Bitcoin Forum

It's been a truly great day in the cryptocurrency world!

The US Government today met on the topic, with the heads of the SEC coming face to face with Congress. (Link)  We were worried they'd ask for new laws and regulations - but they asked for none.

Beyond that, SEC and members of Congress made some surprising points - they understand the technology's potential, don't want to slow it down, and that at least for now - only crypto scammers need to fear the government.

How did the markets respond? With an $83 billion dollar boost! From a low of $278 billion cap - now leaping up to $363 billion.

Out of hot waters? At least for now, it appears so.

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Author: Mark Pippen
London News Desk

http://www.globalcryptopress.com/2018/02/us-gov-gives-cryptocurrency-green-light.html

They are probaably preparing for the announcement of the FedCoin. :)

I am very happy to hear this news, and it will Bring a very good impact, and now bitcoin has started up and restore prices again, hopefully bitcoin prices will always go up with good news news.

In the extremely unlikely scenario that they were, they would probably treat crypto more harshly rather than more favourably, since there would be no point in having a government blockchain system unless it was a permissioned and heavily regulated one.

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I doubt that an event like this is really having such a significant effect on the price.  The US government didn't seem particularly hostile towards BTC before, so all this is is reassurance rather than any kind of dramatic change.

At this point, I suspect that most price movements are based on long-term speculation, and that's what's causing such wild swings.

Fedcoin - would be decentralized to various Federal Reserve banks

Banks hate Bitcoin , but love bitcoin technology
Reason - Digital transactions are quick, cheap and potentially a lot more secure than the system we have today.

us never do without any reason , There must be valid reason behind this



Whole bitcoin is based on news only one bad news bitcoin price down and one good news Bitcoin up ...

Its normal When bitcoin come down its sure it will rise with bounce back power

There is no way crypto-currencies would have reach these heights,
without a wink and a nod from the 01%. ;)

Lol, I didn't even think of that. After all these fear of regulation and banning, this might be their resolution. I can imagine them saying something like "Hey investor, are you tired of them unregulated non-traceable cryptocurrency screwing you over, well here is your protected regulated centralized currency fedcoin." Well time will tell.

It is better to give it green light because I am sure they understand they can't stop it. So why not try to regulate some part of it if they can? They are concerned with safety of investors and their money as this is whole new area for many people.

Why would the US government restrict crypto when they’re absorbing it as fast as they can. I think Wall Street believes they invented bitcoin now.

Besides, the Fascist States of America already has so many restrictive laws governing money flow that they don’t need new ones to control crypto. You can’t win money at a race track and deposit it into your bank account without your bank secretly sending a report on you to the federal government. And, when the government finds out about your winnings they have their hand out waiting for their cut of the money. The US is running the largest “protection racket” in the entire world.

Cryptocurrency only involves government when you exchange it for fiat. They don’t care if you trade pogs or Pokémon cards which is all cryptocurrency is before you exchange it.

Is it completely certain that this has something to do with the sudden increase in marketcap?
I would have expected this outcome regardless of whatever news came out, I think people just jump on the opportunity to buy cheap coins.

That said, it's amazing how much influence governments can have on the price, if this is indeed the sole reason for the price increase.

i kind of hoped more countries would have really banned bitcoin not just false news or like this one be in favor of it. specially if a big country like US banned it.

we will see a big hit to the price for sure but so what? people will finally realize that bitcoin was supposed to be a decentralized and censorship resistance currency if the news about some country banning bitcoin can affect it this much it means somewhere along the line we did something wrong which needs fixing.

This is also good news in the sense that it will bring more regular people into crypto, and therefore drive up demand and prices. A lot of people are risk averse and don't want to take the time necessary to understand crypto, find the best places/methods to purchase it, setup a wallet and ensure secure storage, etc. When they start to see it achieve more mainline credentials they will feel more comfortable in investing and increasing prices, which will be great for us old timers with our drastically reduced cost basis.

