My point here was to stop banks investing irresponsibly with money stored on behalf of a customer, I pointed out laws which were aimed at stopping this and how those laws were reversed, the solution here would be to enforce those laws again which would make it illegal for banks to invest irresponsibly. Do you have a response to this point?
The crypto coin you speak of only indicates a fiat value. the actual fiat money still needs to be managed well. As I said earlier switching over to crypto wouldnât solve this since it only indicates a fiat value.
I am confused with how governments view crypto, they are happy to set rules for itâs usage but seem reluctant to set rules for the fiat money crypto represents. I would have thought any kind of asset perceived as having value would need to be managed in a similar way ( CEOâs shouldnât be allowed to dip into customer holdings as and when they please and gamble with it)
If there isnât a unified and logical way of dealing with large amounts of asses then the result will forever be what we see currently happening with the worldwide economy.
Yes, laws that increase oversight on banking are generally good. I did not read the entire law but Iâll check it out. I assume it might be harder for small municipal banks than for the larger ones to follow the new rules and thatâs probably why republicans try to use it to make banking a little more like crypto.
All crypto is a criminal bankers heaven. No responsibility, no laws.
Ironic that you keep pointing at regulations. Itâs like we live in the Dominican Republic and you are like âDudebro, Haiti is so much better with their âdecentralized governmentâ!â but we both know it isnât.
I donât need to. I donât live in the US and the law does not apply to France. Nor does it apply to the U.K. where you live. But since all of your tries to derail this tread about NFTâs into a political debate have failed you are running out of options.
This point was already debunked, Iâll quote thisâŚ
Sure pal, the sky is falling.
Economies grow and shrink (recession) all the time. There are good and bad times. The only hope is that society is healthy. No coin can change corruption in people that have power. Instead of running away from society you should engage in it in a positive way.
Have you even bothered to read the news in the last month?
Debunked how? If you bother to read the current news youâll see what Iâm on about, stefnia seems to want to close his eyes and pretend itâs not happening,
They will never stop portraying crypto as only an investment to make money from. No matter what anyone says it can still be used as a secure retail tool where the retailers accept it. One can actually completely ignore the investment part and only buy crypto as and when itâs needed for retail transactions.
I would have thought the path was clear, governments can use private advisors to actually gain a full understanding of what crypto is and then create regulation which companies like coinbase will follow.
It seems backward for the government to not bother understanding crypto properly, they claim coinbase has not followed rules when the problem is they havenât really worked with coinbase to understand and establish what rules are required.
The US government can barely regulate their own fiat currency let alone a digital one which indicates a fiat value.
I guess corrupting politicians donât always give rich people the change in laws in the way that they want. This should answer your weird presumption;
I think you got it backward. Let me explain it to you clearly ;
Anyways, most people would just laugh and walk away from the scam crypto is, but just to help you not stray too far from reality, hereâs the information on how coinbase is actually selling securities;
Who is âtheyâ? Is is âthe ebil gubernmentâ or is it the crypto websites themselves? Are all crypto sites faked by the government? Are the crypto promoters you can find on almost every forum and blog site secret service agents trying to destroy the dreams of some âcypherpunksâ? You would have literally made millions of real money by writing stories for Hollywood but you choose poorly unless you have trillions by now in crypto. But we all know better, you donât do crypto (anymore) for the money. Now itâs for the privacy, just the privacy⌠which we all know is not how it works.
Uh huh, if you bothered to look at videos of the government attempting to create laws about crypto at their SEC hearings youâll actually see with your own eyes most of them donât understand it and most of them donât want to understand it. There is no lying on my part, Iâm just talking what was already discussed in these threads regarding crypto.
Itâs not illegal to sell securities, my point here is itâs fine to class crypto as securities, but it is the governments job to do so through understanding it and enforcing it. Coinbase is a professional business with serious investors who they must answer to. Purposefully avoiding/ignoring laws will never ever be the way to run a legit business. It seems youâre there only person who doesnât want to recognise that.
Crypto is still a very new concept and it is acceptable that the genuine legal crypto exchanges mistakenly did not register with the SEC because they werenât aware they had to. They are now fully aware they have to do this and will happily comply pay or negotiate what the fines are and move forward.
It is important that if the government win against coinbase they must be reasonable about the amount of money they expect from coinbase in order for this to be settled, hopefully they will have a reasonable judge who will carefully consider both factual sides of the dispute.
In the UK plenty of the government policies and proposed policies were found to be illegal and a high court judge has actually ordered the government to revise many policies over the years, this really isnât uncommon if you have a look.
Yes, and also the people who want you to invest in crypto to give the illusion more people are using it in order to make money.
