Digital currencies are in free fall after suggestions that trading could be banned

[easyhostmedia]

It looks like bitcoin and other digital currencies are being wiped out as countries are starting to restrict and ban these.

http://www.independent.co.uk/life-s...ate-record-change-month-january-a8164076.html

 

[whmcsguru]

Good! They should be knocked back down to the nothing they are.
I’ve said it a few times, these currencies are quite unstable, and relying on them just shouldn’t be done.

They may get back a bit of their loss, but I’d bet they’ll stay in free fall for a bit.

 

[easyhostmedia]

Good! They should be knocked back down to the nothing they are.
I’ve said it a few times, these currencies are quite unstable, and relying on them just shouldn’t be done.

They may get back a bit of their loss, but I’d bet they’ll stay in free fall for a bit.

Yes. we all know what happened to Liberty Reserve ( the first of this kind of currency), it started to become a fraudsters currency and ended up being closed down by USA authorities

 

[Artashes]

I am not quite sure why countries would be banning it though. It has nothing to do with them. I understand China putting breaks on it, but it doesn't really concern any of the governments because whoever gets involved with any of those currencies do so at their own risk. It's like banning any other digital product/tool.

 

[whmcsguru]

I can see China doing so, because , well, they're rather controlling of everything.
I can see NK doing this eventually (if it's even allowed there?)

As for others:
I think the point here is to try to reign in the mess that is digital currency, to look after their citizens, as they should be doing.

As it is now, it is far , far too risky for anyone to place faith in digital currency. I've said this before, and I'll maintain it until the day it becomes a legitimate payment source, regulated as are any official currency.

If I chose, say, to put faith in the stock market, and my stocks fell, that's on me, yes. However, that's highly regulated, meaning that the odds of something like what's happened with BC over the past few weeks, is somewhat unlikely. Not impossible, just unlikely.

The goal here I would say is protection. People are just damn stupid today, and need protection, as it were, from things like this, that can go sideways quickly.

 

[24x7server]

The Reserve Bank of India issued an alert for Bitcoin investors, says cryptocurrencies have some risks.

 

[whmcsguru]

... says cryptocurrencies have some risks.

This has to be the stupidest thing I've read in a year... Not the statement by you, but the statement in general (as made by a government entity, again, not you).

In other news:
Water is wet
The sun is hot
Ice is cold
Aluminum doesn't belong in the microwave

Good Lord, people are gullible... Then again, Tide Pods (ugh)

 

[Artashes]

I can see China doing so, because , well, they're rather controlling of everything.
I can see NK doing this eventually (if it's even allowed there?)

As for others:
I think the point here is to try to reign in the mess that is digital currency, to look after their citizens, as they should be doing.

Risky? Yes. And I think the governments should educate the populations on risks. But to guard them against that? If they really wanted to look after their citizens, why not shut down casinos, alcohol stores and ban cigarettes.

A number of countries have made such statements to warn their citizens of high risk, including prominent investors and entrepreneurs, but unless something is unlawful, gov-t has no business banning it. IMHO.

 

[SenseiSteve]

I'm kind of on the fence with this one. The government has a responsibility to protect its citizens, but overreach is also a problem. I'm for less government and more common sense.

 

[easyhostmedia]

I'm kind of on the fence with this one. The government has a responsibility to protect its citizens, but overreach is also a problem. I'm for less government and more common sense.

But the thing is will it end up like Liberty Reserve and used for money laundering by criminal gangs which does become a government issue.

 

[Artashes]

But the thing is will it end up like Liberty Reserve and used for money laundering by criminal gangs which does become a government issue.

Just like real money that criminals use. Why not ban it also?

They don't, because just like real money, there are also a lot more other people who invested in crypto market and doing so for legitimate reasons.

 

[easyhostmedia]

Just like real money that criminals use. Why not ban it also?

They don't, because just like real money, there are also a lot more other people who invested in crypto market and doing so for legitimate reasons.

the same with Liberty Reserve a lot of genuine people lost out when it was taken down.

Liberty Reserve was a Costa Rica-based centralized digital currency service that billed itself as the "oldest, safest and most popular payment processor, serving millions all around a world". The site had over one million users when it was shut down by the United States government. Prosecutors argued that due to lax security, alleged criminal activity largely went undetected, which ultimately led to them seizing the service.

In May 2013, Liberty Reserve was shut down by United States federal prosecutors under the Patriot Act after an investigation by authorities across 17 countries. The United States charged founder Arthur Budovsky and six others with money laundering and operating an unlicensed financial transaction company. Liberty Reserve is alleged to have been used to launder more than $6 billion in criminal proceeds during its history.

 

[komputerking]

With how things are now in the current landscape of things I really think that crypto will become a regular and stable currency. I think those countries will eventually come back around and decide that is more beneficial to them then it being harmful

 

[easyhostmedia]

With how things are now in the current landscape of things I really think that crypto will become a regular and stable currency. I think those countries will eventually come back around and decide that is more beneficial to them then it being harmful

They wont become stable. i suggest you read up on Liberty Reserve and see what happens to such currencies

 

[KnownHost]

They wont become stable. i suggest you read up on Liberty Reserve and see what happens to such currencies

Agreed, I don't ever see them becoming a stable currency. One of the biggest hurdles is that almost every other currency is based on bitcoin as they don't have a direct exchange to standard funds. Ontop of this the wild swings in value make most large corporations avoid them.

If I recall even Microsoft tried using it and then dropped it due to the wild swings.

 

[easyhostmedia]

If I recall even Microsoft tried using it and then dropped it due to the wild swings.

yes they did and even amazon trialled it, but when you look at banks in Scam Central (china etc.) refusing to deal in these currencies then not much hope in these currencies working out.

 

[MVPS]

While there's a big push against cryptocurrencies, they will survive. There have been banks refusing to deal with crypto-source funds and there have been banks endorsing them. All in all, i do recommend accepting crypto via a trusted provider like bitpay, which has fiat settlement. It will increase the conversion rate and there are no chargebacks.

 

[easyhostmedia]

While there's a big push against cryptocurrencies, they will survive. There have been banks refusing to deal with crypto-source funds and there have been banks endorsing them. All in all, i do recommend accepting crypto via a trusted provider like bitpay, which has fiat settlement. It will increase the conversion rate and there are no chargebacks.

you should read about Liberty Reserve and see what happens to these currencies and this is the reason a lot wont deal with them as they are unstable and a high risk NON currency.