Investing in cryptocurrency is speculative, and sellers are quick to dump their coins at the whim of a news broadcast such as China’s decision, and now South Korea’s pending decision to ban cryptocurrency completely.
Governments around the world can ban Bitcoin for reasons that don’t make sense, yet China still banned residents from trading on exchanges and made it illegal for Chinese start-ups to raise funds via initial coin offerings, and now South Korea is basically planning to do the same.
Emotions like greed and fear are huge proponents of the market. Everybody and their brother has jumped on the bandwagon, and the market is surrounded by massive amounts of controversy and all it takes is one story to turn you from a believer to a non-believer.
It's hard not to want in after watching some coins go up in price by 2000%. The question is not so much whether cryptocurrency has innovative potential, but instead: Can governments effectively succeed at banning cryptocurrency?
Roger Ver, who in my books, is a serious contender for man of the year (unless he identifies as a bobcat), has stated that the only way for governments to ban cryptocurrency is by turning off the internet completely.
The world we live in today relies heavily on the internet, and a day without it would quickly turn to chaos.
Governments would have to work together to unanimously attempt this and it’s basically impossible to coordinate with no internet. If they tried to they’d fail miserably and probably kill a large portion of facebookers. Plus, the technology is specifically designed to prevent ANY centralized authority to control your assets or successfully monitor you in doing so.
The truth is, governments can’t effectively stop us from using, trading, or investing in cryptocurrency. All of this fear is nothing but FUD. It’s an opportunity to back up the truck. If I’m to go out on a whim, the public sector of countries with large governments are going reduce in size in the next few decades and perhaps crumble in the next century, who knows.
Regardless of the outcome, it's going to be interesting.
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