Also, just quickly going back to my point about SOME government policies being found to be unlawful,
I know itâs not on the same subject, I am posting this to show you that the government can make mistakes and they are not always lawful on some of the things they propose. 3 judges found the ex home secretaryâs proposal to be unlawful and forced her to change it in order to avoid a humanitarian crisis.
You mean the guys you helped when pretending crypto was TEH FUTUR ?
NFT, just like crypto, is a ponzi. If you say âlike art collectionsâ, I agree with you.
But just like I donât want art to disappear, I donât think crypto currencies should. People must be aware though, that any investment in crypto is a loss. Itâs interesting for its technological challenges, but it also has its own flaws, including (but not limited toâŚ) being deflationary, consuming a huge amount of electricy, being highly volatile and as such prone to manipulation, being used for criminal activities.
Laws can evolve, the programs can be changed, but it may also be impossible to fix some issues without making it plainly unusable.
As long as crypto exchanges who are happy to exchange crypto for fiat exist then it is not.
Crypto doesnât have to be invested in to be useful, I use BTC for some of my transactions for example, I buy ÂŁ20 or ÂŁ30 or ÂŁ50 worth of crypto depending on what I am buying, itâs sent to the retailer then I get the item I ordered.
You need to stop promoting crypto as an investment when it is not only that, BTC factually has over 350k transactions per day, if it was only an investment as you seem to be saying then many of these transactions wouldnât exist.
So, if one has no use for a higher level of security/privacy in transactions then it is actually okay to ignore crypto. If we look at the psychology of this it seems people donât want to miss out on making money so we may find many people have invested just because they donât want to miss out on the âcurrency of the futureâ and the prospect of making money.
The FTX ponzi scheme was a mess, as we can see SBF is being dealt with harshly and will most likely face life in prison. So I say good luck to anyone looking to fleece people using crypto.
The reasoning behind âdeflationary currency badâ is usually completely flawed.
But in any way, various crypto currencies have various monetary policies. For example Doge or Monero will issue new coins forever and hence always have inflation. Bitcoin on the other hand will stop issuing new coins at some point far in the future and have no inflation, itâs only deflationary because of coin loss.
Unlike crypto people, who would say those judges donât understand âhow it worksâ and how âremoving migrantsâ is all about âprotecting their privacyâ.
See, itâs funny how you complain about the âebil gubernmentâ then literally show the failsafes there are in the system while proposing a system without failsafes⌠which you claim is for private money sending, wile you lieterally at the same time post videos showing you clearly mining anything for dank profits while posting it on youtube because⌠privacy :D"
So your logic is âcrypto is not a ponzi scheme if people can buy coins there for real moneyâŚâ wow.
He does not say that, why do you keep posting random things like that. Itâs a security, Twitter founder and long-term Bitcoin advocate Jack Dorsey claimed on Twitter that Ethereum [ETH] is a security and his comments have created a furore. Dorsey responded with âyesâ to a question asking if ETH is a security. Anyways, itâs up to the SEC to check how itâs being promoted and sold⌠not whatever you as a armchair judge this it means.
Yes, another lie. Every part of the crypto is promoted by people lying or people being delusional. But thatâs just the facade of the people who go trapped in the slavery of crypto.
Bitcoin hasnât been around long enough to prove whether itâs genuinely an inflation hedge and a store of value. Despite its scarcity, the price of a cryptocurrency like bitcoin is still mainly based on investor sentiment.
26.467,10USD -3.612,50 (12,01%) and the USD inflation is 6%? Why is BTC continously dropping steeply (it will increase a bit soon followed by the rugpull, but still) it should be shooting up in response to the value of the dollar going down and intrest rates going up⌠but you know that too, you just post counterarguments hoping 1 person would but 1 satoshi and you get your share of the profit. And soon a lot of people will enter the work market and they will have it hard, and youâll be there, smooth talking them into throwing their real money into the âsleep-while you make moneyâ cry^pto scheme⌠itâs time for a new layer in the pyramid, if it stops, a lot of very rich people will be unhappy!
I was talking about monetary inflation (amount of coins) and not purchase power.
Yeah, I donât think this is disputed by anyone
Because of what you just said, its price is mainly based on investor sentiment. It is regarded as a high risk asset and that combined with the fact that it is a 24/7 highly liquid market, it is one of the assets that gets sold first if the markets start to look dodgy.
And who should pull the rug exactly? There is no one who can just print coins.
The dollar has record high interest rates and all the market participants are still wondering if we are in a recession, will go into a recession or what else will happen next. Itâs not an environment where any high risk asset does well.
I can assure you that Iâm not interested in selling Bitcoin for fiat currency. Bitcoin is my insurance, itâs my 4th retirement pillar so to speak for the case the other three donât make it until I need to use that money. So Iâm rather fond of the price staying low while I still accumulate.
