SEC says it will deregulate cryptocurrencies with 'Project Crypto'
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I would argue that the market has been fraudulent for some time now, but otherwise yes
Got even worse after the Terra blockchain collapsed. Pretty much popped the first bubble in a day.
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Will this mean that I won’t need to report every single transaction on my tax returns?
It would be real useful to use crypto for international money transfers.
hopefuly not, the IRS needs some way to track income based on the fluctuating value of crypto. yall gotta pay taxes like the rest of us.
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Deregulate? Because there's oh so many regulations already?
yep just like all the AI regulations they're deregulating.
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So to match the fraudulent government, the USA is going to have an entirely fraudulent market and soon after an entirely fraudulent currency.
🧑
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I feel like there was a time when we messed around with unregulated banking before.
I don’t remember what happened though…
Huh. Oh well.
Hey, yaknow what’s a funny word? “Contagion”. Hehe. What a weird word.
What was I saying? Eh, it’ll be fine.
now we get to see what happens with AI running wall street too!
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RIP climate targets
Only if Bitcoin remains predominant. The rest of the ecosystem largely moved on to proof-of-stake validation years ago, which doesn't require significant amounts of energy expenditure.
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In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.
“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”
Genuine question, is crypto good for anything other than gambling at the moment? I don't ever hear of anyone buying anything with crypto, only exchanging it out for USD. NFTs are basically a punchline now... what is it actually good for?
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Genuine question, is crypto good for anything other than gambling at the moment? I don't ever hear of anyone buying anything with crypto, only exchanging it out for USD. NFTs are basically a punchline now... what is it actually good for?
Maybe if you want to buy something visa, Mastercard, and Christian nut jobs don’t want you to have. Otherwise it’s a total scam.
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Well the head of the EPA called climate change “a religion” so that ship has sailed for the US.
Wouldn’t it be funny if it got special protections because it was declared a religion?
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In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.
“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”
Suckas bouta get took.
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Genuine question, is crypto good for anything other than gambling at the moment? I don't ever hear of anyone buying anything with crypto, only exchanging it out for USD. NFTs are basically a punchline now... what is it actually good for?
It was supposed to be the very thing that Paypal become (probably why Elon hedged his bet on it after getting kicked) but it became so inefficient with expensive transaction fees that everyone turned it down. As a consequence, it became a worse version of the stock market.
Mind you, this was before we even before we knew about the environmental damage.
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Got even worse after the Terra blockchain collapsed. Pretty much popped the first bubble in a day.
Oh no, I meant the regular market. So both markets basically.
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Oh no, I meant the regular market. So both markets basically.
Fair enough. xD
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RIP climate targets
You say that now, but wait for the US economy to completely shit itself.
COVID and the Great Recession were both spectacular for reducing emissions.
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Wouldn’t it be funny if it got special protections because it was declared a religion?
Shit, lets fucking do it. What is J.R. "Bob" Dobbs' stance on the issue?
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Only if Bitcoin remains predominant. The rest of the ecosystem largely moved on to proof-of-stake validation years ago, which doesn't require significant amounts of energy expenditure.
The rest of the ecosystem largely moved on to proof-of-stake validation
Eh. Bitcoin mining alone accounts for about 0.7% of 2024 global CO₂ emissions annually, with 40% of that mining happening in US and Canada. 130.50 Mt is nothing to sneeze at.
The crypto industry was supposed to decarbonize by 2025 – how’s that going?
There's evidence the industry has started putting plans into action, but the energy consumption of Bitcoin networks is still higher than countries like Norway and SwedenFar too little and too late.
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Wouldn’t it be funny if it got special protections because it was declared a religion?
Religion [Evil Islamic] not Religion [Glorious Christian]
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Genuine question, is crypto good for anything other than gambling at the moment? I don't ever hear of anyone buying anything with crypto, only exchanging it out for USD. NFTs are basically a punchline now... what is it actually good for?
It's not untraceable, but it's way more anonymous for routine purchases than CC. Also with all the nonsense the CC companies are pulling lately, it's a nice example of why de-centralized, unbanked fiat has real value. Personally I use it for search engine subscriptions and paying VPN fees with at least a layer of "hey, you can't sell my demographic data or send me junk mail" privacy. Also if you want to send money to someone without using venmo type garbage, it's super easy and flexible even if you don't have the same type of crypto as the person you are sending to. It's huge for sending money internationally as there are big fees associated with international money brokers when involving traditional fiat.
The mantra of crypto as a scam is wrong. It's just seriously overvalued and has been turned into scam as an investment commodity. The technology itself, at least modern scalable versions that don't require AI level nuclear power plants to scale, is not flawed. The fact that the archiac unscalable bitcoin prototype is still the most valued is a great example of the mismatch between real world value and the fucked up crypto marketplace. -
The rest of the ecosystem largely moved on to proof-of-stake validation
Eh. Bitcoin mining alone accounts for about 0.7% of 2024 global CO₂ emissions annually, with 40% of that mining happening in US and Canada. 130.50 Mt is nothing to sneeze at.
The crypto industry was supposed to decarbonize by 2025 – how’s that going?
There's evidence the industry has started putting plans into action, but the energy consumption of Bitcoin networks is still higher than countries like Norway and SwedenFar too little and too late.
I literally just said:
Only if Bitcoin remains predominant.
Yes, Bitcoin still uses proof-of-work. That's because Bitcoin is itself a fossil, its userbase and developers have consciously decided to not adopt new blockchain technologies and remain locked in the current protocol. Other blockchains have continued moving on. Alas, Bitcoin has name recognition and inertia on its side, which will keep it around for a long time. But at some point I expect its obsolescence will catch up with it and overcome that inertia.
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I literally just said:
Only if Bitcoin remains predominant.
Yes, Bitcoin still uses proof-of-work. That's because Bitcoin is itself a fossil, its userbase and developers have consciously decided to not adopt new blockchain technologies and remain locked in the current protocol. Other blockchains have continued moving on. Alas, Bitcoin has name recognition and inertia on its side, which will keep it around for a long time. But at some point I expect its obsolescence will catch up with it and overcome that inertia.
Other blockchains have continued moving on
Sure. But they're relegated to the realm of highly sketchy pre-mining schemes and pump-and-dump market gambits. There's no serious third party mining community for these boutique coins.
I expect its obsolescence will catch up with it and overcome that inertia.
We still have people digging yellow rocks out of the ground and shoving them in big vaults to store fiscal value.
If that's not obsolete, I'm not holding my breath on Bitcoin.
