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Bitcoin and other crypto-The CR thread


GRHorn

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52 minutes ago, Brisketexan said:

Yes. It’s very important for Americans to have the unfettered freedom to send funds to support whatever cause they want. Why, just the other day, my bank would not execute my attempted wire transfers to the “Help ISIS obtain missiles that can hit the US” fund and the “Sponsor a car bomb to blow up a western embassy of your choice” fund.

My meaningful dissent was quashed. Absolute freedom to transfer value to people actively warring against the US via crypto is the key, and must be protected. Right?

USD cash money is by far most popular way to transact illicitly. We should ban that right?

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7 minutes ago, Mullet Free said:

USD cash money is by far most popular way to transact illicitly. We should ban that right?

Great thinking, Einstein.

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About half of international trade is invoiced in dollars, and about half of all international loans and global debt securities are denominated in dollars. In foreign exchange markets, where currencies are traded, dollars are involved in nearly 90% of all transactions.Sep 15, 2022

 

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USD cash money is by far most popular way to transact illicitly. We should ban that right?

We certainly ban electronic transactions of that sort (denial minutes in USD) for illegal purposes. On that point, the USD and crypto are/would be on perfectly equal footing.
Now, can I get paper dollars, stuff them into a briefcase, and smuggle them overseas to fund a terrorist? Yep. That’s also illegal. And, if the crypto bros come up with a way to create “physical crypto” (they probably already have, not realizing even 1% of the irony), that would also be illegal.
Of course, physical transactions (snuggling) are easier to stop than untraceable electronic transactions, so that has bearing on the issue.
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6 minutes ago, Brisketexan said:

Of course, physical transactions (snuggling) are easier to stop than untraceable electronic transactions,

Physical transactions of all kinds - not just snuggling -- have been banned at my house.

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It’s always a pleasure to see this thread bumped and see that some other freak or loon or boogereater endorsed crypto. RFK Jr.?  
 

I remember earlier we were seeing chest thumping because the Central African Republic (CAR) made it legal tender and now even the most Russian-y conflict riven failing state is ditching that experiment. 

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Honestly, when Russia invaded Ukraine and started genociding, resulting in financial sanctions, did anyone not think that GRHorn would use the situation as a direct advertisement for cryptocurrency? Few things have ever been as predictable.

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On 5/3/2023 at 2:31 PM, Mullet Free said:

Championing his “endorsement” is a stretch. I do think it is noteworthy that a candidate that is polling at around 20% against a sitting President is defending it though.   

Is that really a standard any person should use for anything? I think that will make Donald Trump one of the great authorities on everything.

My judgment: unwise.

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3 hours ago, 956 Worldwide said:

It’s always a pleasure to see this thread bumped and see that some other freak or loon or boogereater endorsed crypto. RFK Jr.?  
 

I remember earlier we were seeing chest thumping because the Central African Republic (CAR) made it legal tender and now even the most Russian-y conflict riven failing state is ditching that experiment. 

This thread in CR is for anything politically newsworthy. I’d say candidate with name recognition signaling this support qualifies. 

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7 minutes ago, Mullet Free said:

This thread in CR is for anything politically newsworthy. I’d say candidate with name recognition signaling this support qualifies. 

At issue is the weight you seem to want to lend to it. Sure, post it, but is your only opinion that it should be posted?

You seem to suggest more by repeating it as though Kennedy's endorsement should be somehow persuasive. Nobody here agrees with that so far. 

What. Is. Your. Point?

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Argentina is famously home to responsible politicians who understand and implement sound monetary policy. 

Seriously. “Monetary policy endorsed by leading populist Argentine politician” carries about the same weight as “Nova Scotia’s best tex-mex.”
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3 hours ago, 956 Worldwide said:

Argentina is famously home to responsible politicians who understand and implement sound monetary policy. 

I get that. Maybe this guy is the long overdue reaction to that? 
 

Argentina makes sense as a spot for the breakout of a pro Bitcoin national candidate in a sizable country. Worth following. 

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  • 2 weeks later...
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The Securities and Exchange Commission’s crackdown on crypto continues, with Chair Gary Gensler accusing the industry of suffering from “a lack of regulatory compliance, not a lack of regulatory clarity.” But in the agency’s bid to wrangle digital assets by classifying them as securities, it faces significant opposition from an unexpected source—the SEC of yesteryear.

