It is now becoming clear more than ever, crypto dealings need some good regulations, the type that takes into consideration all parties involved.
Why am I calling out for this? Because there is a need to curb activities like wash trading, cartels, and pump and dump trading schemes.
The impact a balanced regulated framework can have may be an immediate game changer.
Although, the effect may progress steadily and slowly but should be a good solution in the long run.
Taking pumps and dumps as a good example. There was a noticeable reduction in the number of groups that continually engage in the scheme when the SEC put up the “whistleblowing” activity during the early period of 2018.
A good experiment to show there is a need for regulation, a fair one to be precise.
Many sorts of unscrupulous behaviors happen because the lust for quick riches and greed is a great enemy or disadvantage to the decentralized moves we all call for.
Yes, we shouldn’t be taken as slaves by big authorities. No giant cooperation should be able to use our personal prints and data as they see fit. But if we have something to learn from the past few years; it is that total decentralization should not be encouraged because of its disastrous effect.
In theory, total decentralization sounds really good, who could reject the notion of freedom? But practical examples have shown us the bad side of it as various kind of players are called to the party and for sure not all individual have a good motive.
Taking the DPoS consensus for example. In theory, the consensus looks really ideal, like I mean the perfect algorithm for the socially inclined community of people as each representative or block producer is continually voted in by the participants of the network and can be ranked or voted out if the community decide the BP contribution isn’t ethical or benefiting anymore. What a perfect way to actualize a democratic governing body.
However, it has also shown us how bad it to established an autonomous framework without some strict penalty guideline to punish offenders.
Decentralization, as postulated by the majority, means anyone should be able to do as they see fit. To some extent, this is very true, but by our nature and rational intelligence, there is a marked difference between good and bad morals and their effects on our lives and society.
The factual part of it is that both states of morals are easily expressed through us.
Strict policing, rules and laws had been the greatest solution to hibernate the show of bad behaviors. Even the Supreme being conformed to it by the laws stated in the Bible.
In that respect, crypto dealings shouldn’t be an exception if we truly want to achieve a genuine and fair decentralized system.
My reasons for writing out this opinion is connected to why the price of BTC took a sudden slump despite the buying interest and sentiments.
One report stated it was caused by the influx of the newly printed Tether tokens by Bitfinex. So far Bitfinex denied such activity, leaving the truth of the matter in an unconfirmed state.
Alright! Let look into some latest catch-up and updates in the media and forums.
Bitcoin price during the early days of Silk Road. What it was traded for would blow your mind.
In doubt whether cryptocurrency will fail? Don’t be surprised the Internet got more douted during its early days.
Bitcoin broke 400k transactions on the 24th of April, the 8th highest ranking daily transaction for bitcoin.
Word of wisdom from Dan Larimer on morals.
Rumors about Nike developing its own cryptocurrency.
A user is already benefiting from the just-launched Brave browser ad reward.
Reports and Updates in the News.
It was reported some few days ago that a hacker found a way to guess dozens of Ethereum private keys, stealing over 45,000 Ether along the way.
In a new report, research shows, many hundreds of Keys are weakly generated and are susceptible to theft.
The news stated that “the probability of a chance to hack 256-bit encryption adopted by most blockchains would take years”, but after some thorough testing and analysis, over 700 Ethereum Keys was reported to be at risks of being hacked.
Read the In-depth report now on news.bitcoin.com.
Industry leaders deliberate on how to realize the mission of cryptocurrency.
Bitcoin was created with the sole aim of replacing the traditional fiat currency.
This mission was clearly stated in the Genesis block of its blockchain – revealing the corrupt and unreliable ways of the old system and the need to replace it.
Over the years, the currency had struggled to convince this mission could be realized base on many factors some of which include the slow confirmation time and excessive power usage for its production, so much that the digital currency is now considered a store of value.
However, its supporters and movers aren’t giving up easily.
In the news – it was reported that Top Traders and company representatives including Binance and Coinbase held a talk in Singapore to include cryptocurrency in the global financial framework and bring about more use cases to it.
Read the full report on Cointelegraph.
Other reports and updates in the news.
America rapper Lil Pump started accepting bitcoin through his merchandise store ‘Unhappy’.
The UK based ‘Wirex’ to launch 26 stablecoins as part of its partnership with Stellar.
Crypto lender Genesis processed over $425M crypto loans in the first quarter of 2019.
IBM plans to apply blockchain technology at Lenovo Data Center Group following a new agreement.
GRS launch crypto-based variance swap to hedge against volatility.
The feeling when you get beared.
Sourced from Reddit.
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The contents of this post are intended for information purpose only and should never be taken as an investment or trading advice. All information contained herein is linked to their respective sources without being taking word for word except in quotes and references.