True - but let me help you step out of your crypto bubble a little
Amazing how you think everyone else demonstrates bias but not your good self
I won't need an essay to respond to the essay that you've written. The bottom line is that the SEC won't be determining anything here. In fact, that has been the issue with them all along anyway, their refusal to provide clarity. It's the courts that will do so (and maybe Congress eventually). It seems this can only move forward imperfectly, but make no mistake that it is a move forward. It adds clarity. Digital assets are not in and of themselves, securities. It depends on how they're offered. Now market participants and would-be market participants (who wouldn't go near it because of the regulatory uncertainty up until now) know this.
The offer of such assets by exchanges isn't an unregistered security offering. The offering via VCs is.
As you know Tecate Ripple is a side show....its one token in sea of illegal tokens....there are 5000, 10000 tokens out there.
Just so that its not lost along the way, I have said numerous times that most projects will vaporize and we will be left with a handful with utility. That's the way of startups. That was the way in the dot com boom 'n bust. It's not so terribly different.
Although it doesn't excite me, Ripple could well go on to be successful. It's a centralized project that would slot in alongside conventional finance.
They are going after the exchanges (Coinbase/Binance) where these tokens trade to shut them down (in the US obviously).......that is the choke point with the highest return on regulatory action.
You're talking about something that's separate. The exchanges that dropped the XRP offering when Ripple was first sued have already resumed trading the token. What you are referring to is the Biden Admin's full court press on crypto. Ultimately they won't succeed. In the interim, crypto is making full use of jurisdictional arbitrage. Sensing the opportunity, Hong Kong, Dubai, Abu Dhabi and Singapore are open for business and fast-tracking their regulatory frameworks to meet it. The Brits too are vying for that business, while the Europeans have at least a largely workable regulatory framework in place.
cause the US is where the money is
Indeed - home of the World's largest capital markets. But I've got bad news for you. This is a Biden Admin full court press. The other half of the equation are not down with what's going on right now. Additionally, it seems they already know they've gone too far, and that the innovation is going to unfold in spite of them. They could have kept complete control of US stablecoin issuance for instance. Now they're going to issue in Hong Kong and elsewhere - so they don't have control of that process and private digital dollars make their way into the supply anyway.
Its for that reason, they've lined up BlackRock and their ETF application, which was immediately followed within days by a gazillion other such applications from the Wall Street set. Amazing that they were all so organized to respond within days.
As an aside, BlackRock's Larry Fink said that BTC was an "index of money laundering" previously. Now he's saying
this. They'll still try and control it of course - but they'll serve a purpose in broadening out the market.
Your take is that the elimination of a lot of bitcoin's competition, and with it the PR damage done by bitcoin being lumped under a crypto umbrella along with the worst scams, is bad for bitcoin?
Of course - but to be fair, he can't see this. To him, its ALL an aberration and he wouldn't waste two minutes of his time making any such distinction. He's also lapped up all of those bear market crypto doom (the end is nigh) pieces that cater to that boomer set and he thinks this is how everyone now views the crypto space.
I think your looking at things too rosy
Yes, he's demonstrating that bias that you don't have.
The tokens and the speculation werent competition to bitcoin......they brought people in the space....they grew the TAM.........they made them aware........but those same tokens burned everybody who touched them.......the best thing that ever happened to BTC's price was token scams........the worst thing that ever happened to BTC's digital cold aspirations over the long pull was token scams.
DiP is for the most part correct on this. At the very least for those that enter out of speculative interest, they're drawn in via Bitcoin and then decide to opt for an alt. They get caught up in the entire flurry of a bull market, get burnt and along the way, they learn a thing or two. One of those things is that they learn that Bitcoin is a digital asset with a set of characteristics that set it apart and give it utility.
Giving a shellacking to a bunch of new people coming into an end market......is not the way you grow that end market.
See above. Also be aware that your perspective here is rather one dimensional. I'm quite happy to acknowledge that there are folks that arrive via the frothy fervor of a crypto bull market, getting caught up in speculative interest. However, that is not the only touchpoint or entry point for Bitcoin. It's not all just speculative interest.
Yep - the problem, IMO, is the main gateway and promotional leg of the BTC stool has just fallen off........which is to say all the marketing dollars & noise created by various alt-coin scams pumping (1) the space (2) thier token in the space........the SuperBowl commercials of 2022....crypto.com.....coinbase....ftx.......is IMO a high water mark we'll never see again.......it was peak promotional delusion & ad dollar fueled spend funded, in the main, by ponzis, MLM's & pyramid schemes.......as FTX & Binance cases show.
Hang on a second. How many excuses are you going to come out with to justify the outcome that you so desperately crave? Firstly, what you've stated above is nonsense - as outlined in my previous responses.
Your previous line -
circa May 2021 - was that it was the use of BTC by ransomware attackers that was going to bring it down. What happened to that?
You said at that time that it was going to be 'a bloodbath'. Well, we certainly had a perfect storm of circumstances - with all but the kitchen sink and the ransomware nonsense implicated - but where is the bloodbath? BTC is at $30K today - is the bloodbath in the room with us right now?
Next up -
circa July 2021 - you said that a concerted effort was being made by the powers that be to choke BTC off, that it was the end of days. You said that there was going to be an 'unravelling' at a speed of epic proportions. So you were reading the same news as me - but with your rose colored glasses, it was the end of days. Through mine, it would be problematic but no showstopper. I also said that I wished your Nostradamus prediction (at least the temporary version) was right because I'd buy - and I did....adding another chunk to my holding at $16,500.
Again, the Biden Admin has caused untold problems (for now) and yet BTC is at $30K.
Sept. 2022 - you said that BTC had only known a low interest rate environment and that by the time Fed funds rate got to 3-5%, "the music would stop" as far as bitcoin was concerned. In fairness, I agreed that a high rate environment would be difficult for BTC, but that it wouldn't kill it nor would it be possible that said interest rate could be sustained. Here we are right now with a Fed funds rate of 5.25% and BTC at $30K.
Does Nostradamus have any other attack vectors coming down the tracks for BTC?
The neighbourhood is getting gentrified though. FTX gone, Fidelity and perhaps a Blackrock ETF setting up shop on the corner instead.
FTX will be forgotten like Mt Gox was. People have short memories.
Life - and markets - go on. TradFi didn't get a look in to previous crypto bull markets and that won't happen again. Goldman Gary (or his replacement) will see to it.
I'm afraid this is the fate that awaits BTC......$69k looks along way away with each passing regulatory action.
You pulled me up on needing to step out of the crypto bubble and pulled DiP up for 'looking at things too rosy'. Is it possible that you could display a bit of bias yourself at all? lol I believe the figure in question is
$67,617.
Oh, and just to nip something else in the bud, if you're going to talk about market tops and suggest that $30K BTC is bad, I'm not having any of it. It was documented by all parties to this discussion that BTC was in the middle of an upward hype cycle with everyone expecting a correction. I had a couple of years of the Duke pointing out that $20K BTC was a shocker (someone please think of the children).
Bitcoin is the future, and it always will be.\
Right...and how long was the internet (or its early forerunner) on the go before it really hit mass market? How long has AI been knocking around, only to find real purpose in the last year or two? It certainly is the future but this entire discussion has seen its continued progression even if its not running at a fast enough pace for you.