Gensler recently claimed that all digital assets other than bitcoin BTC could be considered securities and could therefore be subject to securities law. But haunting the agency in its legal campaign against crypto are past statements and internal documents that are likely to present a much different opinion. The SEC has tried to keep these documents under wraps in its lawsuit against Ripple Labs. But a federal judge ruled last week that they be made available to the public. The decision marks a big win for Ripple and potentially an even bigger win for the industry.
...
Whether it’s the Hinman documents, the Coinbase IPO, or even Gensler’s previous praise of a token he now considers to be a security, the SEC cannot escape past statements and actions that contradict its current positions. And the weight of those contradictions is increasingly apparent to the court.

Case in point: Judge Torres has determined that the emails and documents related to the Hinman speech are “judicial documents,” which means she is likely to rely on them in rendering her final decision.

If Judge Torres ultimately rules in favor of Ripple, the decision would provide a critical legal precedent for the industry. It would insulate digital assets similar to XRP from being automatically labeled as securities by the SEC. And it would all but force the agency to back down from its regulation-by-enforcement approach that is driving crypto investment offshore.

https://www.forbes.com/sites/digital-assets/2023/05/21/ripple-effects-from-sec-suit-could-strengthen-coinbase-litigation/

Potentially huge ramifications for the Biden administration's war on crypto.

Edited by bernorange
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26 minutes ago, bernorange said:

The problem you're gonna face is that we've already seen what happens when you don't regulate crypto as a security: you SBF'd in the A by some fraudulent sentient mop getting cute with overly complex financial instruments tied to crypto

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2 hours ago, bernorange said:

It goes without saying that I’m not a lawyer, but my understanding is that the Howey Test is how it’s been that you determine if something is a security. Imo it’s pretty clear that just about all cryptocurrencies are securities. XRP specifically is a monumental scam. That said, the lack of clarity and selective enforcement by the government makes me think the SEC can go pound sand. 
 

2 hours ago, Captainant said:

The problem you're gonna face is that we've already seen what happens when you don't regulate crypto as a security: you SBF'd in the A by some fraudulent sentient mop getting cute with overly complex financial instruments tied to crypto

Don’t put money on cryptocurrency exchanges in the Bahamas. Don’t be stupid. 

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Just now, Mullet Free said:

Don’t put money on cryptocurrency exchanges in the Bahamas. Don’t be stupid. 

Silicon Valley Bank didn't put any money into a Bahamian exchange but they still got taken down by the destabilizing effect of tens of billions of dollars in fraud. 

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39 minutes ago, Captainant said:

Silicon Valley Bank didn't put any money into a Bahamian exchange but they still got taken down by the destabilizing effect of tens of billions of dollars in fraud. 

How was Silicon Valley Bank the fault of FTX? Or am I misunderstanding your point?

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3 minutes ago, Mullet Free said:

How was Silicon Valley Bank the fault of FTX? Or am I misunderstanding your point?

It wasn't the direct fault, but allowing FTX to grow as quickly to the size that it did was a failure of regulation that destabilized the market and spooked enough depositors into a bank run. A bunch of money came out of the bank to cover losses from other exposure to FTX.

I'm mainly trying (in vain, I'm sure) to point out that your right wing trope of """personal responsibility and choice""" to just simply choose to not do business with FTX doesn't insulate you from their malfeasance. We all share the same economic system, and when THAT MUCH money just evaporates into a fraudulent fog, it sends shockwaves that can harm uninvolved 3rd parties.

That's a major problem with crypto in general. But it does fit nicely with the "fuck you I got mine" mindset that cryptobros and russian shills tend to put on

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16 minutes ago, Captainant said:

It wasn't the direct fault, but allowing FTX to grow as quickly to the size that it did was a failure of regulation that destabilized the market and spooked enough depositors into a bank run. A bunch of money came out of the bank to cover losses from other exposure to FTX.

I'm mainly trying (in vain, I'm sure) to point out that your right wing trope of """personal responsibility and choice""" to just simply choose to not do business with FTX doesn't insulate you from their malfeasance. We all share the same economic system, and when THAT MUCH money just evaporates into a fraudulent fog, it sends shockwaves that can harm uninvolved 3rd parties.

That's a major problem with crypto in general. But it does fit nicely with the "fuck you I got mine" mindset that cryptobros and russian shills tend to put on

You’re REALLY stretching to link SVB and FTX.

I’ll give you the real link. They were both caused and enabled by the Fed. 
 

Over a decade of low interest policy and pumping markets led to large amounts of speculation and straight up gambling.  That’s how you got ever expanding crypto bubbles which culminated in FTX. People have more money to throw around so they buy cryptos. Easy money and low rates allow VCs to back entities like FTX without doing due diligence and ignoring massive red flags. 
 

