Bitcoin dives on SEC warning
Hydro Hellsing last edited by
"Bitcoin fell almost 9% to just under $10,000 after the Securities and Exchange Commission said that all so-called exchanges of cryptocurrencies should be registered with it. The SEC warned that it doesn't review trading protocols on platforms such as GDAX and Gemini, and that access to their services "may not be the same for all users." The statement follows reports that several platforms were subpoenaed last week for suspected violations of securities laws. Bitcoin has almost halved in value from its high in December of $20,000, as concerns mount over stepped-up regulation of trading, mining and initial coin offerings."
I've been saying for a long time now that Bitcoin was gonna do that once all the regulations kicked in cuz of all the illegal activity, and than there's entire countries like China and South Korea banning it all together.
That's why I haven't been too excited about it for now, I'm waiting for the regulations cuz that's when the value's actually gonna be consistent like other currency, without knowing what the regulations will be it's hard to speculate on
There's still plenty of value in it and Musicoin though, even after the regulations it still might have more than or equal the value of regular currencies.
My only other concerns been the hacks of accounts and Crypto businesses, for Crypto Currency to have the most value it has to be safer than a Bank vault, Crypto's cyber based, so easier to scam and hack people.
buleumarius last edited by
No need to worry about the value of musicoin yet. The project is small now, and if it will be successful, will grown regardless of other coins (it has a market cap of 10-20 mil $ and that's almost nothing in the world of crypto).
Regulations are good for the world of crypto, even though they will cause a big drop in price in the beginning, even better for this coin, which will have a lot to gain because there are a lot of people out there investing in crappy ICOs who just have a good marketing team.
Regarding safety, I personally think they are safer than banks. You are in control of everything can you can follow every transaction and so on ... The biggest weakness of crypto is just people (who lack basic education in computers and security).
We see a lot of scams/hacks going on just because cryptocoins are, and will forever be, a target for hackers (who are highly educated and over the average intelligent). So it's normal to see a big exchange being hacked, given the skills of the attackers. That's why people should never keep any money/coins on exchanges and other software. The best bet is just a simple paper wallet.
And if you are paranoid about security, sell your computers, phones, etc. and move into the wilderness. Why? Because in the computer world, everything is just a bunch of complicated mathematics. One day there will be a computer powerful enough to crack/guess everything. Oh, and don't forget about the NSA backdoors installed in every OS (lol). I hope this was off-topic enough.
Hydro Hellsing last edited by
@buleumarius Lol Quite a bit off topic, but that's ok.