Cryptomarket is crushing right before G20 summit - another wave of fear?
G20 SUMMIT in Argentina
A big day is approching. Actually two big days in the row, on the 19th-20th of March 2018 the G20 Summit will be hosted in Argentina. Most likely discussions will revolve around "the implications of cryptocurrencies and the potential applications of its underlying technology. "
You can read more about it here:
http://coindingo.com/g20-inks-two-days-dedicated-to-cryptocurrency-talks-at-next-weeks-summit/
https://www.coindesk.com/g20-delegates-will-seek-common-response-crypto-talks/
We've lately experienced the US Senate hearing being followed up by EU talks about cryptocurrency and both events were taken quite positively by investors.
So I believe, partly the current drop will last for next few days. I cant imagine any buying power jumping into market right now.
The only thing that worries me is the fact that there will be 20 CEO's of banks invited to be part of this process. That can be real issue as we all know that bank's are not at all keen towards cryptocurrency market.
My only hope is that those power nations will find a common ground to regulate this market as this is simply necessary. We can't possibly hope that prices would go heavily up knowing that many big players are not involved yet.
I will keep you updated. If you like my post then follow and upvote and stay tuned for the next post.
Just a disclaimer: I AM NOT AN EXPERT.
These writings are based on my own personal opinion and I hope my post has been helpful and will allow some of you to get prepared for whatever the future will bring in terms of cryptocurrency.
Ps:
Drop a comment - I will be reading and replying to all of them :)
Cheers,
Piotr
I actually CAN imagine that prices would go up a lot WITHOUT extra regulations. Just look at the last few years. I can assure you: when they do regulate this space, for a short while you will make a lot of money, and then it's game over. No more big profits, and power will be taken away from you.
I agree that prices would go up WITHOUT those extra regulations, but the question is: can we actually grow anytime soon since those regulations will be taking place ? At the moment I cannot see it happening. It's just everyone seem to be waiting for those regulations to become reality. Investors want to know how to pay taxes and feel secured.
Why do you think it will be game over in the future? Stock market + forex are full of small investors as well. dont you think that this market wont be any different?
Thank you for your upvote. I followed you too.
With game over I mean: gone are the big profits. Institutional investors don't want huge volatility. If a stock moves too much in a day, they stop trading it for some time. Also think about ICO's. There is no way they will allow them to get 100M plus with just a website, team, vision and whitepaper. If you want to invest in ICO's it will go via banks, regulated and controlled, not by you. They will release the money in stages to the team for each milestone they achieve. In short: you we lose more and more control, and it's people who are in control who tend to make the big bucks.
Thank you for your genuine comment. I agree about ICO's 100%
I checked your profile and it seem that you're quite new member on steemit.
Im myself quite new in steemit community but I realized that there are few things you could do to have a better start:
Maybe you should consider small changes in your steemit account?
and mostly invest a little bit in steam and purchase steemit power and steemit dollar.
Also it's worth to have a look at those 2 usefull tools: steembottracker.com and steemvoter.com
cheers,
I agree with you, however, regulations also have advantages. Some people (mostly veteran investors) are very skeptical in investing in crypto because nothing regulates it; regulations solve this. I believe that time will come where we believers will be very thankful that we didn't cower out just because of these regulation FUDs. Also, once all regulations are in-place, people will overlook the impact of the regulations and will just look into the future of the blockchain technology.
Thank you for your genuine comment. I totally agree. Regulations are pretty much necessary.
We share very similar point of view :)
I just followed your account as I noticed we share also similar interests. Hope you can follow me in return and I hope you will like my content. Im also quite new here but Im trying to do my best to build a presence in this community.
Good points. Regulations are a very complex matter. It's so often a bit like throwing the baby out with the bathwater. I think that was the reasoning that won out in the end at the G20.
The reason they have now decided NOT to make any new regulations is because they couldn't reach consensus; and that was because those who actually do understand this new technology, and all it's potential ramifications, are realizing just how many existing regulations already exist, which do apply. Plus, they are somewhat behind the curve still trying to get a handle on this new technological revolution, while so many central banks and nations are now looking to jump the band wagon by creating their own cryptocurrency. Imagine if they had jumped in and tried to regulate the internet in it's early days. We wouldn't be where we are now?Those who didn't understand it then tried to regulate it, but thankfully reason won out. It should be interesting to see how it all plays out.
Actually that's what worried me. That all those power nations wont be able to find a common ground to regulate this market and they will keep us all in a "limbo" for another months to come.
