Tether looks like a scam based on this Article

[Yodean]

[xkosmox]

Our local Singapore government monetary authority just hit out at the largest volume crypto platform Binance. Contemplating to shift my Binance holdings to Coinbase, the second largest platform.

Https://www.straitstimes.com/business/b ... alert-list

Surprising because 3 years ago our country's investment vehicle invested in binance's localised company

Https://www.businesstimes.com.sg/bankin ... -singapore

Similar restrictions and bans have been placed on Binance from UK Japan Italy and Malaysia.

Any thoughts?

[Yodean]

Similar restrictions and bans have been placed on Binance from UK Japan Italy and Malaysia.

Any thoughts?

For most of 2021, there has been a clear and concerted attack on Binance, for a variety of reasons, from many governments, as you mentioned. But Coinbase has its problems, too. With crypto-exchanges, it's really a bit of a Wild West.

More out of laziness than anything else, I invest and trade cryptos using proxies. The proxies certainly aren't perfect in terms of price tracking, and you are paying high fees as well as regular capital gains tax when you take profits,, etc., but for the time being, it has worked for me..

The proxies I use currently include GBTC, ETHE, HVBT, & COIN.

There should be a U.S.-approved BTC ETF within the next 6 - 12 months, I would think. Probably lower fees and better tracking of price.

[Yodean]

Historically, cryptos generally go on a nice run to the upside after the CCP "bans" them. We'll find out soon enough if "this time it's different."

[Yodean]

I remember T.I. mentioning that RIOT and MARA might do something in the crypto. space way back in 2016 or 2017 . . .

[Yodean]

The U.S. Justice Department (DOJ) announced the launch of a National Cryptocurrency Enforcement Team (NCET) tasked with complex crypto investigations and prosecutions.

The focus will be on virtual currency exchanges, money laundering, and mixing and tumbling services.

The new crypto enforcement team will combine the expertise from the Department of Justice Criminal Division's Money Laundering and Asset Recovery Section (MLARS), Computer Crime and Intellectual Property Section (CCIPS), and experts from U.S. Attorneys' Offices.

"The head of the NCET will report to the Assistant Attorney General in the Criminal Division," the press release said. "The Team Leader will lead the team of attorneys from MLARS, CCIPS, and Assistant U.S. Attorneys (AUSAs) detailed from U.S. Attorneys' Offices across the country to identify, investigate, support, and pursue cases against cryptocurrency exchanges, infrastructure providers, and other entities that are enabling the misuse of cryptocurrency and related products to commit or facilitate criminal activity."

https://www.kitco.com/news/2021-10-07/U ... -Team.html

*****

Right on schedule, here come the Looters of the productive . . . better to steal from the crypto. market through regulations and taxation than banning cryptos outright.

As it is said, Death and Taxes . . .

[Triplethought]

Right on schedule, here come the Looters of the productive . . . better to steal from the crypto. market through regulations and taxation than banning cryptos outright.

As it is said, Death and Taxes . . .

I'm not sure everyone would agree that crypto speculators are "productive". Or were you referencing some productive use of crypto currency?

[Yodean]

I'm not sure everyone would agree that crypto speculators are "productive". Or were you referencing some productive use of crypto currency?

Just a general sentiment that when the government wants to "regulate" something in the name of "protecting the public," it's almost always a cash grab, i.e. 90% to tax you, 10% to "protect" you.

[Triplethought]

I'm not sure everyone would agree that crypto speculators are "productive". Or were you referencing some productive use of crypto currency?

Just a general sentiment that when the government wants to "regulate" something in the name of "protecting the public," it's almost always a cash grab, i.e. 90% to tax you, 10% to "protect" you.

Agreed. "I'm from the government and I'm here to help" means hold onto your wallet. I'm glad we're out of GBTC for the moment.

[Yodean]

I'm glad we're out of GBTC for the moment.

BTC (the actual bitcoin price, not GBTC's) is interesting . . . my current view is that the longer it stays above the 50 - 52k support zone, the better the probability that it will challenge ATHs in the 60 - 65k range.

If BTC definitely breaks below 50k, I will likely take some profits in the 47 - 49k ranges, and start re-accumulating again in the 40 - 42k range.

Rumours are that the SEC is ready to formally approve a few U.S. BTC-futures ETFs within the next few months - this will make it more palatable and easier for more institutions and retail investors to buy BTC.

I suspect an interim top of some sort in BTC may be hit around the time that news becomes available to the public.

[Budge]

Agreed. "I'm from the government and I'm here to help" means hold onto your wallet. I'm glad we're out of GBTC for the moment.

I've amended my thinking on this to: "I'm from the government and I'm here to lie and cheat you and to harm you physically, mentally and financially!"

[SOL]

Agreed. "I'm from the government and I'm here to help" means hold onto your wallet. I'm glad we're out of GBTC for the moment.

