SUMMIT G20 - good or bad for cryptocurrencies? My own little summary
Hi everyone,
I've been waiting for the past few days since the recent G20 summit to learn what would the impact of this event have on the cryptocurrency market and I must admit that I didn’t expect it to end up this way at all!
So what happened exactly? Pretty much nothing. I was hoping that all the power nations would find a common ground to regulate this market but that did not happen. Instead, the entire process of implementing regulations has been simply postponed.
Investors first reactions were very hurray-optimistic. We’ve seen what happened right after the summit ended. Prices of pretty much all cryptos skyrocketed right away, but unfortunately only to drop a moment later.
I’ve been monitoring social media, reading comments and watching youtube influencers just to get a bigger picture and understanding of what the general population seem to believe. And it seems that the overall “bullish mood” came back quite strong. I kind of understand that optimism.
| . | Just a few things I wanted to point out: |
|---|---|
| . | Regulators decided to step back and also claimed that cryptocurrency isn't currently a threat to the financial sector. Which is great. There will definitely be less negative news, less FUD, and overall less panic sell. So one would think that the only direction for the market to go is "up”. Right to the so called “moon”. Don't you think? |
| . | However, what most people seem to miss is the fact that we will go through it all over again very soon. July this year. So we have few months – which is a lot within the cryptospace. The only question is: will smart money (the one that waited for any sort of regulations) decide to return to the cryptomarket for those few months? Or will it not? Without them it’s not gonna be easy. |
| . | We are also witnessing the beginning of a trade war between the USA and China. Apparently FIAT liquidity is lower than ever. I realized that many investors seem to believe that Bitcoin will be a “safe heaven” if the trade war would escalate. |
Previously @positivesynergy wrote:
“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.”
I couldn’t agree more. Im also quite relieved that goverments decided to take more time to regulate this market.
In my previous thread, many replied about their views on G20 summit. Im very curious of your current opinion. Please if you follow me then leave a comment and share your thoughts. I read and reply to each and every comment.
Let me summarize G20 meeting with those words:
“They are just beginning to get a grasp of the full picture of what this new revolution is.” (@positivesynergy).
Cheeers,
Piotr
Great post, @crypto.piotr ! Thanks for the quotes too :)
This subject is really complicated. Personally, I believe the way Reuters reported last Sunday on the G20 Crypto story as "NO NEW CRYPTO REGULATIONS" was the catalyst that drove the markets back up; and then when the meetings were over the "news" flip-flopped back to say they would continue to move forward on regulations, meeting next in July, gave many reason to pull back some. So I'd have to say the G20 was generally more bad for cryptocurrencies given the lack of clarity.
I seem to see things a bit different than you, @crypto.piotr. The impression I get from whales I know to varying degrees is they do not want any regulations, because so many see the regulators as the primary cause of so many of the world's problems today. I tend to agree with them, given their tendency of over-complicating regulations to the point it stifles growth. To start with look at the complete lack of integrity in just how they gave out so close to near opposite news stories in only a few days on such an important issue as regulating or not this new blockchain technological revolution.
Blockchain technology is similar in many ways to the rise of internet technology and it is my view that regulators should follow the same path as they did with the internet in it's early days. When Pres. Clinton signed into law the 1998 Internet Tax Freedom Act on October 21, 1998, it's clear cut purpose was an effort to promote and preserve the commercial, educational, and informational potential of the Internet. The law bared federal, state and local governments from taxing Internet access and from imposing discriminatory Internet-only taxes such as bit taxes, bandwidth taxes, and email taxes. It also bared multiple taxes on electronic commerce. Many believe that was the main driving force which grew the internet out the way it did over the course of 9 years following until 2008 when global markets all crashed so intensely.
Yes, there was the "Dot Com" crash in the tech sector during that time, which separated the wheat from the shaft to give us some of the largest most influential companies in the world today, such as Google, Amazon, etc. But with the clear-cut hands-off moratorium on regulating and taxing the internet the overall market powered on through it.
