How Trumps Ban Can Affect You | IoT is Taking Shape
While everyone is still worried about the price of Bitcoin, IBM is creating computers, or more specifically, computer chips, that are smaller than a grain of salt. So let’s take a look at what they’ll be using these for.
Trump has officially placed a ban on U.S. citizens from purchasing Venezuela’s cryptocurrency the Petro. Of course this comes with a whole bunch of questions especially regarding how far these restrictions will go.
View Video Here ^^^^
IoT (Internet of Things)
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:
One industry that can benefit hugely from this new tech is the food industry.
Food products getting recalled can be identified, understood and remedied quickly. Also, the origins of different foods can be proven to give consumers peace of mind, or facts that can help them determine which foods are healthy, or come from regions that bear no controversy.
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.
I have a feeling this is going to be a huge development in the coming years.
TRUMP
Oh Trump, that guy everyone loves or loves to hate.
He was pretty quick to establish a ban on Venezuela’s cryptocurrency.
With all of the arms, or rather, the tentacles of the U.S. government doing their best to classify and regulate cryptocurrencies, the President now has acted pretty fast to prevent his citizens from contributing to a country which is currently under U.S. sanctions.
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 encourage everyone to be proactive instead of reactive.
Educate yourself on ways that cryptocurrencies can establish successful self-regulation.
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.
Additional Reading/Sources
IBM's Tiny Computers
Trump Bans Petro
Virtual Commodity Association
Hello, nice channel. What city is this in the background, it looks blissfully.
Really interesting to see that reaction from Trump but somehow it really is just logical since he definitely does not want to support Venezuela since all the sanction against them and their tries to walk around them.
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Great video and some great ideas. But the question remains, what does successful self-regulation mean or entail?
I have a hard time thinking anyone in their right mind would take a cryptocurrency out of Venezuela seriously. The country has proven to be relatively inept at managing its FIAT currency, one would hardly want a cypto-currency from such a regime. It is the purpose of the Venezuela regime to destroy the economy. And it is succeeding.
Who says it is made by the country maybe its actually the populous attempting to escape the nasty regime?
And use decentralized exchanges.. There is a dark-side to IoT too (no really!!).. Thanks Heidi, you get it..
IOTA is the worst crypto project i've come across personally, I'd stay away. Great contribution as always, thank you.
Ich frag mich ernsthaft wer überhaupt Pedros kaufen würde? Ok ich habe keine Ahnung von trades, bin schon glücklich wenn ich irgendwie im Plus bin auf Steemit :))
Ich mag deine blogs, einer der wenigen die wirklich aussagekräftig und informativ sind.
Great publication as always heidi, but do you really see Petro as a valid cryptocurrency? I think it looks more like a debt instrument than a real cryptocurrency, after all it is not decentralized. On the other hand, I think you're right, it's a danger that the government extends its tentacles in this way. Thank you very much, and I greet from Venezuela.
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