Do you honestly think that "reason won out"? I wish it would be that way. At the end of the days this market need to be regulated and i feel like we've lost tremendously during G20. Currently I cannot imagime most of smart money investing much and it may be hard to imagine that we will reach another high this year. Hope Im wrong.
thx for comment
When I said "reason won out" I meant on when they tried to regulate the internet for years and years, before they finally did. Certainly, the verdic is still out on that in ongoing open discussions and I don't think anyone can really say as of yet on the crypto world. Now many of those recent "internet" regulations have begun to push innovation back in many sectors of the internet, including all things crypto. But I do also believe reason did give pause on the G20 meetings and reason can not be a bad thing in my view.
I don't see how you believe we've tremendously lost out during G20 though when so many are looking so much more at trying to figure out the best way forward. Can you explain better what sort of specific regulation you actually feel the world really needs on crypto that we don't have already and how you feel those specific regulations would help the growth? It really is such a vast subject which touches pretty much everything in one way or another.
Certainly ICOs are a hotspot topic. Maybe such things as open transparency laws against scam and fraud with respect to everything and everyone involved, but even that I believe would probably better be determined by a truly free and open market, which in many aspects do not really exist in today's world in my view. But that's a whole other factor all together.
If I read you right, why would a lot of big fish, who jumped in last year, not want to jump in again because of a lack of consensus at G20? If anything they may not jump in because of new regulations such as all the new laws in the EU for example this year.
I think with regards to "regulation" it would be best to step back and really put the whole picture into perspective. After all we're really talking about a major revolution to the current monetary system, which has been in a slow death for some time now, and crypto holds the potential to save the world from imminent crash of the old system. Regulations are a bit like trying to treat the symptoms without really looking at the main cause of the problem. Even fraud is a symptom of a bigger systemic cause.
I am hopeful this is a big part of what has given cause for pause at the G20, given so many their are just beginning to get a grasp of the full picture of what this new revolution is. Not to mention G20 is 20 nations which are very different with many different economies and unique complex differences between them.
Thank you for your amazing reply.
Im not sure if we tremendously lost during G20 but definetly. But since regulations are only postponed till july then we will experience loads of FUD again within few months.
Im not sure from which part of the world are you but where I live (Asia + sometimes east europe) there is pretty much still no regulations at all. Noone knows how to pay taxes and without that knowledge it's going to be hard to convince many players to get back and invest into crypto market.
What I need is simple: I want basic regulations that would allow me to pay taxes and would assure me that value of entire market will not be crashing because of another politicians talking some heavy stuff about regulations.
ps.
I believe you should write entire post about your own view. Not just a comment. Many others would probably like to hear you out. I definetly did.
ps. 2
I would love to stay in touch with you a little bit closer as I value your knowledge and your input. And we could support each other.
Plus you're very responsive which is absolutely great.
Perhaps you could send me short email to [email protected]
Yours,
Piotr
Great suggestion, @crypto.piotr, to write a whole post on the subject. I agree the delay till July will more than likely produce a lot of FUD in the markets. Although, I believe a lot of projects will start to really mature in that timeframe too in very positive ways. So it should be interesting to watch how things unfold. July just seems a bit unrealistically too soon for very much progress in my view.
You make a great point too on making whatever regulations there are simple. Although, making things simple is very rare in gov. tax regulations of late... All the more with crypto, where one can trade crypto to crypto. It was my understanding that much of the world already views crypto as a taxable asset that capitol gains would apply and those that don't generally follow a "wait and see"moratorium, like Bill Clinton did in the 90's on the internet, which most of the world did as well. It's such a complex matter with crypto, because so many different applications have so much potential to really change things for the better.
All the best
You are the fastest replying person I came accross in a very long time hhahaha :)
I love it! :D
Please let me know once you will upload your post. I will love to read it.
Absolutely supporting your view. Lemme try to tag a friend who think alike and hope he see this. @ghua
it seem that @ghua isnt very active on steemit lately :(
He will come out from nowhere. He's still actively upvoting and commenting others. Let's hope he see this.
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr
Yes, I read it and commented, @crypto.piotr. Great post! Thanks for the quotes too :)
Absolutely. You brought so much input into my previous post that I owe you :)
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr
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Good points made here, @crypto.piotr! The story broke yesterday by Reuters of G20 CEASEFIRE - NO NEW CRYPTO REGULATIONS and the markets stabilized a solid bottom and has been moving up nicely ever since - a good 20% or so at present. I still think, given today the 19th and tomorrow the 20th, the top dogs are still meeting at the G20, that investors will probably not pile in just yet until Tuesday is over and done with and no negatives to add. I'm sure they're looking at the regulations that are in place to see how to work with those. Looks like 2018 may have the workings of another year similar to 2017. Time will tell. All the best
Time will tell :)
hi buddy
thx for your reply and upvote but try to keep your valuable upvotes and keep upvoting posts (not comments). cheers ;)
Hi @crypto.piotr
There you are. I was wondering what happened to you. Yeah, I just figured it out that the upvotes are limited to 10 or 11 a day before they begin to drain our voting power. I had gotten carried away as a result of a video I saw one of the steemian whales from several years ago encouraging to upvote everything you like, including your own posts. I'm guessing that is one of the changes they have made since. When I figured that out it was down to 25%. So I have been really trying my best to not upvote unless they really deserve it... It's like detoxing from an upvote addiction :) LOL... given I do that all the time on the other social networks. Thanks for the headsup ;)
oh wow. I can see on https://steemd.com/@positivesynergy that your voting power is pretty low :)
slow down. once you will have 500 steem power then you will be able to give so many more votes. until then ... just 10 a day :)
ps.
