Bitcoin Forum

The comedy in the cryptospace never stops. I am shaking my head so many times, my head is spinning hehehe.

In Washington D.C., there was a bill that was proposed by Sam Bankrupt-Fried that would give the government more oversight and create more regulations on the cryptospace which would certainly make decentralization lose some of its advantages. It is a bill that might kill the cryptospace.

He also caused the collapse that gave the lawmakers the reason to pass the bill into law a priority. I am beginning to be very skeptical of Sam. He might not only be another cryptobillionaire. His mother is a lawyer of Hillary Clinton and an active member of the Democratic party. I will post more information if I can find them. They are easy to find. If you can help me, share them, thank you.

https://i.ibb.co/JdyXnV7/7-C385-DCE-E8-BE-43-C4-A797-385843-B37-BB0.png

The bipartisan authors of Senate legislation that would increase oversight of cryptocurrencies considered to be digital commodities in the U.S., like bitcoin, plan to move forward with the bill.

Embattled FTX CEO Sam Bankman-Fried had been the strongest industry proponent of the bill, known as the Digital Commodities Consumer Protection Act. The bill would grant the Commodity Futures Trading Commission, one of the two U.S. markets regulators, more power over cryptocurrency markets and exchanges.

Read in full https://www.theblock.co/post/185746/senators-moving-forward-with-sbf-backed-bill-after-ftx-collapse

to understand some basics

as a security/property/currency bitcoin was regulated by the SEC, which had limited regulatory power only over things like money businesses

however treating bitcoin as a commodity. means that other agencies can step in
CFTC the commodities authority can set many things like quota's thus illegalising cryptos from making too many units or offering too many airdrops or premines or even try to close down cryptos that are managed centrally

they can partner with the EPA and get things like mining restricted, by telling energy companies to not supply businesses deemed as mining companies. under the pretence of climate change.

think about other commodities like wheat and beef. CFTC and EPA monitor and set limits on farmers yield and also the health and safety of farming aswell as how much quota of produce can go to market

the adaption of bitcoin to not just be bitcoin. but a main net. that then bridges to other networks like subnets(ln/liquid) and sidechains, has allowed the opening of the door to the jurisdiction of commodities regulation.

because a commodity is simply a raw product used in the creation of other products
though many see or want bitcoin to be a base product to then create new tokens/units of measure on other networks. the downside is opening it up to other agencies regulating more aspects of crypto/bitcoin

it is a big shame that the big players of crypto businesses lobby FOR this transition to commodities. rather then stay unrestricted in the unregulated era of being a tradable product(pre sec:currency status) 2009-2014

its even more shameful that FTX ceo is partners with greyscale/DCG CEO where by even they want bitcoin to be treated as a commodity because the SEC has not given exchanges the ability to open up ETF and their main hope is they will get ETF acceptance under commodity status.. and thats pretty much the big picture reason for their pro-commodity lobbying

No, Bitcoin feels safe in our hands and cannot be threatened. The reverse seems to be the case as they are threatened by Bitcoin which is more superior to anything they have created. It's incredibly hard to defeat. They are free to try.
They will only succeed in capturing the centralized  crypto/cryptospace which will be a good thing for the decentralized crypto/crypospace.

---

I feel sorry for prisoners whose solutions to security problems within their prison wall is to add more security layers that it becomes hard for their children to escape the prison during the time of tyranny. Their children grow up to blame the "deep state" without realizing the system was built by their parent and handed over to "deep state" to keep them "secure". Replace the deep state with satan and you won't be wrong

I knew he had some connection with democratic party when he donated large amount of money to Joe Biden campaign, but I didn't know about this connection with his mother.
I am sure nothing bad is going to happen with him personally, except maybe he won't be public figure anymore, but anything he touched may be in danger now, including regulation of Bitcoin.
Let's bet that some politicians in US will now blame Bitcoin for this FTX circus show, and they will demand for more strict regulations.
In one of the videos I watched Sam was shaking his head and acting like a real junky  :-\

I wonder if his mother - the lawyer - is going to get him out of this. She must be moving heaven and earth right now.
Your boy fucked up, lady!

I think that anything backed by Sam is now going to backfire. Nobody will want to be associated with his ideas and businesses. Even companies he helped bail out will feel the heat.
If legislators decide to follow through it will be on their own terms. Don't believe anybody is going to ask Sam to work as an expert in crypto matters anymore.

