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Former US SEC attorney: 'Get out of crypto platforms now'

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Re: Former US SEC attorney: 'Get out of crypto platforms now'

#181

Post by jbverschoor »

jayd16 wrote: post #173
fwungy wrote: post #167

There are $5T of foreign exchange transactions per day. Btc is already getting traction in the developing world as a reliable currency and that is likely to grow under de-dollarization. The entire crypto market is about $1T right now of which btc is about half. There is so much space for Btc to grow as an option for international settlement, it's already working and trusted as much or more than many sovereign currenc…

Do you think crypto will remain dominant over a more traditional digital banking solution once established players recognize there's a market? If so, why?

You obviously haven’t dealt with banks in the eu lately.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#182

Post by fwungy »

jayd16 wrote: post #173
fwungy wrote: post #167

There are $5T of foreign exchange transactions per day. Btc is already getting traction in the developing world as a reliable currency and that is likely to grow under de-dollarization. The entire crypto market is about $1T right now of which btc is about half. There is so much space for Btc to grow as an option for international settlement, it's already working and trusted as much or more than many sovereign currenc…

Do you think crypto will remain dominant over a more traditional digital banking solution once established players recognize there's a market? If so, why?

It doesn't need to be dominant. It's such a small sliver right now that it could go 10x and still not be anywhere near dominant.

There are a lot of places where the government is not strong enough to maintain a reliable currency on its own. The USA was the global currency up till now because it was universally trusted, but that's changing. The people who have profited from the international dollar are maneuvering to keep their monopoly.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#183

Post by themagician »

fwungy wrote: post #167

There are $5T of foreign exchange transactions per day. Btc is already getting traction in the developing world as a reliable currency and that is likely to grow under de-dollarization. The entire crypto market is about $1T right now of which btc is about half. There is so much space for Btc to grow as an option for international settlement, it's already working and trusted as much or more than many sovereign currenc…

The crypto market was almost 3T two years ago. That’s a 65% decline from ATH two year ago.

And it has so much lower to go after Tether, Binance, and Coinbase collapse.

Crypto eats itself. Bitcoin will never reach its true potential because every centralized exchange is a scam.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#184

Post by rossdavidh »

fwungy wrote: post #167

There are $5T of foreign exchange transactions per day. Btc is already getting traction in the developing world as a reliable currency and that is likely to grow under de-dollarization. The entire crypto market is about $1T right now of which btc is about half. There is so much space for Btc to grow as an option for international settlement, it's already working and trusted as much or more than many sovereign currenc…

"The entire crypto market is about $1T right now of which btc is about half."

How much of that do you think is Tether-related? If Tether were to, say, turn out to mostly own Chinese real estate bonds that are worthless (no idea if this is true, it's just one suggestion we've heard), and that portion of BTC volume which is related to Tether purchases goes away, how much impact do you think that would have on the price of BTC?

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#185

Post by LexiMax »

fwungy wrote: post #167

There are $5T of foreign exchange transactions per day. Btc is already getting traction in the developing world as a reliable currency and that is likely to grow under de-dollarization. The entire crypto market is about $1T right now of which btc is about half. There is so much space for Btc to grow as an option for international settlement, it's already working and trusted as much or more than many sovereign currenc…

> The Feds and the bankers hate it because it's a direct threat to their business model. There's no room for a middle man to fugazi in btc.

Crypto has spawned their own classes of middle-men.

At best, you have a changing of the guard - new boss, same as the old boss. At worst, you have traditional finance buying a stake in crypto and ending up in the exact dominant same spot they were before. And of course, all of these people have to do business on the terms of their host countries.

Crypto does not herald a new set of rules, it merely aims to be a new mechanism by which value is transferred, which by most objective measures it's very bad at doing.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#186

Post by rossdavidh »

yazaddaruvala wrote: post #117

I'm not pro crypto exchanges, but does the SEC really live up to this guy's promises? > SEC registration establishes critical requirements that protect investors from individual risk and protect capital markets from global systemic risk. The requirements also make U.S. markets among the safest, most robust, most vibrant and most desirable marketplaces in the world. Does he mean the requirements that continue to allow…

One of the most valuable things that has come out of the cryptocurrency industry, is a better understanding of just how much worse our fiat currency regulatory environment could be. It's, by all means, not all that we might wish for. It's way better than crypto.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#187

Post by ethanbond »

Joeboy wrote: post #101
EA-3167 wrote: post #76

Earlier quoted context omitted.

I think there's a lot of sunk cost in those comments, along with a lot of frustrated ideology. For people who thought they had finally gotten a way to bring their ideology into the real world, or imagined all sorts of riches, the state of crypto and the burgeoning regulatory environment may be too much to emotionally process and accept. As for why there isn't much in the way of thorough rebuttals, I suspect anyone tr…

"Get out of crypto trading platforms" is entirely aligned with the "idealogical" crypto people, isn't it? "Not your keys, not your coins" and that.

Maybe the truly ideological (an-cap types), sure, but many of the “most ideological” are just religiously greedy and want the best of all worlds — basic logic be damned.

Regulated exchanges and coins in cold storage you can’t do much with is the worst of both worlds for those people.

Re: Former US SEC attorney: 'Get out of crypto platforms now'

#190

Post by solveit »

winstonprivacy wrote: post #174
username332211 wrote: post #144

Earlier quoted context omitted.

It's not seemingly impossible, it's scientifically proven that the general public can't know when the price of Bitcoin will collapse. And it has nothing to do with the general public being stupid and any of that bullshit. It's called the efficient market hypothesis. If it was known that the price of Bitcoin will collapse on the 7th of June 2025, every owner would have sold their Bitcoins on the 6th of June. But then…

Markets are not efficient much of the time. And Bitcoin even less so. Source; I make a living exploiting market inefficiencies.

His point stands though. The general public can't know exactly when Bitcoin will collapse, because if they could, it already would have collapsed.
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