I've amended my thinking on this to: "I'm from the government and I'm here to lie and cheat you and to harm you physically, mentally and financially!"

By default anyone claiming to help the majority is a liar, for they cannot help everyone without robbing 90%. As long as Fiat is in play, 90% of government mandates should be viewed through a very dark filter. Their sole function is to rob the masses.

[Budge]

Agreed. "I'm from the government and I'm here to help" means hold onto your wallet. I'm glad we're out of GBTC for the moment.

I've amended my thinking on this to: "I'm from the government and I'm here to lie and cheat you and to harm you physically, mentally and financially!"

By default anyone claiming to help the majority is a liar, for they cannot help everyone without robbing 90%. As long as Fiat is in play, 90% of government mandates should be viewed through a very dark filter. Their sole function is to rob the masses.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

… Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." Keynes "The Economic Consequences of the Peace" 1919.

[AstuteShift]

I'm glad we're out of GBTC for the moment.

BTC (the actual bitcoin price, not GBTC's) is interesting . . . my current view is that the longer it stays above the 50 - 52k support zone, the better the probability that it will challenge ATHs in the 60 - 65k range.

If BTC definitely breaks below 50k, I will likely take some profits in the 47 - 49k ranges, and start re-accumulating again in the 40 - 42k range.

Rumours are that the SEC is ready to formally approve a few U.S. BTC-futures ETFs within the next few months - this will make it more palatable and easier for more institutions and retail investors to buy BTC.

I suspect an interim top of some sort in BTC may be hit around the time that news becomes available to the public.

An ETF approval will signify a top is in place, more regulations is bad for crypto price

What these hedge funds and dinosaurs do is laughable, really Stone Age views and thinking this is a 1970s scenario when in reality it’s the birth of AI and soon quantum computing

Once quantum computers come, then bitcoin game theory will be cracked and watch bitcoin supply multiply and value goes to zero.

Never fall in love with a retarded asset like this. At least stocks make products despite the massive Buybacks


Either way, this speculative asset really has no intrinsic value besides the masses hyping it up to epic frenzy and also to prime them to a FED crypto later on

I have a feeling that the FED will likely accelerate their FED coin soon and take over this market but they need a disaster to happen and also majority of the masses to cry foul and they offer their safety solution. The classic problem, reaction and solution equation

[Yodean]

Once quantum computers come, then bitcoin game theory will be cracked and watch bitcoin supply multiply and value goes to zero.

I have a feeling that the FED will likely accelerate their FED coin soon and take over this market but they need a disaster to happen and also majority of the masses to cry foul and they offer their safety solution. The classic problem, reaction and solution equation

(1) Quantum computing (QC):

QC will have its day in the sun, but my sense is that it will take a bit longer than most predict.

This read is pretty good - gets into the weeds a bit, but not too much:

https://www.quantamagazine.org/major-qu ... -20210929/

(2) Cryptos:

I think we are at an inflection point in the crypto. space when we can be a bit more nuanced about these assets. My personal view at the current juncture is that the top layer 1s (i.e. BTC, Ether) are pretty decent investments, with some risk and high volatility. A lot of the alt. coins are mild scams and many will die, but some will 1000x.

The U.S. government knows how to track BTC holders fairly easily, so I don't think DeepState is worried about BTC. BTC doesn't work well as a currency, so USD supremacy is not being challenged by BTC - not really.

The cryptos DeepState doesn't like are the true "privacy" coins, like Monero and PirateChain. So alt. coins like these and others that are truly difficult to crack are the ones that DeepState will attack.

I remind myself that the global financial system is a debt-based Ponzi scheme. As long as the borrowing continues, the system may continue indefinitely, until it doesn't. Some boom and busts along the way.

Money is created when debt is issued, in the current system. So you want people to borrow as much as possible, as the printing presses roll.

BTC will serve as another speculative store of value, and another bubble that may be inflated to generate more money (i.e. through debt, leverage) to support the global financial system. Except the money that piles into BTC (and other crypto. assets) won't have to appear on the Fed or Treasury balance sheets, so that's a plus. So from the Fed's perspective, this may not be a bad thing (getting people to borrow more money and go on leverage to buy crypto. assets, etc.).

And of course, with DeFi and leverage, more $$$ will be pumped into the system, which is what central banks (CB) want. BTC, for example, could serve as collateral for someone to borrow 100x that collateral, etc.

More $$$ creation through more debt.

Plus, the U.S. government can tax the sh*t out of all the crypto. businesses, as well as getting people used to using digital assets (as opposed to physical cash).

(3) FedCoin:

This will happen, but not as fast as most think. There is too much USD in physical form both in the U.S. and abroad. DeepState wants to see how the digital yuan CBDC is going to fare before rolling out FedCoin, methinks.