Topic: G7 report regarding Bitcoin and all cryptocurrencies. - page 2. (Read 407 times)

I think that G7 report is right about stable coins having a big potential. But I don't think that cryptocurrencies are not appropriate for everyday use like buying something by Bitcoin etc. . There are many people that prefers using Bitcoin instead of a fiat currency and the numbers of these people are getting bigger. On the other hand, I think that stable coins can be more appropriate to be made as local currency compared to Bitcoin or any other crypto.

No different? I can tell you one big difference. It's the first asset to be purely digital, purely transparent in terms of supply and purely verifiable when compared to all other assets.

It also doesn't just so happen that btc is volatile. It's a new asset, not yet having the time to mature. So yeah. It's going to be volatile.

I'd rather store fiat in an event of bear. What happens when your precious Tether goes to jail?

There is nothing new for what I can see, they are still maintaining their posture that cryptocurrencies are not really good to be used for payments and are not a store of value, but it was to be expected, what are we waiting for? That they admit that bitcoin is better in many ways than their fiat and people should use it as a way to protect themselves from the crisis it will come, at this point I do not care what they say about bitcoin what I care about is that bitcoin keeps growing in popularity despite all of these obstacles.

Coins including BTC are high speculative assets and its no different to other assets as well. Its so happen that BTC is more volatile. You wouldn't invest in Stablecoin as its just a stable but of course you as trader can use it. I don't personally knew anyone who will keep USDT for too long. The only reason why you would be storing stablecoin is if you speculate the bear will take years and years and you wait for the market to cool down so you can buy back while your money still is as is the last time you store it.

All of the issues pointed out by the report are solvable in crypto.
Volatility is due to it's lack of adoption and universal use. Though bitcoin with it's limited supply, it would go on being rarer and rarer everyday and may increase indefinitely which could  not be the case for other crypto like Libra. Scalability could be solved by implementation of Lightning network or similar improvement.
User interface are improving everyday and things are being easier. Governance need to adopt with the change.

I think this is a better quote for what you want to point out.


This type of reporting is used as a measure of misleading rather than actualization, as many of the weaknesses reported do not seem logical or can be resolved in the short term.

 - Scalability: This is a current crisis, but efforts are continuing to solve it and I expect that within 3 years we will be able to solve many problems in this direction.
 - Complex User Interfaces: Are you serious?
 - Issues in governance and regulation: I think they are right, but things will change.

I am happy that we have moved away from drugs and dark activities.

Guys, thank you all very much for your statements and for practically encouraging not only me, but also other forum users who could start worrying about the future of cryptocurrency due to the negative impression after such a G7 report.  I believe that we still have nothing to worry about, because despite the negative comments about cryptocurrency and the inappropriate actions of some governments to ban cryptocurrencies, many companies that will really be in demand in society will easily introduce cryptocurrencies into the daily lives of mankind.  In addition, there are countries such as Japan, which support cryptocurrency, and of course others will follow their example.  I think everyone understands why the United States government is negatively opposed to Bitcoin and other cryptocurrencies, but I am sure that the rhetoric of the US government will change after more progressive people come to power, not conservatives.  One way or another, the cryptocurrency market is constantly influenced by bad news about the cryptocurrency and we will still face a single obstacle, so I will be grateful for the continuation of the discussion of such problems.

What did you expect? Governments will support any technology that strengthens their reserve currencies and these stable coins that are backed by the US Dollar are one of them. They will bend the "rules" and "definitions" to favor them and that is why they are saying not all stable coins are safe to use, because the rest are not backed by something that they are manipulating.  

These governments also do not want any competition for their reserve currencies, because the competition will weaken the value of their reserve currencies and it will have a negative impact on their economy. Expect a lot more resistance against Bitcoin and Alt coins as they gain more and more popularity.  

i think it only affects the decisions of the government(s) about bitcoin and mostly for taxation purposes. for example when they say "it is not reliable means of payment and is highly speculative asset class" that means the government would consider bitcoin as an asset, commodity,... instead of a currency. and that mostly translates into how they tax it.
otherwise bitcoin is what it is. it is a global censorship resistant payment system that has a volatile price that is on the rise in long term due to it still being in it s early stages of adoption. what these reports end up saying regarding bitcoin is not going to change that.

As far as I remember, G7 summit held somewhere on 2017 or 2018 and many of us speculate that the price might gets affected with the agreement by the leaders but luckily we didn't felt the negative effect and so I think even on the recent summit there will be no effect and don't need to be disturb.

