This week we have seen almost all digital currencies take a huge hit in their price. The reason is simple, panic selling on the following two pieces of news:
- One: Chinese authorities have said that they plan to shut down the exchanges that they are traded on. Will they themselves buy Bitcoin once the price is driven down?
- Two: J.P. Morgan boss Jamie Dimon called Bitcoin a "fraud that isn't going to work" Do you think that he might just have his own interests in mind?
Switzerland continues to embrace crypto!. Image source: Pixabay.com
Switzerland Takes The Opposite Approach!
One of the latest pieces of news out of Switzerland shows that they continue to embrace and welcome Bitcoin and other crypto. As of 2018, the Municipality of Chiasso will allow its citizens to pay their taxes using Bitcoin!
Here are a few excerpts from an article that appeared in our regional paper "Corriere Del Ticino."
The article is in Italian but you can also find many reports on this in English language articles.
From Corriere Del Ticino:
Chiasso will become the first Swiss city to permit partial payment of taxes in Bitcoin up to a maximum of Frs 250.00. The Swiss municipality has met with investors and developers in Bitcoin and Blockhain technology who have selected Chiasso as an operating base for developing these technologies. In the past several months 8 start-ups have selected this area to headquarter their activities and negotiations are taking place with other companies from all over Europe.
Chiasso is an internationally recognized community that is positioning itself as the epicenter of this technology and economic growth for the Canton and Switzerland.
An executive explained both the exponential growth of Bitcoin and Blockchain technologies, as well as some possible applications in the daily life of the municipality. As a first step, the City Hall has confirmed its interest in accepting the Bitcoin currency for the payment of taxes. The maximum payment, as said, may be 250 francs and this experimental method will start in January 2018.
With this exciting news Chiasso has joined Zug Switzerland which has already been dubbed as Crypto Valley!
See also this article: "Bitcoin and Other Cryptocurrency Technologies Are Aready a Way of Life in This Small Swiss Town"
Why is Switzerland so Crypto Friendly?
There are many reasons for this but one thing is for sure, when it comes to money, investing and business these people are experts and they know how to play the game!
What Will Happen Next?
Notice what Josh Mahoney, a market analyst at IG said “Past experience tells us that bitcoin will likely brush these latest challenges aside, yet with Chinese regulators clamping down and big name financial leaders talking bitcoin down, this has been a tough fortnight for cryptocurrencies,”
I for one am relaxed and either holding or buying. Keep Steeming and having fun!
Have we seen this all before?
What About You?
- Are you taking a long term approach?
- Do these huge price swings put you off?
- Will you be a buyer?
I hope that you enjoyed this article about Switzerland embracing Bitcoin and Blockchain technology!
Until next time,
@kus-knee (The Old Dog)
Switzerland is the bank vault of the world's elite. So if that country accepts crypto then all this crashing markets happening now is a sham. Time to buy what your crypto heart desires!
Great comment as usual!
These swings in the crypto market would push me to buy an awful lot more, if I had liquidity!
The currency war we have entered pushes the biggest of all fiat dragons to try to scare us, should we be listening? I definitely don't think so. We have all the technology in the world to deal with them. So, I keep on Steeming and dealing cryptos, only with more excitement about the future of it than before!
Thanks a lot for this piece of information. I have seen many tactics of the kind over the past and recent past and am far from scared from them anymore. All for one and one for all! Namaste :)
Yes it seems to be a regular thing.
Exactly!
Its time to hold and buy! This is actually a nice break for some of us who have a chance to get in on some coins at much cheaper price!
This is only bad for the ones who sold off......Panic sells FTL.
Great to see you again. Seems like you been away a while. Hope all is well and ur just having to much awesome time to get on Steemit ;-)>
Yes, we should all relax.
Thats right!
Thanks for staying cool Dawg!
We need collected, mature and responsible leaders in this community.
SteemON!
Interesting ....amazed about lil' ol' chiasso Switzerland being at the helm....never would have thunk it!!
And imagine, you used to live there!
in the while, I bought some EOS and BTS ;)
Did you have a look at this interview?
https://steemit.com/bitshares/@stan/my-digital-sovereignty-series-interview-with-giselle-koy
I'm listening to it now. thx @kus-knee! :)
Great post ;-)
Here in Switzerland, you can also buy BTC at the SBB ticket machine.
Talk talk also accepts BTC.
I'm holding long some of my cryptos... and I feel blockchain will change a lot of things in different areas in the near future.
Saludos
Yes, so cool about SBB!
I m with you @kus-knee ! Hold and if you can afford it , Buy !! 👍✌💕
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That is quite exciting to see a municipality like Chiasso accepting bitcoin for tax payments. At 250 francs it's not a large amount but that makes sense as an experiment.