You are right that it would make people to understand and embrace decentralized platforms more than centralized exchange services. It is also very correct that our precious coins are safe in our decentralized wallets. But regardless of all its disadvantages, centralized platforms play important role in the Bitcoin space. They are the easiest way to have access to fiat, especially in nations that have not grown or developed their P2P platforms. Total regulation of this centralized platform would affect the crypto space negatively because many people rely solely on their services.

he resigned and put inplace anew CEO to manage FTX and keep it open before then filing bankruptcy.

this means he did not go down with the ship
a guy named ray is taking on the bankruptcy..
this means ray as part of the bankruptcy wont be allowed to be CEO of other/new companies for X years.. whilst SBF is free to continue other business plans he has as if there is no bankrutcy against him

he is not taking any financial or professional blame for the things FTX done. thought he personally. outside of legal says its his fault. legally he is free from this legal problem

his mom taught him well

As a big name and a leader in cryptospace, it is now easy to conclude that SBF is now a gone thing. Nobody will ever trust a man who mismanaged the assets handed to him by many people and investors. Now, this will be an open space to dig many dirt that we can find on Sam...sadly he just wasted a big opportunity and a big platform handed down to him by the industry. Right now, just like the Tera debacle, FTX will go down in crypto history as one of the saddest moments and one that is enormously undermining the trust and confidence of the mainstream population on cryptocurrency. On another note, just looking at Sam pictures, I now realized that he is really looking like a big joke with a 75% resemblance to comedian Jonah Hill.

We should live in reality. Agreed, there are powerful people that are threatened by what bitcoin and the cryptospace can bring for the people, however, do you really think that bitcoin and the whole cryptospace is safe? Those powerful people has made the control over national currencies their lifeblood because this is what gives them their power. They will try everything to control the cryptospace. We cannot be certain if they will be successful in this but I would not be shocked if they acted more violently and we read in the news that a Bitcoin or an Ethereum developer died under questionable occurrences.

my stance of the whole "government" thing is this

senators and congressmen live their professional lives by their 2-4 year contract(voted in period of position)
they are not personally interested and do not sit at a computer watching every citizens daily activities, they are not interested in watching what coffee or chicken burger people buy.
the whole "government is watching your every move" is a dream

it does not matter the currency there will always be "government" but its just a game of which currency can lobby the best, wins
we see this with many nations. where european countries moved to the euro and UK moved out of euro grasp. we see african countries pivot from euro to dollar at a whim.. governments dont care about currency they just want to get paid in whatever is valuable/offered at the time of their voted in position

BANKS on the other hand are a business. and they want to continue doing business..
its banks and financial institutions that collect data on their customers.
they dont like new 'money businesses' setting up new industries where MSB's make more profit but dont have to do all the paperwork.

much like taxicabs and transport regulators didnt like Uber

i dont view the SEC/CFTC as child of senators/congressmen
instead i see them as the mother and father of banks/financial industry

i view SEC/CFTC not as a government department. but as a business..
they lobbied congress/senate decades ago to give their business powers that allow them to parent an industry

setting rules where by you have to buy a licence(membership) to be allowed to enter an industry(pay rent to live in the family). it helps avoid boiler room scammers just setting up shoddy banks. but also puts up barriers to ethical people that want to set up genuine money businesses to compete against the banks(unless your part of the elites)

lets take DCG (coinbase, bitfinex, ftx) via their business connections of their elite social group they get to easily set up exchanges/businesses with no oversight. but they also know the best tax accountants and fiat law lawyers to know the loopholes to escape the costs of doing business, which more common folk dont get this privilege access to

yes senators and congress have a say in what powers and actions the SEC/CFTC have and can use. because senate/congress control the law. but get bribed(ops i mean lobbied) to re arrange the law in businesses favour

decades of bribes and golden handshakes and buddy system allowed these regulators(businesses) to gain power and prestige pretending to be government departments. but in reality business partners of industry

we seen this with the bitlicence . the then head of SEC set up a bitlicence(membership NY businesses had to subscribe to) and once set up he resigned as regulator(job dne) and entered the business of bitlicence adviser taking extra fee's to guide businesses in the loopholes (of the rules he set up) to aid the business buddy system of who should enter the crypto world in NY

the regulators are businesses in of themselves getting money both from treasury to do the good deeds of law. and also the corporate money from business to do the deeds of banks
..
DCG(greyscale) wanted an SEC regulated ETF. but got pushed back. and so DCG and FTX now want to pivot bitcoin away from mommy and daddy SEC regulations and instead get adopted by foster parents CFTC

.. even other regulators like the EPA(environmental protection) are a business. they have powers to shut down farms and tell power companies to not service certain industries..

if you stop viewing regulators as some trump/biden grandchild.
and instead view them as business parents. where by they bribe, beg, coerce or blackmail government(senate/congress) via "lobbying"

you start to see how trying to point fingers with "biden/trump is /was spying on all your transactions" (facepalm)

and instead realise banks dont want competition who has less work but more profits.. the picture becomes clearer

knowing the difference between:
congress/senate (contracted men that like side deals)
paper law (national/state level) which has no arms to punch
law enforcement(idiots who like guns) employed to do raids and punch
regulators (businesses with power) that can call on law enforcement
banks(that fear other financial industries/competing jurisdictions finance)
MSB(lower level less elitist financial services) some are family some are outsiders
crypto code(rules of code) which has no ear to hear paper law and no body to be hit or arrested

you learn the middle guys (banks) are the ones fighting to stay alive.. not the congress/senate
......
bitcoin itself as code if everyone just ran the same code and never changed. would be unstoppable

the "safe" of bitcoin is to not allow any business to coerce or mandate changes to code. not allow businesses to gain power to control the edges of bitcoin where people enter and exit

we need to fear firstly BUSINESSES (like DCG(blockstream devs, NY agreement economic nodes) and their CEO's that lobby to change regulator jurisdiction of the industry over all)

then the regulators whom may gin powers to stifle mining locations or which merchants can startup

then lastly "government" but more so about how businesses (banks and MSB) lobby said government.

