Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

Discussion in 'Crypto Assets' started by johnarb, Oct 27, 2021.

  1. Butterfly


    then explain why on the dark net you can only pay in bitcoins or cryptos :p

    the rest is small traders speculating on trading platforms,

    the main payment use case is for illegal trades of illicit goods,
    #121     Nov 5, 2021
  2. patek643


    What are you doing on the dark net? Are you buying child porn? :rolleyes:

    Why is it so difficult for you to show proof of what you claim? Should be easy for you if it's true right? Where is the proof?

    Unless of course you don't have any proof.
    #122     Nov 5, 2021
    johnarb likes this.
  3. Butterfly


    Maybe you could ask the FBI and DOJ directly, they will show you the evidence :)

    oh wait, you are not allowed to see those evidence, while there is an ongoing investigation :p
    #123     Nov 6, 2021
  4. patek643


    Another post by you without any proof of your claims.
    #124     Nov 6, 2021
    johnarb likes this.
  5. Check out the French Mississippi Company. Early 1700s. At one point the market cap was higher than the value of all the land in France. Peak staffing was like 300 employees.

    Relative to the population of France, I think public participation was "high" although it would be hard to find a good stat. It seems like it was high enough for the company to have been on the verge of buying up the entire public debt of the French Gov't.

    Imagine if some "coin" reached the 30 trillion dollar valuation that would be required to buy up the entire US Gov't debt.

    One of the interesting things about all these crypto coins is that they are essentially a bet against quantum computing. If someone builds a quantum computer with enough qubits, then the value essentially goes to zero.
    The system is designed to allow unlimited offline attempts to crack the keys. Right now the processing power isn't available, but will that still be the case in 20 years?
    This is a similar problem as the issues that lead unix systems to have been set up to shadow their password file for decades now. In those systems, the system does not offer you a chance to run unlimited attempts to try different passwords, and the users are blocked from being able to access the hashes and brute force them offline. For the peer to peer nature of the coins to work, they have to expose this information to the general public.
    #125     Nov 6, 2021
  6. Butterfly


    LOL, be patient young padawan :)

    if you think authorities are not currently investigating cryptos, maybe you should read the news more often outside your daily crypto propaganda :p

    they are onto you, and when you find out, it will be too late, you and your drug operations will be "clipped" :)
    #126     Nov 6, 2021
  7. VicBee


    A big fight is brewing over cryptocurrencies. These are some key players to watch

    November 6, 20215:00 AM ET

    Cryptocurrency is at a crossroads.

    As its popularity explodes, the Biden administration is laying the groundwork to set rules for an industry that has surged in popularity, but has so far fallen into a regulatory netherworld.

    That's sparking what's likely to be a heated debate about which agencies have the authority to regulate cryptocurrencies such as Bitcoin – and what Congress' oversight responsibilities should be in a market that has grown to $2.5 trillion, or slightly less than the size of France's economy.

    Currently, the expectations are that supervision will likely be spread across several regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

    Yet there's a divergence of views of how tough rules should be, from lawmakers who believe the U.S. should embrace what they see as a financial revolution, to watchdogs alarmed about an industry they say is rife with fraud and bad actors.

    Here are some of the key players to watch as that debate takes shape.

    SEC Chairman Gary Gensler
    Gensler, a veteran regulator who returned to Washington, D.C., to head the SEC, is perhaps the person who will most help determine the rules on cryptocurrencies.

    As head of the SEC, he is tasked with protecting investors and ensuring fair and orderly markets.

    At the Massachusetts Institute of Technology, he taught a popular course called "Blockchain and Money."

    Confirmed by a vote of 53-45, Gensler has said — in speeches and Congressional testimony — that cryptocurrencies and related financial products should be subject to greater regulation.

    "Right now, we don't have enough investor protection crypto," Gensler told the Aspen Security Forum in August. "Frankly, at this time, it's more like the Wild West."

    Crypto-savvy congressmen on both sides of the aisle say they are glad Gensler speaks their language, but lawmakers who want fewer or less-stringent rules worry Gensler and the SEC will put in place tough new rules.

    Whatever he unveils, Gensler has said he would like Congress to be involved.

    "We need additional congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks," he said in August."We also need more resources to protect investors in this growing and volatile sector."

    CFTC Acting Chairman Rostin Behnam
    Having served as a member of the Commodity Futures Trading Commission since 2017, Rostin Behnam has been nominated to be its next chairman. (He is currently doing the job in an acting capacity.)

    There is a turf war among regulators, primarily between the SEC and the CFTC, about which agency should have the main authority to regulate cryptocurrencies.

