The Cryptocurrency market seems to be recovering from a 29% tailspin in just over 24 hours we began to experience minutes after major Chinese exchangers announced they would quit fiat-crypto trades. This came barely two days after JP Morgan's CEO called Bitcoin a fraud. I guess he most have been feeling like a seer seeing the price ditch less than a week after his
declaration.
I have always believed in absolute freedom but the fraud happening due to the stupor of many overly excited speculators (dabbed investors) had punctured my over-blotted libertarian philosophies. Yes people should be free but limits should be set and standards upheld. Every system in the past which has seem promising in any ramification had at a point in time become hijacked by wolves. Today, three guys, a white paper and a dog could launch a token sale and raise outrageous sums from all over the globe. Ponzi schemes are finding their way to coinmarketcap; a platform depended on by the community for crypto listings.
China might be largely undemocratic in the manner they handle their economy and cryptos in general but if we are looking at mass adoption of the technology, policies should be set in place to checkmate fraud, terrorism and other ills a pseudonymous system like this can offer. Bitcoin will recover fully as soon as these companies decide whether to move to neighbouring Asian countries or to remain. We currently hear the Chinese crypto-community is getting bitcoin through telegram which is off the prying eyes of her government as compared to the watched wechat. Whatever may be the case, each attempt to shortchange the system would only build it's resilience.
