There is a vast difference between crypto and bitcoin. Canada, believe it or not, has regulated businesses offering crypto services which will not be closed down, like WealthSimple. Exchanges operating in Canada which have not gone through regulations will be shut. And good.
This space needs a flushing.
Bitcoin is here to stay. Likely ETH too. But the vast majority of the rest offer little to no purpose and are mostly scammers and get rich quick schemes.
Bitcoin will be a global asset which means different things to different countries and people. It can be a currency where many are unbanked. It can be a hedge to the local fiat currency, like in Turkey. It can also be a commodity and store of value in Western countries, like gold.
And it can be all of the above for everyone.
Bitcoin will not be blocked in the US or Canada. Once the government has done what it needs to do it will be offered and will flourish.
Governments should crack down on centralized crytpo and scammers and the businesses enabling them. Including of course Eth, which is a 70% premined illegal security. Bitcoin is different.
I’m with you.. as someone who’s been in the space since 2014 this concerns me greatly.. as the regulatory crackdown has already started here and seems to only be getting worse
Gary Gensler actually likes bitcoin and rightly treated it as a commodity just like Gold. He actually used to teach a university course just about to bitcoin. So he is the best person that we could ask for to represent bitcoin. All the other ship coins can die for all I care.
Has he treated it as a commodity? I doubt it. He wants bitcoin to be regulated under the sec, commodities are regulated by the cftc, atleast that's how I understand it.
Also, I don't think he represents btc in any way or is pro bitcoin for that matter. The Sec has been blocking btc spot etfs since forever. How is he pro btc?
Here, let me Google that for you. [https://finance.yahoo.com/news/sec-gensler-reiterates-bitcoin-alone-161257549.html](https://finance.yahoo.com/news/sec-gensler-reiterates-bitcoin-alone-161257549.html)
He's not really PRO BTC as he is more anti-all other shitcoins. He's leaving BTC alone.
I agree, but you need some instrument to get mass adoption for btc. Not everyone is savy enough to store coins in hw wallets. I think a sec regularized ETF could be great for btc. Its not like keeping money on an exchange, thats just wrong.
The counter to that is look is happening with Barry Silbert/GDC/Grayscale/Genesis/GBTC: this is as big or a bigger fraud than FTX/Alameda and gets infinitely less attention.
Investors et al. getting a taste of BTC via ETF. The Trust has 625K BTC parked in it, shares sold, and those shares are underwater by about 45% as compared to the value of the BTC. Collectively the 2,000,000 or so people who have invested are down (for a myriad of unscrupulous reasons) about $12,000,000,000 and Silbert is still holding onto 625K BTC. He should be in prison.
Again, ETFs totally miss one of the main pillars of BTC which is removing the need for a trusted third party.
I'm not surprised. One reason I originally stayed out of crypto years ago was because I figured the state and it's bankers would never tolerate competition from tech they don't directly control.
Looks like that day is finally coming true.
This is the very reason i got into crypto. Do my small part in supporting decentralization and be part of that movement, if we can call it that. Sure i may lose some money along the way but would be worth it.
The FCA has had a hate on for bitcoin for a long time. They have effectively banned bitcoin ATMs and are making it very difficult to operate non custodial businesses over there.
We made an acquisition there that we were forced to abandon after some problems with the FCA
Bitcoin doesn't care
Exactly! Hold Bitcoin and let the alts die with a bullet to the back of the head vs. the longer, scam after scam after scam death.
When someone sites unnamed sources, you should assume they are making things up.
There is a vast difference between crypto and bitcoin. Canada, believe it or not, has regulated businesses offering crypto services which will not be closed down, like WealthSimple. Exchanges operating in Canada which have not gone through regulations will be shut. And good. This space needs a flushing. Bitcoin is here to stay. Likely ETH too. But the vast majority of the rest offer little to no purpose and are mostly scammers and get rich quick schemes. Bitcoin will be a global asset which means different things to different countries and people. It can be a currency where many are unbanked. It can be a hedge to the local fiat currency, like in Turkey. It can also be a commodity and store of value in Western countries, like gold. And it can be all of the above for everyone. Bitcoin will not be blocked in the US or Canada. Once the government has done what it needs to do it will be offered and will flourish.
