What crackdown? The SEC has only charged actual scammers and they've "requested information" from the legitimate players to figure out how to proceed. Other than some bad calls by sanctioning software, there's hardly been anything considered a "crackdown."
this post was submitted on 13 Nov 2024
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One thing that stopped me from using it is that every single crypto transaction needs to be reported on your US tax return due to the way profits from the coins are taxed in situations where the value increases. It is annoying to have to compile all the data. If that changes, I will probably start using crypto again.
That means, in Republican speak, that they will allow anyone to scam anyone without repercussion.
Republicans love a good scam
Next up is the dismantling of the ACA. They will roll out these amazingly cheap alternatives. Health insurance for $10 a month!
So the poor and the stupid will sign up. They’ll go to the bar and saunter up to a “libtard” and tell them that trump fixed everything.
Then when they get sick and try to use MAGA super plan plus premium they won’t be able to find a doctor. The $10/month plan only covers an annual trip to a CVS minute clinic. They’ll go on Facebook and write up how the goddamn liberals tricked him. Other faithful republicans will pray for them and tell them that it must be a glitch because trump made things better.
The con will win because it’ll only hurt those without power.
But that's not as exciting as promising to end something that's barely happening in the first place.
People elected Trump to be entertaining, not for sensible governance.
Exactly. He intends to let scammers scam.
Scam and speculation are the only use cases after all.
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I highly doubt that "ending crypto crackdown" would mean guaranteeing safety for projects like Samourai or Localmonero. Or ending the relationship with Chainalysis.
Can you elaborate on these topics for someone not in the know?
Samourai was a Bitcoin wallet attempting to improve the currency's privacy. Its devs were arrested this year.
Localmonero was a platform where people could post listings for buying or selling Monero without KYC. There was also an identical sister site Agoradesk for Bitcoin. They abruptly shut down this year, probably afraid of similar prosecution (it happened pretty soon after the Samourai case).
Chainalysis is a company that US government works with, attempting to track and deanonymize crypto transactions. Recently a presentation of theirs leaked, disclosing some of their methods (which were very interesting for the Monero community in particular).
Thanks!
Chainalysis is a cryptocurrency/blockchain investigation software, I at least know that much.
Coiners: "We want to be taken seriously and treated as legitimate businesses!"
Biden Government: "OK. We'll treat you as legitimate businesses in your respective fields and expect you to comply with the same regulations everyone else has to."
Coiners: "Oh shit wait no this sucks, our whole business model only works because of crime, quick everyone vote for a fascist conman!"
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Obligatory Line Goes Up video, although not exclusively about Bitcoin.
I do admit that early in Bitcoin's life, around 2013, i was a interested in Bitcoin as an alternative to banking, but the volatility and speculation alienated me from the community. Anyone buying BTC now for $90k, you need to realize this turned into a pyramid scheme and you're not at the top of it. You may be able to find someone who's more of a sucker to take the Bitcoin off your hand and make a profit, but it's not sustainable, someone has to loose. Any gains you make are probably less than 10% what the person made by selling it to you.
If you do end up speculating on crypto, don't invest more than you can afford to loose, and assume you'll loose it all. It's very likely you'll either get hacked/scammed, loose your wallet, leave your wallet in an online exchange who runs off with your keys, etc. You're on your own if that happens. If you do end up making any profit, it'll be a blessing and you'll be way happier than if you thought this would be your key to get rich, and you end up loosing it all.
Lose
To be fair, the idea of "alternative to banking" is still very much alive. BTC and LTC are very much used as currencies, even though BTC has fees too high for small transactions. Monero was developed specifically with utility rather than investment in mind - now reading about how exactly anonymity is enforced there (especially after the Chainalysis leaks), it's pretty interesting. I kinda hope we invent something better than blockchain-based currencies that is equivalent in uncensorability, but right now it's the closest we got.
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It is literally going to be a feeding frenzy on idiots.
Every time the price spikes I get the feeling its large holders cashing out while they can and the liquid from newcomers is available. Which would make it mostly a scam, kinda like the stock market but even more shallow somehow, as if the stock market wasn't unrelated enough to actual production and very esoteric.
kinda like the stock market
It's basically the same thing. People cry about crypto being a pyramid scheme without talking about how pyramid schemes are a major foundation of the whole economy. People cry about how crypto isn't a worthwhile currency while the dollar (ie. paper covered with pictures of slave masters) is constantly losing value.
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. That approval made it easier to fund bitcoin investment projects, but despite the seeming endorsement, Gensler warned at the time that the SEC still viewed bitcoin as a "volatile asset" linked to "illicit activity" like ransomware, money laundering, sanction evasion, and terrorist financing.
Anybody who is not using Monero for these kinds of activities is doing it wrong. Just remember folks, every transaction on Bitcoin and similar chains is an upskirt transaction.
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Honestly, waking up and seeing my balance was the only thing that kept me from ending myself the day after the election.
So glad I invested when the price was at $20k and everyone was calling it a "scam". Good thing I didn't listen. Bitcoin literally saved my life.
You should probably seek professional help if market changes have this kind of effect
Dude seek help, it's a Ponzi scheme. Sell and get out now.
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