And look at what the 2008 Financial crisis did. The so-called "regulators" rewarded the very ones who caused the crash at the expense of a whole new slew of regulations on the masses. Pres. Obama tripled the US National Debt during his 8 years in office, which had taken previously well over 200 years to accumulate. They went so far as to regulate the regulations. :)
But in the wake of that out of the ashes began to rise bitcoin and blockchain technology that was designed primarily to take away the authoritarian centralized powers from the few who had brought the world to collapse in order to give that power back into the hands of where it belongs - the people, the consumers. So I believe they need to find the integrity once known to global leaders and for the good of this new exciting revolutionary technology back down and announce a hands-off attitude to give the industry space to grow. That's my view at least. All the best
Wow. When I invited you to share you opinion I trully didnt imagine that you will give me such a rich response.
Thank you.
"G20 was generally more bad for cryptocurrencies given the lack of clarity." -> well said.
Im glad that you seem to see things different than me. The truth is that Im a social media marketer + data analysist so my point of view may be very different.
I believe that many whales wouldnt like to have any regulations. But I also think that most of them will wait for it since they know that regulations will be implemented anyway.
Current environment doesnt encourage big players to invest in this market. Uncertainty is not a way to encourage them. But I agree with you that most of whales probably wouldnt like regulations at all.
Thx for your valuable vistory lesson. I never knew that.
Such an excellent reply. upvoted with my little voting power :)
Thanks, @crypto.piotr !
You said, "Current environment doesnt encourage big players to invest in this market. Uncertainty is not a way to encourage them." I agree. It appears to actually be intentional this way, because they know that if too much money moves out of their Fiat control and into crypto, it will collapse their tightly controlled monetary system sooner than they are ready for. So they seem to be using the power they have to stall things and "buy time" through their control of the media until they can create their own centralized cryptocurrency to force it on the masses, like they do with the other state-run Fiat currencies.
I'd like to believe reason will win out, but who knows, given their track record. I am an optimist by nature and so I believe that somehow there's a way where we can all win out, including them. :) If we can all take a step back and put it all into perspective, it is easier to see that the key lies within the potential of decentralized blockchain technology.
Have a great day
I just read your entire post again.
Damn. Thx big time
I was editing a bit of that and a few other things into a new post I just posted, called, "TO REGULATE OR NOT TO REGULATE? That is the question...
I quoted you from above too... :) You've probably gone to bed in your part of the world, but I'm sure you will see it soon enough.
Just woke up and Im ready to read it! :)
Thanks :)
Quality!, you wouldn't have said it better, my friend. July will tell.
Indeed. July will tell. Do you personally believe that there is chance that market would grow before july?
I think it will grow but not to an extent. I think Bitcoin we settle around$12k.
that's very possible. I cannot see it breaking 12k resistance level
You got a 11.13% upvote from @upmewhale courtesy of @crypto.piotr!
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Great info Piotr, thanks for sharing.
Thank you Sam.
Safe travel buddy.
Sneaky Ninja Attack! You have just been defended with a 8.35% upvote!
I was summoned by crypto.piotr. I have done their bidding and now I will vanish…
woosh
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Hi there, thank you for inviting me over. Again I saw you've bought a bunch of bot votes and I did not upvote on your post. I'm going to upvote your invitation comment.
When I started to read your post, I start to get a grasp of what are you trying to deliver. As I went through the first paragraph, I decided to do speed reading just to catch some important point of what you're trying to deliver.
My conclusion, I am 100% agree with what you said, and I'm 100% sure the feds(and or the G20) has absofreakinglutely no idea what are they supposed to do to protect their own interest in fiat. Taking a step back doesn't mean they really taking a step back, as a technical analyst myself, BTC had suffered a drastical surge that causes much early adopter cashed out at the wrong time(did not sell at 19k, but majority gave up their shares on 10k). There's a chance these banks already accumulated a bunch of BTC in hand. Taking a step back would mean they give you a free hand to pump the crypto market up again, so these bastards can profit from whatever amount of BTC they have in hand currently.
HODL! If you can't hodl big, then hodl small amount everywhere, everyprice on cost averaging basis. Btw, I don't have BTC at all. I do have some Steem/SBD/BTS and other shit coins I got for free. I trade crypto CFD with FIAT. So, inviting me over for crypto discussion is absolutely - we Chinese call vomit blood (waste of effort). LOLz. I hope my little voice in my mind speaks what you like to hear.
Hi Dave
Yeah, Im experimenting with those bots. This time I decided to buy few bots right away after I uploaded my post and another few tomorrow. And I will compare results.
