State of the Coin Address from Tokyo (the effects of legislation on the crypto climate in Japan)
Hey fellow Steem-Os. Just got back from a weekend trip to Tokyo
and was surprised to find the once thriving free-market crypto areas of the city napalmed by mass regulation and licensing mandates, resulting in an almost total lack of available Bitcoin ATMs and trade opportunities outside of the new celeb-endorsed (see thumbnail) trading platforms popping up online.
Whereas just a year prior I could hit up Roppongi and find 4 or 5 ATMs in the area, now they are all gone. After talking to a couple employees of the establishments where the ATMS used to be hosted, I was told that licensing restrictions and other government red tape, in the wake of official recognition of Bitcoin as a currency, had resulted in the removal and shutting down of at least 4 ATMs in that area. Looking at CoinATMRadar (an app showing various BTC ATM locations) I noticed that most of the others are gone as well. This means about 7 or 8 perfectly good Bitcoin ATMs in the city have been disabled.
As I hit the McDonald's in Shimbashi this morning, I saw a gigantic billboard of a sexy Japanese celebrity promoting Bitcoin via the DMM exchange. It appears we are all being funneled into "legitimate" (read: monitorable, trackable, privacy-invasive and highly taxable) avenues of crypto exchange, while the thriving free market of exchange is being discouraged more than ever.
For some, celebrity endorsement spells higher BTC prices, and thus, success. For others like me, this is interesting, and we hope the price will rise, but the deeper, underlying feeling is one of grim understanding. This is what we knew was coming. The very systems that BTC was created to disrupt, are engulfing and co-opting it.
I think the tech is here to stay, and remain enthusiastic and optimistic. That said, I'm no dummy. Individuals utilizing the free market freely is something the state has never liked. and it will be interesting to see how things evolve over the next few years.
What do you think about the state of the crypto in your neck of the woods?
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~KafkA
Graham Smith is a Voluntaryist activist, creator, and peaceful parent residing in Niigata City, Japan. Graham runs the "Voluntary Japan" online initiative with a presence here on Steem, as well as Tube Twitter. (Hit me up so I can stop talking about myself in the third person!)
What do you think about this regulation's effect though? Will this cause a heavy uptrend among anonym currencies like Monero?
For me, all this fight seems to be quite futile from the governments. They can't really stop this. It's like a slow-down process, damage control that's needed to buy some time to figure out what to do when the inevitable transition happens. Just think about how parabolic this market would be without all the fuds from the government/media.
If this regulation mania continues though, crypto tax haven countries will be really popular in the future. And those will rise, big time!
Yes, I think Monero’s “day”
is still coming. It is one coin that tends to hold strong regardless of market climate, and I think that is because folks, even if only intuitively, can sense its importance.
It was bound to happen in some country's.
I'm like you mate, I believe the tech is here to stay and let's face it the governments aren't going to watch their paradigm crumble without a fight.
The saddest thing about the demise of BTC ATM's is the fees are so stupid now its pointless using them for small transactions.
I hope the big corporations really embrace the idea of crypto payments in 2018 as soon as you can pay Amazon etc in crypto we'll be off to the races!
This is the problem if Bitcoin is regulated the government will be able to control them. Countries like India are still confused as to how to deal cryptocurrencies. If they bring a law to regulate bitcoin then it will be not a decentralized currency anymore. Luckily Hungary is still soft to cryptocurrency. I know that some taxi service in Budapest accepts bitcoin. I have also spotted Bitcoin ATMs where you can cash out your bitcoin money.
Viva Free Market!
What you say doesn't surprise me at all: sounds like Japan are way ahead of the regulation game compared to what's going on here in the UK: it's as if the government's never even heard of it?!
So don't get too depressed... I mean, can you name me one disruptive innovation in history that hasn't been co-opted by the mainstream? (Don't worry if you can't, I don't think there are any!)
In terms of whose buying into it, most people aren't anarchists, regulation and co-optation of some cryptos might be a good thing for the overall price (and come on, the state's welcome to Bitcoin - it's a dinosaur!) , but given the sheer amount of different alt-coins out there, there's still plenty of opportunity for anonymity and stateless transactions going forwards.
I really appreciate your optimism. Seriously. Thanks for bringing some perspective to this post.
After commenting on your post the other day, I think people here in the US are getting more and more scared to touch it. I have a feeling after this year or maybe the next (if not sooner) most non-decntralized exchanges will be closed or forced out due to regulation.
I think people that are core believers won't be shaken out, but I have a feeling that those just entering the area will be dissuaded about taxes that are implemented by people who understanding nothing about the area.
It saddens me to see this about the bitcoin ATMs. I was hoping to see more of those popping up around here in the states, but have a feeling if they're being banned their they are or will be banned here.
I don't care much about price as much about the adoption of crypto as normal money.
i am damn sure that whole crypto market will soon rise because very famous companies of the world are try to add crypto in their payment system.
As far as i know, SBD will touch 50$ by end of 2018
Thanks for the great post
Hi friend, I am living that area where, people hardly hear the name of steemit or crypto currency, so it is very impossible to find out any crypto ATM, but I have great faith in my heart that we will rock in our community in near future. It is utmost importance for us that we should believe with our community and work hard. For this you my friend @kafkanarchy is the best inspiration and energetic person for all of us. Unless and until we get your company and support, under your umbrella we feel very secure and happy. Thanks for sharing such a valuable lesson to the people, have a great day friend happy steeming.
Thanks for sharing dear keep it up hope you will share more
Excllent post .