Good morning everyone! The Sun is finally somewhat back here in Scandinavia, and I can also see a glimpse of the Sun in the cryptomarket. But as we're not getting any serious sunshine until March, I still believe that's the case with cryptos as too.
As I am not very interested in short term technicals, it still fascinates me, and it gives a indicator of where the market is heading, and when. We're seeing some tendency of a more bullish incentive. The South Korea(SK) FUD is pretty much over, and as we talked about - it turned out to be nothing to worry over. Of course there was no ban, but only, I would say..almost sensible regulations. Sensible in the traditional way that is. Sure, an anarchist and capitalist want 100% free markets, and I strongly believe that is the best way to do it. But in context, SK putting a 25% tax on crypto currencies was not coming out of the blue sky, and it is only "fair" considering all other asset classes are taxed as well.
It would be kind stupid to believe that the crypto currency space won't be taxed. Sure, they can't have 100% control over it and where money goes etc..but being what they are, it's understandable that they are going to try and take the money they somehow has made us believe they must have. (Taxation=theft) And they must have it, or else the "welfare" state collapses.
EU
Next up is the EU-zone regulations coming up in March or perhaps earlier. I'm sure inexperienced teens and grandmothers will pee their pants when they come up with some way to try and tax it, or ban decentralized exchanges or what not. I doubt that FUD will last long though.
A European Union commissioner plans to hold a meeting of public and private sector stakeholders to discuss the impact of cryptocurrencies on central banks.
https://www.coindesk.com/eu-official-to-host-high-level-roundtable-on-cryptocurrencies/
The impact in my opinion is that central banks and governments are pretty much helpless. Either they have to compete with the free market and create an inflationary cryptocurrency that is based on some sort of proof. Or they can just create a digital currency - but I don't see why they would do that, because currencies today are all ready digital. Digital doesn't mean blockchain. But I'm guessing that's the level our politicians are on. Either way, they have to compete against the free market, and they know that's impossible. What they do, and have been doing for a thousand years is inhibiting the free market. Plunder the free market. That's all they can do. Talentless, worthless thieves that they are and attract.
OR, they can just do like they usually do - and go all out totalitarian on our asses. Spew propaganda, make war, imprison people etc. That's what they have the most experience in doing.
And as we know, a lot of this FUD is created by the mainstream FOR the mainstream. We see so many examples of government selling crypto currencies just before governments come out with some kind of stupid announcement like; "We ban crypto!" and then a day later; "Uh..right. We can't ban it..but..we're going to tax it like all the other asset classes" And then they buy in at a lower price. Don't think for a second that these people have some sort of moral high ground. They don't. If there are anyone that's immoral, it's them.
Expect volatility and drop in prices the coming days
Put away your phone and do some work instead. I think we peaked for now at around $577 mcap. To me it doesn't seem like the bulls have enough strength. The volume doesn't really catch on properly (peaks at $33) and people who burned themselves buying high and freaking out selling lower, are reluctant to get back in. But they will. Just later. We need to see some real whale buying and higher volumes before another attempt at $600. I believe the next attempt will be succesfull and from there on we're going for new ATH's.
Japan turning into crypto-haven as others "crack down"
Like we discussed, others aren't really cracking down on cryptos. They are only regulating cryptos the same way they are regulating stock markets and other markets. Every market is regulated from top to buttom in almost any country.
Japan though, they are getting it. Perhaps it's their high average IQ, or the fact that they are willing to try something new in a country that has struggled with some economic stagnation and an old population. Sure enough, turning Japan into a crypto heaven is THE smartest thing to do right now. I've always been impressed by how smart, hard working and forward-looking and visionary east asians are. I haven't been to Japan or South Korea..but as we in Scandinavia keep producing surveys for ourselves showing us how "great" and happy we are...countries like Japan and SK are literally living 30 years in the future compared to us.
Not sure if sleeping in coffins or renting a 1square feet room in a cybercafe while sniffing girlie-panties is my biggest dream (doesn't sound that bad when I think of it) ANYWAY..but it sure isn't my SMALLEST dream! Aaaaaaaaanyway..
And while Scandinavian and European countries (a little bit of cred is however given to Denmark and Netherlands) doesn't seem to have a clue what is going on, these countries are on the ball.
Aresnal
Arsenal has signed a sponsorship deal with the US cryptocurrency CashBet, which will see the Premier League club promote the firm’s initial coin offering (ICO) at the 60,000-seat Emirates stadium.
Have a great day everyone. Stay unsafe and unregulated!
SK government is made up of very smart people I guess. They saw the huge potential in tax income which could accrue to its coffers from crypto currencies, hence, they had to push for regulations that would benefit them.
From governments viewpoint, they have no option. It's either that or let the welfare state collapse - and we'll have a few years with some volatility..and then 1000 years of freedom and prosperity for most people. Buut, I guess people rather have it pretty OK for everyone..No cure for cancer, live till we're 85, no flying cars etc. Just mediocre life...That's what people opt for when they vote for welfarestates and governments.
Sure, anarchism, capitalism and free markets demands personal responsibility, or else you're done for. But it's the best solution for most people. Statism is the worst solution for most people, but the best for a select few.
It's very interesting post and useful dear @ scandinavianlife!!
I Like your hard work ^__^
Resteem ...!!
Very well explained about crypto, I like your work and upvoted
Please visit our blog @beinghuman.steem this blog is created to help poor children. Do share your opinion once you visit and please try to be a part of it. If you can't give much time, I request you to atleast resteem this post for helping poor children. Thanks
https://steemit.com/beinghuman/@beinghuman.steem/being-human-they-need-your-help
Please stop spamming? You won't rescue any children that way. You just piss off people. Spend some time creating good content, earning trust and show that you are actually doing something. Proof. Then people will perhaps help. No one is going to throw money after someone with no reputation who's spamming their comment fields.
This is honest advice. Next time, I'll flag you.
Sure sir, I sincerely follow your advice. Thanks
The governments and these unions are doing everything possible to eliminate cryptos but cryptos are stronger than them. But in a long run they will realise that the power of cryptos is stronger. Thats a great deal signed by Arsenal. It will go a long run to boast the financial gains.
I think governments understand that they can't eliminate cryptos. Unless they eliminate the entire Internet or put on some serious regulations on Internet accessability. But I don't think they will. They understand the underlying technology is important, because their advisors has told them that.
They are aware of all these. But now they want to steal us through the tax.
Great post dear keep it up
This post has received gratitude of 1.64 % from @appreciator thanks to: @scandinavianlife.
This post has received a 3.52 % upvote from @booster thanks to: @scandinavianlife.
Bitcoin is amazing currency.. thanks for sharing
While I understand your perspective on the impending tax laws and regulation I still believe central banks and governments have substantial power over the crypto markets. In my opinion, it would be naive to believe that they don't.
Ryan
Of course they do..they are the ones with the guns, the armies and the power to throw you in jail if you don't let them steal half your money. Sure they have a lot of power.
See my list of TOP 5 Cryptocurrency exchanges 2018 https://mykucoin.com Binance is #1 but see what else is there