With Bitcoin moving closer to my forecast Target 3 I want to share a question I just answered regarding Bircoin:
Question: "Doesn't anyone believe that cryptocurrencies should be regulated to prevent a future financial meltdown?"
My answer: "Firstly let me say I am a huge fan of Bitcoin and Ethereum but yes they certainly should be regulated. At present, altcoins are highly unregulated and newer coins are subject to “pump and dump” trading.
Both Futures and Options are looking to approve Bitcoin trading. So when highly regulated Exchanges like these approve Bitcoin & Altcoins they will explode in value. Here are 2 articles (Wall St Journal and CNBC) showing this:
1) CBOE plans to launch Bitcoin futures, announces deal with Winklevoss brothers' digital currency exchange 2) Bitcoin Options Exchange Wins Approval From CFTC
Author: Sean Vengan, Professional Cryptocurrency Trader and Trading Educator
The problem with this theory is that the very entities that would be regulating them are responsible for the boom and bust cycles. The jailing of the little guy for money laundering while letting the big banks off with the equivalent of a days profits in fines. Allowing the "too big to fail bank" continue to flourish instead of selling off their assets to banks that were not involved in the CDO,CDS, now CDL mess which is only bigger now. They are responsible for the price manipulation in price suppression of Silver. They enforce an unconstitutional tax on labor when it is only capital gains that are to be taxed according to the highest law of the land. Martha Stewart went to jail for insider trading whilst the Congress and Senate do this every day with the laws the pass while making huge profits for themselves from same said laws. Much of our tax revenue goes to fund the War machine which most of us despise enriching a few while saddling the rest of us with the debt all the while funding both sides of the conflict. We 99% are disallowed from investing in Class A shares leaving us little room to grow our wealth substantially. So I say let the people be free and regulate the market as they vote with their dollars. If the are foolish enough to invest in an ICO without doing their due diligence than let them learn from their own mistakes. Life, Liberty and the pursuit of happiness has only been oppressed by the very powers that seek to "regulate" this Crypto world that was launched to end their reign. Free Markets by Free People. :)
UnknownUnicorn1063189
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@gypsyking9, And there lies the dichotomy
mightytrader
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@gypsyking9, I agree and believe in Classical Liberalism and free markets. But the United States culture does not want this. Look how many young people today advocate Left-wing, evil ideas like universal income (i.e. welfare entitlements) or how they attack free speech on college campuses with "safe-zones".
The culture largely does not advocate self-efficacy and self-interest. It's all about who is going to get his fair share from Uncle Sam that extorts it from the successful.
In the news they are trying to make Donald Trump out to be such a bad person BECAUSE he won't release his taxes because he probably paid less.
Taxes are Evil. Period. So, the less taxes he pays, the better. That is a great act of moral responsibility is to pay the least tax possible.
NO reason Congress should be getting paid a multiple six-figure income to serve the country. They are not serving anyone. The opposite.
aeryx
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No. Leave regulation out of crypto. I think it's inevitable though. Cryptocurrencies (the truly decentralized ones) pose the greatest threat big governments have seen in history, specially socialist regimes of all kinds and colors, and it's a matter of time for them to get into the regulation game, crippling cryptos. That's why true decentralized concensus of programmers and the community has to be supported and encouraged, so that new technologies improve cryptos towards even more privacy. Let pumpers and dumpers play their game, the crypto market is relativelly in its infancy and still small, but as markets get larger, they will be progressively unable to do their evil deeds. Take Mt. Gox case for example: it will be impossible for someone to perform such a thing now. Anyway, the cons of regulation outweigh the cons by many orders of magnitude.