Topic: What effect will Monday's US Congressional hearing have on price? - page 3. (Read 5645 times)

If the general message from the news media is bitcoin = drugs and terrorism, I would think you will see a sell off. But it won't be that bad because there are many who want to buy more coins (like me).

 

Depends on your timeframe I guess, he was probably talking from a daytraders perspective.

Why does everyone keep saying it's stagnant?

Does not one have a memory span long enough to remember the couple of months at 100-140?
Or the year or so after the 2011 crash at less than a few dollars?

It DOUBLED in the last two weeks and retraced along the way....this is NOT stagnant.

margin positions are closed and im holding 65% btc, 5% ltc, and 30% usd.

But this is just because btc is stagnant - not due to senate hearings.

Yes...

TC

are you guys buying or selling before the news?

or holding?

The last huge price rise came along with the FinCEN regulations.

Do not underestimate the desire of Americans to have every part of their life regulated and ruled by their masters in DC.

Do you guys think it's possible that a bunch of the politico's will start buying bitcoin now that they know more about it?  I mean, we always talk about "them" as though the people in law enforcement and government act a cohesive whole.  But the reality is that these organizations are just a bunch of men and women trying to look after themselves and those close to them.  If they see the bitcoin potential, I can easily imagine individuals in LE and Gov buying BTC in private while spinning pro-regulations memes in public, just for the optics.

If neutral response, price goes up.

If moving toward prohibition, price tanks.

If moving toward almost any kind of regulation (including CoinValidation), price goes up.

Price will likely go up.

Yep.  What the USA does, for the first time, won't amount to a hill of beans.  Bitcoin is the great equalizer.

-Burger-

IDK indeed... But think about how absolutely impossible it would be to implement a red list or coin validation system.

Think of the jurisdictional issues - we're talking about a worldwide currency with users in dozens of countries with totally different sets of laws and regulations. And businesses that exist in one or multiple countries, with customers in multiple countries. Who would follow whose taint list, what agency would be responsible for maintaining the lists, how would one appeal a listing of one's coins if the agency made a mistake.....
Think of the ethical issues - we'd be penalizing future holders of coins for the misdeeds of their past owners - who are likely not to be connected with the crime whatsoever. Apply this to the USD for a sec. Think about if some of the laundromat's quarters were not accepted at the bank or by their supplier because they came from a drug dealer. What if the grocery store's money was placed on a blacklist because it came from a scammer/thief... or even worse, what if some of that was the money that  ended up in the cashier's paycheck. Could the cashier afford to hire a lawyer to appeal to the "US. Dollar Taint Council," and could she afford to wait the 8 months required for a decision? The ethical issue is a big one. Policymakers may assume that we'll nab all "black coins" the second they become "black" but this is not possible. Innocent people will get fucked, and they will get fucked big time.
Think of the alt-coins... and how incredibly easy it would be to fool, mix, match, color, taint, untaint, etc.
Think of the exchanges... and how different coins would have different prices based on which countries' redlists or blacklists they were on. There would be multiple exchange rates. Users withdrawing coins would have to choose between "clean coins" (and face a 25% withdrawal fee) or "possibly dirty coins" (and get their whole deposit but with the risk that some of them may be useless at participating businesses.

And that's just the tip of the iceberg in terms of potential complications!

If you really think about its implementation... a redlist/blacklist/validation scheme might be a nice pipe dream in the head of a power-hungry politician, but if implemented, it's going to fail harder than any regulation scheme ever concocted in the history of regulation schemes.

Everyone says "It would sure be nice if we could make it so Pirateeat40 could never spend his coins..." Naive retards. Do they really think it will stop there? Give the government an inch and they take a mile. Be careful what you wish for! I gave an example in the other threads. Of the person who says "I oppose the death penalty... except for that really horrible guy that raped and tortured murdered 15 teenage girls... THERE's the exception." Later in life they may find themselves sitting in death row completely innocent because of a DNA lab fuckup which will only be discovered after they are long dead. So be careful what you wish for, folks who "welcome" a taint list program! Think of how impossible such a program would be to implement, and how it could be abused.... You WILL get fucked, and not in any of the holes you like to get fucked in.

If they implement such a program, I'll be laughing and watching... with a sizeable amount of LTC ;-)

Bitcoin seems to keep going up no matter what the Feds think they're doing. The US is no longer Bitcoin's market anyway so they're just playing Caligula to Bitcoin's Poseidon.

I'm holding no matter what the meddlers do.

In other words a libertarian panic. Monday is going to be very interesting.

they will let us watch it live.

10 seconds after the 3rd mention of "coin validation" or "red list", don't bother to refresh just hit sell.

lol idk...

I would assume that there will be some press in major news sources along with this hearing.  With press always comes some interest so it should be positive I would think, with the thought that no press is bad press. 

Regulation of a specific market or product makes prices go up. Virtually regardless of which market or product is in question.

Government interference in a specific market or product makes prices go up. Virtually regardless of which market or product is in question.

One notable exception is really the U.S. Dollar, but the government is actually in complete control of that, and is undertaking a massive campaign specifically to devalue it. So it's not an accurate analogy to an external market or product that is being regulated.

Why else is this not relevant? Oh yeah, the U.S. is just one country. That the rest of the world is increasingly giving less and less of a shit about. So even if regulation did LOWER prices - which it generally doesn't, even when it is intended to *cough*obamacare*cough*, it would only be regulation in one market and there are a number of other key markets. So in that non-existent case, the effect would be temporary at best.

no single bit will be given

There's the potential for a major rally if it looks like the U.S. government is going to merely regulate, and not try to prohibit, bitcoin; which I believe is the more likely outcome.

I can't decide.

Will the $ value drop due to the negativity surrounding any perceived regulatory threat? Will the CNY price rise in sympathy, bouyed by the knowledge that the US market is being stifled?

Or, will the conclusions of the hearing add more perceived legitimacy to Bitcoin in the US, and send the price higher?