Welcome to my coverage of the mainstream media stories about Crypto. This is not investment advice, merely a simple commentary on the news. A mix of FUD and positive stories today.
It is at 9 300 down 3 percent in 24 hours.
The whole "Is it a security?" question is till up in the air. Regulators are meeting to determine if it is security or not. If it is deemed a security exchanes will have to register with SEC or drop Ethereum. I don't own any ETH myself so I don't have a dog in this race, I am against regulation in general though. It hurts crypto overall.
Based on decreased number of searches for "Bitcoin". He says it won't boom until the big players show up in 3 to 5 years. Maybe you should get in BEFORE that. Yeah if you want to make quick money, Bitcoin right now is not ideal. Most people in it now are hodlers.
Also people with large amount of coin already are not searching "Bitcoin" on Google. Growth doesn't have to entail new people who know nothing about it, it could be seasoned investors buying more. I have more crypto now than any point in my life. I buy more now that ever. And I am not searching for "Bitcoin Wallet" on Google.
While admitting he knows nothing about it he says its going to crash. I find a lot of these super rich types don't like other people getting rich. He wants you to invest in his companies and get a tiny return. He stays at the top of the pyramid and the investors get a tiny increase in value. Old money hates new money, now it's childish taunts and insults.
This is the guy who decided against investing in Amazon and Google. If you keep calling Bitcoin a bubble over and over and over and it never happens you still get to claim it will happen in the future. What kind of prediction is that? You can never be proved wrong because the crash is sometime in the future.
This is interesting. Their customers are people who wanted to invest in crypto but knew little about it. They created a "mystery box" USB stick for customers of various cryptos. They are moving because of fear its not legal, an unregulated money service. I hate these old regulations people should be able to buy and sell crypto at will. Its old money baking that wants to stop new money crypto. Anyway I kind of like this idea, be interesting to see how their coin picks do long term.
This was the big FUD story a month or two ago "Korea Cracking down!"
Now they are looking at unbanning ICO's. And it sounds like real name trading rules may be relaxed too. These rules are crazy anyway. I can take out a bunch of cash and speculate on foreign currencies and not give my name to anyone. No one at the currency exchange asks for my ID. Requiring ID to purchase cypto is BS.
Kraken will no longer serve Japanese residents and Binance will move from Hong Kong. It's impossible to stop your citizens buying and selling crypto. Also exchanges will just set up in friendlier areas, some nations would like the jobs. It blows my mind that people actually believe regulation is about protecting customers. I can go into a casino and lose everything, why isn't that regulated? These regulations are to protect banks, not citizens. People should be free to take risks and lose money.
This article nails it:
it is always interesting to see how the general public responds to new regulations imposed upon the cryptocurrency industry. Although banks and governments think they can directly influence this ecosystem, the reality is often a bit different. Attempting to prevent customers from accessing cryptocurrencies usually has the opposite effect
There were ways to buy and sell crypto long before you could buy it with a credit card. Ban all the exchanges people aren't stupid and still trade. Drugs are illegal you didn't stop that trade, even with prison terms. I don't need my bank's permission to buy crypto, I don't need the government's permission either. In India you can trade them in person over the counter anyway. A bank ban is pretty much just symbolic.
In my opinion Crypto gambling is going to grow massively in the next few years. While I worry about online poker being fixed, online sports gambling is awesome. Using crypto often entails lower fees than Visa, and in some countries Visa won't let you bet online, so problem solved.
You always hear about real world uses for crypto being rare but gambling is huge industry. Maybe we don't need 7-11 to take bitcoin for it to succeed. There has been real world use since the days of Silk Road, and the uses grow, they don't shrink. No it will never be as big as credit cards or cash, but why does it have to be? What is wrong with one more choice? For online payments it's great. For some people with no credit card it's the only answer.
