## Us Congress Includes Crypto In It's Joint Economic Report For The First Time

scandinavianlife (67) in crypto • 7 years ago (edited)

Us Congress Includes Crypto In It's Joint Economic Report For The First Time

crypto crypto-news cryptocurrency bitcoin market

7 years ago by scandinavianlife (67)

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hotsauceislethal (64) · 7 years ago

Very interesting point that the mining profitability issue might keep the price afloat. Many of these companies have a stockpile of BTC and cash so it would not be improbable that they would help bolster the price.

This even opens the door for larger mining companies to put smaller ones out of business in a similar way that bigger oil companies tried to run smaller US businesses into the ground. Dumping their oil reserves at an already vulnerable time they were able to keep barrels of oil under the profit parity. By keeping the price suppressed large miners can play a game of chicken with their competition and knock them out of the mining game.

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3 votes

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scandinavianlife (67) · 7 years ago

Good point! Thanks for bringing it up man

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teoalex (32) · 7 years ago

I think what will decide if we are in the bottom or not is this:

https://www.coindesk.com/g20-delegates-will-seek-common-response-crypto-talks/

Let's see what this next week brings.

Market is indeed sleepy and like you said, the reaction to the news of Substractum's successful Beta are the proof of that.

Keep up the good work.

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1 vote

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scandinavianlife (67) · 7 years ago

Thank you mate! Appreciate that.

I'm however not sure if them discussing regulations will have such a huge impact. I think they are going to implement common regulations at least in the EU in June. I suspect we will go sideways until more consensus on regulations are in place.

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1 vote

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wesakab (46) · 7 years ago

The Reason cryptocurrencies are very volatile is because we have other currencies as an option. So incase someone has crypto and needs to purchase a commodity, they definitely often Opt to exchange it for other currencies which causes the crypto prices to dip continuously. Eradicating other currencies from circulation will be the only solution to keep it stable. Great post though! Thanks for sharing.

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1 vote

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scandinavianlife (67) · 7 years ago

Well, that is slowly going to happen, wether people like it or not. The technology and adoption is going quicker than any technology before it. It's going so fast it's hard to keep up with all the new innovations. From tipping services like SmartCash that is going to possibly explode (you can tip on steemit, discord and reddit using SmartCash..) to IOTA, EOS and other huge projects.

Even if government "backed" money will still exist, it will only exist as ONE currency in the future. It will only be to exchange other currencies. You make your money from playing computer games getting tips..or blogging earning steem..or other things getting paid in ETH or whatever. You exchange that to fiat..PERHAPS. For a while..but ideally not on the long run. Ideally, for us..crypto currencies are valued against Bitcoin or ETH or EOS or LTC..and it will be possibly to purchase anything with cryptos.

That is why #Hodl is a little bit misleading, because yes, we should hodl crypto currencies over fiat..but we must also dare to use them. We must transact. Thats the only way we can grow.

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wesakab (46) · 7 years ago

Technology is moving really fast most are failing to catch up especially on the crypto movement. They will fully engage with time. Are on steemit.Chat too? @wesakab is still my username there. Maybe we can discuss more from their. Anyway great post though! Great work too. Thanks for sharing.

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johnnuggie (12) · 7 years ago

Informative updates, great work man. Looking forward to your next one

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2 votes

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scandinavianlife (67) · 7 years ago

Thanks!

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voluntary-io (43) · 7 years ago

There are still dinosaurs in the crypto world who hodl since Bitcoin's early days, the millionaires by now still holding a lot of assets. The generation which needs to 'die' and distribute their crypto to general public widely. I believe just then crypto will become less volatile.

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1 vote

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scandinavianlife (67) · 7 years ago

Nah..it won't help. I don't want people dead lol.

Even if some individuals hold a lot of crypto, that's the way it's always going to be. Smart people will always be early adopting things. We don't want anyone to distribute anything at all..that is called communism, because who is going to distribute it? Should someone force them to distribute? What happens when they die? Either the Bitcoins are gone for ever, or their children inherits the control of the private keys.

