BITCOIN vs SEC - this round goes to the Regulators

in bitcoin •  9 months ago

BITCOIN vs SEC - this round goes to the Regulators -

image.png

Bitcoin tanks below the key $10,000 level after the U.S. Securities and Exchange Commission said it will require digital asset exchanges to register with the agency.

"If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration."

Bitcoin quickly fell 10 percent to below $10,000 on concerns that tightening regulation could restrict future trading.

* source > www.cnbc.com

in other news > U.S. Judge rules that cryptocurrencies like Bitcoin are commodities > check out the news clip here on > www.cnbc.com

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

This post has received gratitude of 2.27% from @appreciator courtesy of @watertoncafe!

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by watertoncafe from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

You got a 14.21% upvote from @upmewhale courtesy of @watertoncafe! Earn 90% daily earning payout by delegating SP to @upmewhale.

I personally think that people should stop worrying too much about the regulators. They cannot harm us much. Infact they will do us more good. The exchanges now have to accountable for the loss of our money.

·
  • the U.S. Regulators can and have forced the disclosure of who is using the exchanges to avoid detection and paying taxes > https://www.forbes.com/sites/kellyphillipserb/2018/02/28/coinbase-notifies-customers-that-it-will-turn-over-court-ordered-data/#7e635ed41431

  • now the U.S. Regulators are closing the on ramp to the cryptocurrency world by trying to require registration of CCoin Exchanges - will they succeed? will they have any impact on exchanges that Americans can access over the World Wide Web that are not home based in America?

  • Since December the continued attacks by the Regulators have dropped the value of Bitcoin by half.

  • Like Gold and Silver, there are vested government and banking interests that do not want it to replace or devalue the use of the U.S. Dollar as the global currency. Gold and Silver should be also be valued higher. The Regulators have been successful in capping any upward valuation of Gold and Silver. >
    https://www.goldbroker.com/news/deutsche-bank-trader-admits-to-rigging-precious-metals-markets-1130

  • Don't underestimate the power of the Regulators - at least in the short run.

  • Over time the U.S. Dollar must continue to devalue and over time the alternatives must increase in value.

·

thanks for your comments @themobilewriter. Here's a thought > Bernie Madoff was highly regulated for years < > Madoff And The SEC: The Story You Don't Know <

it is an error to think that the SEC has the best interests of investors at heart and that investors will sleep better because the fox is guarding the hen house.

This post has received a 16.67% upvote from @msp-bidbot thanks to: @watertoncafe. Delegate SP to this public bot and get paid daily: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP Don't delegate so much that you have less than 50SP left on your account.

Honestly the SEC might be the single biggest issue for crypto right now. Anyone that isn't paying attention to the ongoing battle or that thinks it doesn't matter is not understanding how far reaching the impact of what the SEC can do.

·

right on @thedarkhorse. all that people have to do is to look at the extreme measures that the Regulators have gone to in an effort, so far successful, to suppress gold and silver as an 'alternative' currency, or store of value, against the deliberate devaluation of fiat currency over time.

(This is actually ironic as gold and silver were 'the' currency for thousands of years before the Regulators introduced fiat currency)

'Not worth the paper it's printed on' - here in Canada the $1 bill and the $2 bill are already gone, replaced by coins - why? - because the paper notes cost too much to print. And there is talk of eliminating the $5 bill.

And coins? the penny has been eliminated because 'a penny for your thoughts' wasn't worth the cost of minting the coin.

A sad state of affairs that the Regulators are enforcing and spreading in the name of 'it's for the good of the people'.

·
·

I am shocked that the US hasn't done away with the penny. It costs more then a penny to mint a penny, yet they feel it's important to keep for some reason.

We will see a further decline of the value of all fiat currencies over the next decades as the printing of money is out of control.

·
·
·

the U.S. seems to resist change more than Canada - the metric system - I think the U.S. is the major global hold out. all her trading partners are metric I think.

Canada went metric and dropped the 1$ bill for a coin though without the backing of the popular public opinion. we survived and life goes on.

Just saying the U.S. seems more tied to holding to some traditions while dropping others, like the Lord's Prayer in school.