Indeed This is a good news at the moment. Also When I saw this green light news. I got a feeling again that Crypto will never die. somehow it will survive facing lot of challenges even in the future.
Love cryptocurrency...

I didn't hear of this until now.
US was the last government I'd expect to act like this and gotta admit, they have done something pretty decent,that too it was from the SEC. I did know that they were fighting lawsuits against crypto - scammers.
This maybe a little heads up that us maybe putting taxes for cryptos and all. Let's wait and watch what those racist bastards have got for bitcoiners.

This is great, I hope the momentum keeps going. Thanks for sharing.

I am more and more convinced that what we have witnessed could have been just one big show so as to dump the price and allow some US bankers to load their bags with cheap BTCs... First the FUD everywhere, now the sudden good news..

That's great news bro! Slowly, the bans of banks on crypto will lift and more and more countries will start accepting crypto currencies. Sooner or later full integration will occur.

After suffering from continuous negative news and factors,this might be a little bit relief for bitcoin.It would reflect in the bitcoin price in the upcoming days.Not only US, but also other nations have started to take a friendly approach towards cryptos which has triggered the crypto market. Even Singapore recently announced that they have no idea of banning cryptos totally and they just need to regulate to avoid scams.

I like the complete shift of the mainstream media in the last few days. Before this fairly positive news came out, the media was pointing at more governments cracking down on Bitcoin being the reason for the decline, and after the results were positive, the media turned positive as well, how funny. What I like even more are the reactions and the dislikes/downvotes of videos and articles -- people are slowly but surely waking up and realizing see how stupid this all is. Crypto is booming and attracts visitors, and the mainstream media is well aware of that, which is why they ride the waves of this volatile market, and they absolutely love it.

still a tiny tiny rise compared to apparently catastrophic falls based upon


1. a country that was already out months ago announcing we reallly are out we were not kidding

2. a country saying they are out but then straight away saying we just want tax on the profits

3. a minister saying you can't buy things with it right now

4. a dumb shit idea like tether that introduces complete trust to a trustless decentralised arena being recognised as a dumb shit idea...

5. facebook saying no more adverts because 90 % of our users are thick as fuck and will be scammed by fake crypto rather than research themselves before investing money. I mean if they did not hear about crypto by now and have not conducted their own research into it but then suddenly willing to invest their money with some stranger on the internets then of course these people should have their computers taken away before they hurt themselves.


so

1. bad news we knew about already
2. good news regulation and acceptance for mainstream.
3. nothing of real note
4. good move
5. who cares about ico scams not being able to advertise and ruin the reputation of crypto


so from that we crash from 20k to 6k


then we get the USA more or less saying cryto bring on it mainstream...... I mean that green light to me is 100x the points above and we go

6k to 8k


this rise is nothing.

Still i see on this board a bunch of zero post zero merit noob trash reposting fud daily.


The US just crashed your FUD party ..........

This news is not totally responsible for the increase in the price of bitcoin because a lot market participants don't even know the existence of such gathering neither are they aware of the outcome. The US government has been open to crypto from the moment there have been discussions around the filing of returns for those getting some inflow from crypto investments and also sting operations which have been targeted against those who are doing it off the radar or trying to evade tax from such.

My fear had been about increased regulations when I read about the proposed discussion several days back but I would rejoice yet because there battle is still far from over and even the low price is something that might have propel discussion towards that direction which would be on the opposite if price was like 25000$ and there is noise all over regarding that

Some of us were repeating this for years. BTC has been manipulated time after time. For example when the silk road was closed the market responded with an immediate mini crash. Imagine that a huge company like Microsoft goes bankrupt and as a result the USD goes -20%. In a normal financial market this would never happen, but since a lot of coins is being held by people who have completely no idea about trading, finances or economics, it's easy to cause crashes, spread fake news and cause panic.

In my country the same situation. Some politicians speak well of cryptocurrencies and bitcoin, of technology in general. Others want to impose all this on huge taxes or a ban at all. Good news alternates with bad ones and so on in a circle. Perhaps one day the bears will run out of bad news, and the bulls will start get trumps in the form of good news.

