Hello CoinMarketCap fam! Welcome back to this week’s edition of “What You Said,” where fun polls are conducted for our community and where some of the more interesting sentiments of last week are shared! 👐
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What You Said in Last Week’s Polls
Here are some of the more interesting responses from the polls of last week 🤔:
How much do you agree with this statement: “In the future, cryptocurrencies will be more widely used than Central Bank Digital Currencies (CBDCs)”
– CoinMarketCap Daily Newsletter, 3/2/2020
The average response to the above question was 7.1.
6.1% of you voted 1, and 36.4% of you voted 10.
Here are some “whys” and “why nots”:
- “Because people are really starting to see the banks as fraudulent. Plus its is less tracked people dont like governments watching their every move” – Yeah, I can’t stand that tbh… Transitioning to a cashless society is gonna rid us of any privacy. Following which, should governments decide to ban cash, it would grant them the ability to essentially ‘delete’ any member of society. 😠
- “5, 50- 50. A lot of crypto users don’t like banks or centralization, but the stability over 85% losses could be very appealing to people.” – Yeah the volatility is a concern. Hopefully it’ll stabilize over time. 🙏🏻 It will unlikely do so, but then IMO there is use for stablecoins like DAI for everyday transactional use.
- “Fiat is FAKE !!!!!!“ – I was thinking another type of ‘F’ 🙊
- “Millenials are in charge.”– Heh, I believe so! And the generation is seems to really value decentralization. 👍
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On a scale of 1-10 (10 being most interested), how interested are you in purchasing insurance for your crypto funds?
– CoinMarketCap Daily Newsletter, 3/4/2020
The average response to the above question was 5.7.
27.3% of you voted 1, and 27.3% of you voted 10.
Here are some of our favorite responses:
- “It’s very stressfull to be my own bank. Everytime when I send funds to another wallet I am always afraid to send it. I am so paranoia that I first send a small amount before I send the rest. And to hide my passwords on a hiden and safe place isn’t really comfortable either. The moment my bank offers insurance thats the moment I send all my funds to it.“ – You’re definitely not alone on that! Everyone has their varying preferences over the degree of control over their funds. The idea here, is to provide options to cater to everyone! 👍
- “Depends on the price I’m fairly confident in my storage solutions I would prefer eventually to have my crypto with fidelity or chase Or have coinbase be more established.” – I am too, but it wouldn’t hurt to store part of your portfolio in a custodial solution just for risk security diversification reasons! 😉
- “Very interested, but I’d like to know who it may be backed by and how much the premiums may be. And if there’s a sliding scale re, how much BTC does one own? If its affordable, could be a good thing, we insure all of our investments, ie house, cars etc, BTC, as i see it, is no different.” – True, I would insure my funds just to take some stress away. 😂
- “Since it’s an asset, I think it’s totally proper to insure the crypto fund.” – Agreed! And increased popularity in the usage of custodial solutions would encourage more businesses to offer custodial solutions. With more of these options around, new blood would be more confident in entering the space. 😄
On a scale of 1-10 (10 being most likely), how likely do you think it is that crypto will be globally legalized by the end of this year?
– CoinMarketCap Daily Newsletter, 3/6/2020
The average response to the above question was 4.8.
26.3% of you voted 1, and 15.8% of you voted 10.
Here’s what you people had to say:
- “I think progress will be made but I don’t think it’s likely that a vast majority of countries will legalize this soon.” – Personally, I feel the same way. It’ll still take some time for all countries to ease up to it. But it could also all happen very quickly once, for example, one or two G7 countries open up to it. 🙏🏻
- “For the full legalization of cryptocurrencies, a condition of a reliable guarantee on the part of cryptocurrency exchanges is necessary. With a 50-70% guarantee, legalization can begin more globally than at present. With a 90% guarantee of the safety of funds (absence of fraud on the part of participants), legalization will go at full speed.” – Hmm, I think that’s a contributing factor but not the most important one. I think more so, governments are figuring out how to strike a balance between regulating the space in a way that prevents malicious activities, while being able to facilitate innovation. 😊
- “No country will make it legal until n unless they have no other option.” – Disagree. Legalizing it could facilitate innovation. It could also attract talent, business, and thus $$$. 👐
- “No, but in the scheme of things it’s inevitable it will be sometime soon. Patience, patience!” – Think so too! Only a matter of time in my eyes! 👀
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