"Fortune Favors the Brave" or "The West is Full of the Graves of Pioneers"?
The SEC is a criminal organization whose purpose is to ensure the finance criminals are not harmed by anyone else.
Yet another example of our federal government serving criminal enterprises while screwing the American people.
SEC press releases read like they were written by the Babylon Bee.
I call it Bit-scam.
Caveat emptor.
I read and see your points. Is it possible or even likely though, that an implosion will never come for this item of trade?
Full disclosure; I have a spot of investment in Dogecoin.
And let’s not forget allowing ESG investments.
"Fortune Favors the Brave" or "The West is Full of the Graves of Pioneers"?
Any crypto-currency is the ultimate vapor-ware. It exists only in a stream of bits and bytes that can be permanently lost.
That said, world governments in general (not just the US) don’t want to crypto’s to succeed - they don’t like the competition, as crypto’s act like an alternate currency. That is that they offer a convenient method of value storage and exchange. Governments also don’t like them as they are easily converted to actual currencies around the globe, and are largely anonymous. In other words, ideal for money laundering and illicit payment activity.
And, of course, “special interests” hate them. Imagine what would happen to credit-card companies, merchant processors, banks, bank networks (SWIFT), etc. if you could bypass them and their fees on transactions.
So there is tremendous political pressure to disallow them as a category. BUT, if you could give the (US) government an ability to monitor payments globally, they’d find a way to support it.
If you think Bitcoin is a scam, or if you think Etherum or Solona are SCAMs, then take a minute to understand how they are being used.
Besides BTC having been outside of government regulation, the other two are the backbone of the financial services telecommunications network.
Blockchain is transparent. Blockchain is fast. The fastest secure blockchain will be the one most adopted.
These communications protocals are being used by Governments and every telecommunications industry to move, store, validate information.
My final position in the USG was in a cryptographics services branch. Bitcoin is simply a seed code blockchain. It is for all intenets and purposes the same as what NSA issues for secure communications.
In 1977 timeframe Japan launched a geostationary satellite which was used for banking and financial transactions. At that time the Japanese Government knew that a charge of 1/100th of a cent or some miniscule amount was charged for every VISA or credit card transaction. Japan recouped the costs in the first year. Today, the communications protocals used in banking and finance are being adopted from Etherum and Solona.
Crypto is not all just about speulation or junk coins.
Many people have no earthly idea what is behind the communications race and the part the companies like Etherum or Solona play and their down-system technologies - all they know is COINs, CryptoCoins, Bitcoin. Aside from the Asset Bitcoin, these technologies are funded by issuing crypto coins following the idea of the Bitcoin founder, Satoshi Nakamoto (of course today his Genesis wallet just took 26M yesterday, the only transaction in over 10 years).
Many of the coins, in fact most are SCAMS. However, do not make the mistake of thinking all of it is a scam.
The saddest day in the history of Bitcoin was yesterday. The USG has now created the mechanism to keep BTC from becoming the people’s currency internationally. All the ETFs are sucking up all the BTC becoming available on exchanges. At some point these ETFs around the world will be able to achieve two possible outcomes.
1) Governments will recall all BTC like the US did with Gold
2) BTC will end up like the mineral asset class, more specifically Gold or Silver, and it will never trade on par with the dollar/fiat worldwide.
Gold is worth today, on exchanges, about what it was worth anytime in past 23 years; if gold were truly a store of value it keep pace with inflation which it DOES not.
For now everyone is thrilled. The only value BTC will have going forward is what the Government directed pricing will be. Enjoy the wild ride up for the next couple of years as the governments of the world recon with this fiat buster. It may triple in value a couple times of year for the next four or five years while everyone gets a cut of the fee structure, and people’s investments. It is now regulated.
If you have BTC get it off exchanges onto Ledger type devices, and imprint your keys into metal and make backups of the transactions in paper and video file format. Keep it in a high temp fireproof safe.
If you don’t have BTC get yourself 1/10th of BTC even if you have to finance it. If you think that’s too rich then get some Solona which is sold by the “bit” so you could purchase a hundered dollars a month on Coinbase.com automatically.
If you spend $5000 on BTC or SOL or Tesla stock, if you can afford it with your tax return or on a credit card, it will be the best store of increasing value at this time.
“Any SEC approval that allows Bitcoin to trade on a US listed exchange and cloak itself under the guise of an asset is a farce on it’s face and a stain on the reputations of our government and exchanges. “
Actually, Bitcoin was birthed as an alternative to governmental assets which have been created out of thin air with deleterious effects worldwide. As long as Bitcoin is perceived as having value and is fungible, it will serve as real protection from the utter fecklessness of government controlled currencies.
Why is my money invested in New York, with crooks, politicians, and used for the pervert and woke agenda?
A long time young friend told me he was buying 20 acres and going to the bank for financing. I told him I was interested in financing it if he was. We can cut out the middle man and both win with this.
Is there risk in this? Not much if I have a mortgage. Definitely less risk than wall street in my opinion.
Investing in individuals and the local community used to be the way we did things. Then they told us institutional investing was better.
None of which is an Art 1 Sec 8 duty for the Federal Government.
Here is a piece written by an SEC governor. It doesn’t paint a good picture of the process.
https://www.sec.gov/news/statement/peirce-statement-spot-bitcoin-011023
The process of approval by the SEC should be a case study in government control and ineptness.
The SEC lectures on how it is there to protect the population. They actually post a tweet saying not to believe stuff on the internet—but rely on the SEC sources. Then…they post a bogus tweet because the chair of the SEC got hacked?
The are like dealing with children. I bet Gensler’s password was password. Friggin moron.