21–30 of 203 posts
This interpretation seems to require a willful misrepresentation of what the man said. He said it is a speculative asset, is has the basic properties of a security, and people other than himself have labeled it a commodity.
The SEC can threaten, but they may have blown up their opportunity to regulate cryptocurrency. If they lose the Ripple vs SEC lawsuit (and, according to observers, it's not been going as well for the SEC as they would wish), they could permanently lose almost all ability to regulate cryptocurrency by their lack of timely action and because of one speech by an SEC official four years ago. The SEC is basically trying t…
No lawyers familiar with how administrative agencies work agree with that assessment. And that is, importantly, not how rulemaking works at administrative agencies. EDIT: Administrative agency "rulemaking" is constrained by a fixed set of procedures that an agency must follow in order to "promulgate" a rule. First, they must publish a draft of the proposed rules, allow for several weeks or months of public comment, s…
Earlier quoted context omitted.
Forgive me for being ignorant but can’t the congress expand SEC powers at any time by changing the law?
The saying in Washington is that no one is safe when Congress is in session. And that's pretty much true. Aside from some constitutionally guaranteed activities like petitioning for redress of grievances, they can pretty much legislate anything they can agree upon. (Assuming they can ever agree on anything.) For instance, the duly elected Democrats who control the House, Senate and White House like to point the finge…
This is huge. Essentially if they find anyone sold crypto to unaccredited investors they would be engaging in illegal sales of a security. This may lead to lawsuits where crypto sellers find they are on the hook for the losses of people they illegally sold to. It may also lead to jail time for a substantial portion of the crypto community.
I'm cracking up over here. Are you actually being serious?
The SEC and Wallstreet have been locked in an eternal cat and mouse game for decades. And given that Wallstreet has the money and hence the talent and options it tends to be a step ahead of the SEC. I expect this will be even more true for crypto. While I believe that some regulation might be a good thing as it makes crypto safer for the wider public I am genuinely doubtful that the SEC has the capabilities or the ri…
Earlier quoted context omitted.
The saying in Washington is that no one is safe when Congress is in session. And that's pretty much true. Aside from some constitutionally guaranteed activities like petitioning for redress of grievances, they can pretty much legislate anything they can agree upon. (Assuming they can ever agree on anything.) For instance, the duly elected Democrats who control the House, Senate and White House like to point the finge…
They technically could but it doesn’t appear they are going to try which means they either don’t have the votes or think that it’s better to try and wait until after the midterms
I also wouldn't assume a federal Act guaranteeing abortion access would survive the supreme court. There's a colourable claim that both healthcare and homicide regulation are the purview of the states, and I'd expect five votes for that with the current Court on this issue regardless of its legal merits.
In that capacity it is similar to gold, which in the Golden Age (something everybody talked about in Antiquity and I decided to believe, but I've never encountered anybody else believing in) was openly swapped around as little inventions (you can make all kinds of shit with gold, it's a miracle material, lubricant, any precision, single isotope, list goes on endlessly) and gifts, but then some assholes decided to start hoarding it and enslaving people to mine it, charging interest using it, weigh one gold gift against another saying they balance out, use it to pay for wars to amass more gold. And it became something we just hoard underground. In other cultures it's this stuff, like Kechwa (Inca) it was about worshipping the sun and sure enough it basically is the sweat from the sun because it only is created by stars in supernovas. Idealistic in its origin.
Except in satellites, in satellites it's used for all kinds of shit, the foil for reentry (silver and gold, but only the gold resisted reentry), as lubricant, for welding (4:1 gold to tin), for the electronics of course, as a conductor in some cases so wire, heat foil. And medicine, so dentistry a huge amount but also implants, gold-titanium alloys. And injections for rheumatism in a chemical composition. And anything that must not rust, the go-to is gold.
So all the other coins? They're shitcoins. There is only Bitcoin, everyone else just wanted to get rich quick. Satoshi never cashed out, I divine he committed suicide in 2015 embarrassed not by its success but in how much he owned by being the first to mine it. It was the only crypto that didn't get pre-mined, but he didn't get other people on board fast enough to avoid owning tons of it. So Lycurgus, too, he made the laws of Sparta so they would never be slaves in response to the end of the Golden Age and the constant threat of conquest--basically successful--but was embarrassed of benefitting by then becoming king, so he said "don't change the laws til I return" and left, and starved himself to die. And many say he never existed. Just like many say Satoshi never existed.
Bitcoin has less foundation- or team-based leadership that have plagued other crypto projects. This leadership (eg Ethereum foundation) gives crypto projects the air of legitimacy, but also the impression, as Hinman put it, that some managerial work and direction is expected, tipping the scale towards security. If the network becomes decentralized to the point where no one party has sway over its direction (even a go…
Bitcoin has less foundation- or team-based leadership that have plagued other crypto projects. This leadership (eg Ethereum foundation) gives crypto projects the air of legitimacy, but also the impression, as Hinman put it, that some managerial work and direction is expected, tipping the scale towards security. If the network becomes decentralized to the point where no one party has sway over its direction (even a go…