US Gov gives cryptocurrency the green light - markets respond with an $83 billio

[audaciousbeing]

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

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[darkangel11]

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..

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.

[pearlsome]

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.

[SolutionBase]

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).

[Washball]

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.

[stompix]

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.

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.

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..

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.

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.

[Rozita]

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.

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.

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.

[dmamigo]

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.

[stompix]

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.

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.

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

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.

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?

[figmentofmyass]

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.

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.

but how can they really enforce this?

[QuestionAuthority]

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.

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.

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.

[darkangel11]

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.

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.

[avikz]

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?

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.

[Doge dealer]

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 .

[stompix]

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.

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.

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.

[anushkasachith888]

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.

[incomefromcoins]

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

[Shrinath]

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.

[fireblond]

They are probaably preparing for the announcement of the FedCoin.

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

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. 

[Anti-Cen]

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.