You are viewing a single comment's thread from:
RE: IOTA: On the road to ten dollars?
There is regulation coming, that should be obvious to everyone. Where there is this amount of money involved governments will always want to have a cut of it. It's just a matter of how much and when.
Luckily governments are slow and inefficient so this should take a while to catch up to the technology. They are only starting to get to grips with internet piracy now about 20 years later so not that worried yet.
IOTA being backed by big companies should more than likely abide by most of the laws making it more attractive as a legitimate alternative to bitcoin which does have that reputation for illegal activity.
I agree with this line of thought. I also think having IOTA replace Bitcoin would be far less risky for everyone in cryptocurrency. Sure IOTA has tangle and is fee-less, but lets face it - Bitcoin is primarily Chinese mined. That makes me a bit uncomfortable. Who is to say China wouldn't eventually decide to pull the plug on the Bitcoin miners just to create mass hysteria and financial damage world wide? IOTA is not susceptible to such an attack. This is an important FACT.
It all depends on what regulations are brought in i think. The rich companies will all be pushing for strict regulations on the existing and anonymous cryptos leaving a gap for IOTA to take over. Im sure they will have their fingers in when america is drawing up the regulations at least. And america usually leads the way for these type of issues.
I think regulating crypto will be a huge challenge for the world governments. Look at any of the existing data structures - they are all online for you to see. Can you tell me who bought what? Even though the governments would like to think they are in control of this - it truly is beyond their control. In it's present form. Tracking IP's will be useless because secure SSL VPN's can be used to conduct network transactions. This would obscure any IP address and geographical information. A person sitting in Hawaii could appear to be conducting a transaction in Iceland. Unless all the Governments could somehow agree on a uniform regulation - it probably will not happen. I imagine the countries that opt out of such regulation would become the equivalent of "crpto Switzerland".