Having the ability to pay one's full tax bill in bitcoin would seem to encourage more holding since it's a use we all know we'll have. Long term holders would much rather keep their bitcoin and enjoy future expected appreciation but in case of a fiat cash crunch the ability to pay one's required government "contributions" would be nice.
Regarding those future appreciations...I was just reading a post by @jrcornel about encouraging signs in the middle of the crypto sell-off. One of the videos he shared was of analyst Tom Lee sharing his analysis of the future of bitcoins appreciation for 2017 and the possibilities for the next 5 years.
Text summary of Lee's analysis points here in the comments.
Thanks for your great input and the links. I had a look at them. I also like your line about our required "contributions"!
Shhh.... don't write such positive articles. Let the rates fall to the floor freely so that poor people like me too can afford to invest some.
I love your humor @xyzashu
As long as some countries recognize bitcoin, it won't be going away. The problem isn't that the three largest countries are good at coercing smaller countries to follow suit so if those three agree to stamp it out we might have a problem.
My approach doesn't really change regardless of the happenings in the world. Keep powering up my sp at a rate of about 80% and keeping about 20% into steem so it's easily convertible to bitcoin or usd or whatever other currency.
Your plan seems very reasonable and sound to me!
I will buy the dip!!
Good idea!
I totally agree with points. Thanks for sharing
Thanks for having a look!
But that does not matter because banning most things is an endorsement to the people. People will flock to it, most can just cross to Hong Kong or Macau and use the many Bitcoin ATM there. Or they will use other method to move money out of the country. Any Chinese born after 1980 would have seen 5+ years of 20%+ inflation. That is why all this gold backed currency talk is needed, the CONfidence is not there.
Good info in your comment!
Upvoted and Followed. Please followback and please upvote and resteem if you would like to help each other out: The REAL reason Jamie Dimon of JP Morgan called Bitcoin a "Fraud" (NOT what you've heard elsewhere about wanting to drop the price) a 30-second read: https://steemit.com/bitcoin/@thoughtchain/viral-why-jamie-dimon-called-bitcoin-a-fraud-not-what-you-already-heard
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nice article well i just like to say that trying to ban bitcoins is just like trying to ban rain, impossible, yes i think it's great opportunity to buy bitcoins and steem as well, buy and hodl now is a wise decision. thanks for sharing
That's what I'm doing. We've seen this movie before!
One government is not likely to succeed in shutting down Bitcoin, even if that government is China. This drop in prices is bound to be temporary and Bitcoin will certainly recover.
If I had the funds, I'd probably buy steem. I'm wondering if now is a good time to convert my SBD to Steem and power up. While SBD is significantly below the $1 peg, percentage wise, the SBD I have can buy me more Steem than it could when SBD was $1 and steem was $1.5. As in the long term, I just want more Steem Power.
I bought Steem with my SBD today.
Just initiated the transaction myself too :)
Yes kus now they are trying to create FUD in market to buy cheap BTC and Alts you know a real control of market by china
I bought today.
It definitely could be a ploy for the people who are late to the party to get a cheaper ticket in. It is funny however, to see how things will unfold for different countries which are approaching crypto differently. I mean if you embrace it now and allow people to buy it, like Russia for example, well you are gonna be the center of the future economy. I say it's a good time to buy right now and I am sure that's what is happening now as we will see a big bounce . Nice post !
Interesting times but it is like the wild west!
There are 2 big markets that can crash the price of cryptos like this imo.
The chinese and the american markets. We're almost over the first hop even though I expect huge swings in the next 2 weeks when everything will be dumped and rest of the world will try to pick them up at big discounts.
I consider it a step in the right direction. It will be sweet when things will be regulated there, and they will, even though we talk about a communist regime .
Now for the american market... this is another type of animal. When it comes to money and the pressure from the banks , things might not get regulated there for a long time. Just as it happened to online poker .
We are in a gray area right now and they can't stay there for long as market cap gets bigger and bigger eyebrows start to rise.
The banks are powerful!
Bitcoin cant be stop it will always go. I upvote n follow u. Hope u do d same. Cheers ☺
Thanks so much!
Cryptocurrencies are the future, I slowly begin to realize this. I am new at this and try to catch up. In the mean time I will invest in steem and keep steeming and I hope for the bright future
Steem is a good way to go!
according to my opinion these are all old tactics now to buy BTC at cheaper price like china already ban bitcoins in 2013 and they they continue to regulate btc in 2017 now they ban ICO i am sure they will regulate ICO in 2021, so i think buy btc now should benefits alot in long run.
let's watch and see but you raise good points!
very good post, what happens is that as much as China and JP Morgan are accustomed to control most of the markets in which they move, currently Chinese can no longer influence as it did in previous months with Bitcoin and JP morgan directly can not control the Cryptos market. I do not currently own capital to invest, but it is certain that this current situation is going to reverse, so I would recommend anyone who can buy to change in a few months to almost double, equally also to invest many projects with good future, to me particularly at the moment I like and I am internizandome with HIVE and OPUS although the two are in stages quite early other promising projects are Cindicator and SunContract but in the long term, many thanks for your post and for sharing, greetings.