It was a great day. Me and my friends were watching with a fair amount of nervous energy. However, it looks like the bureaucracy and big banking are coming to terms with the reality that crypto is here to stay (and, represents an opportunity that they capitalize on, which is probably why they're letting it go mostly uncontested at this point).

Of course the outcome from this hearing is the reason why the market responded with this $83 billion boost. Last week everyone was fearing this hearing and afraid that the authorities would introduce regulations or even ban cryptocurrencies. Now with this positive news, some of us come with conspiracy theories about banks creating the FUD in order to buy large numbers of bitcoin. Don't be so paranoid.

A total ban from the US?
There will be no big hit to the price. It will be annihilation.

At this moment it's not the 2010 or 2012, where BTC was all about the users and a few shady websites and companies.
Now there are millions invested, thousand of people actually working as an employee for those companies , not pastime hobbyists.  

And it won't even stop there. Of course nobody gives a damn what the Chinese do in their own countries but the US is a model for many. And it's likely the EU will follow, and then probably the CN and all the countries which are depending on the USAID funds.

No, we have already chosen the other path, people are embracing regulation, this is not the path in which you can fight against censorship.


Of course it would never happened because you're comparing apples and oranges.
What is Microsoft compared to the US  stock markets? Nothing...

What would happen if Microsoft would go bankrupt? Probably somebody will buy it , competition would arise , that tiny number (compared to the total number) of employees will find a job, it's a drop in the ocean.

In the case of SR, that was huge in the BTC market. They sized 144k coins and another batch 26k, more than 1 % of the total. It was an open war declaration, the impact could be only compared to the US raiding and nationalizing all telecom companies and seizing their assets.

You are wrong. News usually affect the prices.

In the past days, some news from Korea, India and China caused the price to fall.
If USA bans bitcoin, many people will get into a panic and will sell their coins. For sure it will affect the price.

US kind of saved the dipping market trend I hope, the news of acceptance really helped the drowning market to get a survival relief. US if banned cryptocurrencies would have bought a devastating result, the market could have dipped like anything.

You're arguing with me saying I'm right?
What is wrong about my post?



There was no US saving the market, the dumped was triggered by false information.
The US actually did nothing, they or at least Chris Giancarlo said something like we will not ban it , we will not encourage, we think about doing something , but we don't plan on doing something soon...bla bla bla...empty words.

I admit, a dump from 20k, 15k is reasonable but below 5k, or even 3k what would be the base for that?

not sure about that. congress has officially squashed any hopes that "like-kind exchanges" apply to cryptocurrency when they passed the new tax overhaul. so, the official IRS position is that they do care about all of our crypto-to-crypto trades before exchanging it for fiat money. each trade has a gain/loss that goes towards your net.

in fact, i'm pretty sure that trading pogs or Pokémon cards is covered too. :P

but how can they really enforce this?

No, what you’re talking about is called a 1031 exchange. That law has been on the books for decades. The IRS did just recently change the 1031 exchange law but it had nothing to do with cryptocurrency.  Instead of being for all assets the 1031 exchange law is now only used for real estate.  Previously under the 1031 law like kind exchanges were all subject to taxation. With the new law bitcoin may actually be exempt from that kind of taxation. Regardless, as I stated above, the US doesn’t need new laws for bitcoin they could just use the existing laws.

 It wouldn’t surprise me a bit to find out they want to arrest my daughter for trading in Pokémon cards. A 5-year-old girl in Porterville, Calif., received a $200 citation in late October for operating a lemonade stand without a license.

I don't believe the exact amount of coins was known at the time of the arrest, especially since they had no control over those coins at that time. It was only known that those were the assets that SR had at the time, but the keys and passwords were in DPR's control. The crash started on the same day when he was arrested, just a couple hours later.
Also, what's 100 or 200k coins compared to everything in circulation? Exchanges were, even at that time, selling hundreds of thousands every day with something like 13 million in circulation. Even a dump of those 200k on the market wouldn't crash the price as much as the sheer, baseless panic of inexperienced investors did.
The reactions to every piece of news, real or not, are hilarious in this market. It's like an emo kid was given a billion dollar trust fund to run.

