I agree with you, however, regulations also have advantages. Some people (mostly veteran investors) are very skeptical in investing in crypto because nothing regulates it; regulations solve this. I believe that time will come where we believers will be very thankful that we didn't cower out just because of these regulation FUDs. Also, once all regulations are in-place, people will overlook the impact of the regulations and will just look into the future of the blockchain technology.
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Thank you for your genuine comment. I totally agree. Regulations are pretty much necessary.
We share very similar point of view :)
I just followed your account as I noticed we share also similar interests. Hope you can follow me in return and I hope you will like my content. Im also quite new here but Im trying to do my best to build a presence in this community.
Good points. Regulations are a very complex matter. It's so often a bit like throwing the baby out with the bathwater. I think that was the reasoning that won out in the end at the G20.
The reason they have now decided NOT to make any new regulations is because they couldn't reach consensus; and that was because those who actually do understand this new technology, and all it's potential ramifications, are realizing just how many existing regulations already exist, which do apply. Plus, they are somewhat behind the curve still trying to get a handle on this new technological revolution, while so many central banks and nations are now looking to jump the band wagon by creating their own cryptocurrency. Imagine if they had jumped in and tried to regulate the internet in it's early days. We wouldn't be where we are now?Those who didn't understand it then tried to regulate it, but thankfully reason won out. It should be interesting to see how it all plays out.
Actually that's what worried me. That all those power nations wont be able to find a common ground to regulate this market and they will keep us all in a "limbo" for another months to come.
Do you honestly think that "reason won out"? I wish it would be that way. At the end of the days this market need to be regulated and i feel like we've lost tremendously during G20. Currently I cannot imagime most of smart money investing much and it may be hard to imagine that we will reach another high this year. Hope Im wrong.
thx for comment
When I said "reason won out" I meant on when they tried to regulate the internet for years and years, before they finally did. Certainly, the verdic is still out on that in ongoing open discussions and I don't think anyone can really say as of yet on the crypto world. Now many of those recent "internet" regulations have begun to push innovation back in many sectors of the internet, including all things crypto. But I do also believe reason did give pause on the G20 meetings and reason can not be a bad thing in my view.
I don't see how you believe we've tremendously lost out during G20 though when so many are looking so much more at trying to figure out the best way forward. Can you explain better what sort of specific regulation you actually feel the world really needs on crypto that we don't have already and how you feel those specific regulations would help the growth? It really is such a vast subject which touches pretty much everything in one way or another.
Certainly ICOs are a hotspot topic. Maybe such things as open transparency laws against scam and fraud with respect to everything and everyone involved, but even that I believe would probably better be determined by a truly free and open market, which in many aspects do not really exist in today's world in my view. But that's a whole other factor all together.
If I read you right, why would a lot of big fish, who jumped in last year, not want to jump in again because of a lack of consensus at G20? If anything they may not jump in because of new regulations such as all the new laws in the EU for example this year.
I think with regards to "regulation" it would be best to step back and really put the whole picture into perspective. After all we're really talking about a major revolution to the current monetary system, which has been in a slow death for some time now, and crypto holds the potential to save the world from imminent crash of the old system. Regulations are a bit like trying to treat the symptoms without really looking at the main cause of the problem. Even fraud is a symptom of a bigger systemic cause.
I am hopeful this is a big part of what has given cause for pause at the G20, given so many their are just beginning to get a grasp of the full picture of what this new revolution is. Not to mention G20 is 20 nations which are very different with many different economies and unique complex differences between them.
Thank you for your amazing reply.
Im not sure if we tremendously lost during G20 but definetly. But since regulations are only postponed till july then we will experience loads of FUD again within few months.
Im not sure from which part of the world are you but where I live (Asia + sometimes east europe) there is pretty much still no regulations at all. Noone knows how to pay taxes and without that knowledge it's going to be hard to convince many players to get back and invest into crypto market.
What I need is simple: I want basic regulations that would allow me to pay taxes and would assure me that value of entire market will not be crashing because of another politicians talking some heavy stuff about regulations.
ps.
I believe you should write entire post about your own view. Not just a comment. Many others would probably like to hear you out. I definetly did.
ps. 2
I would love to stay in touch with you a little bit closer as I value your knowledge and your input. And we could support each other.
Plus you're very responsive which is absolutely great.
Perhaps you could send me short email to [email protected]
Yours,
Piotr
Great suggestion, @crypto.piotr, to write a whole post on the subject. I agree the delay till July will more than likely produce a lot of FUD in the markets. Although, I believe a lot of projects will start to really mature in that timeframe too in very positive ways. So it should be interesting to watch how things unfold. July just seems a bit unrealistically too soon for very much progress in my view.
You make a great point too on making whatever regulations there are simple. Although, making things simple is very rare in gov. tax regulations of late... All the more with crypto, where one can trade crypto to crypto. It was my understanding that much of the world already views crypto as a taxable asset that capitol gains would apply and those that don't generally follow a "wait and see"moratorium, like Bill Clinton did in the 90's on the internet, which most of the world did as well. It's such a complex matter with crypto, because so many different applications have so much potential to really change things for the better.
All the best
You are the fastest replying person I came accross in a very long time hhahaha :)
I love it! :D
Please let me know once you will upload your post. I will love to read it.
Hahaha... A post on this will probably take some time to really give it the credence it deserves. I'll remember to let you know though... Thanks
Absolutely supporting your view. Lemme try to tag a friend who think alike and hope he see this. @ghua
it seem that @ghua isnt very active on steemit lately :(
He will come out from nowhere. He's still actively upvoting and commenting others. Let's hope he see this.
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr
Is he also MAlaysian?
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr
Yes, I read it and commented, @crypto.piotr. Great post! Thanks for the quotes too :)
Absolutely. You brought so much input into my previous post that I owe you :)
Thanks :)
I wanted to thank you one more time for commenting my previous post in such a mature manners. I already value your input a lot and I hope you could comment also my new post:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
Take care, Piotr