The Fed's have fought very, very hard with their printing presses and the QE's to prevent a Japan style deflation and the flip side, an inflation of the purchasing power of the dollar - so far successfully. They will not win the battle.

check out this speech by Ben Bernanke from back in 2002, before he was Governor of the U.S. Fed > Deflation: Making Sure "It" Doesn't Happen Here

Like him or dislike him, Pres. Trump has done more to improve the U.S. economy in 1 year than the Feds did in 10 years.

But neither the President nor the Feds can change the underlying cause of the economic woes - and that is shrinking families.

Fewer families and fewer kids per family. Fewer new consumers.

Fewer new consumers mean weaker consumption that leads to the Japanese Deflation Flu or a Japanese style 'demographic time bomb'. check out this article here > Japan is dealing with what economists call a "demographic time bomb."

·
·
·
·

Nice conversing with someone that understands all the underlying issues. Most people don't have a clue. Have followed Bernanke and the Fed as a whole very closely for a long time. Just this year I closed my financial planning business so this was all information that really mattered to my business, but I've followed economic news since high school as it just interests me.

Agree about Trump. He also has managed to make more headway internationally then all the presidents combined in the last 30 years. Why, simple the other countries just aren't sure if he really would go to war over the issues he is presenting. Now that he put the tariff in place on steal and aluminum China knows he is serious about their currency manipulation. Funny how in the last 6 months they have allowed the US dollar to fall in value vs their's, but still not at the correct rate so the tariff is a smart play.

The shrinking family shows the ponzi like issue of big government. If they hadn't made SO many promises based on continued growth the size of families wouldn't matter. The government needs to be run like a business and when times are tight cuts need to be made. Sure you can use debt when there is a fiscally sound reason to do so, not just to continue programs that waste billions each year.

Nobody wanted to deal with Social Security in the 80's when they realized the issue. At that moment they should have instantly changed the retirement age for everyone under 55 to 70. Then anyone under 45 to 72. Anyone under 35 to 75. That's it, the issue would have been fixed forever.

Anyways I can go on and on, but have work to do today.

·
·
·
·
·

interesting - we come from similar backgrounds. I did 10 years with the Credit Union system, 5 as a Head Office Controller [nowadays CFO] for 2 of western Canada's larger Credit Unions and 5 as a Branch Manager. then 20 years as a branch manager for some of Canada's larger financial services investment dealers.

took early retirement 10 years ago after a run in with throat cancer. I love financial analysis, the markets, the economy and demographics and the study of human behavior - fascinating stuff!!!

Trump has the other countries, and the U.S. too, off balance because he is a business man first and a politician second and he is an awesome poker player.

he doesn't play by the politician's handbook. and people can't tell when he's bluffing.

·
·
·
·
·
·

I started my accounting career very young as it's the family business. Was running payroll and doing bank recs by 6th grade. No joke. Understood how to take a small businesses check register and put everything into correct categories for tax purposes by 8th grade and from there was installing accounting software and entire computer systems for companies by 16. So have the accounting and strong computer/IT skills.

Went away to college to have a company recruit me to become their Financial Controller and acting CFO at only 20 years old. Took them public and ran multiple private stock offerings. Lots of interesting knowledge gained with these processes. Got severely burned out and walked away from it all when they wanted me to change my books, won't go as far as saying they wanted them "cooked" but it was close enough that I wasn't comfortable with it. I spent the next few years wondering if after I left they changed things to the way they wanted and if somehow that would come back to bite me in the butt...luckily I never ended up getting a call from the SEC.

From there I've had a couple businesses and keep moving onto things I enjoy doing. Decided life is way to short to do something you hate and more important something that keeps me away from the kids. Can always make more money down the road, but can't get these years back with my girls.

he doesn't play by the politician's handbook. and people can't tell when he's bluffing.

This is so dead on it's not funny. His erratic behavior and over the top personality keeps people guessing. They have no clue what is coming next and what will really happen if they defy him. I guarantee that the tariffs were threatened if something didn't happen, that thing didn't happen and now the price will be paid. This time he had the cards and played them, next time he will be able to bluff his way to an outcome of his liking.

You got a 15.21% upvote from @adriatik courtesy of @watertoncafe!

You got a 40.00% upvote from @hotbot courtesy of @watertoncafe!

Release the Kraken! You got a 25.33% upvote from @seakraken courtesy of @watertoncafe!

This post has received a 8.35 % upvote from @boomerang.

You got a 16.95% upvote from @inciter courtesy of @watertoncafe!