originally Posted by BDHarrison
How can cryptocurrency be regulated to prevent these bad uses?
In theory it could be possible to regulate this within the blockchain technology I think... But it would be complex and would require cooperation/recognition from various international bodies including USA, UN, EU,... . It likely is an impossible task at this stage, and imo the fact that it is not there will prevent it to ever become large enough that would allow for all necessary stuff to be implemented.
The easiest solution would be if crypto currencies are integrated within the existing banking system, but I guess that would be contradictory with some of crypto currency its key characteristics.