    During his confirmation hearing before the Senate Agriculture Committee in October, Behnam made the case that the C.F.T.C. should have a bigger role in regulation, even as he acknowledged it would "be a departure from our historical role as a derivatives regulator."

    "I think it is important to have a primary cop on the beat," he told lawmakers. "And certainly the C.F.T.C. is prepared to do that if this committee so wishes."

    Behnam's argument goes to the heart of another basic question that regulators are grappling with: how to define cryptocurrencies. Currently they can be considered both commodities or securities, a confusion that speaks to the current lack of regulatory clarity.

    Treasury Secretary Janet Yellen
    Historically, the Treasury Department has overseen the writing and implementation of new regulations across agencies, and when it comes to cryptocurrency, it is likely to play a similar role.

    It just released a new report written by a group of regulators on "stablecoins" — a cryptocurrency that's pegged to a traditional asset like the dollar.

    In the report, Treasury called on Congress to clearly determine who has authority over stablecoins. Otherwise, the Financial Stability Oversight Council, which Treasury Secretary Janet Yellen chairs, could implement new regulations, the report argued.

    Sen. Elizabeth Warren (D-Mass.)
    Count Warren, the progressive senator from Massachusetts as a cryptocurrency skeptic. She has expressed her concerns about investor protection — or the lack thereof.

    Although cryptocurrencies are held by millions, they have also been used by bad actors, including to demand ransomware payments in virtual money. Hackers have also stolen funds from crypto exchanges.

    Warren will likely help shape regulations as a member of the Senate Banking Committee, and she believes Congress needs to do more to regulate cryptocurrencies.

    "Right now, our regulators, and frankly our Congress, is an hour late and a dollar short," she told Bloomberg TV. "We need to catch up with where these cryptocurrencies are going."

    Sen. Cynthia Lummis (R-Wyoming)
    Then there are the strong cryptocurrency supporters, like Lummis.

    Wyoming's junior senator calls herself a "HOLDler," which is crypto-speak for someone who has bought cryptocurrency and continues to hold onto it despite its extreme volatility.

    Lummis is one of only a few lawmakers personally invested in cryptocurrency, which means she personally could stand to gain or lose from the regulations shaped by Congress.

    After her son-in-law introduced her to crypto, Lummis bough her first Bitcoin in 2013, for $330. Today, it is worth more than $60,000, and she has bought more cryptocurrency in recent months.

    Lummis, a member of the Senate Banking Committee, is in favor of "light-touch regulation," she says. "We want the innovators to innovate. We want to create a space where the United States is the leader in opportunity for the creation and use of digital assets."

    Sen. Patrick Toomey (R-Pa.)

    As the ranking member of the Senate Banking Committee, Sen. Patrick Toomey has invested in cryptocurrency — in Bitcoin and Ethereum. Earlier in his career, he was a currency trader.

    Toomey has suggested cryptocurrency could be "as revolutionary as the internet."

    Toomey, who will retire next year, has called on his colleagues and regulators "to recognize that open, public networks are here to stay," and he has emerged an outspoken voice against excessive oversight and regulation of cryptocurrencies.

    Last month, after China effectively banned mining and trading Bitcoin, Toomey argued it was "a big opportunity to the U.S." to become a global leader in cryptocurrencies.

    The House lawmakers
    A diverse cast of lawmakers are also likely to help shape the future of regulation for cryptocurrencies.

    Take Rep. Darren Soto, D-Fl., for example, who acts as the co-chair of the Congressional Blockchain Caucus.

    He's spent most of his time in Congress focused on technology issues, and he says he sees a lot of possibility in cryptocurrency as an "emerging technology," although he is also worried about how bad actors use the cryptocurrency.

    Or Rep. Bill Foster, D-Il. On Capitol Hill, few lawmakers have as strong a grasp on the technology underpinning cryptocurrency as Foster, who has a Ph.D. in high-energy particle physics from Harvard University.

    Foster is skeptical of cryptocurrency — he has concerns about the environmental impact of Bitcoin mining, for example.

    There's also Rep. Warren Davidson, R-Ohio. A member of the House Financial Services Committee, Warren Davidson started paying attention to digital payments in the mid-2000s, he says.

    Davidson worries that Congress is moving too slowly to set rule for cryptocurrencies.

    "Industry is basically pleading, 'Give us some regulatory clarity,'" Davidson says. "We should be able to address this, and we could, and we can do it quickly."
    #127     Nov 6, 2021
    johnarb likes this.
  8. RedDuke


    All regulators need to do it expose Tethers for what they are. If USDT is removed, 70% of fuel for daily volume is removed. Then let's see the real value of cryptos if they are forced to be valued in either fiat or fully backed stable coins.:D Until then, long is the only game in town.
    #128     Nov 6, 2021