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Author Topic: Regulators are pushing cryptocurrencies, should you be worried?  (Read 800 times)

Offline bubbalex

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Regulators are pushing cryptocurrencies, should you be worried?

The cryptocurrency market has been going through difficult times lately (when were they different😉?) — the price dump of most cryptocurrencies, especially tragic for altcoins, pressure from regulators, bans in China and other countries.

News background
- Binance and FTX limited max leverage to 20x.
- The limit for unverified Binance accounts was reduced from 2 to 0.06 BTC.
- Binance US is considering an IPO as a move to meet regulators.
- Binance is looking for staff to interact with regulators and plans to get licenses in all countries.
- Regulators have turned their attention to stablecoins, new rumors of a lawsuit against Tether. This is pressure on the competitor, as USDC is a much more transparent and accountable stablecoin, operating within U.S. regulatory norms, which may become CBDC.
- Uniswap has restricted access to several assets in its interface.

Reasons
- Binance is the largest crypto exchange with huge trading volumes, such a large company cannot function without attention and control of states. Regulations were a matter of time and sooner or later they will affect most centralized exchanges and large crypto projects.
- Blockchain and cryptocurrencies have fundamental value because this technology, for the first time in hundreds of years, takes away the monopoly on the issue and control of money from a centralized government and distributes this power equally to all citizens.
- Officials are sensibly assessing the risks of this financial freedom and will stifle it so that control remains in their hands. It is already impossible to completely “kill” cryptocurrencies because of how this industry is set up and how much money and users it has already attracted, so barriers in the form of verification, licensing, taxes, etc. will be put at the entrance to the world of cryptocurrencies.
- An average user, who came into crypto for the sake of easy money making and doesn’t understand what the value of free money is, will absolutely voluntarily pass any verification and will pay taxes.

Summary
- Governments and officials, in partnership with large financial institutions, have far more resources for reasons of historical dominance and will use them to maintain that status.
- Despite the growth of inexperienced investors who buy shitcoins because of Ilon Musk tweets, the crypto industry still attracts the best minds of mankind and a lot of talented people are well aware of the real value of cryptocurrencies and invest their efforts in their development.
- Blockchain and cryptocurrencies in general and bitcoin in particular are a unique experiment, the results of which are not yet determined, the technology offering financial freedom is still subject to influence and control.
- The industry today is already much more regulated than just a couple of years ago and the trend will continue to grow, but while there is still room for financial freedom and the DeFi boom, which although not 100% decentralized, is much more free than the already regulated CEX gives us a temporary advantage.

It is difficult to predict the outcome of the battle between blockchain and financial freedom versus government control, but the trend is clear — the industry is becoming a regular speculative market to make money. Large companies are going along with the regulators themselves, and most users have nothing against it.

It is likely that the crypto market will follow the path of the Internet, where the average user rarely leaves the ecosystem of a few large IT companies that fully control their environment (Facebook, Twitter, Google, Instagram, YouTube), and some users have gone into darknet, which is not only used for fraud.

This pattern is already formed, user comes to conditional Binance due to advertising and bonuses, immediately gets verified to participate in drops, then trades exclusively on this platform (remember spam “when binance?” in any cryptocommunity). In case the user wants to play with farms and DeFi he will be provided with a convenient BSC, controlled by Binance, which is already controlled by regulators.
Despite this sad trend, we truly believe in blockchain technology and cryptocurrencies. It is an amazing technology that has a number of significant advantages (limited issuance, no control over transactions, convenience and affordable financial instruments, security) over traditional money and these advantages cannot be stifled completely.

Fiat is a bubble, so keep #HODL 🚀


Original Article: https://link.medium.com/GGuaQIPRfib

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Online TomPluz

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #1 on: July 28, 2021, 10:38:16 AM »


Right from the time I entered the world of cryptocurrency, the talks and rumors on regulations had been there and after more than ten years since the birth of Bitcoin, regulators are now using their vested power to come up with the necessary regulations that can affect all players in this fledging industry. Just like tax and death, regulation is something that is already so hard to avoid. A platform like Binance that is openly doing business in many jurisdictions is now feeling the heat and must come out into the open just like what Coinbase has been doing. Personally, as long as the intention of regulation is not to really kill the industry, my stand is that we have no choice but to work in compliance with what the government is offering. Of course, there can be ways to avoid regulations most especially if one - just like me - is living in a third world country but if one is in the USA or other Western nations there is really no choice.

Offline CryptoStar19

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #2 on: July 28, 2021, 02:25:27 PM »
There is so much money out there that will not enter the space until there is regulation in place comparably to other more traditional asset classes like stocks... in the short-term new regulation could be bearish, but in the long run, the increase in the money that would flow into the space with further regulation would be very bullish.

Online TomPluz

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #3 on: October 22, 2021, 05:22:40 AM »
There is so much money out there that will not enter the space until there is regulation in place comparably to other more traditional asset classes like stocks... in the short-term new regulation could be bearish, but in the long run, the increase in the money that would flow into the space with further regulation would be very bullish.

The cryptocurrency industry as a whole should welcome regulations but they should be done in cooperation and in dialogue with the whole sector itself and should not be done with an intention to really kill the industry but to make it more open, transparent and unriddled by scams and frauds. And of course, on the part of the government, the industry must be paying its due by way of taxes.

