bitcoins

[mrzuzzo]

While it is true that the growth of the cryptocurrency market, including Bitcoin, is connected to public trust and interest, it is not accurate to say that all cryptocurrencies are scams. The notion that crypto is scams all the way down is a gross generalization and lacks proper evidence.

Cryptocurrency is a relatively new asset class and like any emerging technology, it has its fair share of fraudulent activities and scams. However, this does not mean that all cryptocurrencies are scams or that the entire market is inherently fraudulent. The vast majority of cryptocurrencies have legitimate applications and have been adopted by individuals and businesses for various purposes.

It is important to note that the cryptocurrency market is highly regulated, and authorities are working to crack down on fraudulent activities. Many exchanges have implemented strict security measures to protect their users, and new technologies like blockchain have made it easier to track transactions and prevent fraud.

While scams and fraudulent activities do exist in the cryptocurrency market, it is not accurate to say that all cryptocurrencies are scams, or that the success of Bitcoin is interconnected to the prevalence of scams in the crypto market.
As far as no use case, that is just plain wrong. Maybe its more accurate to say that there is no use case for YOU. I know plenty of people that had no other way to get money out of Russia after the war started. With Swift shut down, their only way to get money in or out is in the form of Bitcoin.

Complete and utter nonsense. The crypto market is not "highly regulated" as you say.

https://finance.yahoo.com/news/wild-theory-price-bitcoin-being-110000608.html

Plenty of room and evidence of manipulation. Lots of scams. Hell, even one of the original contributors to Bitcoin got his coins stolen the other month.

Also, as to Russia, another lie. Raiffaisenbank was processing transfers in excess of 20k until quite recently. Otherwise people just open accounts in Belarusian banks and continue to participate in the traditional banking system.

The main use of Bitcoin in Russia is still to scam people.

 

[panthera]

The IRS treats Bitcoin as property for tax purposes, the CFTC considers it a commodity, and the SEC has stated that some cryptocurrencies and initial coin offerings (ICOs) may be considered securities and subject to federal securities laws. There are existing laws and new laws coming out that regulate this industry. That doesn't mean there will be no fraud or scams. Go check out Madoff on Netflix. Look at the main contributor of that scam.
JP Morgan Chase, here are some of the most significant settlements:

In 2013, JP Morgan paid $13 billion to settle allegations of mis-selling mortgage-backed securities leading up to the financial crisis.

In 2014, the bank agreed to pay $2 billion to settle allegations of manipulating energy markets in California and the Midwest.

In 2015, JP Morgan agreed to pay $1.7 billion to settle allegations of violating sanctions against Iran, Cuba, Sudan, and other countries.

In 2016, the bank paid $264 million to settle allegations of ignoring red flags and processing payments on behalf of a client engaged in a Ponzi scheme.

In 2017, JP Morgan paid $55 million to settle allegations of violating the Bank Secrecy Act and anti-money laundering regulations by failing to adequately monitor transactions involving high-risk customers.

These settlements and fines, while substantial, are just a few examples of the legal and regulatory issues faced by JP Morgan and other large financial institutions. The traditional system is just as corrupt if not more. At least I know bitcoins inflation rate that will never change. Everything in bitcoin is auditable right down to the code it self.

 

[byke]

Just not the person that wrote the code and the coal company that hired them to do it.

 

[mrzuzzo]

The IRS treats Bitcoin as property for tax purposes, the CFTC considers it a commodity, and the SEC has stated that some cryptocurrencies and initial coin offerings (ICOs) may be considered securities and subject to federal securities laws. There are existing laws and new laws coming out that regulate this industry. That doesn't mean there will be no fraud or scams. Go check out Madoff on Netflix. Look at the main contributor of that scam.
JP Morgan Chase, here are some of the most significant settlements:

In 2013, JP Morgan paid $13 billion to settle allegations of mis-selling mortgage-backed securities leading up to the financial crisis.

In 2014, the bank agreed to pay $2 billion to settle allegations of manipulating energy markets in California and the Midwest.

In 2015, JP Morgan agreed to pay $1.7 billion to settle allegations of violating sanctions against Iran, Cuba, Sudan, and other countries.

In 2016, the bank paid $264 million to settle allegations of ignoring red flags and processing payments on behalf of a client engaged in a Ponzi scheme.

In 2017, JP Morgan paid $55 million to settle allegations of violating the Bank Secrecy Act and anti-money laundering regulations by failing to adequately monitor transactions involving high-risk customers.

These settlements and fines, while substantial, are just a few examples of the legal and regulatory issues faced by JP Morgan and other large financial institutions. The traditional system is just as corrupt if not more. At least I know bitcoins inflation rate that will never change. Everything in bitcoin is auditable right down to the code it self.

Another dumb take lmao.

