Chief of the IMF, Christine Lagarde was interviewed yesterday regarding the cryptocurrency sector. When asked about regulations, she responded that they were "inevitable". Expressing that if cryptos were to succeed on an international level, regulations would be a necessity to ensure a stable platform.
She also discussed that people are looking for investments with a higher rate of return these days, even if that comes at a cost of speculation and more volatility. Also quoted calling the movement a "herd mentality", which probably isn't far off the mark.
One part I found interesting was the Chief talking about part of the crypto economy being driven by "dark activity", in her words. That is a stick that crypto get beaten with quite a bit and unfairly so in my opinion. Everything in the entire world can be used for negatives if there's a will to do so. Technically I could kill somebody with a chopstick, but that doesn't mean they should stop giving them out when I go for sushi. Even with the banks and governments and the IMF controlling fiat currencies and asset transfers, the world is rife with criminal activity. Hell, the same IMF Chief who I've quoted in this article was apparently convicted of criminal charges regarding the transactions of 400 million dollars! She got a slap on the wrist and is back to her day to day life. Pot... kettle... black... and all that.
Will be interesting to see how this movement ends up when the world big wigs are done with it. I think it'll settle far away from the totally decentralized, totally anonymous, free utopia of society, that it was first hatched as. That being said, it appears to be on the right track to wiggling its way into everyday life, both personal and business alike.
Sources: CNN-Money, CoinTelegraph
Pot... kettle... black…
I like that. The criminals at the top don’t want competition.
I wrote a post on bank fraud and money laundering, the same banks that claim cryptos are used for criminal endeavors.
If you wish to check it out:
https://steemit.com/cryptocurrency/@appone/banks-caught-who-are-the-real-criminals
I will follow you and re-steem as I think you did a great job.
Yup, that's what I'm talking about. Shady business is just fine when they're in control. But when something new comes along, noooo can't have that. Good write up. Up-voted and re-steemed. Thanks!
Here she is with the BIS chief, thought you might like the "lovely" picture.
I have two posts on this guy, in case you want to take a look
https://steemit.com/cryptocurrency/@appone/bis-chief-fears-systemic-threat-of-bitcoin-urges-pre-emptive-action-from-authorities
and
https://steemit.com/cryptocurrency/@appone/senate-hearing-on-cryptocurrency
Looks like he's eaten a few bitcoins along the way haha. Joking aside, thanks for the reads. It's a big club at the top. Everyone scratching each others backs, each as dirty as the next. Netflix is actually running an interesting series at the moment called 'Dirty Money'. One episode was about HSBC basically laundering mass amounts of cash over many years. I think you touched on that in one of your write-ups. They confessed to screwing up! Prosecutor basically said they were too big and important to take down, so a fine was all they got. wow.
The system is designed to preserve itself. Laws are made to protect the top from the rest of us.
As for the too big to fail banks, they will destroy themselves eventually. Greed and the belief that they are untouchable will eventually lead them to their own demise. The gigantic amounts of derivatives these banks have on their book, while having a capitalization rate of 3% makes them very vulnerable.
The problem is that they will take the entire financial system down when they fall.
Hopefully this will be like the forest fire creates room for new growth. Maybe a new financial world, like a phoenix, will emerge based on solid values and without fractional reserve.