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 Episode Title: Bitcoin's future hangs in the balance - will this regulation be what we want or what we need?Date: 12/16/19Unedited YouTube Time StampTrimmed Post Live Show Time StampsEST. Segment Length
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TEASE 👇 Episode Page:https://crackingcryptocurrency.com/bitcoin's-future-hangs-in-the-balance---will-this-regulation-be-what-we-want-or-what-we-need?/
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JWRinging in the monday afternoon bell on Bitcoin with some bullish activity, are we going to get some tradeable volatilty today, and has any movement over the weekend affected the macro perspective? Meanwhile regulation continues to pour in over accidents major banks have made regarding Cryptocurrency. All this and more on today's exciting episode of BReaking Bitcoin.0:04:130:00:0010-15m
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Intro Rolls
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JWWelcome to Breaking Bitcoin, recorded live Friday, December 16th, 2019. Your daily source for market updates, sentiment, and news for traders.
I am your host Justin Wise, Lead Analyst & Senior Mentor at CrackingCryptocurrency.com - Hope you're all doing well!
Shout out to everyone watching from across Youtube - Twitch - DLive - Facebook Live - and of course on Roku at the Investor News Channel app.
If you want to support the show make sure to subscribe, follow, share, and engage in the live chat. And hit that thumbs up button!
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JW
If your goal is to be a full-time, professional trader, or if you just want to earn extra money on the side, or you want to take control of your retirement and live a life of financial freedom the Cracking Cryptocurrency Premium Trading Group is here to help you grow. Whether you want to passively trade the daily or weekly time frame, or actively manuever along with lower time frames, come work with a team who approach trading through the lens of probability, statistics, and verifiable edge. Learn technical strategy, fundamentals, risk management, and psychological discipline and join the fastest growing trading community in the space. For more information make sure to head over to premium dot cracking crypto currency dot com or check out the link in the description down below. Again that's premium dot cracking crypto currency dot com to take control of your trading today.
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Do the team a favor and be sure to 5 stars ratings us on itunes, google podcast, spotify, podbean, pocketcasts and other podcatchers please

It's Not Just the Tools, It's The Rules! And the best way to learn them? Yea, it's listening to me rant on the podcast all through the day while you're working, eating, playing with your kids, playing with your wife-- well, ok maybe you can stop the podcast then, but! You see what I'm getting at right? ;) Learn through osmosis and don't stop just when the Live Show is over today, Subscribe on your favoirte podcatcher and keep your learning maxxed, at 100x!		Mention Premium Trading Group Updates --->Discord Verification channel is here! We told the slammer scammer to kick rocks!
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Big Thing To Note Going On With Us For The Week/MonthThe next Crypto Currently interview with Silvio Micali, founder of Algorand is coming out soon!


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Question of Yesterday
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--Mention yesterday's comment winner:Rickie Thompson
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12:15HighlightsLinksVIDEO20-30m
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JWQuestion of The Day
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--Today's Comment Giveaway Winner:Rickie Thompson0:10:000:05:47
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Bitcoin Analysis and Trading
Personal CC Group Trades update of over weekend correlatated to overal butcoin market
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Bitcoin Set to Enter Disbelief Phase — Should Hodlers Prep for $2.8K?https://cointelegraph.com/news/bitcoin-set-to-enter-disbelief-phase-should-hodlers-prep-for-28kBitcoin price (BTC) performed as expected over the past week as 8% was shaved off its price of $7,571.80 between Dec. 8 and Dec. 14. Does this mean the digital asset is due for a reversal? As much as Bitcoin holders and I want this, one has to look at the facts.

Currently, Bitcoin has a distinct lack of bullish indicators that offer any hope of a short term reversal and even John Bollinger, the founder of the Bollinger Bands indicator tweeted out this somewhat cryptic tweet on Dec. 13.

“Most cryptocurrencies are at or near Bollinger Band Squeeze levels. Time to pay attention.”

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Monthly Bitcoin Chart0:15:400:11:27
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Daily BTC Chart0:17:050:12:52F
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Bitcoin Weather Report0:46:560:42:43
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Ethereum Analysis and Strategy
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Litecoin Analysis and Strategy
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EOS Analysis and Strategy
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NEO Analysis and Strategy
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BNB Analysis and Strategy
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XRP Analysis and Strategy
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Traditional Markets / Forex
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12:45Tickers/NotesLinksVIDEO
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JWYou can watch or listen to this discussion and more on Breaking Bitcoin, episode number ### at CrackingCryptocurrency.com. And remember to subscribe to our podcasts. Thanks for listening. We'll see you next time.
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Indices - E Minis
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Metals - Commodities - Oil
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Quick Break
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Forex
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12:55Looking for your charting platform? Look no further! Trading View is amazing!

