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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
Internet of things is still on its way: https://cointelegraph.com/news/ibm-reveals-blockchain-computer-smaller-than-grain-of-salt-to-track-objects-devices
Trump officially bans Venezuela’s Petro coin: https://www.ccn.com/could-trumps-executive-order-banning-petro-transactions-lead-to-backdoor-cryptocurrency-regulations/
Winklevoss Twins Self-Regulating Proposal: https://gemini.com/blog/a-proposal-for-a-self-regulatory-organization-for-the-u-s-virtual-currency-industry/
This concept of an Internet of Things has been the focus of many blockchain based projects for a few years now and can be applied to a number of different industries. Really, any company that uses a supply chain and wants to establish reputability, or authenticity will have the capacity to do so in the future with the help of these tiny computer chips and interoperability established by blockchain projects like:
* IOTA https://iota.org/
* Chronicled https://chronicled.com/
* INS https://ins.world/
* Waltonchain https://www.waltonchain.org/index.html
Our world is so saturated with consumerism, the internet of all of these things is begging to be created. It can benefit the manufacturers, the transporters, and the consumers and I have a feeling this is going to be a huge development in the coming years.
All this talk about how the U.S. should be dealing with regulating cryptocurrencies and the need to provide guidelines while at the same time being careful not to stifle innovation and here we see a quick move that could have far reaching implications.
Here’s why, cryptocurrency is a worldwide marketplace and industry. It’s also incredibly interconnected thanks to things like exchanges. Now that Trump has banned U.S. citizens from purchasing the Petro, they could also potentially apply that restriction to include a ban of the NEM blockchain, the blockchain on which the Petro is built. Hopefully this type of restriction is out of the question for the government to be able to actually apply.
Although this may seem like a stretch for you, consider the issues of securities in regards to U.S. legislation. The SEC has already been investigating loads of ICOs and pursuing legal action against a few. Consider for a second if you are a U.S. citizen, even if you did not take part in an ICO, but you have purchased tokens on exchanges, these regulations can very easily one day by applied to you as well. Not to mention the trouble many exchanges will be facing in the future having supported these securities.
If you are a fan of regulations because you think it’s needed in order to legitimize this space, there are some things I think you really ought to consider:
* These regulations can very easily and most likely result in barriers of entry that will only allow for accredited investors to take part. (Verified as having at least$1 million)
* You’ll be left to trust the judgments of governments and hope that they exercise regulatory moderation, which isn’t exactly what they are known for.
* If cryptocurrencies could prove to self regulate, this would solve many of these problems.
I would encourage everyone to be proactive instead of reactive. Educate yourself on ways that cryptocurrencies can establish successful self-regulation and become an ambassador for that movement rather then sitting back and hoping that the governments will show this space the respect it deserves while giving it the space it needs to grow and mature.