BITCOIN (BTC) Evening Update: Will Governments Soon Attempt to Regulate Cryptocurrencies? If so, BitShares is the only TRUE HAVEN from Government Molestation!
SUMMARY
BITCOIN (BTC) is correcting and it has the following possibilities. Elliott Wave corrections has 36 possible combinations and so nailing the correction pathway is very challenging. The below chart is of an a,b,c,d,e type of triangle. As Bitcoin loves to generate triangle as well as flag patterns, this isn't surprising.
If the bottom white line of the triangle is breached, then a more a,b,c (red) correction is likely. The chart below shows that wave c (red) currently in progress and a five wave down can be expected as the sub waves.
I also discuss the Bitshares (BTS) chart and technical analysis prompted by the zerohedge.com blog on a new bill now being routed through Congress (the CON in the word Congress is NOT a symantic accident!). This bill is designed to root out the cryptocurrencies that play a role in subterfuge money laundering. I must say, the governments don't seem to understand that most criminals use the USD!
Still, I have a nagging gut feeling that they (Central Banks) won't stay still or silent too much longer. To me it is not an IF but rather WHEN governments will make a concerted attempt to "regulate" cryptocurrencies. This then will perhaps overnight make BitShares the darling of every digital wallet holder stuck in a centralized exchange. Clearly, the lowest hanging fruits for the governments to regulate are the centralized exchanges who can then be forced to freeze wallets, delist certain "unfriendly" or overly "anonymous" altcoins, divulge all account holder information in the name of the IRS as well as "share" patterns of trade, cluster locations of external wallets and map out algorithm derived probable owenerships. People! Isn't it obvious that the government and central banks are itching to control cryptos? They will soon make their attempts visible! NOW is the time to take precautionary setups.
This means that the decentralized exchanges would be the true haven....no? Can you imagine what the price of Bitshares will be in this scenario? What? The government will take down BitShare's delegated proof of stake (DPOS) witnesses? No wories, there are like a hundred alternate witnesses lined up and many more could be voted up in a snap. So.....would it make sense to put a few FIAT into BTS? Or better yet, distribute some of the cryptos into the BTS decentralized exchange local wallets? No? Why not?
The current price of Bitshares (BTS) is $0.055 and it WAS, it IS and it SHALL remain decentralized and thus NOT a target of government molestation!
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
good job haejin cryp[to analist here from amsterdam :D wil folow and give you a big upvote boost
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oke bro we wil work together if you see some coin exploding let me now i wil let you know too i have some friends are buying lot of iop
Good point but isn’t bisltshares semi centralised like Steem? I may be wrong but doesn’t the bitshares platform use a witness type of approach which is semi centralised (ie not a single point of centralisation but 20 or so points of centralisation). Makes disruption far more difficult but not impossible.
Here are the current witnesses and below it the standby witnesses. I'm not worried and stand by witnesses can be voted in in a snap!
Why will you keep your funds in the bank and not on BitShares Exchange?
I already have bitusd and BTS
Thanks. I need to read into bitshares more but haven’t had the time recently.
What sort of size position do you have on bitshares (% wise). You could do a post on asset allocation which would be useful. It would be good to know that you allocate 50% to btc trading, 20% to bitshares etc. I know it’s not that simplistic but it would be useful nonetheless.
Check this out:
You will be 100% in bitusd and BTS?
Great set of informative videos. Unfortunately the volumes on BTS exchange are so low it is virtually impossible to trade on the exchange.
@haejin, I am with you. Recently I've had problems with Bittrex, and I had 100 tokens floating on the Bittrex exchange for no real reason. It took 3 days to resolve. It was a bit unsettling to have tokens confirmed in my local wallet but not on Bittex. I had used that address successfully before, so there was previous success, should have been no real issue. Then, yesterday the news of Bittex shutting down people's accounts. I don't believe in coincidence. Something is up. A decentralized exchange is the wise route, and my thoughts are etherdelta and BTS.
What problem with bittrex??? crapola.. Oh right what they've done to bts, used to be called (monopolistic) engaging in anti-competitive practices.
Ever since 9/11 happened, it opened up the flood gates to allowing the government to impede on our privacy and rights in the name of combating terrorism...this new bill (and many coming) and the delisting of Bitshares is a RED ALERT to everyone to get on a decentralized exchange-if not all of your holdings-maybe ones you want private and secure: As haejin always quotes "be greedy when others are fearful"....Do this before you are strangled by the tyranny of governments..I did a lot of research on Bitshares and they have a rock solid platform that allows you to be in control over your keys, currencies backed with 200-300% collateral (unlike Tether USDT) , hugely successful user cases generating income for the last 3 years and the infrastructure to handle the same volume of the NASDAQ..the user interface was just updated, but they lack a large selection of coins, but it's because they choose good coins with well established teams and good volume. They also offer many fiat , but keep in mind if you want to use Fiat you have to go through KYC verification which kind of voids the whole concept of being private...in place of this they offer fiat backed cryptos like BitUSD BitEUR BitCNY and others so that you backed by massive collateral, but don't have to fork over your credentials...keep in mind, no id no verification is needed unless you want actual FIAT...Thanks for the excellent analysis as always haejin...glad we have people like you to look after our best interests
I like the BTS platform, but am I the only one who thinks it is not at all user friendly? I still haven't been able to figure out how to change the chart to anything other than daily candlesticks!
Sorry CB6...i tried twice to reply but Steemit is acting up and just freezing on me..anyway..yes, the charts aren't that good, but just 2 days ago they announced they are working on implementing TradingView charts to thier platform, so this should be good..i think it will be a great addition and entice more people to move over to the DEX...here's their announcment..make sure to follow bill and join the telegram group as well..the devs and support are answering questions all day long...hope this helps..let me know if you have any other questions
https://steemkr.com/bitshares/@billbutler/bitshares-gui-release-v2-0-171015
Let the government Drive the price lower so we can buy in cheaper
Oooh yes! Cheaper BTS prices for me to buy! Fill up my lower buy rungs!
Yup yup.
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