Neo's Lattice Economy Explained! What is Fortnight?
2:23 Nerd Thing
5:58 Altcoin of the Week
At the time of recording bitcoin is being traded around $8600
An interesting past week for bitcoin and other crypto-currencies! China announced last week it was planning on blocking international cryptocurrencies exchanges for its citizens along with rumors from india stating that it was planning on banning cryptocurrencies all together. Combined with the announcement from mastercard and visa stating that all cryptocurrencies transactions are now classified as cash advances. Sent bitcoin’s price spiraling from around $9500 down to its lowest last week trading around $5900. But
On Tuesday the 6th the Senate Banking, Housing and Urban Affairs Committee held a hearing to discuss cryptocurrencies.They questioned the chairs of (SEC) and the (CFTC) in their agencies oversight and regulatory actions so far.
Devin: (For those of you that don’t know the (SEC) and the (CFTC) are an independent, federal government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets, and facilitating capital formation as well as regulate futures markets)
Here’s a clip of J. Christopher Giancarlo, CFTC discussing how cryptocurrencies affect our future generations.
Johnny: The general sentiment from the hearing was mostly positive citing that more regulation and oversight needed to be done. They even discussed HODL-ing!
Devin : That video was like watching cave men describe computers to dinosaurs.
Johnny: Both chairs of the SEC and the CFTC echoed that cryptocurrencies should not be ignored and that more oversight needed to be done to protect the American public from scammers, market manipulation and bad ICO’s that run amok in the cryptocurrencies space. While also stating positive benefits cryptocurrencies. With that being said, we would like to remind our viewers that when investing to always do your own homework to make the best financial decision!
Following the hearing bitcoin’s price rebounded from $5900 to 8000$ that day. Such volatility much wow!
Devin: proving that things from the Jurassic period are good for ratings.
If you wanna watch the rest of the hearing we’ll have a link from C-SPAN in the description for your viewing pleasure!
Johnny: Going forward, bitcoin has been slowly on the rise. But it’s not yet out of the woods away from the bears yet… But hopefully we can soon be in the fields where the bulls roam!