Not unless this will create hype, then it will be a good thing tho.

bitcoins problem is not the price. in my life time gold has gone $2k->$400->$2k
in the last few years i seen £<>$  go from 1.60-1.20
in short. NOTHING is stable
even a price of bread moves in prices.

but bitcoins problem is tx/day... and no before people even dare advertising alt networks using btc pegging/lockups to play around on other networks, those are not the btc network.

bitcoins tx/day means its not fit for daily utility of millions of people.(bitcoin has never exceeded 600k a day in any day over the last 10 years)

the price speculative stuff.. thats just market play
take cars, its inflationary, no one sells a 2nd hand car at its value, they always sell it below value
take bitcoin, its deflationary, no one buys a bitcoin at its value, they always buy it above value

same with gold. the 'spot price' is not the same as the value

so yes the PRICE is speculative. but if you know what the VALUE is then you can see where the PRICE sits above it to know how speculative your being.
EG the $20k ATH was 3x of pure speculation hype. hense it corrected down so much.
those buying now are much closer to value than the ATH, so now is a better time to buy

that said i just read it as bitcoin is not ready as something 7billion people should all jump in on. but nothing wrong with whoever wants to take the chance can. to me its just standard risk observation stuff. not a ban but not a free-for-all jump onboard promotion

That is to be expected from the G7 panel.  Lacking regulation on cryptocurrency makes them think that it is risky and needs to be regulated by all means.  The high price volatility of cryptocurrency will always have the same feed back from these group so what they are saying is about cryptocurrency is true. 


I do not think they are threatened, its that they see it as potential for economic growth but also have risk of being exploited and manipulated thus the need for proper law and regulation for it is needed.  They are discussing things in an economic manner with the application law above it so it is natural to identify risk and regulation according to their standards.

Actually, its a good thing that  most countries are finally getting more awareness towards Bitcoin and cryptocurrencies and the fact that they had prepared a report for it makes it even more exciting!

I guess this are first steps towards adoption and hopefully, Governments should formulate certain  regulatory frameworks  needed if they plan to embrace it and be more crypto friendly and not become totally hostile towards cryptocurrencies!


I think that report is fair and impartial and I really like what it had stated about stablecoins as quoted above.

You should edit a link to this article in your thread, it'll make the users and posters life's a lot easier.

Anyway, regarding their article, I feel like they take a very strange viewpoint regarding crypto-currencies, and they are mostly focusing on stablecoins like Libra and Tether. Libra was able to bring this subject to light, a matyr in a sense.

Bitcoin isn't their problem at all - I rarely saw it discussed upon in-depthly and they don't care about it due to the price flucations, etc.

My interpretation is that the G7 feels threatened by stablecoins. Libra brought the issue to the forefront, but the ballooning of Tether in market size also seems like a pressing issue for them.

As long as Bitcoin is seen primarily as a speculative vehicle rather than a ubiquitous medium of exchange, they don't seem overly concerned about it.

I am not disturbed by this news. If we will going to look at the reason or the possible outcome of this issue, they are focusing on the development and adoption of people to stable coins, why? Because they want the fiat conversion from own currency to stable coins, because basically, it is the most suitable crypto for conversion. Then why am I not afraid? This is still a build up for market adoption in cryptospace, wherein people will have their knowledge how good cryptos are. In any case that they discover bitcoin asset, it will surely catch their attention to buy and accumulate more. As a result, huge market price awaits us through the stable coin as the medium.

I am not that much interested with what the G7 member countries have to say about Bitcoin and cryptocurrency. We cannot set high expectations that they will release crypto-friendly statements. In the same manner that they shouldn't also expect friendly statements coming from the strong Bitcoin or cryptocurrency community.

These powerful countries are threatened by whatever crypto development. On the other hand, the crypto community is also trying to offer better payment alternatives to the people that are outside the control and power of the governments. And although possible, these two seem to be opposite forces and can hardly be reconciled.

The issue of stablecoins considered as more threatening than the rest of the cryptocurrencies just popped out primarily because of Libra and the fact that they are more like the current fiat currencies because they are non-volatile.

They are right there is no team which has actually made a fortune out of the project. Almost all ICOs around the world were incorporated raised funds and then never turned back to report anything. Neither they made anything good and nor they showed any reports on where these funds went. I am really curious to know what will be the reporting standards for such corporations because money over blockchain is still people's money and no matter how much p2p it is you must show proper statements regarding utilization of those funds.  

I think just a little concern since they are leaders of 7 great nations. But they can never stop the usage of bitcoin and other cryptocurrency. There are country may ban them but there are more  people who are willing to use it in their everyday life. The masses is the reason  why this crypto stays afloat until now, and will survived whichever nation against it.

It is very rare that officials or other official sources express a positive opinion about cryptocurrencies, but nevertheless, the cryptocurrency market lives its own life and each cryptocurrency user contributes to the value of each coin.  In my opinion, not a single report, and not a single statement will affect the prospects of projects really needed in society.  As for the Libra project, the G7 has yet to consider a report stating that there are huge Facebook security issues. Most likely this news will be warning in nature for those who are interested in the Libra project.  In addition, I'm not sure that regulators will be able to give Facebook a chance to implement their project.