Follow us on Trading View and check out our Indicators:
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1:00 PMWhen We Return: Topics & Requests
Mentions:
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1:00 PMLinksBack from break!1:13:261:09:13
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JW
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News/Overall Sentiments/Chat Engagement
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LinksBack To The Show20-30m
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News 01Major Banks Unknowingly Process Billions in Crypto Businesshttps://cointelegraph.com/news/major-banks-unknowingly-process-billions-in-crypto-business-says-ciphertraceAccording to a recent press release from the blockchain analysis firm, CipherTrace, commerical banks in the US are unknowingly processing payments for unregistered cryptocurrency businesses.

Every one of the US' Top 10 commerical banks is implicated in what cypertrace estimates to be $2 billion in undetected cryptocurrency-related transfers each year.

These unregistered cryptocurrency money service businesses (MSBs) include entities such as crypto exchanges, according to the research.

Banks are required by law to identifiy any MSBs using their networks, as mandated by the US (BSA) Bank Secrecy Act as well as the Travel Rules outlined by the Financial Action Task Force (FATF). Despite this requirement, CipherTrace claims that most commerical banks are ill-equipped to adequately identify crypto exchanges and other virtual asset service providers (VASPs) as MSBs.

To make matters worse, newly revised BSA and FATF rules coming into effect for G20 nations, makes identification and compliance all the more critical for commerical banks, raising the question whether banks are at all ready to comply with the revised regulations,

Carole House, a cyber security policy speciliat with FinCEN, speaking at a cryptocurrency conference in November, made the following comments,
“It would be interesting to know how many financial institutions operating in this space are able to identify a [crypto-business] recipient as a financial institution on the basis of its wallet reference number, or other information that it currently has available to it.”

CipherTrace, the blockchain analysis firm, is already cozying up to regulators and banks alike, and is launching a new "Crypto Risk Intelligence" product, designed to help banks to reduce crypto-related risks on their payment rails.

CipherTrace already works to monitor over 500 cryptocurrency businesses, compiling risk and compliance scores and generating AML filtering data that can be used by banks and other entities.

CipherTrace's new intelligence tool aims at serving banks compliance needs though,
Detecting unknown risks between VASPs and bank payments networks such as SWIFT and ACH
Providing access to CipherTrace’s risk scores for crypto-related businesses
Identifying unregistered MSBS and peer-to-peer systems that rely on bank services
Countering dark web risks and detecting illicit financial products or laundered funds enabled by cryptocurrency transactions

Back in April of this year, FinCEN took its first enforcement action against an unregistered peer-to-peer cryptocurrency exchange for willfully violating money transmission laws.

While the cryptocurrency space may be hard for regulators to directly tame, it's where it intersects with the traditional financial world via off-ramps that regulators seem to have their sights set on for enforcement action.

Firms like CipherTrace want to provide the intelligence tools to root out cryptocurrency users from banking networks, or at the very least, ensure everyone involved is compliant with money transmission rules.

Indeed, the cryptocurrency space appears to already be falling in line, with the FinCEN’s director himself commenting this month that the their May 2019 guidance is now having a discernible and positive impact on the industry. Of the most notable effects, was the widespread delisting of privacy coins across various exchanges.

CipherTrace has recently argued that the new FATF regulations will rehaul how crypto businesses are required to operate by demanding that they track not only their own customers’ transactions but also where their customers are sending their funds.
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News 02Is regulation good for our industry?https://cointelegraph.com/news/crypto-regulation-is-it-good-or-bad-for-the-industryRegulation is a hotly debated topic in the cryptocurrency space.

On one side, advocates for regulation insist it is good for the industry, with clear rules in place, the way is paved for mainstream adoption among consumers and businesses alike.

On the other end of the debate, warnings that legal regimes will only serve to stifle innovation and entrench the legacy financial system, determined to protect it's monopoly on the issuance of money, and leave digital currency at a permanent disadvantage to fiat.

Let's look at one example where the right regulatory framework boosts the blockchain industry's ability to innovate and even thrive when playing by the rules.

Switzerland has been forming a reputation for being a crypto-friendly nation. A recent milestone came when two institutions focused on providing banking services for crypto clients were granted licenses by the Swiss Financial Markets Supervisory Authority

Switzerland's positive attitude toward digital assets undoubtedly contributed to Facebook’s decision to base its not-for-profit Libra Association there.

Industry data coming out of Switzerland indicate that their blockchain industry is booming thanks to the “open for business” approach, with one report suggesting that the value of Switzerland’s top 50 blockchain companies doubled to a collective $41 billion in the first half of 2019 alone.

Now lets look at an example of over zealous regulation throwing up roadblocks in the way of development and growth the crypocurrency space.

The United States with it's global hegemony over the banking system has been especially tough with its crypto regulation, slamming the brakes on Libra for fear it could undermine the dollar and even threaten the world economy.

Even faced with warnings that obstructing innovation will only lead to other countries with conflicting interests taking the technological lead, US regulators and politicans alike remain standoffish at any prospects of exploring the potential benefits of this nascent technology.

