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

Post by quotz » Tue, Jun 20, 2023, 9:47 PM UTC

skyyler wrote: post #148

apercu wrote: post #121

Earlier quoted context omitted.

One side says "Bitcoin good!" I assume they all still hold bitcoin or dream of doing so. One side says "Bitcoin bad!" I assume they don't hold bitcoin. I think the idea is sexy, and it definitely harkens back to the earlier hacker/counterculture days of the interwebs. But I guess I will just sit on the sidelines. I don't even lament selling bitcoin at $300 any more. :)

I sold a bunch of BTC for $1 and bought a car with it. I used to regret that, the most expensive Ford Escort ever purchased. But now I feel like I dodged a bullet, I could have been one of those zealots that spent all day every day thinking about crypto, and I'm very glad I'm not.

Post by LexiMax » Tue, Jun 20, 2023, 9:51 PM UTC

solveit wrote: post #190

winstonprivacy wrote: post #174

Earlier quoted context omitted.

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.

Post by _9omd » Tue, Jun 20, 2023, 9:52 PM UTC

misnome wrote: post #77

wongarsu wrote: post #48

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Well, you just said that's he's wrong. One "killer application" is that it's a "stable" store of value. Not perfectly stable, it can quickly fall by a factor of about 2, and if you buy in the worst bubble it might fall to a fourth of its value. That's decidedly less stable than Western currencies, but it's more stable than some others. And for many people Bitcoin is more accessible than the foreign exchange market. I…

So, it’s stable as long as you understand it is unstable, and helps people without access to banking but with a stable, constant internet connection and perfect operational security, access none of the benefits of having a bank account. Oh, and it’s actually neither of those but if you wish _reaaaaly_ hard and ignore all the practical problems, it might be, someday.

Post by medellin » Tue, Jun 20, 2023, 9:56 PM UTC

otoburb wrote: post #97

cs702 wrote: post #58

Three highly speculative predictions: 1. The courts are more likely than not to rule that many crypto-assets -- but not all -- should be regulated as investments. It won't be fun for a lot of crypto traders. 2. Over time, the usual giant financial institutions are bound to become the dominant market makers in crypto-assets. In all likelihood, one of them will end up buying Coinbase. Those giant financial institutions…

>> If this sounds far-fetched, consider that many smart and smart-sounding people have predicted Bitcoin's demise, and so far all have been utterly wrong Bernie Madoff pulled off one of the largest (literal Ponzi) scams and evidently stated that he started in the 1990s for a run of just over 15 years until being arrested in 2008, although some investigators thought that his fraudulent activities started as far back a…

Post by myfirstacchere » Tue, Jun 20, 2023, 9:57 PM UTC

alphanullmeric wrote: post #165

Hermitian909 wrote: post #60

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Sure - and the question is - do we as a society want to allow that, do we think it's worth the tradeoffs? Five years ago I think the answer was still "wait and see", I think it's reasonable by now to say "actually, no, it's not worth it".

Allow what exactly? Consenting individuals to risk what they want to risk with each other?