In this environment I think this is a huge success for cryptocurrencies.
A lot of bad hype is going around in social and regular media and these influence people more than you think. Right now less than 1 % of people have interaction with cryptocurrencies and only a small percentage only know what they really area. Even JP Morgan's CEO is acting like he does not know the power and capabilities of blockchain technology and trying to undermine it. But if you look at JP Morgan's investors, they do not care about what he says about Bitcoin and still ask the firm to buy more for them.
These speculations mostly affect average people who does not have time or resources to do their own research and try to grab any piece of information they hear on mainstream media and act on it .
I believe anyone who does their homework and do research on blockchain and cryptocurrencies would see the benefit and rewards of such system.
Anyway, my point is this is human nature. Any good news about Bitcoin is good. We, as people, are lazy and mostly like to act that we have enough knowledge about any favorite topic discussed.
Regulation is good. It gives people confidence. People think if Bitcoin is something governments recognize and take action to regulate it and the firms dealing with it , it must be something good...
It is very easy to transfer value overseas with a cryptocurrency. Let's say you bought Bitcoin from an unregulated firm, exchange in your country. There is no evidence or record of you buying it or even if there is a record either it is anonymous or that exchange does not share it with your government. If you transfer it to another exchange in another country, you can easily withdraw that money and value created in your home country just flies away to another tax system.
Well, if government can not tax that value which is earned in your country, it just goes crazy. If there is no regulation, there is going to be a ban. Look at China.
Mexico is Working on Legislature to Regulate Bitcoin Firms https://t.co/RUyl3pTyoc
In this environment I think this is a huge success for cryptocurrencies.
A lot of bad hype is going around in social and regular media and these influence people more than you think. Right now less than 1 % of people have interaction with cryptocurrencies and only a small percentage only know what they really area. Even JP Morgan's CEO is acting like he does not know the power and capabilities of blockchain technology and trying to undermine it. But if you look at JP Morgan's investors, they do not care about what he says about Bitcoin and still ask the firm to buy more for them.
These speculations mostly affect average people who does not have time or resources to do their own research and try to grab any piece of information they hear on mainstream media and act on it .
I believe anyone who does their homework and do research on blockchain and cryptocurrencies would see the benefit and rewards of such system.
Anyway, my point is this is human nature. Any good news about Bitcoin is good. We, as people, are lazy and mostly like to act that we have enough knowledge about any favorite topic discussed.
Regulation is good. It gives people confidence. People think if Bitcoin is something governments recognize and take action to regulate it and the firms dealing with it , it must be something good...
why do they feel that regulation is necessary?
It is very easy to transfer value overseas with a cryptocurrency. Let's say you bought Bitcoin from an unregulated firm, exchange in your country. There is no evidence or record of you buying it or even if there is a record either it is anonymous or that exchange does not share it with your government. If you transfer it to another exchange in another country, you can easily withdraw that money and value created in your home country just flies away to another tax system.
That would appear to be a feature...not a bug.
I don't see a problem.
Well, if government can not tax that value which is earned in your country, it just goes crazy. If there is no regulation, there is going to be a ban. Look at China.
government is already crazy.
actually that's pretty much a definition of government.