{"id":23970,"date":"2024-06-30T14:00:15","date_gmt":"2024-06-30T11:00:15","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23970"},"modified":"2024-06-30T10:47:00","modified_gmt":"2024-06-30T07:47:00","slug":"buterin-criticizes-bitcoin-regulation","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/buterin-criticizes-bitcoin-regulation\/","title":{"rendered":"Buterin Criticizes Bitcoin Regulation"},"content":{"rendered":"<p><strong>Vitalik Buterin<\/strong>, an outspoken co-founder of Ethereum, recently voiced his annoyance with the present level of bitcoin control and provided a clear fix for the issue.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/buterin-criticizes-bitcoin-regulation\/#Buterins_Perspective_on_Regulatory_Challenges\" title=\"Buterin&#8217;s Perspective on Regulatory Challenges\">Buterin&#8217;s Perspective on Regulatory Challenges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/buterin-criticizes-bitcoin-regulation\/#Addressing_the_Flood_of_Dishonest_Actors\" title=\"Addressing the Flood of Dishonest Actors\">Addressing the Flood of Dishonest Actors<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Buterins_Perspective_on_Regulatory_Challenges\"><\/span>Buterin&#8217;s Perspective on Regulatory Challenges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Responding to a user on Warpcast, a social media network developed on the Farcaster protocol, <strong>Buterin<\/strong> explained a situation whereby current regulatory attempts have essentially placed good-faith bitcoin developers into a corner:<\/p>\n<p><em>\u201cThe main challenge with crypto regulation (esp in the US) has always been this phenomenon where if you do something useless, or something where you\u2019re asking people to give you money in exchange for vague references to potential returns at best, you are free and clear, but if you try to give your customers a clear story of where returns come from and promises about what rights they have, then you\u2019re screwed because you\u2019re \u201ca security.\u201d The incentive gradient that this &#8220;anarcho-tyranny\u201d creates ends up worse for the space than either plain anarchy or plain tyranny.\u201d<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Addressing_the_Flood_of_Dishonest_Actors\"><\/span>Addressing the Flood of Dishonest Actors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From the anarchy side of things, it seems as though the flood of dishonest actors, con artists, and unfounded hypesters spreading on social media and sharing platforms has no end.<\/p>\n<p><strong>Buterin<\/strong> earlier generated three ideas supposedly able to address the issue of &#8220;useless&#8221; cryptocurrency businesses and services.<\/p>\n<p>These suggestions call for restricting usage with knowledge exams, reducing leverage, and mandating audits and openness.<\/p>\n<p>Although it&#8217;s not clear how knowledge tests on cryptocurrencies could be carried out at the individual or corporate level or at the regulatory level, it would most likely be a matter of policy to restrict project leverage and apply auditing and transparency reporting guidelines.<\/p>\n<p>Unfortunately, the attitude of the bitcoin community seems to be that the U.S. has both an excessive number of cryptocurrency users and an approach to cryptocurrency regulation that may best be defined as nebulous or unequal.<\/p>\n<p><strong>Buterin<\/strong> says he would &#8220;much rather see us move to the opposite situation, where issuing a token with a clear long-term story for why it will maintain or increase in economic value is the riskier thing<em>,&#8221; instead of providing the most protections to businesses and projects devoid of a long-term vision or plan.&#8221;<\/em><\/p>\n<p><strong>Buterin<\/strong> also hinted, though, that the fight is still half complete in terms of laws serving the bitcoin sector:<\/p>\n<p><em>&#8220;Actually, getting to this will require good-faith engagement, both from regulators and from industry.\u201d<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vitalik Buterin, an outspoken co-founder of Ethereum, recently voiced his annoyance with the present level of bitcoin control and provided a clear fix for the issue. Buterin&#8217;s Perspective on Regulatory Challenges Responding to a user on Warpcast, a social media network developed on the Farcaster protocol, Buterin explained a situation whereby current regulatory attempts have<\/p>\n","protected":false},"author":6,"featured_media":9523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,1751,1724],"class_list":["post-23970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-regulation","tag-vitalik-buterin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buterin Criticizes Bitcoin Regulation - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/buterin-criticizes-bitcoin-regulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buterin Criticizes Bitcoin Regulation - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Vitalik Buterin, an outspoken co-founder of Ethereum, recently voiced his annoyance with the present level of bitcoin control and provided a clear fix for the issue. 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