Japan says any bitcoin regulation should be international

Comments (9)
disengage wrote:

Agreed!!!!!!!!!!!!!!!!!!!!!!!!!!!

Feb 27, 2014 4:55pm EST  --  Report as abuse
QuietThinker wrote:

Governments should not regulate bitcoins as they are not legal currency. Anyone converting legal currency to bitcoins should accept that their money is gone though no one’s fault except their own.

Governments should, however, make every effort to hack into the bitcoin system to pursue criminals and terrorists.

Feb 27, 2014 5:31pm EST  --  Report as abuse
Ike23 wrote:

It doesn’t matter if a government law recognizes bitcoins as currency or not. Bitcoin is a product and it can be legally traded for money. There is nothing new about fake currency. Trading bitcoins for goods is called the barter system; Also legal. You people stop telling yourself what you want to believe and go search reputable sites for better information. If the Japanese gov wants to ban bitcoins then they are just simply out of the loop. Bitcoin is still good where it matters;Here in the US.

In the early days of the US our government mostly hated the idea of federal money and it almost didn’t happen. It started as an experiment and inflated very quickly just the same as the Bitcoin. Today people act like thats the only thing that real. its not. Get over it people.

Feb 27, 2014 11:03pm EST  --  Report as abuse
stevecho wrote:

Simple question do they have enough currency to back up a run on the exchanges?

Next, question what do I buy them with if I do not mine them from nothing. (I understand the use of miners for the network. By the way it will consolidate because of expense and become vulnerable)

Hmmm answer… Good ole fiat paper

No fees…. I have never paid a fee from a bank not once. In fact I look for specials were they give me 125 bucks or more to open an account. Soon as term is up, I go to the next one. Free checking…free credit cards that pay me back.

Problems with an appreciative currency….
Payroll ….you have to pay fewer coins every year. I know decimal out. Real story guy bought pizza night for 10 k BCs. He lost his appreciative coin, and learned what the penalty of spending it is. Now think about a house, don’t have enough BCs, so I get a loan for 10k BCs. I make fewer coins per year, but the number I owe stays the same. Then sell the house 10 years from now. What I only get 8.5. Every coin you let go is climbing, and every one you hoard is growing.

Another problem… If I own a lot of coin it is in my best interest to see wallets stolen. I know you can’t break the chain man. That’s not necessary because my coins are worth more because yours are lost to the digital nothing. Limited by design. I can see it now Black Friday heist baffle authorities. They can’t use the stuff it’s worthless, unless they have a super computer.

Last… I begin were I started show me the money. Can the exchanges handle a run on them.

Feb 27, 2014 11:35pm EST  --  Report as abuse
stevecho wrote:

Hmmm

Feb 27, 2014 11:37pm EST  --  Report as abuse
Svaart wrote:

Funny that people seem to think that Criminals and Terrorists use bitcoins instead of USD, JPN, CYN, EUR and so on.

What currency do you think is mostly used by criminals and terrorists? My bet would be the USD.
People that cry over bitcoin are either people without bitcoins or people that don’t know how bitcoins work.

People like that usually show themself by posting comments that belong in the trashbin.

Feb 28, 2014 3:29am EST  --  Report as abuse
Tiu wrote:

Bitcoin. The Trojan horse for the New World Order and the One World Government and the One World Bank. And no, you are not one of the “One”s, you are a slave.

Feb 28, 2014 4:51am EST  --  Report as abuse
ShamixPro wrote:

Self regulating, anonymity, etc…. are the reason for introducing crypto currency. Without these options or complete transparency (not perceived transparency), anything less than that will simply disappear.

Bitcoin as well as other digital currency had the open freedom to “make (mine)”, buy, or use at your convenience.

You can’t “make” legal tender – well you can but you’re probably going to jail if you do – However, you could use it legally or illegaly, and remain anonymous, same as govment backed money. However there were enough differences that made it attractive, and ideal for digital trade.

It wasn’t designed to be regulated. It wasn’t designed to be taxed. It was designed to keep the person using the digital currency in the shadows whether for good or bad. That’s it.

Deal with the harsh reality of why Bitcoin exist and all this non-sense of regulations goes out of the window, as well it should.

Feb 28, 2014 9:19am EST  --  Report as abuse
yellowjap wrote:

Bitcoin is a BASE PRODUCT and it can be legally traded for money with update to add cash back tracking and roll over along with hedge trading for insurance. No software is safe forever. Somebody can steal without trace is just scam. How much is enough better up to international regulation. Software could be used for cloud funding, etc. It’s nice if Polices can catch thieves internationally without using money.
That’s Kuroda is suggesting. Good example. Platform can be used for many option trading for real product too. Like condo unit or flight. You see why.

Feb 28, 2014 1:13pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.