Point is only 0,1-0,5% of the world population owns cryptos at this point. So the problem is not some people owning a lot. The problem is that we don't have mass adoption. Redistributing (which is always a bad idea) cryptos to less smart people would only mean more volatility, because they would freak out and sell it. We need believers who hold on to a lot of cryptos at this point - who will never sell. And then we need to transact and use the blockchains. And only then will we see mass adoption.

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voluntary-io (43) · 7 years ago

Ok, I should have been more clear. By 'die' I just meant that they'll no longer hold massive amounts of Bitcoin as my believe is that these whales are ones responsible for big drops as they probably cash out BTC to diversify / fund lifestyles etc. There's a lot of potential supply sleeping and waiting.
By 'distribution' I didn't mean socialism ;) Just that these coins get sold and move (in line with the market rules) to wider population of buyers.

Imagine you're a regular, average citizen and an 'accidental' owner of 100,000 BTC which you purchased for crack for $100 some years ago. At some stage your BTC was worth $2 Billion US dollars! What do you do now, HODL, or sell as fast as only market demand permits? Of course you'd sell the majority of BTC even if you're a strong believer. There's nothing smart into holding into one asset with 100% of your capital. And there's still many of big whales there in the market. As long as they're in possession of very large amounts of BTC there will be supply pressure hanging over our heads.

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scandinavianlife (67) · 7 years ago

Haha..Ok..I'm sorry :) Your nickname is Voluntary-io, and I accuse you of being a socialist..

I agree. But, there is a very small majority if any at all - of normal people - that "accidentally" purchased 100,000 Bitcoin in 2011 and hodleded all the way till 2018. I'm sure you know this, but one can never mention it too often..it's easy to think that "if I only bought in 2011 and hodled until 2017" but, it doesn't work that way. Most people that mined or purchased 1000, 10,000 or 100,000 BTC in the early days sold them at much much lower levels. Those who got in super early, and is still holding are IMO very special people. People who understood the fundamentals very early on, and also took huge risk by holding so long. These people are your Roger Ver, Falkvinge etc. And at some point they will sell some of their coins (if they havent all ready...ver traded most of his into bch :) )

But is there really supply pressure? Yes, there is limited supply, or in fact finite supply - but as you of course know, every BTC can be divided to infinity. So in the future, even 0,1BTC could potentially hold huge value.

I agree that it's a little bit scary with huge whales still posessing a lot of BTC..as they can potentially dump it..Like the Mt Gox sell off. Some say it didnt have much of an impact..but I'm not so sure..All we know is that the entire crypto market crashed after they started selling in December.

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anupomdas (43) · 7 years ago

Greetings friends, excellent publication the truth made me want to continue reviewing your profile first time I read you and I loved how informative you are. And apart you have all the reason right now the crypto market does not know is uncertain one day this all green, another day all red. As a Technical Analyst I was supposed to predict the behaviors but lately I have chosen not to do TA since it seems irresponsible to do so without knowing what the direction of this market will be. Greetings, you have my support from now on

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1 vote

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scandinavianlife (67) · 7 years ago

Thank you my man!

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dailyupvotes (50) · 7 years ago

You got a 20.20% upvote from @dailyupvotes courtesy of @scandinavianlife!

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bid4joy (61) · 7 years ago

You got a 14.29% upvote from @bid4joy courtesy of @scandinavianlife!

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coin.info (44) · 7 years ago

Coins mentioned in post:

Coin		Price (USD)	📈 24h	📉 7d
BTC	Bitcoin	8238.550$	-0.27%	-12.23%
CND	Cindicator	0.085$	17.22%	-10.22%
ICN	Iconomi	1.261$	8.91%	-18.01%
STEEM	Steem	1.991$	-2.54%	-23.55%
SUB	Substratum	0.446$	2.27%	-0.53%

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ronaldoavelino (80) · 7 years ago

I am not a cruptocurrencies savyy but I always come to your blog to learn what is happening. Good information and well written. Thanks.

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