Great post, @crypto.piotr ! Thanks for the quotes too :)
This subject is really complicated. Personally, I believe the way Reuters reported last Sunday on the G20 Crypto story as "NO NEW CRYPTO REGULATIONS" was the catalyst that drove the markets back up; and then when the meetings were over the "news" flip-flopped back to say they would continue to move forward on regulations, meeting next in July, gave many reason to pull back some. So I'd have to say the G20 was generally more bad for cryptocurrencies given the lack of clarity.
I seem to see things a bit different than you, @crypto.piotr. The impression I get from whales I know to varying degrees is they do not want any regulations, because so many see the regulators as the primary cause of so many of the world's problems today. I tend to agree with them, given their tendency of over-complicating regulations to the point it stifles growth. To start with look at the complete lack of integrity in just how they gave out so close to near opposite news stories in only a few days on such an important issue as regulating or not this new blockchain technological revolution.
Blockchain technology is similar in many ways to the rise of internet technology and it is my view that regulators should follow the same path as they did with the internet in it's early days. When Pres. Clinton signed into law the 1998 Internet Tax Freedom Act on October 21, 1998, it's clear cut purpose was an effort to promote and preserve the commercial, educational, and informational potential of the Internet. The law bared federal, state and local governments from taxing Internet access and from imposing discriminatory Internet-only taxes such as bit taxes, bandwidth taxes, and email taxes. It also bared multiple taxes on electronic commerce. Many believe that was the main driving force which grew the internet out the way it did over the course of 9 years following until 2008 when global markets all crashed so intensely.
Yes, there was the "Dot Com" crash in the tech sector during that time, which separated the wheat from the shaft to give us some of the largest most influential companies in the world today, such as Google, Amazon, etc. But with the clear-cut hands-off moratorium on regulating and taxing the internet the overall market powered on through it.
And look at what the 2008 Financial crisis did. The so-called "regulators" rewarded the very ones who caused the crash at the expense of a whole new slew of regulations on the masses. Pres. Obama tripled the US National Debt during his 8 years in office, which had taken previously well over 200 years to accumulate. They went so far as to regulate the regulations. :)
But in the wake of that out of the ashes began to rise bitcoin and blockchain technology that was designed primarily to take away the authoritarian centralized powers from the few who had brought the world to collapse in order to give that power back into the hands of where it belongs - the people, the consumers. So I believe they need to find the integrity once known to global leaders and for the good of this new exciting revolutionary technology back down and announce a hands-off attitude to give the industry space to grow. That's my view at least. All the best
Wow. When I invited you to share you opinion I trully didnt imagine that you will give me such a rich response.
Thank you.
"G20 was generally more bad for cryptocurrencies given the lack of clarity." -> well said.
Im glad that you seem to see things different than me. The truth is that Im a social media marketer + data analysist so my point of view may be very different.
I believe that many whales wouldnt like to have any regulations. But I also think that most of them will wait for it since they know that regulations will be implemented anyway.
Current environment doesnt encourage big players to invest in this market. Uncertainty is not a way to encourage them. But I agree with you that most of whales probably wouldnt like regulations at all.
Thx for your valuable vistory lesson. I never knew that.
Such an excellent reply. upvoted with my little voting power :)
Thanks, @crypto.piotr !
You said, "Current environment doesnt encourage big players to invest in this market. Uncertainty is not a way to encourage them." I agree. It appears to actually be intentional this way, because they know that if too much money moves out of their Fiat control and into crypto, it will collapse their tightly controlled monetary system sooner than they are ready for. So they seem to be using the power they have to stall things and "buy time" through their control of the media until they can create their own centralized cryptocurrency to force it on the masses, like they do with the other state-run Fiat currencies.
I'd like to believe reason will win out, but who knows, given their track record. I am an optimist by nature and so I believe that somehow there's a way where we can all win out, including them. :) If we can all take a step back and put it all into perspective, it is easier to see that the key lies within the potential of decentralized blockchain technology.
Have a great day
I just read your entire post again.
Damn. Thx big time
I was editing a bit of that and a few other things into a new post I just posted, called, "TO REGULATE OR NOT TO REGULATE? That is the question...
I quoted you from above too... :) You've probably gone to bed in your part of the world, but I'm sure you will see it soon enough.
Just woke up and Im ready to read it! :)
Thanks :)