Regulations are coming, and that's a good thing!
At least according to James Altucher.
Check out his interview on CNBC yesterday:
If are not familiar with James, a brief bio can be seen here:
"James Altucher is the Formula Capital and Stockpicker.com managing director.James Altucher is an American hedge fund manager, entrepreneur, best-selling author, venture capitalist, and podcaster. He has founded or co-founded more than 20 different companies, including Reset Inc. and StockPickr. He has published eleven books, and he is a frequent contributor to publications, including The Financial Times, TheStreet.com and TechCrunch."
(Source: https://en.wikipedia.org/wiki/James_Altucher)
Besides all of that he has become somewhat of a bitcoin aficionado over the past few years as many of his predictions and expectations have turned out to be true.
According to James, why is regulation good?
James says regulations will prove to ultimately be good for the market for several reasons.
The first being that regulations will help people feel much more safe entering the cryptocurrency space.
Just about every week we hear about someone who was hacked or an exchange that was hacked and funds were lost.
Right now there is not much recourse for something like that.
As regulations come out and reserve requirements are instituted for exchanges and they are properly insured, many of those types of risks will go away.
Increased regulations will also allow institutional money to enter the space.
Some people may think that institutions are not involved in the cryptocurrency space because of the volatility.
While that may be part of the truth, it's not the whole truth.
Many of the institutions sitting on the sidelines are simply prohibited from entered unregulated markets and participating on unregulated exchanges.
Simply too much risk.
Once things get properly regulated, not only will mom and pop feel safer dipping their toes in, but big institutions will be able to enter in a meaningful way as well.
What inning are we currently in of the bitcoin game?
According to James, we are currently in inning zero, or possibly even before inning zero. The rules and regulations of the game haven't even been written yet.
Which means the game hasn't really even started yet.
Bitcoin's not going to be made illegal (according to James), it's going to be regulated and when it finally does and all the rules are written, adoption of bitcoin as an asset class is going to explode.
People out there are going to say they need some exposure to this uncorrelated asset class and the value of it is going to absolutely explode.
For that reason James says that $1,000,000 per bitcoin is possible by the end of 2020, even after this rather large correction.
No that was not a typo, $1 million dollars two years from now is possible according to James.
I am not sure I am that optimistic but a lot of what he is saying makes sense.
Give the video a watch if you haven't yet. It offers an interesting perspective from a smart guy.
Stay informed my friends.
Follow me: @jrcornel
Regulations - a good thing... Hmm I was always thinking that bitcoin "main goal" was to not have regulations... Life always surprises me... :D
Na, I mean they regulate some really crazy things; you just don't think about it. Of course they will try to regulate BTC. That was never the main goal from Satoshi's work to avoid regulation. It was to avoid rampant money printing and inflation. It was not to avoid fees or taxes. You may note Satoshi knew how to mask the blockchain and never implemented it. He knew that would cause governments to destroy BTC - monero will suffer for that. So there was never a "main goal" to act like criminals outside of the law. It was about a paradigm shift in storage, supply and transfer away from the elites to all. You don't need a bank account with BTC. Regulation also has benefits such as by paying taxes we legistmise the crypto space and encourage governments to protect it (it is not about two fingers up to government do that and we are done).
The banks, and thus the government, want the most used currency to be the USD because banks receive free USD. Banks cannot receive free Bitcoin by design, so they will fight it.
I think that's what we need though to stabilize crypto and make it more inviting for new potential investors.
The government has their hands out getting their piece for doing absolutely nothing.
Regulation is just another word for control. Allowing government regulation gives government control. I would not be surprised if eventually its revealed that this "bubble" is actually being caused by the powers that be wanting the masses to go clamoring to them for regulation/control.
I can't in good conscience listen to that guy. He hops from trend to trend trying to make money off of newsletters and has currently been blanketing the internet with his "Crypto Genius" ads. Total cash grabber on the crypto trend.
~ Kevin
Altucher is a total assclown shill. He is jumping on the bandwagon to make as much money as he can from crypto. He tries to sell himself as a crypto expert now. Regulation is the slippery slope that will eventually get us to a one world digital currency with no privacy and no decentralization like the planned Fedcoin. They use all the typical excuses of "protecting the consumer" as the BS for allowing the government and banking mafia into the henhouse. I'm tired of listening to Altucher's BS and looking at his ridiculous hair.
