Posted on 02/16/2023 11:16:49 AM PST by Golden Eagle
Crypto markets rose on Thursday, shrugging off a tougher regulatory stance from the U.S. government. Bitcoin gained 4.07% to $24,984.27 at around 11:56 a.m. ET while ether was up 3.84% at $1,723.04, according to Coin Metrics.
There are ” increasing signs that the market bottomed last November and has turned bullish,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.
Crypto markets were on edge earlier this week following increased regulatory scrutiny from U.S. authorities on digital currencies.
On Monday, the New York State Department of Financial Services told Paxos to stop minting new Binance USD, or BUSD, stablecoins. A stablecoin is a type of cryptocurrency pegged to a real-world asset and some are backed by assets such as bonds or cash. BUSD is pegged one-to-one to the U.S. dollar.
Paxos also confirmed that the Securities and Exchange Commission has notified the company that the agency could recommend an action that alleges BUSD is a security. The SEC has not yet formally levelled any charges against Paxos.
(Excerpt) Read more at cnbc.com ...
The crypto market should still be in decline from the FTX fraud collapse, which is still compounding, with the blockage of new Binance coins announced earlier in the week.
Yeah Bitcoin appears to be simply a vehicle for speculation. Some might be buying in the hope it revisits its all time highs.
Indeed, ‘speculation’ that the U.S. government will continue debasing the USD.
Not sure if you saw the deficit projections for the next decade, but those ‘speculators’ might be on to something…
Its a scam!
Its done!
If you put money into it you're a fool and a sucker!
All is lost!
Its vaporware! Its a ponzi scheme!
this downturn "proves it"!
Its highly volatile. It does have fairly regular cycles however. Its been proclaimed all dead many times and eventually bounced back even higher each time. There is a reason. No, its not all just speculation. Yes, some of them do actually do useful things and do have technology behind them.....but far be it from me to discourage all the know it alls who barely know what blockchain technology is from gloating every time it goes down.
What have governments always ALWAYS done when they can't pay their bills?
Have they admitted their faults, changed their ways, tightened their belts and worked hard until the debts were paid off, made sure they learned their lesson and would not do it again?
ROTFLMAO! Of course not! They just debased the crap out of the currency so they could pay their debts back with worthless money.
💥 Ping!
Good point!
FTX wasn’t a scam?
The Cartels launder their money there as well.
FTX was. FTX is not all of crypto in the same way that Bernie Madoff does not mean the entire financial services industry is just a scam.
—> Yeah Bitcoin appears to be simply
I admit my crypto holdings rose so much that I liquidated enough to buy an apartment complex in Texas, which now provides continual cash flow and depreciation.
But Bitcoin is a way to transfer $€£¥ outside the system - faster and cheaper. I’ve used it to send funds to the other side of the world .
That’s where it started and continues, simply.
What are you using as a store of value?
Because Crypto was designed from the beginning to be "regulation proof". Short of shutting down the internet and arresting anybody who tries to buy or use crypto, there is little the US government (or any government for that matter) can really do. As long as businesses somewhere in the world will accept Crypto as legal tender for goods and services, and market exists somewhere in the world to buy/sell/trade crypto, any regulation will fail.
We were told by the “experts” that blockchain makes crypto a safe investment.
It sounds like it is the “experts” who refuse to admit that blockchain does not protect you from criminals pushing bitcoin.
“the same way that Bernie Madoff does not mean the entire financial services industry is just a scam.”
What Bernie Madoff taught us is that unless you are an expert in the financial services industry you can get ripped off big time.
That is exactly my view of bitcoin—amateurs are gonna get fleeced.
But Bernie Madoff was acting completely alone, whereas the FTX scam was intertwined with many other companies, that have since gone completely under, and others are still being investigated.
And what about the creation of any new Binance coins now being blocked?
AMEN!
I thought about writing that when this story was first posted. But, I have kind of enjoyed watching the ill-informed ramble on.
But yeah...my small holdings from 2013 are doing just fine...thank you very much.
FTX has nothing to do with bitcoin.
The article is more about the overall crypto market, than just Bitcoin, as was his comment I was replying to...
The industry is too esoteric for most people to really know what’s going on, but the long and the short of it is this:
SEC swamp creatures working on behalf of Ethereum have been trying to destroy Ethereum’s competitors, namely Ripple, and have been doing the bidding of giant banks. Crypto poses a long term threat to banking if people are able to self-custody their money.
All of the suits that the SEC have filed recently are attempts to deflect from a likely loss in the Ripple case, where the SEC sued Ethereum’s main competitor for selling unlicensed securities.
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