ps.
I would love to stay in touch with you a little bit closer as I value your knowledge and your input. And we could support each other.
Plus you're very responsive which is absolutely great.
Perhaps you could send me short email to [email protected]
Yours,
Piotr
Yeah, I only did one so far today... It's back up to nearly 53% now. When I'm here, as I'm doing like 3 or 4 things now, I'm trying to focus more on adding posts and content, as well as reply to comments, given so few (maybe 5%) ever reply it seems... I'll try and send you an email sometime today. Have a good day :)
Indeed not that many people seem to be responsive.
Im doing my best to build some contancts with people like you. Who take time to reply and are serious about this platform :)
ps. did you ever try any bots or auto-votes?
I'm a bit hesitant on the bots, but have looked some at minnowbooster, given so many whales speak so highly of it. It seems to be very limited though. Are you using any?
Absolutely ;)
ps.
I would love to stay in touch with you a little bit closer as I value your knowledge and your input. Plus you're very responsive which is absolutely great.
Perhaps you could send me short email to [email protected]
Yours,
Piotr
I was curious to see your replies on several comments and questions I made above discussing crypto regulation. Thanks for the email address. I'll keep that in mind, but don't use email that much. Plus, we can both gain more here with other's comments and input as well, as was the case in that other post.
It does seem that the "compromise" at the G20 was only a bit of a delay and plans are still moving forward by some towards more regulations; and now that the market seems to be digesting that, it, along with probably mostly all the markets in general selling off, seem to have pulled back the reigns on any new rally for the time being.
I'm still really curious what I asked above, "Can you explain better what sort of specific regulation you actually feel the world really needs on crypto that we don't have already and how you feel those specific regulations would help the growth?" These sorts of questions and discussions are going on everywhere now and maybe someone involved may see our discussions too. You never know. All the best
Hi buddy
Im doing my best to reply all messages and I hope I will not miss any. The truth is that steemit isnt very user friendly and it's easy to skip some comment.
I would love to be able to keep in touch privately as well. Perhaps you could find me on facebook: Piotr Leib (Im with my little dog and my malaysian partner).
Im always trying to find a way to keep in touch privatly with those that I value. Hope you dont see anything dodgy and wrong about it. No pressure anyway.
I think I replied about my personal view related to regulations. As trader or investor I would like to know how to pay taxes and I need to feel confident that I wont be surprissed out of the blue.
People like me do not need any specific regulations, but we want to be able to build our businesses in safe environment. Or at least as safe as possible. Without threats that our efforts will be jeopardized within few month with another wave of fear and panic sell caused by another attempt to regulate this market.
What do you think?
Yeah, I know what you mean on steemit not being very user friendly.
I hear you on not wanting to be surprised out of the blue with tax regulations. That really seems to be the biggest problem. I've seen in many articles where supposedly governments had surprised people on that without any clear warning at all. That to me is their biggest mistake and where your desire for simplicity resonates the most. A big part of that is also the way what we used to call "news" has become more a game of polarized propaganda that often seems more like tabloid gossip than anything else.
I still think something similar to the 90's general "hands off" moratorium on the internet would be best for this still very young market and they should make very clear for X number of months/years, but if Y, then Z taxes would be due. I just think it's a bit of a pipe dream to reach very much global consensus, given the differences and complexities each nation has. In a way G20 is much about the whales attempting to dictate what the smaller fish do. Simple Clarity should be of the highest importance for markets to really develop.
All the best
The problem with news agencies in current days is that they are being influenced by different powers.
So like you said, news = propagands. Luckily we have youtube influencers and more content builders. This surely will help to some degree.
"I still think something similar to the 90's general "hands off" moratorium"
Could you tell me more about it? Im not sure what are you refereing to.
The focus will be on blockchain. They will need to educate each other on what the blockchain is, how they can mitigate the risks (more so learn about the benefits) without stifling innovation cause they know how patent offices fucked this up. If banks weren't so greedy than bitcoin wouldn't have happened but they were and it did. Remeber this reference...
