Cryptocurrnecy, Bitcoin in particular, has taken a beating in the media. There is a lot of fear around it especially in the area of media.
The other day it came out that the G20 did not see cryptocurrency as a threat.
Now, the U.S Congress issued the March Joint Economic Committee Report. In it, they note how important cryptocurrency and blockchain are, citing the security over existing systems.
Blockchain
In response to the Report’s study of cybersecurity, Chapter 9 discusses blockchain technology at some length and shows that the technology may develop to help secure transactions and information transmissions. The technology has many possible applications in addition to managing digital currencies, for which it is most widely known. Blockchain technology has the potential to help the economy function more efficiently and securely.However, the new technology and the possibilities it creates—including structural changes to and extensions of markets—resent regulatory and legislative challenges for the Federal Government, including disparate treatment by the States. It is important to proceed with prudence and provide proper guidance to the market, as discussed in Chapter 4 on regulation, and not prejudge and hinder technological developments. The new technology also may be attractive for Government to use, improving efficiency in its own operations.
(bold is mine)
So much for the U.S Government taking the attack to blockchain. Of course, we heard the same thing from the banksters who claim they love blockchain. My guess is that they are thinking more in line with a shared database, something the Government can control. The fact that think that it is worthy looking into is a big step.
Of course, blockchain is not cryptocurrency and that is what the biggest fear is of most people. Will the Government ban cryptocurrencies. Once again, we see an endorsement although the challenge is the report focused upon Bitcoin.
As a currency, the report cites the fact of high fees and volatility as blocks to it being a unit of exchange. The first part is a bit perplexing since Bitcoin fees have dropped significantly and is not much of an issue anymore. There are cryptocurrencies such as STEEM which offer no fees. Also, the second point is accurate although with greater adoption, i.e. more involved in the asset, the volatility should lessen.
Pg. 209-211 of the report.
Another interesting point mentioned is the "danger" section. One of the aspects cited is the threat of centralized exchanges. The fact that they are vulnerable to hacks, citing Mt Gox as an example, is worrisome. Did the U.S. Congress just endorse decentralized exchanges?
Pg 215
The entire cryptocurrency section is Chapter 9 starting on page 201.
https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf
This situation shows how the media operates. The date on this report is March 13, 2018. Did anyone see this talked about on CNBC or written up in Bloomberg? I certainly missed those stories if they took place.
The fact is cryptocurrency is starting to penetrate the psyche of many people. This will cause an expansion over time. For those who believe this is going away, it simply is not. Each day, people in this industry just need to keep pushing forward. There will be failed efforts which is needed. This is how we are going to learn. However, the successes will far outweigh the setbacks.
FUD is never to be believed and this report shows it specifically for cryptocurrency and blockchain.
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Thanks for the PDF report! I had seen this on the news but not the actual report. Great value added! Governments are starting to compete using crypto currencies. Shitcoins like the Petro for rogue run down socialist states and established coins like Bitcoin, Ethereum and Litecoin for western democracies.
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The Petro.
I foresee the same outcome there as for the Bolivar...since it is run by the same yoyos. They will drill crypto into the ground the same way they did fiat.
As for the western countries, I do not put it past them creating a crypto...the US Congress embraced this but the banksters are not quite on board.
Of course, this is great news out of the Congress since it buys time. The longer that crypto and blockchain is allowed to develop, the greater chance that, when they try to put the cat back in the bag, it will be too late.
My view it already is...the train has left the station.
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We all believe that regulation is inevitable for the crypto space. The approach of the government can be ham-handed like we have seen in China or more enlightened like in Singapore and Switzerland.
It is the waiting in the dark part that creates FUD. We just wait to see what will happen. In general, things are neither as bad nor as good as they can be. Most action happens toward the middle of the bell curve and not at the extremes. This will probably be true for US government regulation also.
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Crypto currencies has come to stay, but I know it will pass some blackmails and the government fud. Bit at the end it will strive and survive , because what truly matters at this moment is the strong will of the people to accept and promotes it use.
Decentralization is the way for the future . And blockchain is the answer to that call...
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Thanks for this timeless posts @taskmaster4450
You are very right @obest
Crypto has come to stay and there is nothing any government or powerful institution can do about it. More over, blockchain isn't cryptocurrency, but a core component of it's adaptation and applicability and many organization has already find it the next "big thing' that will revolutionize the technology world with it's practical application found in almost every field of life.
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Thank you for this wonderful update, @taskmaster4450! Like you, my feeling is there aint no stopping it , it is just the question of how central authorities will react.
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Fundamentals will continue to lead the technology and thus the assets forward despite all the FUD. People in it for the money will always cause panics when prices do not move in their direction because of FUD. The only thing to watch for is the risk appetite of institutional investors as regulation is clarified. If they continue to believe in risky assets supported by Fed policy, we can expect a continued bull market. But if the Fed tightens its grip too much, they risk may flow out of the market and prices will be stable for a longer period of time.
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Still, people seem to be real careful (scared) of investing here in South Korea. Ah well. They'll be back when most coins start doing 2-3x 😂
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That’s good news! That at least they’re beginning to receptive to the blockchain technology! We’ll see what happens to cryptocurrencies, but this is a big step!
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Of course anyone who studies crypto and the blockchain technology immediately starts to realise the power and potential it has to change so many aspects of our daily lives.
That´s why everybody, who is into it, is always believing in it, because this is a revolutionizing technology and even bankers that have a lot to lose with the development/success of crypto are talking good about it.
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Once cryptos make it far past the FUD, it'll be game over. We can win and really start to make a difference in other's lives.
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The last wave of people who got excited for crypto got burned because they found out about it from the $19,000 Bitcoin pump/dump. Once the next bull run comes all those people will stop worrying and we'll get a new wave of people who get burned by the pump/dump... lol.
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Hey Taskmaster,
You have to remember that we are the media.
“They” can ignore it all they want, that will only bring more people here.
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Excellent article. I, for a long time, stopped believing what they say in the media. Perhaps, because of this, I'm so happy that I opened the world of crypto-currencies and STEM in particular for myself. Good luck to you and Love.
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The worldwide governments are preparing for a smoother fiat to crypto transition by not hanging the cryptos market out to dry.
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This is definitely a surprise to me. Any government agencies has been always tough with bitcoin and cryptocurrencies.
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@taskmaster4450- excellent post and points regarding the lack of regulation at this time. The Government officially doesn't categorize cryptos as money or currency at this time, only as a commodity- that may rise or fall in value. I think too that this is surprising a little that no regulations have been initiated. The. regulation may come eventually, but not yet... from the movie Gladiator:
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excellent information friend ... We hope that with this report go down the waters and our cryptocurrency goes up again.
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G20 deeply understands that they cannot wipe cryptos off the map so they will opt for more regulations and higher tax revenue.
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Good stuff.....
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This is great news! Seems like things are moving forward, in a "prudent" way. Thanks for sharing this informative article
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Now it seems they want to regulate. They aren't in uniform agreement. My guess is those in government who hold crypto will be against regulation. Let's get as many government regulators to adopt crypto as possible, then they will see the error of their ways.
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The fact that I can send funds to another Steemian across the world, in an instant, for free will keep this crypto thriving for a long time. Best thing since sliced bread. 🍞
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