More and more countries will start to regulate the cryptocurrency market during 2018 in order to enforce the law and create straight guidelines for businesses and individuals who are involved into it. South Korea is just the most recent example and it seems like the U.S. might be one of the next to swing the hammer.
Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence, just recently stated the below in regards to regulations on the crytocurrency market in front of the Senate Banking, Housing and Urban Affairs Committee:
“To ensure that virtual currency providers and exchangers know the rules and follow them, FinCEN has prioritized engagement with – and examination of – these entities, focusing both on the approximately 100 that have registered with FinCEN as money transmitters as required, as well as those that have not.”
(Source -Coindesk.com)
Regulations & Mass Adoption Before Full Decentralization!
I´m a fan of full decentralization and would love to see it happen right now but seeing it from a realistic perspective there are a lot of other things to happen first before we can overcome centralization after all. That being said I think that Regulations are actually a good thing for cryptocurrencies in the long run as they create a solid foundation for businesses and individuals acting within the market while limiting criminal activities just like ponzi schemes and scams.
In my opinion without regulations there will be no huge mass adoption and therefore no big headlines just like the one from Japan below on a bank opening a cryptocurrency exchange.
Of course that´s not what we want to achieve but it´ll be the only way to get the masses into the sphere before having everyone realize that banks are actually totally unnecessary and can be replaced by decentralized more secure setups. Whenever that happens we´ll reach a point of no return and will see more banks dying day by day.
Bitshares, The Sleeping Giant!
Based on my opinions above I´m a strong believer into Bitshares as the one blockchain to decentralize us all one day. It´s awesome capacity, fast transfers and high security will be capable of onboarding billions of users around the world without the need of any banks anymore.
So some might be surprised why the BTS token is still so cheap. Well that´s because we are not at the stage of a big decentralization movement yet so that BTS can still be considered a sleeping giant and a massively undervalued one on top of that!
That all being said, yes I´m stacking up my BTS holdings and I as well bought more during the times it almost reached 1$ as I see it reach ways higher values within 2018 already whenever people realize how awesome the Bitshares DEX and the token itself is. You may do your own research on it but I guess you won´t find anything negative about it.
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Let's not forget Nexus. Colin Cantrell plans to put satellites in space to decentralize both the internet and Nexus coin. Governments can spy and limit access through a ground communication networks. Satellites free us from that limitation. Jim Cantrell, (Colin's father) is building a production facility literally in my back yard for his new company "Vector Space Systems". Just a few miles from my house, utilities are being put into the ground and the production facility and headquarters are about to be built. there are people that I have worked with in aerospace industry that now work for Jim at Vector. These folks are the best in the business! This is going to be huge!!! Anything that the Cantrells touch turn into a money maker. Jim Cantrell cofounded SpaceX with Elon Musk, so I'm sure he can handle putting microsatellites into space. They plan start building and launching 100 rockets a year and scale up to 400 per year. That is more than 1 per day! Nexus is still in it's infancy. Colin has plans to simplify their coin and make it scalable. This issue with scalability is a killer for most coins.
The project definitely sounds interesting and I´ll take a look into it. Another version of the internet that can´t be censored easily would be awesome but as the satellites are most probably run by a single company again in the end I´m not too sure about that part.
Sooner or later governments will have to take cryptos seriously and now I think they have understood that they can't just let this wave go or it is not a temporary thing. People gonna use them so now let's play our part😅
They´ve missed the point at which they could have easily killed the whole movement. Now they aren´t laughing about it anymore but try to prevent further damage from happening. Why did china ban them all? Well in my opinion probably because they fear to loose the control over their citizens.
Yes, you are right. Now ball is not in their court anymore. The worse they can do is put ban on it and try to implement it forcefully but the thing I am excited about it is now public have come to know about it and the blockchain technology so now you can't kill it.
Pragmatic and future looking regulations can only be good for the industry. I am more worried about the possibility of wholesome ban on mining and trading or on conversion to fiat currencies. That would be severely detrimental.
There´ll always be new ways to convert fiat to crypto as there are already a lot of countries who legalized crypto, just like Japan. We´ll see that happening more often now and I´m convinced that there´ll be no further bans after all this adoption of BTC on the wall street. They won´t allow the government to kill their new toy ;)
You bring up a good point about the "staging" in process. It would be great to go from a bankster run world to full decentralization. That isnt going to happen. We do need to take some steps before we see that come to fruition.
As for mass adoption, I think what will happen first is that people get cryptocurrencies in their hands...then they will learn what they are about. All of the people on STEEM are learning about cryptos even if they are here to post about birdwatching. The fact they are paid in Steem shows they have at least a basic understanding of them.
As we progress in 2018, we will see more of this. I am going to write an article about a site that pays you to watch movies. Imagine that....Each time one of these comes about, there is a chance that people millions of people will be exposed to the idea of cryptocurrency.
