Market update Wednesday February 7th 2018
We are still afloat everybody. Let's take a look at some headlines and the market in general.
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Senate crypto-hearing strikes a cautiously optimistic tone
In a hearing today before the Senate Banking Commitee in the U.S opened up what the near term U.S regulatory fate of cryptos might look like. The hearing struck a tone that could be interpret at surprisingly optimistic.
Over the course of the open hearing, Clayton and Giancarlo traded testimony over what can be regulated, what should be regulated and how, while offering a broader outlook on the long-term future of virtual currency markets and blockchain tech.
The Chairman of CFTC (commodity futures trading commission chairman) came across as genuinely enthusiastic and curious about the crypto market.
There are a lot of smart people who think there’s something to the value of cryptocurrency and the international exchange and I’m not seeing those benefits manifesting themselves in the market yet. I look at this from the perspective of Main Street investors and they should understand that.
On ICOs as a security:
“I believe every ICO I’ve seen is a security… You can call it a coin but if it functions as a security, it is a security…,” Clayton said. “Those who engage in semantic gymnastics or elaborate re-structuring exercises in an effort to avoid having a coin be a security are squarely in the crosshairs of our enforcement provision.”
https://techcrunch.com/2018/02/06/virtual-currencies-oversight-hearing-sec-cftc-bitcoin/
This is in my opinion excellent news. It means they are starting to get a broader view of what is going on. They understand some of the applications and utility of "coins". That they are not only "coins" but a security. Thank you! Finally they are starting to understand that this is more about technology, businesses and a new way of funding/financing.
I am not buying for instance Substratum because it's a currency. I'm buying their "coins" as security/stocks, because I believe in their tech.
Singapore confirms no ban on Cryptos.
The prime minister of Singapore said they wil not ban cryptocurrency as part of it's future regulatory plans.
(MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here,” the deputy PM said.
And as we can see, the market has a little bit more positive vibe today. But please stay sober. We have not broken any significant levels. We're still in a downtrend as you can see on the monthly chart. We've had some positive trends in volume as the price has gone up..but it seems to slow down a little bit. Hope for the best - prepare for the worst.
Little brains in the Senate are finally getting to know little about crytocurrency. I hope they learn to read and understand more and care less of themselves.
Thank you for this. We were in need of some good news. I am so glad we got it today. the US news is not 100% conclusive but it does have some optimism that they will be fair. What do you think about that?
Blockchain technology undoubtedly goes hand in hand with the tech leaps we will take in the near future. It will advance human kind exponentially. They understand this, and will therefore not destroy it. They will probably grant us some freedoms, like peer2peer investing/microloans etc. The ability to invest directly through ICO's will be allowed I think. But they will regulate it. Furthermore, they will try to regulate the shit out of pure currencies like Bitcoin.
I don't know the ultimate outcome. All I do know is that they can't ban it, plus why would they? It would destroy regulation and imply totalitarianism. Some things they can't stop..but they can regulate and slow it down and make it not as great as it could be. Exactly like with capitalism and free markets. We have SOME of it..some fragments of capitalism and free markets. But with a lot of regulations and government interventions and taxes etc. This slows down our wealth, progress and future. That's just what governments to. Their job is to slow down those who create and produce and give some of the results of productiveness to people who have less productive lives. And taking a cut. They are legitimate mafia. Nothing more nothing less.
As long as they make sure they get their taxes, they don't give a shit if cryptocurrencies win. Taxes is the key element here. Without taxation they lose their power.
Granted freedoms are just a pale illusion of the real thing....I'm feeling philosophical today.
Thanks for your thoughts. This is going to be an important month because the US is saying they will lay out what regulations they will put on the industry. Then we will all know what has to happen next. Same with China and India I am hearing. Are you hearing the same things?
I can sense some good news there,but now people needs to be a bit steady.No one should panic,some good news from singapore government.The chart you shared also showing some hope,Lets hope for some positive news.Thank's for sharing the post which will give crypto related people some hope.
this is good news for the crypto space and we hope it continues, and the market responded very well to it, am seen double digits all over the market and its a positive ssentiment after a bloodbath January
patience is the key
thanks fos shareing cryptocurrency Update News
Informative Infirmative post @scandinavianlife
Waiting your Next post
ReSteem FolloWed ✌
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This post has received gratitude of 4.86 % from @appreciator thanks to: @scandinavianlife.
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Warm regards..
By @ Kani77