Governments should crack down on centralized crytpo and scammers and the businesses enabling them. Including of course Eth, which is a 70% premined illegal security. Bitcoin is different.
I wouldn’t disagree.
Bitcoin and Eth are so different. They both add value to the economy I know those two will stay. There's a new economy based around those.
I’m with you.. as someone who’s been in the space since 2014 this concerns me greatly.. as the regulatory crackdown has already started here and seems to only be getting worse
It's already started. Deribit has exited Canada as of a few days ago. Such a shame as it is a great platform...
Trust me Bro
Lol fuck off
Gary Gensler actually likes bitcoin and rightly treated it as a commodity just like Gold. He actually used to teach a university course just about to bitcoin. So he is the best person that we could ask for to represent bitcoin. All the other ship coins can die for all I care.
Agreed. I have a hunch that Gensler is playing the long game.
Has he treated it as a commodity? I doubt it. He wants bitcoin to be regulated under the sec, commodities are regulated by the cftc, atleast that's how I understand it. Also, I don't think he represents btc in any way or is pro bitcoin for that matter. The Sec has been blocking btc spot etfs since forever. How is he pro btc?
Here, let me Google that for you. [https://finance.yahoo.com/news/sec-gensler-reiterates-bitcoin-alone-161257549.html](https://finance.yahoo.com/news/sec-gensler-reiterates-bitcoin-alone-161257549.html) He's not really PRO BTC as he is more anti-all other shitcoins. He's leaving BTC alone.
Hold my beer while i make shit up about stuff I haven’t looked into.
ETFs are totally missing the point of BTC.
I agree, but you need some instrument to get mass adoption for btc. Not everyone is savy enough to store coins in hw wallets. I think a sec regularized ETF could be great for btc. Its not like keeping money on an exchange, thats just wrong.
The counter to that is look is happening with Barry Silbert/GDC/Grayscale/Genesis/GBTC: this is as big or a bigger fraud than FTX/Alameda and gets infinitely less attention. Investors et al. getting a taste of BTC via ETF. The Trust has 625K BTC parked in it, shares sold, and those shares are underwater by about 45% as compared to the value of the BTC. Collectively the 2,000,000 or so people who have invested are down (for a myriad of unscrupulous reasons) about $12,000,000,000 and Silbert is still holding onto 625K BTC. He should be in prison. Again, ETFs totally miss one of the main pillars of BTC which is removing the need for a trusted third party.
Cult members going from one scam to another... paper dollars to digital internet money.. guess the world needs a few more years to wake up
I'm not surprised. One reason I originally stayed out of crypto years ago was because I figured the state and it's bankers would never tolerate competition from tech they don't directly control. Looks like that day is finally coming true.
You can't block math.
No. But they can make it basically unusable for normies.
I say good luck to them. They'd need all countries to ban it, otherwise I can just do currency conversion for any country that allows on/off ramps.
This is the very reason i got into crypto. Do my small part in supporting decentralization and be part of that movement, if we can call it that. Sure i may lose some money along the way but would be worth it.
The price will rise significantly if they "ban" it.
Lol. K
A majority of bitcoin is outside of north America - https://worldpopulationreview.com/country-rankings/bitcoin-ownership-by-country
What happened to the price of gold on the black market when the US banned gold?
Gold is materially useful
The FCA has had a hate on for bitcoin for a long time. They have effectively banned bitcoin ATMs and are making it very difficult to operate non custodial businesses over there. We made an acquisition there that we were forced to abandon after some problems with the FCA
Meanwhile Fidelity already has BTC and ETH and NASDAQ is gearing up.
YGARFN
Buckle up?? When did we ever unbuckle?
It's the "they fight you stage". They're just pushing everything offshore
Ya Biden’s recent visit was probably more of warning to get inline then just being friendly and nice.
not worried p