You also have countries like India that have threatened to impose strict laws on those who deal in cryptocurrencies with a hardline stance that includes potential punishments as severe as a 10-year jail sentences, and businesses being effectively cut off from banking services, has resulted in the exchanges folding up and even moving to other jurisdictions.

There's also warnings that India could suffer a “brain drain” as talented developers and entrepreneurs take their skills elsewhere, potentially costing the economy billions as the industry booms elsewhere and talent flees to warmer waters. The same scenario could face other countries where meddling regulation only serves to drive talent and innovation elsewhere in the world.

Given the pros and cons of crypto regulation, will it ever be possible for this budding industry to coexist comfortably alongside traditional financial institutions?

And given the fragmented landscape, with some countries embracing digital currencies and others shunning them, will this technology ever go global?

Regulation could have huge ramifications for two of crypto’s unique selling features, anonyminity and censorship resistance.

Bitcoin and other cryptos that have followed are intended to be decentralized, fully divorced from the legacy financial infrastructure that lacks transparency and responsible for economic booms and busts such as what we saw in the 2008 financial crisis.

Bringing crypto into the fold would eliminate some of the freedoms that made it so appealing in the first place, and open it up to counterparty risk many in our space are trying to avoid.

Then there's the matter of regulating crypto and blockchain startups, fundraising trhough ICO means for example, is said to transform the way investments are carried out.

For all of their flaws, ICO's have enabled crypto users of all budgets to contribute to the projects they’re passionate about, and any regulation that deems these as securities could shut out an investor class in favour of high net worth individuals, entrenching "old money" or existing tech monopolies which either don't necessarily understand the underpinning technology, or are threatened by it and will only serve to mothball innovation at odds with their existing business models. By resting responsibilty on investors, means fast-moving innovation can generate investment and come to market sooner by not getting tangled up in regulation and reporting requirements.

On the other hand, in regards to ICO's, some argue that the introduction of stringent regulations has the opportunity to introduce some vital investor protections in an industry rife with fraud and irresponsible funding models. Regulation could also be the much-needed seal of approval for institutions currently hesitating from injecting billions of dollars’ worth of capital into the industry.

Regulation of the crypto startup space could also increase the quality of new projects, and be a largely positive impact on space.

Then there's the issue of crypto scams. The industry has been around for a decade now, yet incidents of crypto scams are continuing to happen, which some argue serves as proof that the our space needs regulation in order to boost its legitamcy.

Others argue for personal responsibility, and self-regulation as the solution, an opportunity for the industry to mature and create it's own checks and balances by getting the community to police and educate itself will only strengthen everyone involved rather than foster complacency among market participants.

With so many diverging opinions, and so much uncertainty over where the crypto and blockchain industry will be from a regulatory standpoint in the coming years, intelligence from prominent exchange executives, central banks, governing bodies and investors can be invaluable when it comes to assessing the macro perspective going into the next decade.

The Crypto Finance Conference being held in the Swiss resort of St. Moritz from Jan. 15 to 17, 2020, is one coming event that aims to read the pulse of the industry’s regulatory standing.

The conference will bring together a number of industry insiders, and on the agenda is the issue of crypto regulation specifically, including a discussion on the approach that central banks are taking toward national digital currencies as well as tales from the global regulatory frontline.

We will be following the Conference, so stay tuned to our coverage of the event, as it's said really set the mood for the industry going into the 2020's.
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News 03Record amount of longs rekt on Bitmex this year
https://eng.ambcrypto.com/12-3-billion-longs-got-rekt-in-2019-on-bitmex-shorting-was-a-safer-bet/
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News 05LISK lays off 40% of workforcehttps://cointelegraph.com/news/lisks-lightcurve-lays-off-40-of-workforce-to-decrease-overheads
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News 06Rising U.S. National Debt Is a Ticking Time Bomb Only Bitcoin Can Fixhttps://beincrypto.com/rising-u-s-national-debt-is-a-ticking-time-bomb-only-bitcoin-can-fix/
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News 07BITCOIN IS THIS DECADE’S BEST INVESTABLE ASSEThttps://bitcoinist.com/bitcoin-is-this-decades-best-investable-asset/
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News 08Crypto Exchange BitMex Hit With $300 Million Investor Suithttps://www.bloomberg.com/news/articles/2019-12-11/crypto-exchange-bitmex-is-hit-with-300-million-investor-lawsuit
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News 09Bitcoin Mining Centralization Reaches Record Levels, Majority China
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Ready Chart Requests
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1:25 AMChartsLinks
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JWAnything from yesterday you'd like to talk on today
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It's Hard - ALGO1:36:511:32:38
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Eli Bak
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Hope you're enjoying your day Justin! Please take a look at ENJIN BTC looks bullish on the DAILY and is currently pumping.😀😀😀
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