Is the golden era for crypto trading over?
Recent announcements from the SEC could trigger a dramatic shift in the culture of crypto-trading. What was once inclusive and non-geological will now involve lawyers, new risks, and nationalism is slowly being brought into crypto via regulators. Asking traders, what do you think the result will be if:
- Only regulated exchanges exist (BTC-E and all similar exchanges shut down).
- All regulated exchanges treat crypto tokens as securities due to legal reasons.
- Only accredited investors are allowed to trade crypto tokens.
- The IRS insists on the most draconian tax interpretation possible.
If all the above happens what will the crypto trading landscape look like? Is it the end of the golden era?
Trade peer to peer the way Bitcoin was intended. Exchanges are just a byproduct of the legacy monetary system and will probably go the way of the dinosaur.
Even if Bitshares is a decentralized exchange, it has a bottleneck in that the SEC can target the delegates aka witnesses.
It's a natural response of those that thrive on centralization to fight the decentralization of money and assets. I won't even be surprised to hear about cryptocurrencies and how they are damaging society next year when election season starts ramping up. The question is whether the crypto community will be organized enough to fund education campaigns when this happens. The average person will believe whatever they hear on TV or radio, so if all they hear is how bitcoins are used to buy drugs and weapons, then they will support measures that crack down on the crypto world. It's about to get interesting!
I personally see this as the one huge remaining question mark over the market cap of cryptos. One big move by the feds here in the US could force many people to make moves they wouldn't have otherwise.
Great points!
They don't seem to mind decentralization. What they seem to be doing is putting up barriers to entry and letting the whole thing remain decentralized. Basically if you're not an accredited investor or a chosen person you cannot have the opportunity to trade crypto if certain people change the community in certain ways.
The biggest issue is that this tech reduced the barriers to entry. Anyone could trade crypto from anywhere. We are about to lose that.
I don't think so. It is just the beginning.
Crypto can't be stopped :D
It can't be stopped, but they definitely can make it harder to get your fiat currencies in and out. That's where they will apply the pressure.
Maybe with wider acceptance, we won't want to trade it for $$$$. That would solve that problem;)
That may be the end game for fiat...LOL
You would be correct, but in the reality we live in today, that's not going to happen for years, if not, decades. As of right now, the only way to pay bills here in California is with USD, so this doesn't necessarily solve the problem for the next few years.
Might happen a lot faster were the dollar to crash. Many believe that'll happen sooner than later.
There are no problems...only solutions. And we will always find solutions :D
That is why the goal one day is to get rid of fiat using. :)
@jwolf you are right, Crypto can't be stopped
New lawyers, regulators, and policy makers means job creation!!!
Doesn't the SEC's jurisdiction only cover US citizens?
I think that many should follow @sean-king and simply leave the country.
The other question is ... What percent of the crypto-investors are American citizens? Would it have any impact on the cryptoverse if American citizens weren't allowed to play?
You may have to renounce citizenship too and is it worth it?
I guess it depends how much you have invested. It's definitely a major decision.
I think this is what I would do if this happens. I'd legally emigrate to somewhere like Puerto Rico.
This might be just the kick I'd need to quit my day job and "go for it", as it were.
Yes, the landscape is changing. But not as in the end of an era. We're just at the beginning.
NOBODY CARES about the USA! 350 million people vs 6 billion worldwide..
i guess not even the moon is the limit :D
Just the beginning
We think alike! Upvoted!
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