Topic: G7 report regarding Bitcoin and all cryptocurrencies. (Read 416 times)

Volatile coin had always been more problem for the government. It looks too scary and can disrupt the economy with the sudden release of huge funds by holders of any community into the respective economy. I like to know the government opinion with the utility and security tokens? I support security token and want to know the disposition of the world power to it

Many report bitcoin during last year until now with cases bitcoin is bubble until report with bitcoin illegal currency payment, you right with not worry about community G7 report bitcoin because investor keep trusted with investing in crypto, bitcoin have been strong although many report later with bitcoin cases and all report rejected after bitcoin raise with higher price later.

Unambiguously for some countries, any statement by officials of the leading countries of the world cannot be an indicator.  As a resident of Ukraine, I understand that my country is more or less dependent on the countries of Europe and the USA, but nevertheless, some online resources and online stores use Bitcoin as payment without any restrictions.  At the same time, there are no prohibitions on the part of state bodies to use cryptocurrency, since in our country cryptocurrency has not yet been recognized as a financial asset.

in my opinion if cryptocurrency is used as a transaction tool in daily life it is difficult but does not rule out the possibility of happening because some projects in my country cryptocurrency can buy the goods they want but within a limited market scope.

I think that the statement that stable coins have good prospects, have really selfish goals.  Considering the fact that the US government announced the creation of its own currency in the near future, which will have a stable price and which will be partially supported by the dollar, now it becomes clear why this report was talking about stable coins, while completely discrediting everything  other cryptocurrencies.  Now I’m sure that this was the reason why the market immediately fell as soon as the G7 report was released.
 But the situation has changed very quickly and since now the entire cryptocurrency market has soared by an average of 15% over the past two days, it primarily indicates that something is happening, and very large-scale.  I have never seen Bitcoin rise by $ 2,500 for 12 hours.  But analysts say this was due to a statement by the Chinese government on the legalization of blockchain.  In some higher educational institutions in China, a program for educating students on blockchain issues is already being processed.  XNET, recently released its cryptocurrency, and after a government statement, it has already skyrocketed in value by almost more than 100%.  In a few days, almost 37 billion dollars increased in the capitalization of Bitcoin.  These are truly stunning indicators.

I wonder what they mean by stable coins having real potential, real potential on their hands maybe? Because in this market the only cases in which stable coins are useful is to allow you to protect yourself from the volatility of the market when you are not watching the markets closely or when you firmly believe there is going to be a decrease in the price of most coins, besides those two cases stable coins do not really have any purpose or reason to exist.

i have not ever seen any of these stable coins go beyond the cryptocurrency market, could you show me an example of one in real world?
the only popularity that i have seen them gain was from traders and that is because of the extreme volatility of the altcoin market and the fact that they want to use an escape route that is not changing price with bitcoin. and since over the past 2 years ever since bitcoin drops altcoins drop the best choice has been stable coins otherwise they have no purpose.

It's true that we don't have any positive news or research from the government or any official end, still, there is a negative view regarding this platform and most of the countries are trying to create a lot of barriers to this platform. I think this will bring a more or less negative impact but with the change of time, this platform will get another hit, It also true that Bitcoin has already passed 10 years in a lot of negative environment, so this platform will go another multiple 10 years for sure because of it has a lot of people who believe that cryptocurrency platform will be the main of the monetary system and payment system so those news doesn't matter at all.

They will still surely change their stance on bitcoin because the reason why they are still classifying other coins with bitcoin is its volatility which I am not scare of, as time goes by, the usage of bitcoin will increase and demand will start becoming higher than supply and as demand becomes higher than supply, the volatility will reduced and it will become like a stable coin but at a more higher value.

I don’t see the g7 report actually affecting bitcoin negatively, provided that they don’t declare bitcoin as illegal, they only showed concern about bitcoin and other cryptocurrencies that are not stable which I am sure that their view will eventually change in the future when we are fully developed and so many world starts using it for payments and as digital asset.

That's what I'm thinking as well - I don't the G7 summit is actually that critical and I have the feeling it was mostly a summit to discuss the control and taxation of crypto-currencies in the future.

There's a lot of theories that the G7 summit affected price and isn't good for crypto, which I disagree with, it's just getting to the point where people like to associate the price of Bitcoin to any event that's even slightly related to it.

From the G7 conference we understood that the governments heavily favoured controllable stablecoins over the more popular option, Bitcoin, which was fair and honestly expected.

If you notice that the market reacts before any news about this appears. There was also a lot of positive news about Bitcoin, but the market is still in a bad position. I think it all turned into speculative tools and nothing more.

I regret to say that G7 report is not good for cryptocurrencies. It opposes the cryptocurrencies and I wonder if the fall of Bitcoin price from 8200 dollars to 7500 dollars is related to this report too or not. But I think there is a different reason for this fall.

I don't know how it can affect the market, but I can agree with the part they talk about being very speculative, it happened today:



fell $700 in a few hours

And you know what's most shocking in all this? Is hearing comments from certain people who say the price will reach $100,000 next year, this is very shocking

In my opinion, stablecoins can be controlled by third parties. That's why states are interested in this type of crypto and why everyone is afraid of Libra.
Bitcoin is safe that is why G9 skeptical of that coin

G7 report is not much different from the opinions of governments about Bitcoin and other cryptocurrencies. Of course, it is reported that Bitcoin is volatile and because of that, it is not reliable.

It is very logical that Stable coins are Bitcoin dependent. But every year, Stable coins gain more and more popularity and even go beyond the cryptocurrency market.

that is somewhat true because you should first consider day trading and remaining inside exchanges as "use case" before you can make that claim and also you should clarify that "stable coin" refers to the cryptocurrencies such as tether not libra.
remember than this report mainly means libra when it says "stable coin" which is different. it is useless with or without cryptocurrencies!

Why did not you leave a link to the report? It's an important thing to make sure we're discussing what's actually going on rather than your stance on this matter. It's especially important since when I googled it I not only wasn't able to find it, but I also found lots of articles saying the exact opposite of what you're saying about stable coins. It seems that G7 doesn't find them reliable (see here or here). Anyway, I've found a  report on stablecoins, and while it seems to favor them over decentralized unregulated cryptocurrencies, it still find lots of risks that have to be dealt with if these coins are to be used for serious operations. I think that it's natural for the govs to favor stablecoins over cryptos like Bitcoin because stability is what they are trying to ensure with fiat and because high volatility can indeed be a big obstacle for a coin to become used in retail, for instance. But I think that stablecoins are just trying to copy fiat, and they can collapse anytime which is actually riskier than volatile cryptos. When it's volatile, you sort of see the risks, but when it's stable, it gives a fake comfort like it will always be this way.

Unfortunately, what the report says is true because looking beyond sentiments, crypto currency as a means of payment is not reliable because of the volatility that is being witnessed in the market because you can sell your goods at an equivalent amount for a certain fiat value and in the next 24hours that value drops drastically to you which makes you lose because you cannot restock or increase which makes the buyer lose more from his own end.

However, the volatility is what makes the market interesting because the hope of making decent return on investment within a short period of time is a factor that is not offered in the fiat market which I feel is pulling majority of people into the market. The question about G7 report is whether they can do anything about it?

Its not that simple. Stable coins can actually prove to be better than BTC, but they will centralize these coins which is basically a digital format of FIAT currencies and is the complete reverse of what BTC is trying to achieve.

The major governments will probably never support BTC, Libra etc, but their support is clearly not needed since BTC and other popular crypto continue to grow with time.