The current system is what leads to prosperity of basically all modern society. Yes, Madoff ran a Ponzi. There are also millions if not billions of businesses that are not ponzis and are productive enterprises that produce actual value for the planet unlike Bitcoin.

Bitcoin solves nothing here.

Keep spewing your "we are still early" and "do your own research" like the rest of the Bitcoin maxi cult. 15 years later nobody cares about Bitcoin outside of scams and speculation. Early af..

 

[mrzuzzo]

Also, if Bitcoin and crypto are so regulated, why is it that so many crypto lenders and "banks" folded and left their customers high and dry just in the last year?

Bitcoin falling within the scope of a certain agency for regulations doesn't actually make it regulated.

 

[Abacinator]

The whole crypto exchange fiasco wasn't really the fault of crypto...

 

[mrzuzzo]

The whole crypto exchange fiasco wasn't really the fault of crypto...

I am responding to pantheras comments saying that crypto is heavily regulated. The fiasco was because crypto regulations are either non existent or a joke.

Also, I may have to take everything I said about Bitcoin back. A sound of a fart was just minted on the Bitcoin Blockchain.

This proves not only the versatility of the Blockchain but also it's usefulness. Clearly, we are still early.

 

[Blankpage]

No more Bitcoin will ever be produced once the last one is mined...

There’s a long list of things that will never be produced again, cassette players, two stroke street bikes, McDonalds pizza…

None are worth banking your financial future on.

 

[cheez]

There’s a long list of things that will never be produced again, cassette players, two stroke street bikes, McDonalds pizza…

None are worth banking your financial future on.

Ah shit. *looks at warehouse of McDonalds pizzas and Sony Walkmans* Sorry kids, college is off.

 

[mrzuzzo]

No more Bitcoins will be produced and the people who held them will end up being filthy rich while the rest of us will all be dirt poor and enslaved to the BTC maxis. The US dollar and all currencies will cease to exist and we will all be paying each other in Satoshis and Chuck E Cheese tokens that are no longer produced

 

[mbsv]

It's such a funny pattern.

Bitcoin was invented because the 'fiat' regulated money system is bad. BAD BAD.

(This might be the true origin BTW, but then all the scammers hopped on.)

Now it's both Bitcoin is Good, because it avoids Regulation and Bad Banks. Also, Bitcoin is Good because it is Well Regulated and Honorable Institutions like JPM use it.

Also, there's Nothing Scary that the ledger is fully public, but also it's Very Private because there are way around on-ledger transactions which are mostly done by entrusting your secrets to some dodgy organizations, many of which have collapsed over the past year or two. And surely are also tracking the data for whoever cares, be that gov't or anti-gov't type entities.

 

[jiffy]

Regulation and control are two different concepts. Crypto can be regulated by the government. This provides better tax laws, etc. It doesn't mean the government controls crypto.

 

[panthera]

I am responding to pantheras comments saying that crypto is heavily regulated. The fiasco was because crypto regulations are either non existent or a joke.

Also, I may have to take everything I said about Bitcoin back. A sound of a fart was just minted on the Bitcoin Blockchain.

This proves not only the versatility of the Blockchain but also it's usefulness. Clearly, we are still early.

The statement that crypto regulations are either non-existent or a joke is not entirely accurate. It is true that regulations surrounding bitcoin vary greatly from country to country, there have been efforts globally to implement regulatory measures. For example, some countries have imposed restrictions on the use of bitcoin, while others have imposed licensing requirements for cryptocurrency exchanges.

Regarding the creation of a "fart" on the Bitcoin blockchain, it is important to note that blockchain technology can be used for a variety of purposes, including serious applications and frivolous ones. However, this particular example does not necessarily have any bearing on the overall usefulness or regulatory status of bitcoin. From the very first block, there has been things inscribed into the blocks.

No more Bitcoins will be produced and the people who held them will end up being filthy rich while the rest of us will all be dirt poor and enslaved to the BTC maxis. The US dollar and all currencies will cease to exist and we will all be paying each other in Satoshis and Chuck E Cheese tokens that are no longer produced

Good thing you still have time to contribute. The last freshly minted coins will happen well after you die.
BTW your posts seem angry. Maybe you should go talk to someone in person.

 

[ScarySpikes]

The problem is that the regulation you are talking about is a complete unknown, it's basically being dragged out, at least in the US, by the traditional regulatory taking bad actions, which definitely are illegal with normal financial assets, into the court system, and the courts gradually establishing that crypto can be treated and regulated like normal financial assets. There are problems with that though, first, that they don't necessarily work identically to normal financial assets. A lot of the crimes and bad behavior will be the same, but not all of it, and some bad behavior won't be covered. It really warrants actual legislation. Second, and maybe more importantly, building entirely new areas of regulation essentially with case law is very haphazard and scatter shot.

