Roujin wrote:

They've stopped the laziest investors I guess but I have to imagine that if you are buying Bitcoin you are capable of working that out anyway.

For sure, it's the sort of hassle I'd only go in for if it led to Special Prize. Metal-mask logo or bust.

I dunno if there's more to it in China, though. If it's supporting a separate market then a ban seems pretty big in terms of global investment. If it has the foundation of widescale drug-dealing or whatever then it has a much higher chance of outlasting Johnny Investor, but how hard is it to get around that ban?

Brooks wrote:

legaldinho wrote:

I've now watched that Richard Heart interview in full. He actually has a total breakdown and shits on crypto, it's amazing. Dino and his mates should be forced to watch.

I was highly entertained. The de rigueur apoplectic chat feed being cherry on top.

I love how each currency seems to have its own group of idiot fanboys that kicked off whenever he’d give one a mention.

The new head of the Bank for International Settlements, Agustín Carstens, said bitcoin had become a combination of “a bubble, a Ponzi scheme 

Key word there is become, i don't think this was intended by creators of blockchain/bitcoin etc.

Also, i wouldn't buy crypto with credit card anyway, the exchanges charge you extra

Charlie some good news :

In order to ” bring transparency and integrity to these markets and, importantly, to deter and prosecute fraud and abuse”, the CFTC (Commodity Futures Trading Commission) and the SEC (Securities and Exchanges Commission) agree that they need to regulate AND embrace cryptocurrencies.

http://fliphodl.com/sec-cftc-reports-presented-tomorrow-super-bullish/

From the SEC chairman himself. Woh. Thats huge.

“I have spoken publicly about the potential benefits of the technology underlying Bitcoin, namely Blockchain or distributed ledger technology (DLT). Distributed ledgers – in various open system or private network applications – have the potential to enhance economic efficiency, mitigate centralized systemic risk, defend against fraudulent activity and improve data quality and governance.

DLT is likely to have a broad and lasting impact on global financial markets in payments, banking, securities settlement, title recording, cyber security and trade reporting and analysis. When tied to virtual currencies, this technology aims to serve as a new store of value, facilitate secure payments, enable asset transfers, and power new applications.

Additionally, DLT will likely develop hand-in-hand with new “smart” contracts that can value themselves in real-time, report themselves to data repositories, automatically calculate and perform margin payments and even terminate themselves in the event of counterparty default.

DLT may enable financial market participants to manage the significant operational, transactional and capital complexities brought about by the many mandates, regulations and capital requirements promulgated by regulators here and abroad in the wake of the financial crisis. In fact, one study estimates that DLT could eventually allow financial institutions to
save as much as $20 billion in infrastructure and operational costs each year. Another study reportedly estimates that blockchain could cut trading settlement costs by a third, or $16 billion a year, and cut capital requirements by $120 billion. Moving from systems-of-record at the level of a firm to an authoritative system-of-record at the level of a market is an enormous opportunity to improve existing market infrastructure.”

But not only the CFTC recognizes the intrinsic qualities of cryptocurrencies, they admit that they could have helped to avoid the 2008 financial crisis:

“Yet, while DLT promises enormous benefits to commercial firms and charities, it also promises assistance to financial market regulators in meeting their mission to oversee healthy markets and mitigate financial risk. What a difference it would have made on the eve of the financial crisis in 2008 if regulators had access to the real-time trading ledgers of large Wall Street banks, rather than trying to assemble piecemeal data to recreate complex, individual trading portfolios. I have previously speculated32 that, if regulators in 2008 could have viewed a real-time distributed ledger (or a series of aggregated ledgers across asset classes) and, perhaps, been able to utilize modern cognitive computing capabilities, they may have been able to recognize anomalies in market-wide trading activity and diverging counterparty exposures indicating heightened risk of bank failure. Such transparency may not, by itself, have saved Lehman Brothers from bankruptcy, but it certainly would have allowed for far prompter, better informed, and more calibrated regulatory intervention instead of the disorganized response that unfortunately ensued.”

In his conclusion, the SEC Chairman Jay Clayton says:

“Through the years, technological innovations have improved our markets, including through increased competition, lower barriers to entry and decreased costs for market participants. Distributed ledger and other emerging technologies have the potential to further influence and improve the capital markets and the financial services industry. Businesses, especially smaller businesses without efficient access to traditional capital markets, can be aided by financial technology in raising capital to establish and finance their operations, thereby allowing them to be more competitive both domestically and globally. And these technological innovations can provide investors with new opportunities to offer support and capital to novel concepts and ideas.”

The CFTC Chairman J. Christopher Giancarlo concludes like this:

“We are entering a new digital era in world financial markets. As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response. The evolution of these assets, their volatility, and the interest they attract from a rising global millennial population demand serious examination.

With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity. This hearing is an important part of finding that balance.

The link, fliphodl. Jesus. If you read the actual speech, slthe word "scam" occurs 24 times. "Ponzi" 43 times.

Otherwise, it's the same speech that I quoted a few pages ago to show that this space is already regulated. Which Dino didn't respond to. But fliphodl, bastion of journalism, spins it. For the clicks!

legaldinho wrote:

The link, fliphodl. Jesus.

Non-investors will be punished for sins in previous lives. Believers are recommended to invest in 3-5-2.

The report that website is quoting is from TODAY. there is a link on that url to a pdf which is a 70 page report presented by the SEC chairman to the US senate committee on banking, housing and urban affairs.

The report you quoted gonz isn't the same one.

More posts, same story

Still not getting why several people on here spend so much time attempting to prove crypto is a scam.
Someone (can’t remeber whom) suggested it was cause its tech and it’s a nerd forum which is fair enough but to the extent of posting repeatedly daily? Watching hour + long videos? Really???

This thread has turned into a “let me prove you are wrong and I am right” which is a trap many (myself included) fall into from time to time but this is sustained over a considerable period.

Why?

Because it's fucking hilarious.

Edit: out the way Daddy

We’ve been discussing bitcoin since it first appeared on the nerd radar probably five or six years ago. It’s probably frustrating in what’s supposed to be an enthusiasts thread to have a load of people come in and have dumps in it repeatedly. But this is the bear and badger and that is what happens here.

Now that is a burn, folks

If skiing being shit was all over the media and an ongoing current affairs debate.

Yeah it would be like that.

I prefer snowboarding for the record.

There is a hostile air in here

Liveinadive wrote:

If skiing being shit was all over the media and an ongoing current affairs debate. Yeah it would be like that. I prefer snowboarding for the record.

 
Fine - say it's the upcoming royal wedding which is going to be given significant mainstream media attention.
If there is a B&B thread on the topic with people looking forward to it why would you want to repeatedly post in there telling the enthusiasts they are wrong to spend their money sending them gifts?

I am genuinely interested in why people care so much about discrediting crypto to the extent they are giving up their free time to research the matter when they have nothing personally invested in it.