That's true! US did nothing significant to trigger the drop in last one month. The dip was triggered by false news spread by an organized power. But the current issue is that, neither US nor India said that they are going to ban the crypto currency completely nor they have said that they are legalizing it. Both countries represent a significant market share in crypto economy. It seems like both of them are taking middle lane as of now.

On the same note as Chris Giancarlo of CFTC, the Finance Minister of India said on 1 February 2018, that bitcoin is not a legal tender in India and we don't encourage our citizens to use it. No one of them bluntly said that, they are banning crypto currency completely. Probably they want to judge the market and the technology completely before taking any certain decision, but it gives us a window of opportunity.

It was clear from the beginning despite the loud mouthing that was happening that they would eventually support crypto currencies , the major concern was of course people who would seek to swindle people out of their cryptos. ive always maintained the position that what they will eventually support it .i expected though that they would have  suggested some sort of monitoring  which they didn't (at least not yet) but what is clear is that they realize that cryptos are here to stay . This will also serve to bring back some amount of confidence in the market as many investors and would be investors were nervous what the outcome of this SEC meeting would be , and now that this was a meeting in favor of cryptos sit back and watch the prices rise once more .

Exchanges were selling hundreds of thousands based on willybot and later on the fake china numbers.
I've never said anything about the coins crashing the market, read again my post.

It was the impact on a large userbase.
I've used that to show you the coins involved in SR, as a comparison. Has Microsoft a net worth 1% of the global wealth? Not even close. And the numbers are even worse if we consider the lost coins of Satoshi ( the actual numbers were known pretty fast, but first there was speculation about the entire coins Ulbricht had, around 400 000 )

You can't compare a company going bankrupt to a raid by the FBI on probably the largest market place that used BTC at that time.  
A sane comparison would be the US banning Amazon like services.

Actually This is great, Almost world economy based on US economy. It is the world's largest economy. US economy's every movement affect other countries's economies. So US has accepted Crypto means, Each and every other country will accept Crypto following the USA.

US govt is positive towards blockchain technology US is technology giant country so US know the important of encouraging technology

According to my opinion the US government took a lot of significant steps to trigger the drop in last one month. However, the dip was triggered by false news spread by an organized power. But the current issue is that, neither US nor India said that they are going to ban the crypto currency completely nor they have said that they are legalizing it. Both countries represent a significant market share in crypto economy. It seems like both of them are taking middle lane as of now. On the same note as Chris Giancarlo of CFTC, the Finance Minister of India said on 1 February 2018, that bitcoin is not a legal tender in India and we don't encourage our citizens to use it. No one of them bluntly said that, they are banning crypto currency completely. Probably they want to judge the market and the technology completely before taking any certain decision, but it gives us a window of opportunity.

Not entirely they might not in fact make a "Fedcoin" but still find other uses to block chain technology that could help in their field of work. As for the US potentially changing this decision and revoking their stand on bitcoin. I feel like it would cause more harm that good. As crypto in general has thrived during the past year and continues to implement and innovate extraordinary technologies. 

Other coins, Yes but not Bitcoin that is using "off-chain" banker hubs to deal with issues of scaling that just so
happens to included keeping the miners rich running the Lightning network banking hubs.

Seven "on-block" transactions per second is garbage and the Bitcoin apple has turned rotten as you would
know if you had to stamp up $55 per transaction fees last month and this is whats killing Bitcoin and not
speculation about what China may or not do with Bitcoin because its just an excuse for the obvious faults
we can see.

US govt is positive towards blockchain technology it is good move for crypto investors

Maybe you are right enough in this case but you know why on immediate effect they have released this enormous amount for bitcoins? That is only because they know better the perks of being attached with bitcoins in coming future. They understand the importance of bitcoins in economical war in coming couple of years so they started investing in them. Still, we are happy.