Im assuming that psychologicaly new members of community will be more willing to upvote post that is already having some value (that's how I have been doing it at the beginning). So I want to attract them.
And tomorrow I will get more bots and this way everyone should benefit a little bit.
Would that make sense?
Do you think that my articles are to long? I know that attention span on social media is quite short and Im trying to figure out how many words should I use maximum. To avoid losing people. Better to make half-long post if people would read it. Right?
"There's a chance these banks already accumulated a bunch of BTC in hand. Taking a step back would mean they give you a free hand to pump the crypto market up again, so these bastards can profit from whatever amount of BTC they have in hand currently."
Personally I really hope that it would happend. The way I see it that we may experience very fast growth (and then again drop before july) but that would only mean that this market is being heavily manipulated right now.
If big players will decide that it's not worth it (because 4 month till july is not much, because of trade war, stock market collapsing) then nothing will change. HODL is a good advise hehe :) HOLD and buy more if you can.
"FIAT. So, inviting me over for crypto discussion is absolutely - we Chinese call vomit blood (waste of effort)"
Im sorry but you've lost me here.
I'm trading crypto with the broker via CFD. Which means I don't hold any coins, instead I'm buying a contract. More like gambling if crypto going up or down. I'm buying sides. I don't really care if the crypto is worth HODLing, all I care is whether my contract is profitable. Hence, asking me to discuss what's my point of view on which crypto, it's a total waste of time because I will only see what the contract said. And being a CFD trader, my transaction will never affect the actual market liquidity at all, because there aren't any "real" transaction being transacted in the "real" crypto world. U get what I mean?
As for the bank's quietly holding cryptos, will it happen? Put it this way, if I weren't voice this out, they probably quietly projecting how far they wanna bring the crypto up before they dump everything to crush the price. Or, they saw market reaction, they decided to dump it now and flush every Hodler off so they can buy back even more at cheaper price?
I don't know. I usually get things right without telling anyone. So there's a good chance market will go the other way round since I talked about it.
Hi Dave
I think I get what you mean. Thx for your very rich reply
Good article. It is always a good idea to try to look at all sides of an issue. Personally, I don't know how any single government will manage to truly regulate cryptocurrency and enforce those regulations. I think this is the only reason that cause them pause to regulate. To regulate and fail would make them look powerless in the process which would not be a good for social stability. Social stability is a GOOD thing.
absolutely. I can hardly imagine how bad it would be if they would regulate this market and fail, plus caused wealth to move away from them
I just posted is few minutes ago and I already see a note at the very bottom:
"Comments were hidden due to low ratings."
I wonder if anyone knows why is that happtning?
Yeah the “user” who posted that hidden comment is a spam bot. All it does is post current BTC prices.
Thank you! I was worried that Im doing something wrong already.
Such an relief.
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 on Steemit.
Plus you're very responsive which is absolutely great.
Perhaps you could send me short email to [email protected]
Yours,
Piotr
I only knew about this spam bot because it’s been hitting my blog and many others. Offering absolutely no value. Are you using steemit or busy? I wouldn’t put contact info on the blockchain. You know someone will start harvesting contact info from blockchain sooner or later.
at the moment Im just discovering steemit and I read a bit about busy.org but I didnt have a change to try it yet. I hope that within 1-2 month I will establish some position here and then I will have a look at busy.
Which one is your favourite ? I've read that busy is way more userfriendly and also that posts uplodead on steemit can somehow automaticaly be uploaded on busy.org too. Is that true?
"I wouldn’t put contact info on the blockchain.".
What do you mean? Do you think that sharing my email here is not wise?
Thx for your replies. I really wish I could also keep in touch with you via PM.
I’d keep personal info off the blockchain. It’s public and people will start to use it. Busy makes steemit look like it was built in 2009. I believe busy allows PM.
Make sense.
I figured that my email is not very private anyway. Anyone can find it on google or facebook or my company site. But surely I appreciate your advise and I will not share to much here.
Is community stronger on busy or steemit? Would you happend to have account on busy? (share it please).
Anyway I hope you dont mind contacting me via email. It would be easier to keep in touch in future.
I don’t know which is community is stronger or how it all works but the user experience is terrible on steemit. I’m still trying to get my post noticed. Seems like everyone is using bots? You’ll have to teach me.