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RE: SEC to blockchain community: You are now regulated

in #steem7 years ago

Good evening all! This is a major blow to the emerging crypto currency. I believe the past decade may have been a trial run by several governing entities to see how people will take to the next generation of currency. I do not know if the cryptos will recover from this, be ready for massive dumps across the boards. We all know anything on a computer can be tracked, regardless of what they tell you. And we know anything can be hacked as evidenced by the numerous glitches thus far. I would be ready for the cryptos that come out from Russia and China as State run currency, which should be somewhere around 2020 give or take 5 years, tough to know how far along they are from these test runs. But we know they are close, because they are now trying a new tactic by regulating them, which I know everyone here fully expected. If your new to this stuff, do not be fooled into thinking for 1 second that this is governing attempts to actually "regulate" cryptos, this is simply them trying to beta test more and see how people will react. Also bear in mind not all cryptos are created behind dark room closets in governing facilities, but the ones that jump out the most and are making the most profit most likely are. You have to remember, if you can print endless money and then use it to by crypto currency, you still in effect are completely running the show. Big highs, big crashes, just like the stock markets in my humble opinion. Take care and feel free to comment in my new works! I truly appreciate hearing from everyone as it broadens my views, be it positive or negative!

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I don't think of this as a blow at all. The ICO extravaganza has come to the point of the ridiculous. Many of the ICO's still have not got anywhere near their claimed product online yet. Many have had the money disappear along with the scammers who ran the racket.

I doubt that these ICO rackets would have worked no matter where they were domiciled. This is partly also why most of them use a cryptocurrency, and registered companies in known havens...

Note that this only directly affects ICO's, and not cryptos. Yet. But I personally don't see the problem either that schemes like Steem would be under investigation not far further down the track, because, and admitted in the words of none other than Dan, himself, devised to skirt around regulations while allowing the founders to amass a large amount of tokens then trickle out to the market to actualise their 'value'.

You don't wonder why so many promises are made by Steemit and then nothing ever happens?

I'm not saying that I consider the SEC a competent, uncorruptible investigative agency, far from it. But the sharks smell the blood in the water. They of course will line up to steal the money before the many racketeers manage to escape with the money after the half-assed 'work' they did to create the appearance of a legitimate crypto system.

This is a very bleak view, but it does have some ring of truth!

Thanks for the reply! You definitely bring out some good points!

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