In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.
“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”
Finally, some good fucking news.
I don’t care how much you hate it, start stocking up on BTC and ETH now. $1,000,000 BTC, here we come! :D
Fuck that buy xmr.
Not because you should invest, but because you’ll need a way to pay for mullvad and diy E, considering everything else.
This isn’t good news for the crypto market. MAYBE in the short term.
But if you want it to actually grow, then you should want reasonable regulation.
Sounds like another pump and dump scheme to inflate prices of popular crypto, which trump and his buddies already bought cheap, sell high, and then reverse the process after profits have been made. All this guy knows is money. It’s not even the value, just getting a payday is his high.
So to match the fraudulent government, the USA is going to have an entirely fraudulent market and soon after an entirely fraudulent currency.
🌍🧑🚀🔫🧑🚀
soon? it always has been. Does no one remember the whole CDO shit? buying insurance on bullshit loans or packaged loans/debts of quite literally shit? no one knew what the fuck was in those things, literally no one. The rating agencies would rate these things and have no fucking clue what the hell they were. They handed loans out like halloween candy to Americans just to get more shit into these things.
the US Market has been fraudulent for decades.
I would argue that the market has been fraudulent for some time now, but otherwise yes
Got even worse after the Terra blockchain collapsed. Pretty much popped the first bubble in a day.
Oh no, I meant the regular market. So both markets basically.
Fair enough. xD
The only surprising thing is they didn’t also whisper, “We’re gonna get so stinking rich off this!” at the same time.
Crypto should want more regulation and they should want the public educated on why this makes crypto safe.
Crypto is already largely seen as a scam, one that many privately mess with, but this won’t help that perception.
Crypto is already largely seen as a scam,
It’s more than seen as a scam.
It is known
You had me in the first half, not gonna lie.
Fuck the haters—you don’t have to pander to them. I like crypto too, and I don’t give a flying fuck how many times I get downvoted for saying that.
Investing in BTC and ETH has made me thousands over these past 3 years or so (I can send screenshots as proof to any naysayers). All because I ignore the haters and keep stacking sats. So why the fuck would I listen to anyone who calls it a “sCaM”? But I digress; it’s not my fault that people are stupid.
lol it is a scam
Well this is obviously going to go swimmingly.
Deregulate? Because there’s oh so many regulations already?
yep just like all the AI regulations they’re deregulating.
It appeared that there had even been demonstrations to thank Big Brother for raising the chocolate ration to twenty grams a week. And only yesterday […] it had been announced that the ration was to be reduced to twenty grams a week. Was it possible that they could swallow that, after only twenty-four hours? Yes, they swallowed it.
I hate how words don’t mean anything to these people, and their shitbrained followers eat it up.
What could go wrong?
Oh… y’know
I feel like there was a time when we messed around with unregulated banking before.
I don’t remember what happened though…
Huh. Oh well.
Hey, yaknow what’s a funny word? “Contagion”. Hehe. What a weird word.
What was I saying? Eh, it’ll be fine.
…what was the point of the crypto bill the right wing just pushed through, then?
Oh Boy, it’s Great Depression 2: Electric Boogaloo!
Whoohoo Viva Ponzi baby!
Edit: But also very little is being said here.
Those greedfuck assholes. Never fucking learning anything.
Genuine question, is crypto good for anything other than gambling at the moment? I don’t ever hear of anyone buying anything with crypto, only exchanging it out for USD. NFTs are basically a punchline now… what is it actually good for?
It’s a really good way to bribe politicians and public figures.
It’s traceable and immutable. It’s a bad way to do anything illegal.
Didn’t Newegg have some kind of crypto payment option? Do they still have it?
I funded my entire gaming pc with bitcoin, I believe they still accept it
It’s a good way to launder money. The used to sell coke to fund off-the-books CIA operations, now they can just give them shitcoins.
Bitcoin is the only cryptocurrency worth owning really. All the pump and dumps/rugpulls you hear about are about “shitcoins”.
Plus word is Square and PayPal will start to implement bitcoin payments to their services very soon
Bitcoin has become a reserve currency like gold, without the heavy weight
Currency has stable and usable value.
Bitcoin has neither of those.
You mean the value that crashed like 30% over two years? At least bitcoin went back up
It rebounding and crashing by hundreds in value like a meth head on caffeinated cocaine laced with LSD is what doesn’t make it a currency.
No one wants a shit currency where one day a donut costs 1000 and the next 2000 and on the weekend it’s either 599 or 3999.
That’s why it’s at best a speculative asset, except it’s dumber than that because it’s intangible. It’s like the long term stupidity of fiat mixed with insane instability, all while using way more resources.
