Bitcoin Doesn't Need Regulations
Regulations have become one trendie topic in the crypto space with the SEC always hitting at it. Judging from the nature of these said laws, one thing is for sure, they are pretty irrelevant when it comes to bitcoin. Not to throw any extravagant views, but bitcoin is way too big for regulations. Maybe Stablecoins require regulations as though most are supposedly backed by Fiat, so then, extra audits and regulations have to be in place to determine the authenticity of such assets, considering the fact that they could be a threat to financial security.
This doesn't mean regulators are all righteous, everyone knows the system is corrupt, however, it does place assets with a likeness of the fraud system back in their control. Truth be told, at some point, people will lose interest in inflatively pegged assets, and give more attention to "store of value" asset class, which in this case "Bitcoin"
When people talk about bitcoin, I believe they most of the time misunderstand what it actually does. Bitcoin is an unregulated, non manipulated store of value. One which has beat the demerits of high supply and found value in scarcity and security, it's the biggest asset class the industry has ever seen. This is one of the reasons why people jumping on Google daily, searching keywords like "What is bitcoin killer" or "Can Ethereum flip Bitcoin" are just wasting their time. Don't get me wrong, Ethereum is cool, smart contracts are innovative, and the beauty of that chain relies on DeFi. It's long term potentials are clear, people will always hop on investment assets, but at some point, saving up will come into the picture, and this is where "Deflationary Assets' ' will soar. Store of value and Investment Assets differ, bears will always catch up on investments assets, this is usually observed with yields giving room for high supply, whales will always liquidate their positions in order to save up for bear seasons, which they ironically create.
Bitcoinization of money.
Originally, money is a store of value, however, Fiat isn't! This is what bitcoin was created for. People believe that bitcoin isn't quite a currency, well, that is understandable because people still believe a "currency" has to be regulated by a small circle of criminals, or should I say, it should be inflative in nature? Well, volatility is highly observed in this current market, but this really isn't inflation per se, it's more of an influence from investors individually running the markets. When once people start seeing bitcoin as what it's supposed to be, which is a "store of value" Investors will become savers. The Decentralized nature of bitcoin gives everyone the rights to do whatever it is they want with it. This is why anyone can chose to trade bitcoin for coffee perhaps, I mean someone did trade it for pizza, but just cause it's money, doesn't mean it has to be treated as Fiat Currency, it's way bigger than that, and can't just be regulated, or better words "doesn't need regulations"
Mark Cuban however believes regulations built around existing fraud laws is not a bad thing. He further believes that requiring Proof of Authorship and identity won’t hurt innovation , nor slow anything down. How he arrived at this conclusion is understandable, everyone has been blindly trusting the government for a long time. I'd be surprised if anyone would think regulating crypto is no government scheme to cut through it. For people rather calling bitcoin a scam, it's funny how a scam would live over 12 years, usually scam projects last like 3-6 months and boom, it pops.
In conclusion, certain people may begin to trust regulations to be healthy for cryptocurrencies, but I'd say crypto is better kept off watchdogs, but if anyone wishes to regulate Fiat backed coins, we ain't bothered about that, such coins ain't even fit to be called a "crypto currency" instead, "Digital currencies"
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