Genesis Block: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
Thanks for your post.
I totally agree with you. Unfortunatelly greed is what drives this world forward.
I like your post about busy.org. Decided to follow. Cheers :)
Sounds good. I like busy better than steemit.
.
Im closing this topic (which means that Im not planning to be visiting and replying in this topic) .
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post.
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr
Is busy.org also based on blockchain technology ? I was wondering if you can be rewarded there for publishing your content.
I read somewhere that if I publish something on steemit then it may be also automaticly published on busy.org
Any idea how does it work?
I think it’s a clone of steemit with a better UI / UX. Post on steemit it goes to busy. Post to busy goes to steemit. Same rewards same rules. Just a better interface for long post and or short posts.
Thx
Thanks for sharing, going to look into busy.org!
Well said, @alakazam! I agree most regulations stifle innovation and screw things up. Probably now that they have decided to NOT create any new regulations some realize it's not a matter of more regulations, but a matter of eliminating some existing regulations that because of so many costly complexities some have are causing so many problems. It's so complex though they way global banking has evolved the last several decades. For the consumers it's over-regulated and for the bankers it's so often under-regulated. That's where I think they would do well to focus on some. Who knows though.
It's a big mess. I would not want to be employed by the SEC during all this.
Perhaps, If they focus on the known scams that are under investigation and use them to set the precedent of what is clearly not acceptable, things will start to take shape. But this is no small task and it's a long road ahead.
Who knows is right!
I agree more focus should be on the known scams. Probably a large emphasis on self regulating, as seems to be a growing compromise trend, would be the best way to move forward on that. But yeah, who knows though. I think the key is to stay fluid to allow innovation to grow freely and just prune off the corruption offshoots when they step over clear bounds.
You got a 1.95% upvote from @postpromoter courtesy of @crypto.piotr!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Good stuff; wish I had seen this earlier.
It seems like you'll be providing very valuable content to the crypto community on Steemit so I will follow you to be notified of your new posts :)
Thank you buddy! Let me check your profile since you're into crypto :)
I hope to find there loads of interesting content
Im closing this topic (which means that Im not planning to be visiting and replying in this topic) .
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post.
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr
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STOPgreat your bitcoin post
thank you :)
I noticed that we both share similar passion towards cryptocurrencies and blockchain technology :)
Im myself quite new in steemit community but I realized that there are few things you could do to have a better start:
Mostly I invested a little bit in STEEM in order to purchase STEEM POWER and STEEM DOLLARS. Why? It's simply important. Without initial investment it will be very hard for you to build reach here and be noticed.
Also it's worth to have a look at those 2 usefull tools: steembottracker.com and steemvoter.com
If you will reply to this message (that would allow me to believe that we may develop mutual engagement and help each other) then I will upvote your post and follow you as well.
Cheers, Piotr
I don't know about the guy above, but I do read those who commented on my post(seriously do you remember you've commented on my post? lol ), and I'll see if it fits for me to reply and upvote them. I did not upvote your post because I saw you already have enough bot votes, so I give the vote to your comment instead.
If you're in Penang, please do come for the meetup tomorrow ok. I'll buy you a drink after the event or you can buy me if you want! Lol. Penang is still very raw at this moment, we held a talk last month, and it's going to be another 1 tomorrow. There's a good chance if you can start a community there to support each other.
Hi davidke20. Thank you for your kind reply.
Im sorry if I do not remeber replying to your post. Every day Im trying to allocate some time to be active on steemit but it's sometimes hard to remember nicknames. It would be much easier if we would know each other in person. Which cannot happend.
So at the end of the day it's hard to remember some things. I often remember conversations but not always who did I "write" with".
I would totaly love to meet you for a drink tomorrow, but I just learned about this meeting few hours ago and it's to late for me to change any plans. Any chance you could write to me on my email? [email protected]
This would allow us to keep in touch. I would very much appreciate your gesture.
Do you live in Penang or are you just visiting? Cheers, Piotr
I'll be staying over a night. I'm the speaker for tomorrow evening's event. If you could, Wednesday breakfast? The few of us Steemian will be there.
Hi Bob
I wish there would be more advanced notification system developed by steemit. I didnt noticed your reply until now.
Where are you staying on every day basis? Kuala Lumpur?
ps.
I would love to stay in touch with you a little bit closer as I value your knowledge and your input. And we could support each other.
Plus you're very responsive which is absolutely great.
Perhaps you could send me short email to [email protected]
Yours,
Piotr
Done. Dropped you an email.
Lovely! :)
Hello How r u Vote me pls I have Already given u vote
For future viewers: price of bitcoin at the moment of posting is 7602.10USD
Cheers :)