Same thing happened to the Argentine peso, let’s not pretend if you make a government currency it’s magically stable
The Argentine peso crashed and then stayed down. That’s actually a sign of stability, because it’s remaining at a constant, not jumping up and down wildly.
It didn’t crash only to go back to original value to the decrease by half and undulate like a wave, like Bitcoin and other crypto does.
What are you talking about? It crashed, then crashed again, then crashed again. How is that stable?
Honestly this is bullshit. In 1880s China they’d sometimes use thousand years old coins to pay for stuff. Coins of fucking non-standard weight and value! With symbols of sometimes dead writing systems (like Tangut). And still that was currency. EDIT: I mean, BTC is volatile, but not that bad.
BTW, I once had an idea of a truly decentralized electronic currency without proof of work and all such, with plenty of emitters, signed transactions and coins of different emitters and parties or partitions having different value, determined via market mechanisms. Like automatic haggling on every transaction, a bit the way MMORPG markets have it, except, eh, they still have some fixed currency, and here it would all be relative.
For all the inconveniences it would have two very good traits - no blockchain and no power effect (like the majority of the network deciding something or premined coins). But this isn’t important because GNU Taler people have made basically a similar, but far better, system than what I imagined, and theirs actually exists.
1 Bitcoin used to be with less than a dollar.
Now it’s thousands of dollars.
It’s also lost thousands of dollars in value.
It hasn’t even been 2 decades.
There’s never been ANYTHING that volatile and unstable aside from maybe fucking tulips.
Well, it should have went to some value from no value. So initial volatility was to be expected.
While the current volatility - I don’t know, I guess it’s because a transaction is expensive and takes some time. If transactions would cost almost nothing and were almost instantaneous, I’d expect the volatility by now to not be very big. And if there were no premined coins, of course.
And if there were inflation built into the system. BTC proponents boast how it having no such artificial mechanism is good.
They, 1) don’t understand that having inflation stabilizes a currency, because there’s a stimulus to spend practically and not as part of speculation, 2) don’t understand that what they would want to imitate, gold, has inflation too.
So - inflation and cheap and fast transactions are what would make BTC less volatile. It would be a less lucrative speculative asset.
The reason for volatility is that any such concept at scale is subject to just the messiest lump of evolving opinions on everything. It will deflate, inflate, deflate wildly because it’s utterly subject to the whims of the people without any mechanism to counter a lack of mass consensus on what ‘value’ is.
We started noticing as things scaled up, there needed to be some regulatory management to counter the whimsical populace. Hard to fight mass inflation or deflation when you can’t do anything to manage the “money supply” to offset panic.
Well, I’ve thought of a bit of an alternative, but that’d be more like digitally assisted barter with automated haggle and escrows, than like money.
So - inflation and cheap and fast transactions are what would make BTC less volatile.
Yeah, and we have that…
It’s called fiat currency 🙄
Fiat currency is controlled by central banks and nation-states. Obviously.
If things go as they do, then it’ll be your only option soon to pay for porn.
Yes. Can you imagine my surprise when my drug money suddenly became mainstream? You could also buy weapons and order an assasin online.
Where tf do you order an assassin online? It’s an FBI agent on the other end for sure.
Yes. There are a few legitimate non gambling non crime uses. But those are typically very minor transactions. The problem is that it is somewhat anonymous and not refundable. It turns out that we really do want those features for almost all medium-high price purchases. Otherwise the thieves and scam artists will jack our shit.
Sui specifically is a unique horse in this race, as they are trying to really push for zero knowledge/trust models as well as what is known in cryptography spaces as multi party computation.
What this all effectively means long term is several things
- moving between one cryptocurrency on one chain to another can be done without trusting a 3rd party ‘bridge’
- you still retain control of your assets on cryptocurrency exchanges utilizing the tech instead of trusting some 3rd party like Coinbase or Charles Schwab to fulfill their end of the bargain
- with the raise of the bs porn ID laws, this tech coupled with the unique dynamic NFTs sui has could generate you a proof token that has your personal info hidden after verifying with some trusted company handing these token out and being able to use them at sites to prove you are an adult without revealing your name.
The problem with all of this of course is it is very new tech, and it’s hard to break into a space that’s littered with scammers running pyramid schemes or just pulling the rug out from under people and running with the money.
The tech is there to eliminate a lot of unnecessary middle men in the financial world, but like all shiny new things, it is still lacking mass adoption and formal govt rules around it. This greatly limits the utility of this for the common man to just sending money to friends who have an exchange to cash them out or just paying for things visa won’t let you, like Pornhub or something.
It’s easy to transfer to other countries. Ever tried to send $20 to another country like Kazakhstan? It’s a nightmare
Crypto (ETH and the like) is useful for it’s protocol, you can build projects on it.
