After a strong surge, the blockchain is oscillating at a high level

On Monday (April 11) during the Asian session, the price of Bitcoin fluctuated at a high level. After soaring sharply yesterday, it entered a consolidation phase. "Blockchain" is a software concept similar to relational database or BitTorrent at its core. Supporters believe that the purpose of blockchain technology is to bring changes to real estate, accounting, securities and other industries.

According to the latest quotes , Bitcoin/US dollar (XBT/USD) soared from below 418 to above 421 yesterday, and fluctuated around 420 at a high level in the Asian session this trading day.

Bitcoin/Euro (XBT/EUR) soared from around 367 yesterday to close to 371, and this trading day's Asian session high fluctuated around 370. Bitcoin/ CNY soared from around 2700 to 2733 yesterday, and this trading day's Asian session high fluctuated around 2725.

The price of Bitcoin has recently surged again, especially yesterday's surge was impressive. The current high-level fluctuation pattern makes the future performance still worth looking forward to.

Regulatory blockchain

At its core, "blockchain" is a software concept similar to relational databases or BitTorrent. Supporters believe that the purpose of blockchain technology is to bring changes to real estate, accounting, securities and other industries. But how should the technology be regulated? More precisely, "Should blockchain be regulated? If so, how?"

Lawmakers often try to craft regulations that are “technology neutral.” Indeed, one of the most pressing criticisms of New York’s BitLicense regulations is that it strays from that term.

When regulations are written for specific technologies, there is a risk that rapid innovation will lead to the legal void (e.g. the US Semiconductor Protection Act). The term “blockchain” has only been used for a few years, and no one is confident that this particular iteration of the technology will win out (although some people working on blockchain prediction markets can help in this regard).

However, some people still believe that blockchain technology has great development prospects, even if there are very few blockchain applications in the industry at present. A consensus is forming in developed countries that the benefits and costs of blockchain should be accurately analyzed before the government introduces relevant regulations.

A futile effort

Even if a convincing case could be made for regulating blockchains, how exactly would one do that? By regulating the code that coders create?

The United States’ efforts to regulate cryptocurrencies in the 1990s proved these approaches futile. Focusing on the end rather than the means of blockchain development is a more promising regulatory approach. However, the “ends” of blockchain are too diverse for this to be of much use.

Time wasted on developing regulations for blockchain technology means time not being spent on regulating larger societal issues.

Bitcoin and Ethereum are the two largest public blockchains in the ecosystem, with a combined global market capitalization of around $10 billion. By comparison, gold trades at $10 trillion per quarter. So regulators have bigger fish to fish for — time spent on blockchains means time wasted on dealing with bigger problems.