I would like to have your opinion on the following:
The NYDFS is moving closer to the date of coming with their final proposal of regulating Bitcoin/cryptocurrency.
If the regulation is beneficial to Bitcoin, Bitcoin most likely will skyrocket, same counts for Maidsafecoin and othe cryptos.
But if the regulation proposal will be bad for cryptos, Bitcoin will fall, together with other money replacement orientated cryptos.
On the other hand i think that Maidsafecoin just might be a very good hedge when the last scenario takes place, since people invested in Bitcoin will look for crypto safehavens that can’t be regulated, like Maidsafecoin.
So bad news for Bitcoin may turn into good news for Safe. Please give me your input.
All the best,
While you are correct in that the NYDFS Bitlicense currently makes it impossible to use any crypto currencies with ease;
On another hand; this only applies to NYDFS; and this could set a precendent I know that NY is not the whole planet either. Regarding the price of the coins, We can only speculate unless you know the current state of the legislation over there of course.
How would they plan on enforcing said liscencing? Business lisences have never made sense to me in the first place but cryptocurrency liscences even less so. You can’t exactly demand the funds be turned over, freeze bitcoin accounts or prevent voluntary exchange.
Bitlisence is a joke. Don’t do business in New York. Use a vpn problem solved.
Since New York is the world’s financial capital, I do believe that Ben Lawsky follows the big banks their agenda. The outcome of the final Bitlicense therefore might not be so good for cryptocurrency. When this is the case, NY might just set the stance for the “West” towards crypto currency.
So if you want to protect yourself against this, you better look for something that will benefit from a Bitcoin price increase, but that at the same time could be used as a hedge when the Bitcoin price tumbles.
Therefore I believe Maidsafecoin is a very good safehaven until we have clarity from the NYDFS.
No matter how you look at things, the final outcome of the Bitlicense is something the market will react positive or negative on.
Good point, I agree. I just hope everyone from business to consumer that are affected are rogue enough to make a positive impact. Wether someone cares for Bitcoin or not it’s important to have around because its escentially the poster child for cryptocurrencies everywhere. Just because Ben lawsky says an apple is an orange doesn’t make it so so I’m hoping everyone simply ignores this and plays the workaround.
I guess what I wanted to convey is;
I agree with “MaidSafe is a very good.” that it is correct.
Though MaidSafe is very good whether there is a Bitlicense or not. MaidSafeCoin consistently rises against BTC on the centralized exchanges;
While NY has most of the biggest banks; this just makes it easier to outcompete them. The biggest banks do not have what We have: which is instantaneous consensus light weight denominations represented by the computational powers of any device; and just by the way each computational device is loaded with gold and other rare earth metals, not to mention manufactured with the most sophisticated designs on the planet today.
The Bitlicense should increase values of cryptocurrencies, not reduce their value. I am talking about utility not dollars.
Yes don’t get me wrong, my biggest position is in Safecoin and that is because I really am very excited about this project (O: