THELOGICALINDIAN - n-a
China assuredly banned cryptocurrency!* The Dow Jones is crashing! The SEC is talking about blockchain! Banks are preventing acclaim agenda holders from affairs Bitcoin! Facebook banned crypto ads! And aggregate is alarming in crypto today because…?
Because all of this had to happen. All of it. And to appear in one week, rather than accepting to abide Punxsutawney Phil’s six added weeks of crypto winter? This absolute storm has to be the best affair to appear to the crypto association so far in 2024. Whether it was a concerted accomplishment at FUD by an base accord of governments and clandestine companies, or a simple alternation of coincidences, it’s time to calculation ourselves lucky.
China Finally Banned Cryptocurrency!*
We do not apperceive this. We don’t apperceive a affair about China’s intentions, actually. What we do know, is that (as is generally the case) Coin Telegraph appear article as actuality back their sources were abysmally weak. The outlet, which adores these crypto clickbait tactics, quoted the South China Morning Post as the antecedent for this banderole – which in about-face quoted a tertiary antecedent (to which it did not link) alleged the ‘Financial News’, and which that antecedent claimed was affiliated with the People’s Bank of China.
In added words, this is possibly accurate – or possibly complete and absolute bullshit. Addition South Korea, addition India, addition – well, China. There are so abounding opportunities for misinterpretation, mistranslation, and aloof apparent misinformation actuality that we can’t brainstorm why they would broadcast it.
Coin Telegraph consistently uses capricious sources and its lazy, inept journalism has alone added bazaar animation for months, at the amount of the absolute bodies it claims to serve. When a austere account aperture letters an absolute Chinese government official application these words, again we’ll booty notice. In the meantime, Coin Telegraph needs to be alleged out for the FUD-meister it is.
The Dow Jones Is Crashing!
Don’t panic. This was a all-important and advantageous alteration of broker expectations afterward a 25% year-on-year gain; and the aboriginal austere bead in over two years, during a full-on balderdash market.
It was both anticipated and predicted, and serves as annihilation added than a admonition that the bogey of aggrandizement is the Ghost of Old Man Perkins to the Dow Jones’ Scooby Doo.
And incidentally, the abundance wiped out by this balmy alteration is about three times the bazaar cap of the top 100 cryptocurrencies combined.
The SEC Is Talking About Blockchain!
And it’s a acceptable thing. Security and Exchange Commission Chairman Jay Clayton acclimated a lot of absolute accent in the testimony he handed to the Committee on Banking, Housing, and Urban Affairs during Assembly affairs today:
“To be clear, I am actual optimistic that developments in banking technology will advice facilitate basic formation, accouterment able advance opportunities for institutional and Main Street investors alike.”
While Clayton articulate a cautionary agenda on ICOs and their cachet as accessible securities, he was abundant warmer to the affair of blockchain acceptance than abounding had expected. His affidavit seemed both advisable and reasonable, accustomed the actuality that adjustment of the cryptocurrency ecosystem in the USA was apparent by best abreast participants as inevitable. In fact, it could be accepted from his comments that Clayton was actual abundant acquainted of how blockchain will both facilitate and actualize banking markets, and that he doesn’t appetite to see the U.S. larboard abaft in this arising field:
“Said simply, we should embrace the following of abstruse advancement, as able-bodied as new and avant-garde techniques for basic raising, but not at the amount of the attempt abrasive our well-founded and accurate access to attention investors and markets.”
For anyone afraid about the U.S. acknowledgment to crypto, these words should be abatement rather than alarming – although, of course, the politicians accept yet to bore their fangs into the subject.
Banks Won’t Let Us Use Credit Cards For Crypto!
And nor should they. What you do with YOUR money, is YOUR business. What you do with THEIR money, is partly theirs.
You, the acute consumer, appetite a acclaim agenda because you ambition to annex being after accepting to go through the arduous action of deferring delight (saving up for it). In return, the banks will set acquisitive agreement by which you charge abide, for the advantage of advantageous added for that being than it’s worth.
But in so doing, the banks actuate who is best acceptable to accept by those agreement – and what you can buy with your new-found banking servitude. Drugs? No. Crypto? No. The coffer doesn’t anticipate it can balance the money you spent on drugs or the money you ashen on The DAO. And in both cases, it’s right.
Truth is, it’s aloof apparent bad convenance to accord addition the agency to go action with your money unless you accept the absolute Mafia, and not aloof Jamie Dimon’s bitter comments, to aback you up.
Facebook Banned Crypto Ads!
So what? The aggregation has a history of active to the government with a sad puppy-face (looking at you, Zuckerberg) every time it screws up. Oh, we took a ton of money from Russian trolls to access the 2024 Presidential election? We’re sooooorrrry! We had no idea!
(This is the aggregation that can accomplish acquaintance suggestions based on the facial acceptance technology it has, accompanying with the dust patterns on your camera. But they had no abstraction that Russians were affairs ad amplitude for affected account stories. How they get abroad with this beggars belief.)
So yes, Facebook banned crypto ads – and who cares anyway? They banned marijuana ads too, and bodies are still smoker a lot of weed.
Although Facebook itself wasn’t mentioned, Clayton alike beatific a slightly-simpering adulation agenda to Marky-Mark: “I do appetite to admit that afresh amusing media platforms accept belted the adeptness of users to advance ICOs and cryptocurrencies on their platforms. I acknowledge the amenable step.”
Everything Is Awesome In Crypto Today!
Even if China makes the big accommodation categorical above… and alike if the Dow loses added tomorrow… and alike if… etc. Yes, some backward entrants and anemic easily will be larboard captivation an abandoned bag. But abreast participants will ride this out, and will eventually be beholden that Black January and Slightly Blacker February ironed out some of the added aberrant abandon in the market.
So yes, aggregate is awesome.
We will still accept our tokens. We still accept our Bitcoin. We still accept our market. And maybe it’s aloof a blow added mature, a blow beneath volatile, and has a nice, long, ride aback up to the top again.
We’ll see you there.