Offline owlest

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #4 on: October 22, 2021, 08:27:02 AM »
Unfortunately, those who have power in their hands will use it for their own purposes. Cryptocurrency either gets in their way and they get rid of it (prohibit it), or they take it into their own hands. In most cases, they make it a profitable tool. And while she brings it, they will hold on to it and do everything to control the cryptocurrency.
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Offline Noverteno

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #5 on: October 22, 2021, 08:46:32 AM »
Regulation of cryptocurrency by states is inevitable, and this market participants will have to put up with it. However, if such regulation in individual states is too strict, people will need to defend their rights. The implementation of these opportunities will depend on the level of democracy and freedoms in each particular state.
We see that now in China, the People's Bank has declared all transactions in cryptocurrency illegal, but we do not see there mass protests of the people. In other countries, this situation would be handled differently.
The introduction of cryptocurrency into our life and the regulation of its circulation by states will occur with varying success and with varying degrees of intensity. However, she still needs to go this path.

Online TomPluz

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #6 on: October 23, 2021, 05:51:41 AM »
Regulation of cryptocurrency by states is inevitable, and this market participants will have to put up with it. However, if such regulation in individual states is too strict, people will need to defend their rights. The implementation of these opportunities will depend on the level of democracy and freedoms in each particular state. We see that now in China, the People's Bank has declared all transactions in cryptocurrency illegal, but we do not see there mass protests of the people. In other countries, this situation would be handled differently. The introduction of cryptocurrency into our life and the regulation of its circulation by states will occur with varying success and with varying degrees of intensity. However, she still needs to go this path.

China is quite a different story because that is a country which has established mechanisms for its political leadership to control almost everything...and that is the reason why it hates Bitcoin because it is beyond their own control though they are exploring the blockchain technology still with the aim to make it a tool of controlling things. That's why we could not expect anybody to be protesting the ban of crypto in the whole of China...it would be scary to do such a thing but we know that there remains a good number of people in China still dealing with cryptocurrency and they can easily do it with hiding technology...unlike with crypto mining which can be traced because of the obvious uptake of power consumption.



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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #6 on: October 23, 2021, 05:51:41 AM »


Offline masterrex

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #7 on: October 23, 2021, 04:54:08 PM »
Nope Why we should worry about the regulation, IMO, I believe that for the cryptocurrency to survive, it should be regulated because if our respective government will act and ban it, what we can do, I don't like to go underground or other doing illegal things that's why it should be regulated for the sake of legalities and protection against scammers.

Offline legend45

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #8 on: October 24, 2021, 07:14:18 AM »
Nope Why we should worry about the regulation, IMO, I believe that for the cryptocurrency to survive, it should be regulated because if our respective government will act and ban it, what we can do, I don't like to go underground or other doing illegal things that's why it should be regulated for the sake of legalities and protection against scammers.

Yes,  I agree. We will lawys herad the issue  about it. The governemebt ban crypto , make regulations to crypto currency market etc.
But It is just FUD.
I think crypto currency, especially bitcoin will survive.

Offline owlest

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #9 on: October 24, 2021, 09:20:54 AM »
Nope Why we should worry about the regulation, IMO, I believe that for the cryptocurrency to survive, it should be regulated because if our respective government will act and ban it, what we can do, I don't like to go underground or other doing illegal things that's why it should be regulated for the sake of legalities and protection against scammers.
I think regulation is still in its infancy now. The rules that will be aimed at regulation have not yet been developed, there will be many more mistakes, and this process may be delayed. But it is already pleasing that the regulation begins. The only thing that can upset is that she may not be entirely loyal to the ordinary owners of cryptocurrencies.
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Offline Jaephoenix

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #10 on: October 24, 2021, 11:59:41 PM »
Bubba, you and I know crypto is the most crime ridden sector of the financial world. No day goes without hearing stories of exit scams, rug pulls, hacks etc, all perpetrated by malicious characters. That is the reason why many mainstream investors still shy away. So regulation would be a blessed entry into crypto

Offline UNIVERSE

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #11 on: October 25, 2021, 01:03:38 AM »
We cannot avoid that these days, some strict regulations are focusing on the crypto world. And this makes the crypto industries become harder and harder.
However, I personally don't worry about this because this may be the step to the new era. ALthough there are some FUD that is spread because of the regulations, I am sure that there will be also good news surrounding like right now.

Offline owlest

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #12 on: October 25, 2021, 02:43:00 PM »
We cannot avoid that these days, some strict regulations are focusing on the crypto world. And this makes the crypto industries become harder and harder.
However, I personally don't worry about this because this may be the step to the new era. ALthough there are some FUD that is spread because of the regulations, I am sure that there will be also good news surrounding like right now.
Indeed, while bad news from the regulators is not expected, because the whales now need growth. In the next month, they may be, but not global and only in order to shave as many people as possible. Let's see if this plays a role in the trend or it doesn't change.
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Offline tervel

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Re: Regulators are pushing cryptocurrencies, should you be worried?
« Reply #13 on: October 25, 2021, 03:44:35 PM »
By means of a well-thought-through tweaking of the suggested regulations, a verified network can collectively be built to ensure trust and properly leverage blockchain’s potential, while barring those bad actors intent on corrupting or manipulating the system.

 

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