There's so much FUD happening in the Crypto space this week that I decided to share some rationale thoughts and maybe an opinion or two on the news that came out. This week saw three major headlines that rocked a few people but it all amounted to one big nothing burger or YAWN,...things we already knew were in the works.
So what exactly happened?
1. South Korean Government Bans Officials From Crypto Holding And Trading
Some have reported this as being a bad thing but I believe that's fear being weaponized to shape and move the market. This is one of the best signs and signals of government approval in the Asias in quite some time. It's simple.
If these rules aren't enacted, when government officials should be putting policy in place to protect customers, they may be tempted instead to help move a law, skip it entirely or disapprove it outright to protect an exchange they are holding Crypto in. Get it?
If you and your family are forbidden to trade in it, you can focus on the laws and policies and are less susceptible to bribes and corruption. I hope that makes sense to everyone.
Please look at the UPDATE and second UPDATE in that article. Then read the OFFICIAL BINANCE statement. In short...
- All trades from the attack have been reversed.
- All funds are safe.
- The attacker apparently lost funds, but I'd like more verification on that.
- Binance posted this on their twitter, which is the official statement I posted above.
- The API issue is patched and fixed.
Here's a direct quote from the article:
However, as withdrawals were already automatically disabled by our risk management system, none of the withdrawals successfully went out. Additionally, the VIA coins deposited by the hackers were also frozen. Not only did the hacker not steal any coins out, their own coins have also been withheld.
3. The direct statement from the SEC
Most of us saw this coming for a plethora of reasons. Anyone paying attention can't pretend to be surprised, just like we should never be surprised when we hear our investments per their roadmap has met some challenges and resistance in China. Some things are simply not a matter of "if", but when and have inevitable or predictable outcomes.
1. This is bad news for shady ICO's and Exchanges, not investors or people genuinely interested in the technology.
2. This is bad news for pump and dump groups and others whose activities may not be illegal now but because the broader definitions are coming down, expect it to get granular just like everything else that's regulated.
Let me know what you guys think and/or if it makes sense to do more of them. Thanks.