Thanks to you for your interesting comment!
They want to pound it down and make people jump out of it so they can swoop in and scoop it up to make fortunes.
This could well be their plan!
Yes, wouldn't it serve them right if nobody sold and they were forced to jump the train at the caboose after it has already left the station lol
Business as usual. Good buy oppurtunity atm.
Upvoted and resteemed :-)
Agreed!
Bitcoin is at the bottom level this time. You get a lot of information. Thank you for sharing
Thanks so much!
Crypto is a threat or an opportunity depending on where you stand. I think governments and big business are still getting their head around it, but individuals can react faster. Definitely interesting times
I will not be stressed over it and will just observe and enjoy the ride.
I sure enjoy the blog, and I sure like the Swiss behaviour, see below;
The most southern municipality of Switzerland, Chiasso, now accepts bitcoins as a legal way of paying taxes. This has to show that the municipality makes a serious job of a specialty in crypto coins.
The nearly 9,000 inhabitants of Chiasso can meet up to 250 Swiss francs on taxes with the crypto coin, as of next year. That amounts to about 218 euros. The decision derives from the region's desire to become an international center for innovation, including Bitcoin.
Very good post !
Thanks for having a look!
If I'm not mistaken, JP Morgan wanted a corporate blockchain on ZCash.
Now they are criticizing Bitcoin. Tomorrow they will criticize ZCash? Or right now?
That seems to be their pattern!
I also buy everything I can reach :)
I hope that you do well!
Thanks for the valuable information about crpto friend.The invisible girl has theft all people's happiness. Don't worry I think it will be all right. Happy steeming friend happy steeming.
No way getting out of Crypto market ,that is my point of view.
and as for Bitcoin No wonder it will go up ,just we have to give some time and as for Steemit just Steemon ;)
You are correct about continuing to Steem. This is the most revolutionary place in all of crypto!
this is a good news today !! thanks for sharing!
Thanks for your visit!
yes you are right, hodl or buy. And keep on steeming. For daytraders it is bad but they choose for this kind of stress
So true!
its good news@kus-knee, ban is not only solution to prevent bitcoin, find a way to resolved the situation, thanks.
Thanks for the visit!
@kus-knee - oh my goodness, it is a good news Sir. So, I'm holding BTC Sir. Nice information you shared Sir. Therefore, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
Thanks a lot!
Buy a little on the dips and, for the most part, hold, is the strategy I'm taking. Switzerland is the world's premier investment location and they are right on-trend here with Bitcoin.
I agree with you!
This is the time to buy and hodl! We will not get such opportunities so often i think! Many were waiting for the price to drop to buy...well buy now!
Right on!
Im currently just holding, but maybe Ill be buying more soon
Everyone should try and have 1 Bitcoin but there will only ever be 21 million of them!
i only have about $230 CAD worth
I do not want to seem boring, but growth without falling is impossible.
Capitalization has already grown 10 times over the past year! Everyone needs a small rest! Let go out to those who want to go out.
You are correct!
@kus-knee,
Your conclusion is absolutely brilliant! Yeah, BUY or HODL BTC, it will definitely seeking a new peak! That's what happened before and it will happen again! Thank you very much for sharing such useful article with us!
Cheers~
It will be wise to do so!
No matter what China does to stop the trading of cryptocurrencies on exchanges, they won't be able to stop the OTC trading. On top of that one of the heads of their internet finance association has already come out urging Chinese regulators to put together some framework of regulations to support the development of digital currencies. In my opinion the chinese government is trying to protect their everyday citizens from being scammed by the more shady alt-coins, but realized in the process that they don't have regulations in place to really control bitcoin either.
I have a feeling that in the not so distant future regulations will come into play and China will once again be trading crypto, just not necessarily on the exchanges as they were.
You may well be right. Thanks for the great comment!
a lot has happened over this little time but i hope everything will bounce back again and it will not be forever as this is something that could turn around the game BTW Switzerland made a cool move in positive aspect of it.
We should all relax and enjoy the ride!
That's perfect looks like everything coming back to normal :D
The Swiss are smart about money matters. The Chinese are not very savy with money so that is why they have bought so many US bonds. The Swiss government also recently approved the Tezos foundation which supports the coin that may end up being the platform that lures the smart contract business away from Ethereum.
Thanks for your informative comment!
good article and help some people to invest in bitcoin.
Thanks!
Actually in a way we posters here on Steemit are mining/investing/buying Steem with our time/energy every time we post. :)
That is exactly right. You never thought that you'd become a miner did you? Me neither!
Thank you for sharing this outstanding information!
Thanks for looking at it!
very exciting news
I am very enthusiastic to read it
I appreciate your visit!
thanks :)