#Blog - Cryptos dropping: is this the time to punch the PANIC BUTTON?

illyab(47)

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#Blog - Cryptos dropping: is this the time to punch the PANIC BUTTON?

It appears that governments and bankers don't enjoy cryptocurrencies at all and this propaganda has been successful on the fight against the cryptos. Apparently the lobby against these currencies managed to hinder their growth to a point where an aura of uncertainty and heavy speculation caused successive drops in market price of most of the existing cryptocurrencies.

From the Bitcoin to Dogecoin, brief moments of rise are completely overwhelmed by following falls into a huge devaluation abyss. This could be due to several factors, ranging from a natural disbelief around this type of financial market to sheer lack of interest.

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Just like in the regular financial market, values can vary according to rumours, since investors don't like the idea to lose a single dime. And the so called "financial specialists" keep carpet bombing the idea that the Bitcoin and other currencies are an ever inflating bubble or even a scam.

This promotes insecurity and a world of speculations, discouraging people that even have the wish to invest on this market, but will be afraid of doing so because of these said specialists. The mainstream media is also a great enemy of the cryptos since it spreads lots of rumours and news, mostly regarding the drop of the market.

Governments fight against cryptos

Perhaps the greatest enemy of the cryptocurencies are Governments. Since the cryptos are currencies that don't belong to any country or jurisdiction, being it a world currency, it's difficult for them to tax and regulate them. This leads to a quasi irrational fear by the Government agencies.

China has declared war on Bitcoin and its subsequent currencies. When one of will the Worlds greatest economies declare cryptos as an enemy, citing a potential ban, it's obvious that a heavy drop follow.

It's a hard hit on the free market and this hit generates ripples that creates an aura of insecurity, driving people concerned about the future of their investments, therefore getting people to sell their currencies at once, which reduces the market value of the coins.

Another big economy, France, although not as aggressive as China, wishes to regulate - read, tax - cryptocurrencies allegating "fight against tax evasion and other illegal activities". South Korea also demonstrated that is against the cryptos, by demonstrating an interest to ban all domestic cryptocurrency related business and practises

The Brazilian congress is also looking forwards to regulate and further tax local cryptocurrency activities, although the laws around here wouldn't endorse the taxation of cryptocurrencies. Yet, the politicians around here are looking to find breaches within the law or even create ammendments that would allow this taxation.

Bankers also take their shot against the coins

Former Wells Fargo CEO, Richard Kovacevich, stated that cryptocurrencies are a Pyramid Scheme. Statement endorsed by other big figures of the market.

The Metropolitan Bank, rather than just talking about it, already acted, by halting International cryptocurrency-related wire transfers. The German Central Bank also declared to be favourable to an international regulation of the cryptocurrencies, allowing bankers to have more control over these transactions.

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Apparently there's a coordinated effort to bring down cryptocurrencies. This demonstrates how these institutions don't enjoy the possibility of a new mode of financial market and thus won't care about the will of the people. People invested their hard earned money on these currencies because it's another possibility of generating some extra revenue. It's an investment like any other.

Under the pitiful excuse of cryptos being a Ponzi scheme, being a high risk investment or a scam, they attempt to hinder this new market because they feel threatened by freedom of choice. They want to control everything and this market is no difference. They don't like that much power in hands other than of their puppets. Hang on and resist, guys! Don't let this market die. Keep believing and we'll avert this war in no time. They'll end up joining us, because this is the future and we're not just part of it...we're it.

I hope you enjoy this post, fellow Steemians and don't forget to upvote and resteem! It's important to demonstrate we're all against this tyrannical attempt to seize our freedom to invest our money on something that will provide return and will be able to solidify a strong and independent community!

As for the Painc Button...it's not the time yet. Yet...

Who am I?
Just a regular person looking to make the world a better place. Steemit is home! Steemit is life!

@illyab - Keep in touch to get more content and steem on!