RE: Are regulatory laws a threat to the crypto world?
Dear @ale.aristeguieta
One of those posts, which surely are worth checking out and reading through.
I see regulatory laws as a NEED. Market needs it. Without regulations in place, there won't be much trust.
Why am I saying that?
Knowing that what you own is legal and knowing how to pay taxes from that income is crutial for many investors.
I personally know someone, who earned quite a decent amount of money in 2017, sold part of his earning and bought himself a car. You won't believe what kind of trouble he got, since he couldn't prove where those money came from.
Regulations (especially in tax department) need to be clear. Otherwise it will stop many investors from showing any interests with crypto.
However, the main interest of cryptocurrencies has always been in the exchange power that they have as a value object and their ability to trade against Fiat currencies,
I kindly disagree. Thinking of crypto as a form of payment (competition to currencies) is a dead end. Considering them great tool allowing investors to store value - that's the biggest crypto power.
Upvoted already :)
Yours, Piotr
Without a doubt the laws are going to come because, as you well say, the gear of the system needs it. And with so many people bringing capital into the market, there needs to be control. But I also observe the position of these proposals by the financial system, and the way in which the regulations are presented to the public.
As an investor, for example, I must follow these regulations, but I do not leave aside the philosophy behind cryptography and its principle. This may seem a bit idealistic, but I consider it an interesting debate.
It is true that cryptography for large investors can be considered an instrument of protection or technological investment. But when the crypto world exploded on youtube and became known to the common denominator, it was sold through trading and the ability of these assets as instruments of exchange.
I understand that the term "cryptocurrency" is somewhat misused. If we see crypto with investor eyes. Ethereum, Bitcoin Core, Ripple are Blochchain Companies, ether, bitcoin and xrp are the assets of these companies, for me they represent the shares of these companies, only they are listed within a decentralized market that depends on other factors. This is a topic for an article that I would like to develop later. But in itself, it is true, to see only these assets as a currency, or a competitor of the dollar only is to close their possibilities.
Thank you for participating and giving your vote. Thanks for sharing your opinion.
A hug @crypto.piotr
Seriously, I love how responsive you are @ale.aristeguieta :)
Great to have you around buddy
Cheers, Piotr
Thanks a lot my friend @crypto.piotr !!