Bitcoin is a good store of value, and with lightning payments starting to be accepted it could be a good way to pay for goods and services. The third world is currently using lightning to circumvent inflationary currency swings.
I used to buy a lot of pizza and burgers with bitcoin when I did night shifts. Still use it to buy electronics at least once a month.
It’s also the best way to donate to nonprofit projects. I can just send ~ $10 of value, one time. No need to risk accidentally signing up for a monthly subscription or being bombarded by spam.
If you don’t keep 100% of your monthly budget in BTC, you don’t really care about the volatility either, because long term it always goes up.
None of your examples are examples of what it is good for, since they can all be done by other means.
It was great to trade and move value around. You could send to other countries, or do work for it. But Bitcoin fucked it all by basically being a ponzi scheme. People below will talk about it and how it holds or increases in value. Thats because most people are still buying in and hording it. Making it terrible as a currency.
I never bought crypto, I only traded, bartered, worked for it. I never put it on an exchange or used another company. Another sink of value and a stupid place to keep it. But that is the vast majority of people now.
So it is not good for anything anymore. Except speculation and hoping your are not the last holding the bag.
Bitcoin specifically was never meant as a currency. There is a reason why people call it “digital gold”. I do find myself hesitant to buy it since people buy it with the goal of getting rich, it ruins the entire point.
In theory I actually love the idea of Bitcoin, something independent of resources. I know that sounds weird, but the moment asteroid mining gets big, traditional money storage will get rocked, hard. While something like Bitcoin, in theory, would be safe.
I see deregulation as generally a bad thing if you want any of this to be taken seriously and not be manipulated. At least, for most of them. In theory you could have a crypto that is very resilient to manipulation, I just don’t know if that exists right now.
Bitcoin specifically was never meant as a currency.
Sure it was, look at the name of Satoshi’s paper: Bitcoin: A Peer-to-Peer Electronic Cash System
Um ackchually by electronic cash they mean like bearer bonds, irreversible but not necessarily usable at all.
I’m going to go ahead and not worry about asteroid mining
Monero is good for completely private and secure transactions. People often use it to buy drugs online… From what I’ve heard.
Don’t a lot of platforms online not let you buy Monero because of this? Like how do people buy Monero through a reputable source?
Buy a reputable cryptocurrency then swap that for whatever you want.
It’s not untraceable, but it’s way more anonymous for routine purchases than CC. Also with all the nonsense the CC companies are pulling lately, it’s a nice example of why de-centralized, unbanked fiat has real value. Personally I use it for search engine subscriptions and paying VPN fees with at least a layer of “hey, you can’t sell my demographic data or send me junk mail” privacy. Also if you want to send money to someone without using venmo type garbage, it’s super easy and flexible even if you don’t have the same type of crypto as the person you are sending to. It’s huge for sending money internationally as there are big fees associated with international money brokers when involving traditional fiat.
The mantra of crypto as a scam is wrong. It’s just seriously overvalued and has been turned into scam as an investment commodity. The technology itself, at least modern scalable versions that don’t require AI level nuclear power plants to scale, is not flawed. The fact that the archiac unscalable bitcoin prototype is still the most valued is a great example of the mismatch between real world value and the fucked up crypto marketplace.Monero absolutely is untraceable
The fact that scams persist on blockchain is an unfortunate side effect of the whole uncensorable thing…
So. Which one would you advise? To use for the purposes described.
I’d use ethereum with a USDC token for anything that didn’t need to be ethereum specifically. Then you’re not subject to the volatility of the crypto itself, but still gain the ability to pay for things or transfer money globally. Unless you actually want the crypto exposure of course.
If you wanted stronger privacy, you could put the ethereum/usdc through Tornado Cash first. The SEC tried to sanction it and lost in court.
Also staying in USDC is easier for tax purposes.
It was supposed to be the very thing that Paypal become (probably Elon hedged his bet on it after getting kicked) but it became so inefficient with expensive transaction fees that everyone turned it down. As a consequence, it became turned became a worse version of the stock market.
Mind you, this was before we even before we knew environmental damage.
Maybe if you want to buy something visa, Mastercard, and Christian nut jobs don’t want you to have. Otherwise it’s a total scam.
Assuming you can find a buyer who will process that crypto, without touching either of those payment processors. All the crypto evangelists seem to forget the major crypto payment platforms are in use because you can actually rapidly exchange your crypto for that thing you can actually pay your rent with - but those function largely on the backbone of big payment platforms to trade that crypto into cash for the merchant.
Its good for evading the law.
You can anonymously buy things on the dark web with monero. I’ve been looking to buy gift cards so I can purchase things anonymously. I believe you can even pay for Mullvad with monero
I believe you can even pay for Mullvad with monero
You can
speedrunning the destruction of the us economy and the fall of the us. you love to see it.