We are moving towards a tokenized world and there is no need for banksters.
Step by step that´s the way to go into a bright future. I actually really hope that many banks will start to offer cryptocurrencies within the next years as that´ll basically be selling their own end of existence...
2018 will bring a lot of progress to the cryptosphere along with a wide adoption of cryptocurrencies among the masses. I really just hope that we won´t see too many different tokens appear on the list but rather have a lot based on awesome blockchain projects just like steem to avoid many people going broke on huge investments into scams and useless coins...
I agree with you, especially when you say: "without regulations there will be no huge mass adoption", however, I think we need to reflect on a two issues.
To what extent can a government regulate the cryptocurrencies operating in its country. This is very important when you realize that the power to regulate can be a precursor to abuse. I believe one of the great advantages of cryptocurrency is privacy. I can conduct my own business without interference. You may argue that this is to check ponzi schemes and scams. Don't forget that it can also be used to target government opposition and activists.
To what degree should it be regulated before businesses can adopt cryptocurrency. I understand that investors and businessmen do not want to take risk they can neither understand or predict. However, if you are trying to look for a broad based acceptance, I think we should learn from the internet. The internet has been adopted by almost all businesses in the world; not because they understand everything about it but because they understand its value. For them, it is a platform to connect with their clients/customers. That should be the case for cryptocurrency too. Undue regulation, so that people can have faith in it, might not necessarily be the best option. For me, let cryptocurrency regulate itself. Let the weak drown, the learners swim and the experts surf.
I'm opened to corrections.
I agree on some of the points you mention above and don´t see regulations as perfect neither. Unfortunately they are necessary though as our society still needs rules to run by these days or we´d all be used by others to make money through illegal activities and scams. It´s a sad truth that we need regulations to feel safe and to trust a technology that handles our wealth.
Cryptocurrencies will regulate themselves anyways though. Only the strongest and safest will survive over time and that´s exactly why I´m totally into steem. It´s fast and safe while still just running on less than 1% of it´s capacity with 1 million daily transactions.
@steembusiness I like the fact that we are all so early to the party since we are on STEEMIT and probably own some Cryptos. I feel the the reason Cryptos are here is to help FREE Humanity away from Govt's. and Regulation. Let's see how things develop over 2018......
Cryptos will free the people one day from the big influence banks and governments have on us these days. We are just at the very beginning of all this and will see major changes happening in 2018.
I not a big fan of regulation, but maybe, like you said, the regulations might legitimize crypto for business driving mass adoption. Hopeful, more people see the freedom of freeing ourselves from centralized banks.
I´m neither but without regulations we´ll only see some people take the money of others through scams and illegal activities. Cryptos are here to free us all but unfortunately they are not freeing us from greedy criminals...
I think you are correct there needs to be some sort of regulations for mass adoption. I do hope this doesn't take away from the possibilities that crypto can create. It would be nice if the world could get together and work on some regulations together but given we are still out on climate change and ozone emissions I think the likelihood is low.
Regulations will only regulate the flow from fiat to crypto and back while closing down obvious scams. The huge potential behind cryptos will not be affected in my opinion.
Regulation of ICOs is needed, because even without government oversight, the core blockchain technology will eventually completely transform the financial services sectors. @steembusiness
In case ICO´s wouldn´t be regulated we´d only see more and more people getting invested into scams with huge amounts of money. It´s a good thing after all and won´t stop cryptos!
When Bitshares has an atomic swap mechanism or an Open Transactions like treasury for inflows, I think it will make an excellent distributed exchange. The CFD's market mechanism alone is not enough.
stable fiat gateways will most probably soon be reality for bitshares. I´d be surprised in case that doesn´t happen ;)
I hope so. I mentioned this back a few years ago on the BTS forum.
Honestly, bitshares DEX is super underrated, it's easy to use once you actually dive into it, plus there are a ton of options for trading, like bitUSD/GOLD/SILVER for when the market is dipping, and oh ya, easy to use margin positions(which almost lost me a bunch of BTS with this dip) Get on it
It´s definitely an awesome exchange that´ll just get better and better over time. We are just at the beginning ;)
I like that opinion, I feel the same way. Do you know how BTS goes about adding new trading pairs?
Be very careful "regulation" is 99% bullsheet. Nothing money generally cant fix. And dont forget Blockchain is the new "regulator" so regulation should be completely unnecessary. Checkmate
And you will never fix nor regulate "stupid"
Well I agree on this one :D
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I think after regulation comes taxation.
Agree, bitshares to the rescue :-)
Great post and good writing.i like your post and upvoted.
Kinda difficult to understand cuz im learning english yet, but this is such a great information I really liked it, thank u so :)
Great works, I wish you success @steembusiness
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