On the next G20 meeting there will be a discussion about regulations for cryptocurrencies. Was announced today. Italy, France and Germany are pro regulation and against money laundry. things will start to move. Curious about the reaction of the market after the meeting is over.
Why aren't the governments doing anything?
- Thread starter yangnw
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On the next G20 meeting there will be a discussion about regulations for cryptocurrencies. Was announced today. Italy, France and Germany are pro regulation and against money laundry. things will start to move. Curious about the reaction of the market after the meeting is over.
U.S. had its senate bill 1241 introduced in May 2017, didn't have its hearing until Nov. Read: bipartisan hatred comes top of the list.
Finally, Europe to the rescue!
You missed the point, bitcoin got its hype from its **limited supply**, not virtuality. Governments will be plunging right into Great Depression II if they are stupid enough to re-adapt a gold standard of any sort.
Well.. It's speculation. Forgive me.
I don't follow your logic. Presence of crypto-coins places no obligation on the government to adopt them as a medium of exchange or even acknowledge their value. Gold is still a store of value even though no countries use the gold standard any more. Gold is remained a store of value even after the governments prohibited posession and transacting in gold. Same might happen with cryptocurrencies or any other medium that we designate as a store of value (diamonds, dirty socks, anything).
The reason gold is used for jewelry is because it’s a perceived store of value. When aluminum was thought to be scarce and valuable, people made aluminum jewelry (19th century France).
Seriously, dude, that's your argument for contagion? Okay, let's do some simple math.
- The market cap of bitcoin is about $270 yards, taking BTC at the current level.
- Let's say we have 5 percent of bitcoin owners that were stupid enough to mortgage their house to buy bitcoin (probably a gross overestimate)
- so we are talking 13 yards of exposure transferred to the American banks
- market cap of top 5 US banks is just about a trillion dollars
- so, in case of complete destruction of bitcoin, we are talking about about a 1% exposure to the equity value of the US banks
- yeah, that's going to take down the US economy
All cryptos had market cap $200 bln a month ago $450 bil a week ago and now it's $650 bil today
with this rate 1 trln in a week
2 trln in 3 weeks
15-20 trln in 2 months
extrapolating what;'s happening now - in 3-4 months it might be over for the world financial system
Chinese and Indiands will only survive
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Why, because they banned cryptos? Market cap measurements are shit by the way...
yes, as they banned they will have least losses
continuing this logic - Korea and Japan will have most losses. and then Korea will devalue significantly. not sure about Japan. shorting bitcoin directly will be more profitable than shorting Korean currency. Although currency trading allows leverage so maybe shorting currency might be interesting too
now just lets'wait how far this goes. I seriously doubt they can reach 10 trln. but who knows
this year they went from 10 bln to 650 bln