One other big challenge, a substantial portion of the legislators, economists, financial experts, who want to take action on crypto are not looking at regulation, they are looking at bans. You have someone as prominent as Charlie Munger saying this in an article called 'Why America should ban crypto'.

Such wretched excess has gone on because there is a gap in regulation. A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity. Obviously the U.S. should now enact a new federal law that prevents this from happening.

I, personally, don't think that we should respect the word of billionaires any more than any random person, but the reality is, Munger's word has weight. When we see congress actually move on crypto, there is a fair chance that it will just be a blanket ban.

 

[mrzuzzo]

The problem is that the regulation you are talking about is a complete unknown, it's basically being dragged out, at least in the US, by the traditional regulatory taking bad actions, which definitely are illegal with normal financial assets, into the court system, and the courts gradually establishing that crypto can be treated and regulated like normal financial assets. There are problems with that though, first, that they don't necessarily work identically to normal financial assets. A lot of the crimes and bad behavior will be the same, but not all of it, and some bad behavior won't be covered. It really warrants actual legislation. Second, and maybe more importantly, building entirely new areas of regulation essentially with case law is very haphazard and scatter shot.

One other big challenge, a substantial portion of the legislators, economists, financial experts, who want to take action on crypto are not looking at regulation, they are looking at bans. You have someone as prominent as Charlie Munger saying this in an article called 'Why America should ban crypto'.


I, personally, don't think that we should respect the word of billionaires any more than any random person, but the reality is, Munger's word has weight. When we see congress actually move on crypto, there is a fair chance that it will just be a blanket ban.

100% to what you said.

How many more people are going to get hurt by scams and fraud because of a lack of financial controls, regulations, and enforcement.

Honestly, a blanket ban would be appropriate. And its the right thing to do for our planet and the climate.

 

[Holeshot]

There’s a long list of things that will never be produced again, cassette players, two stroke street bikes, McDonalds pizza…

None are worth banking your financial future on.

And 2XL. Never forget....2XL.

Again, show me how any person can de-anonymize bitcoin. I'll continue to wait. I won't hold my breath.

Not worried about individuals, rather that government(s) are able to tag ownership/ users/ transactions of specific bit coins through a ledger. That's worse than good ol' cash, IMO.

It's such a funny pattern.

Bitcoin was invented because the 'fiat' regulated money system is bad. BAD BAD.

(This might be the true origin BTW, but then all the scammers hopped on.)

Now it's both Bitcoin is Good, because it avoids Regulation and Bad Banks. Also, Bitcoin is Good because it is Well Regulated and Honorable Institutions like JPM use it.

Also, there's Nothing Scary that the ledger is fully public, but also it's Very Private because there are way around on-ledger transactions which are mostly done by entrusting your secrets to some dodgy organizations, many of which have collapsed over the past year or two. And surely are also tracking the data for whoever cares, be that gov't or anti-gov't type entities.

LOL!

I, personally, don't think that we should respect the word of billionaires any more than any random person, but the reality is, Munger's word has weight. When we see congress actually move on crypto, there is a fair chance that it will just be a blanket ban.

Regulations won't change all that much for Bitcoin when it's classified as a commodity and not a currency, which is the direction that many are pushing it.

 

[mrzuzzo]

And 2XL. Never forget....2XL.



Not worried about individuals, rather that government(s) are able to tag ownership/ users/ transactions of specific bit coins through a ledger. That's worse than good ol' cash, IMO.



LOL!



Regulations won't change all that much for Bitcoin when it's classified as a commodity and not a currency, which is the direction that many are pushing it.

Even basic regulations that mimic the financial system will have a huge impact.

Just banning wash trading, introducing accountability rules for exchanges and lenders would have prevented a lot of the losses from individuals (FTX, Celsius, Voyager, etc) but it also means reduced liquidity for pumping the price of Bitcoin.

I think a digital dollar would be amazing. It would solve a lot of the problems Bitcoin claims to solve and in a secure and private way.

https://www.congress.gov/bill/117th-congress/house-bill/7231

This is a really good bill in Congress that was introduced last year. It's a good start.

 

[Climber]

Just curious, does anybody know how many hookers and drug dealers switched to getting paid with bitcoins?

 

[panthera]

Bitcoin over banks because it provides financial freedom and control without relying on centralized authorities. With Bitcoin, you are the sole owner of your funds, and transactions are fast, secure, and borderless. Plus, no need to worry about bank failures or bailouts! You are the bank.
This is why Bitcoin was created.

 

[Abacinator]

Bitcoin's value fluctuates so wildly, it's terrible as a currency. If anything it's a commodity but that shit only has value because some people agree it does. It's backed by nothing.

Don't get me wrong, I think Blockchain technology has many useful applications. Currency isn't one of them.