Prolonged easy money also led to financial market complacency with banks like SVB parking huge amounts in bonds that then tanked and took down the bank when the same Fed raised interest rates quickly to try to fix their mistakes. 
 

It’s the Fed, stupid. 

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International securities watchdog IOSCO unveiled on Tuesday the first global approach to regulating cryptoasset and digital markets, drawing on lessons from last year's collapse of the FTX exchange that fuelled concerns over consumer protection.

...

https://www.reuters.com/business/watchdog-proposes-first-set-global-rules-crypto-sector-2023-05-23/

The actual proposal:

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD734.pdf

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  • 2 months later...
  • 2 weeks later...
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Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), has secured a second landmark win for the crypto industry against the U.S. Securities and Exchange Commission (SEC), following Ripple’s favorable ruling last month, broker Bernstein said in a research report Tuesday.

A federal court ruled on Tuesday that the SEC must review its rejection of Grayscale’s attempt to convert the GBTC into an exchange-traded fund (ETF).

The ruling “likely clears the path for a spot bitcoin ETF,”  and increases the chances that the SEC might approve all the current applications together, analysts led by Gautam Chhugani wrote.

https://www.coindesk.com/policy/2023/08/30/grayscale-victory-against-sec-clears-path-for-spot-bitcoin-etfs-bernstein/

~~~

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A New York court classified popular cryptocurrencies ether (ETH) and bitcoin (BTC) as "commodities" while dismissing a proposed class action lawsuit against leading decentralized crypto exchange Uniswap in a Wednesday filing.

The lawsuit – filed in April 2022 by a group of investors against Uniswap and its creator Hayden Adams – alleged the DeFi platform violated U.S. securities laws by failing to register as an exchange or broker-dealer, offering and soliciting securities on an unregistered exchange. The suit sought to hold Uniswap accountable for investors losing money to “scam tokens” that were issued and traded on the protocol. The tokens cited in the suit include Ethereum (ERC-20) tokens EthereumMax (EMAX), Bezoge (BEZOGE) and Alphawolf Finance (AWF).

But Wednesday's ruling to scrap the suit before it goes to trial stated the true defendants of the case were the issuers of the "scam tokens" in question and not Uniswap. While Securities and Exchange Commission (SEC) Chief Gary Gensler has so far shied away from calling ETH a security, Judge Katherine Polk Failla of the Southern District of New York directly called it a commodity and declined to "stretch the federal securities laws to cover the conduct alleged," in the case against Uniswap.

The court's opinion on its dismissal of the class action suit could influence future litigation against decentralized protocols and perhaps even those alleging violation of U.S. securities laws.

Judge Polk Failla also oversees the SEC lawsuit against Coinbase.
...

https://www.coindesk.com/policy/2023/08/31/us-court-calls-eth-a-commodity-while-tossing-investor-suit-against-uniswap/

The courts don't seem to be on board with prosecuting the war.

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  • 1 month later...
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... House Majority Whip Tom Emmer has taken the lead in these efforts to combat Gensler and the SEC by introducing an amendment to the Financial Services and General Government appropriations bill. If enacted, this rider would prohibit the SEC from using taxpayer dollars for illegal enforcement actions against digital assets without clear legal authority.

The importance of this rider cannot be overstated, and The Blockchain Innovation Project, a bipartisan advocacy organization designed to educate elected officials on digital assets and blockchain technology, supports the adoption of this rider. At a time when many Americans can hardly reach a consensus on anything, Republicans and Democrats can agree that the overbearing nature of Gensler’s SEC is unacceptable.
...

https://www.coindesk.com/consensus-magazine/2023/10/02/congress-cant-let-gary-gensler-regulate-digital-assets-out-of-existence/

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  • 2 weeks later...
  • 4 weeks later...

Lulz. 
 

https://amp.theguardian.com/technology/2023/nov/06/guests-bored-ape-event-hong-kong-vision-problems 

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The company behind the Bored Ape crypto art craze is looking into reports that people have been suffering from eye burn, extreme pain and impaired vision after attending one of its events, which was lit by UV lights.

The ApeFest festival is held every year for members of the Bored Ape Yacht Club, AKA Bored Apes, who have invested in a collection of 10,000 non-fungible tokens (NFTs) featuring computer-generated profile pictures of cartoon apes.

More than a dozen people who attended last weekend’s ApeFest in Hong Kong took to social media afterwards to complain that they were suffering from eye pain and vision problems.