Yeah he will let you in on his picks for a price lol I'd rather invest in what I've researched as hand it to him to buy him a new Rolse Royce
100% agree my friend
I agree too
My impression as well.
I read James book "Choose Yourself" a while back. He said he only put 1% into crypto back in 2014 because he thought it had a 1% chance for success. I wonder what changed his mind?
He apparently didn't read the Satoshi Nakamoto white paper or read the text in the Genesis block. He's missing the entire "raison d'etre" for why this code was written.
Andreas Antonopoulos has a very different message; bitcoin is going to create encrypted anonymous P2P. Regulators will regulate around the edges, but so long as the scared "mom and pop's" out there only trust "regulated", they will end up with a bank. And what banks do is goxx you (sooner or later).
There's no replacement for taking responsibility over your money and resources. When you hand over this responsibility, you're also handing over the resources.
So it's clear that there's going to be a war...
Andreas Antonopoulos knows what he's talking about.
I think he has a voice coach.
ummm interesting that.
Have to say I like your use og Gox as a verb:)
The biggest benefits of crypto and "digital gold" are that they are decentralized and unregulated. So its a bit of a paradox to say that regulating will make it more successful because they can't do it without changing it. Also, if governments cannot easily track transactions then regulations will be created to hinder growth. Its a real threat to national currencies. Just like Gaddafi was when he tried to create a gold backed currency in Africa and they regulated him!
US Secretary of State gloating over the murder of Libya's Head of State.
Shhhh no one's supposed to know why we killed Momar and Saddam and replaced afganistans government just after the Taliban had outlawed growing popi
I think regulations are unfortunately a necessary evil.
I have been involved in crypto since 2011 but see regulation as the only way to achieve mass adoption. At present prices are subject to massive manipulation and everywhere you look there are scams, ponzi’s and the like. Regulation will help clean this up and allow no techical people to invest with more confidence. It’s only a matter of time.
I just hope this guy is right - but from what we see he has been wrong so many times
anyways bitcoin he better be right about that one
Everyone thinks they are right. im just eating some popcorn here on my couch watching it all go down
I disagree.
Regulations do not save people from their own stupidity. It matters not though, the DEX will operate outside of authoritarian wishes.
"Freedom is the answer. What's the question?"
Would be nice to see more institutional money into the crypto space.. but bitcoin? 1 million? noooo. it's not going to be able to compete with other coins anymore.
That is kind of my thought as well. Unless there are some serious tech upgrades...
Bitcoin will always have the most marketable name, and for that reason alone, I think it has a good chance to be the "king" crypto or, at the very least, remain in the top 3 to 5 cryptos, for as long as you and I remain above ground.
Second best name for a spendable digital cash is a split for me between SmartCash and Dash. But other than those three, I don't see a name out there that's catchy or self-explanatory (does the name alone tell you what the currency is/ does?) enough to gain mass adoption -- it certainly ain't NEM, hahaha, what the hell is that? No one is going to say at a cash register, "can I pay in new economy movement tokens?"
I think people tend to underestimate the importance of a good brand name/ image in order to gain mass appeal.
I feel goooooooooooooooooood!!!!!!!!!!!!!!!!!!! Cryptos cant be fully regulated especially the completely decentralized ones like monero, zcoin, zcash, zero etc... Pandora's box has been opened and it wont be closed.
I agree. Bitcoin needs LN, Schnorr sigs, etc to come online or other tech is going to come forward and surpass it. Steem, Bitshares and EOS have all solved the scaling issues so we may see those go up later on this year.
I read James Altucher's book Choose Yourself about a year ago and it's clear to me that he's no expert in cryptocurrencies. He did however manage some very large hedge funds around the time of the dot.com boom/bust.
I agree 1 million sounds a little far fetched but it is not stagnant there is a lot of active development going on with bitcoin and they haven't even implemented any layer 2 solutions yet. Also I think it will be hard for a complete noob coming into the crypto market to buy an altcoin as there first investment. Bitcoin will be king for a while if not forever.