FAST GROWING INTEREST IN CRYPTOCURRENCIES - HOW REGULATORS TRY TO GET CONTROL OVER THE NEW MARKET
Dear Steemit friends,
today i got a notification about the decision by Shapeshift what caught my attention!
Shapeshift regulation efforts
Shapeshift recently announced to leave the state of Washington due heavy burden by regulators and to protect their customers from hackers and the watching regulators.
The statement by Shapeshift show how affronted the company feels
We believe the position that Washington’s regulators have taken is unethical, wasteful, and reckless. We cannot expect the same people, and the same thinking, that designed, built, and promoted the legacy fiat financial system to do what is needed to build a better alternative.
I'm personally like Shapeshift for it's ease of use. It was always a very convenient and fast way to exchange cryptocurrencies. The fees are bit higher but if you wish fast and direct exchange it's one of the best services i think.
Shapeshift makes clear that they are move on whether they are accepted in Washington state or not. That's a sign for me that regulators have limited powers.
I already mentioned how the EZB is watching the crypto market in my post about TenX weeks ago. Now the market is even higher and raises the attention of governments and institutions especially regulators even more
picture taken from coinmarketcap.com
It looks like an uneven battle today where the stone was thrown by the Crypto David
Comparison Cryptocurrencies in the S&P 500 August 31th 2017
| Rank | Symbol | Company | Market Cap |
|---|---|---|---|
| 1 | AAPL | Apple Inc. | $848,620M |
| .. | .. | .. | .. |
| 25 | HD | The Home Depot, Inc. | $177,450M |
| 26 | MRK | Merck & Co., Inc. | $172,570M |
| - | - | CRYPTOCURRENCIES | $168,617M |
| 27 | PEP | Pepsico, Inc. | $164,670M |
| 28 | INTC | Intel Corp. | $164,140M |
source: https://cryptolization.com/
The market cap remains relatively small if you think that one company alone is 5 times bigger than the whole crypto market. That's the main reason why we have no strong regulation efforts currently but think of if the crypto market reaches 1 trillion or even more, interesting question.
How much regulation is possible?
Marit Hansen the Data Protection Commissioner of Schleswig-Holstein explains what crypto is, how it works and why crypto regulations are doomed to fail.
look at 14:30 min we are in the 4th wave of crypto:
- NEED MORE CRYPTO!
- CRYPTO IS THE FOUNDATION OF INFORMATION SOCIETY
- TRY CRYPTO AND ATTEND CRYPTO PARTIES
- ..THEN THE FORCE WILL BE AWAKEN!
Why crypto regulation is doomed to fail | Marit Hansen | TEDxKielUniversity - video by TEDx Talks
What drives many companies in the crypto space?
I think it's a chance for the liberation from the fiat system and also from the technological standpoint an exciting and innovative approach to improve many applications where transfer of value is crucial. I think it's also a ongoing redistribution of wealth and there are fears by government who could lose their power if they can't control or adopt it. @dollarvigilante did a great post about
"Buy Bitcoin" sign behind Yellen - video by Fonny Jam
Reasons for the fear to lose control are also drawn in the following great video:
Here’s What Bitcoin Ethereum Bill Gates Just Discussed with Donald Trump - video by Online 24h TV
Let The Force Awakens!
see also my other posts
FUTURE IS COMING .. EOS .. PREPARE FOR 2018!
PEOPLE DRIVEN BY PURE JOY - HOW WE CHOOSE THE WAY WE LIVE .. AND DIE EVENTUALLY
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Exciting times ahead steemit friends!
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Interesting to see some German crypto activity.
I think all regulation of crypto currency is doomed to fail as well.
Let's awaken the force and finally live in freedom :)
Thank you! Yeah! Let's get on FIRE!
But the thing is, if someone cannot control it he'll eventually take advantage of it or adopt it.. and change the side? I was also surprised by the activity, but i know there is also a cool Bitcoin Club in Bonn and if you think of IOTA than you're also in Germany with Dominic Schiener!
Well, humans always are gonna work in their own self-interest to some extend. However, decentralization makes sure that selfishness is punished and prevents the entrenchment of special interest and that's important for progress.
What is IOTA, never heard of it.
But I have moved away from Germany 7 years ago and since then live in the Netherlands / UK so I am not on track with the developments in my home country.
Maybe you want to give me short explanation?
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