Bitcoin Technical Analysis - 9/15/2017 - Bitcoin vs Regulation - Round 1
No Technical Analysis in this post. I want to discuss the Big Fight. No, not McGregor and Mayweather. I'm talking about Bitcoin vs Regulation.
The last 48 hours Bitcoin has been a roller coaster. We broke through both support levels of $4141 and $4000 and dropped all the way to $2985?
The runs and pullbacks are nothing new to Bitcoin. I've seen this story before, multiple times (Mar 2013, Jan 2014, June 2016, and Mar 2017). Some believe that we will recover from this downturn. Others believe this is the beginning of the end.
China Regulators Knock Bitcoin Down
Initially, I didn't read the news stories, but I heard was related to some Chinese news. However, today I read the Chinese Government has issued a shutdown of cryptocurrency exchanges by September 30.
A lot of trading and mining occurs in China. Based on yesterday's move, the Chinese can determine the direction of cryptocurrency market, at least momentarily.
The Threat of Regulation
In addition to the Chinese news, earlier this week, Jamie Dixon of JP Morgan spoke negatively about Bitcoin. With the history of bankers and the fractional reserve system, it was only a matter of time that the opposition put up a fight.
Are we seeing the beginning of the regulatory resistance? Who's next, which country's regulatory body will take a swing at Bitcoin and cryptocurrency.
Who will win this fight?
A co-worker of mine is very concern about the established money powers posing a threat to cryptocurrencies. He believes the banking cartel will not allow cryptocurrencies to become a real threat to their monetary domination. Is he right?
I don't know if he is right. I hope he is not, but maybe, just maybe a global coordinated attack on cryptocurrency will severely impair its progress and therefore limit mainstream adoption.
My hope is the monetary power individuals have experienced with cryptocurrencies will not be denied no matter how difficult the fight. I think this battle may continue for the next few years until one side wins or they both find a way to co-exists.
Please comment and let me know what you think.
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Thanks @pairmike
I'm not too worried about this regulation issue, because I have some investment in VIVA. The Viva team has retained lawyers Holland and Knight https://en.wikipedia.org/wiki/Holland_&_Knight one of the most competent firms around, to advise on proper legal setups.
https://vivaco.in/
The exchange: https://www.tradeqwik.com/
The bank-like entity: https://galaxyvault.github.io/
Just something others might be interested in, to diversify. Best wishes on all your investments!
Hey Kenny! Thanks for sharing. I'll have to look into this. Thanks again.
I agree, the battle has started, new regulation maybe is necesary and the banks and the governments need to partipated and now they are thinking how can they do it and they do not lose control.
I don't think that want to share with anyone. They want to continue to own the monetary system and thus the people that use it. It is about control.
thanks for sharing keep it up
Thank you for reading.