One attender posting on X, formerly Twitter, under the handle CryptoJune, wrote: “Woke up in the middle of the night after Apefest with so much pain in my eyes that I had to go to the hospital … Doctor told me it was due to the UV from stage lights. I go to festivals often but have never experienced this.”

 

The speculation is that they used sterilizing UV lights and not the fun “black lights.” But don’t worry, only about one percent of attendees were blinded. 
 

 

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2 hours ago, 956 Worldwide said:

Lulz. 
 

https://amp.theguardian.com/technology/2023/nov/06/guests-bored-ape-event-hong-kong-vision-problems 

 

The speculation is that they used sterilizing UV lights and not the fun “black lights.” But don’t worry, only about one percent of attendees were blinded. 
 

 

Nothing more hilarious than crypto libertarians blinding themselves at a party because they were too cheap to pay for skilled lighting riggers

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On 11/6/2023 at 7:44 PM, 956 Worldwide said:

Lulz. 
 

https://amp.theguardian.com/technology/2023/nov/06/guests-bored-ape-event-hong-kong-vision-problems 

 

The speculation is that they used sterilizing UV lights and not the fun “black lights.” But don’t worry, only about one percent of attendees were blinded. 
 

 

Did GRHorn fly in from Russia for this debacle? 

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Joana Cotar, a member of the German Bundestag, federal parliament, has recently declared her support for recognizing Bitcoin BTC as legal tender in Germany. This revelation came to light during an interview, where Cotar discussed her ambitions to bring bitcoin into the mainstream of German finance.

Cotar revealed her intentions to spearhead a "preliminary examination" to craft a legal framework that would formally recognize bitcoin in this capacity.
...
Cotar's position also includes a clear stance against the digital Euro. She sees bitcoin as a more suitable digital asset for the country, primarily due to its decentralized nature and potential to enhance financial freedom and privacy. Cotar has expressed concerns about potential surveillance and overreach by central banks. She fears a digital euro could lead to total monitoring of citizens and advocates for financial privacy, drawing parallels with China's social credit system as a cautionary example.
...

https://www.forbes.com/sites/digital-assets/2023/11/17/bitcoin-as-legal-tender-joana-cotar-of-german-bundestag-proposes-groundbreaking-legislation-in-germany/

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Senator Ted Budd (R-NC) has introduced the Keep Your Coins Act, which would protect an individual’s right to conduct transactions with cryptocurrency assets without the need to utilize a third-party intermediary.
...

https://www.budd.senate.gov/2023/11/07/budd-introduces-bill-to-empower-individuals-to-control-their-own-digital-assets/

House version introduced in July 2023:

H.R. 4841: Keep Your Coins Act of 2023

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On 11/17/2023 at 8:52 AM, bernorange said:

Hmm.  What kind of person is this Cotar, anyway?

Quote

According to her account, she left the AfD on 21 November 2022. Cotar cites "the close proximity of leading AfD officials to the President of the Russian Federation" as reason for her resignation.

AfD, you say?

Quote

far-right party AfD (Alternative for Germany), was interviewed on Russian TV by the propagandist Vladimir Soloyvov. Kotre accused Western media of stirring up their populations against the Russian regime. He claimed that a significant proportion of Germans did not support the delivery of heavy weapons to Ukraine. His appearance on Soloyvov’s show, and his comments, sparked a wider debate in Germany about the AfD’s relationship with Russia.

 

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  • 1 month later...

That's pretty stupid - there's already a "digital dollar" via digital central banking. He's playing fear games to get useful idiots mobilized.

 

Say GRUhorn, aren't you supposed to be banned from this site? After your games of posting russian disinformation for years nobody takes you seriously anymore anyways

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27 minutes ago, Captainant said:

That's pretty stupid - there's already a "digital dollar" via digital central banking. He's playing fear games to get useful idiots mobilized.

This interview is from 2022. She is giddy over it.

 

 

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32 minutes ago, Captainant said:

That's pretty stupid - there's already a "digital dollar" via digital central banking. He's playing fear games to get useful idiots mobilized.

 

3 minutes ago, Hal Finney said:

This interview is from 2022. She is giddy over it.

Oprah.gif.a9c6a89a6cf6199e8a1d2ba51f052ec4.gif

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1 hour ago, Hal Finney said:

 

Taking a position directly opposed to Liz Warren and Dems. 

Imagine believing that a man who openly states that he wants to pull the licenses of broadcasters who don't broadcast his speeches (as just one example of his open plan to impose an authoritarian state) will ALSO be a champion of freedom and liberty and no government interference/action.

Imagine being that fucking stupid.

 

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