Bitcoin, Regulation, and Education
Every morning, I sit down and check my cryptos. I log my spreadsheet and watch trends for the coins that I choose to invest in. I read a bit (probably not enough), research a bit (probably not enough) and, at the end of last year, rejoiced a bit every day. These past few weeks, not so much on the rejoicing. I know that when prices drop, cryptos are on "sale" and that thought process helps quite a bit, but it has still been disheartening. My investments are not even close to the scale of many Steemers, so I can only imagine the anxiety of many of you.
Yesterday, seeing the news from the CFTC/SEC senate hearing, I was relieved and hopeful again. Mostly, I was happy to see the blockchain receiving a much deserved pat on the back. It will be interesting (possibly scary) to see what the future holds as regulations begin to be formulated, but I am hopeful that some of those ass holes pushing shitcoins out their bums will be less inclined to do so. As always, we must stay educated. This was something that Chairman Giancarlo was pushing and I have to say I am 100% behind that notion. Regulations can be a crutch and if people are willing to learn and read and discuss then they don't need crutches to walk.
I think Cointelegraph's summary said it well enough:
"The best solution, according to both Giancarlo and Clayton, would be to:
- Educate the masses about Bitcoin and cryptocurrencies
- Use the jurisdiction that they have over the futures markets of Bitcoin to collect data and keep track of the markets so that nobody gets too hurt
- Use taskforce to go after “fraudsters” who are scamming Main Street investors in ICO pyramid schemes, and worthless cryptocurrencies.
In summary, cryptocurrencies will allow growth for the United States the same way that the internet did. The United States should be a leader in this aspect, and make sure that nobody gets hurt in the process. Crypto HODL’ers alike all agree that the news was very bullish."
I suppose time will tell.
http://fortune.com/2018/02/06/bitcoin-price-cftc-sec-cryptocurrency-hearing/