rather than thinking that its a top down finger point of government downwards.. its actually the businesses upwards
.. because .. "capitalism" not "communism"

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congress/senators do not call the FBI/SWAT to do raids on citizens.. thats just bad practice and not good for future election hopes of their career

what happens is BUSINESSES watch their customers and suspicious activity or activity one business doesnt like seeing another business do is reported to regulators.. the regulators then call on FBI/SWAT

..
th electric car industry sees crypto as a threat to the electric availability. if power is going to crypto then people wont want to buy electric cars due to lack of electric to drive to work. so the electric car industry(elon) is lobbying regulators to push hard on bitcoin businesses to be more "environmental"
its not a biden decision top down. its a business lobby middle up

banks dont like non fiat becoming common money. thus there is a push to have crypto only as investment not money. again (middle up)

then there are msb's  they also want to have their other financial products like ETF, sidechains and subnetworks. so they want regulation changes. but dont care about the other effects that can happen due to their selfish wants. heck they have been bribing the regulations middle up.. and also the devs at the bottom..

Barbara… where the fuck your head was when you name your kid “Bankman” ? Fried is OK somehow. There are many decent “Friedman”s out there too. But what the fuck is a “Bankman” for fucks sake?

What’s next? Will Bankman name his son “Bankster”? That’s not a more ridiculous sounding name than “Bankman” btw. I would say they are equals in their respective ridiculousness levels.

And this bitch is a Dem lawyering Hillary. Lmao. And his moron son bribed the dems with the money he stole from the depositors.

Wow. Just wow.

Since Bidens can get away with it after everything we have seen (Hunter’s laptop), I would say SBF would give everyone his finger and enjoy his billionaire life in somewhere without getting a punishment.

This is no different to "Circle" attracting users by supporting Bitcoin and then doing a 180 business model, where they do not support Bitcoin anymore. Also.... big supporters of Bitcoin and Financial freedom ...like Mike Hearn and Roger Ver.... suddenly fighting against Bitcoin and all these noble causes.  ::)

They come in... make a shitload of money from Crypto currencies.. and then they forget about their original reasons why they supported this technology.  ::)

circle and coinbase are both part of DCG. early on they were offering basically the same service but coinbase got the popularity. and so circle concentrated on the sidechain treasury aspect and coinbase concentrated on the the fiat-crypto swap

roger ver was always a bit outlawish. a businessman liking the profits without wanting the taxes and accounting, even if it cost his friends/partners going prison for his business bad practices. and even buddying up to scammers for profit

hearn wasnt anti bitcoin. just anti business pushing their desires onto bitcoin changes that helped business but not the users. he eventually gave up the fight and instead started other platforms/projects to compete in different niches

many devs and prominent people have gave up the fight on/for bitcoin and moved to other projects.

many people only got into bitcoin and left again for profits

I'm sorry for people who lost their money on FTX. This shows, once again, how important it is not to store any significant funds on an exchange, but I realize that it's hard for traders who rely on many buy/sell orders each day. I hope that FTX (unfortunately not Bankman-Fried himself, apparently) will be held accountable and that assets will be liquidated, giving the funds to the victims. And as for increasing oversight, it should be oversight of centralized services like online wallets and crypto exchanges, to ensure that customers are protected. It is the big guys who have to be held accountable, not regular crypto users. But I suppose that's not what the bill is about, right?

as for the status of FTX

SBF escaped liability by resigning and putting in a fall guy as CEO before then going bankrupt. so SBF escaped blame legally

when it comes to the company assets by this i mean customers losses.. i feel that the stakeholders that have ownership stake in FTX should be liable.
by this i mean if the stake holders took profits in the good days from FTX they should put money back in at the bad days

they are afterall owners of FTX.
i personally would love to see DCG make FTX customers whole again.. instead of syphoning off the good assets over the last couple years as stakeholder profits

Black swan events usually occur after a few year or one decade. Cryptocurrency market has a year with some black swan events and it is a worst year since Mt. Gox black swan event.

Legislation is not bad because without legislation, it is more difficult to convince the crowd to join cryptocurrency market. With legislation, we saw blossoms of stock market, real estate market are examples for positive impacts from serious legislation.

If more serious legislation on cryptocurrency market is in, I expect to witness very good blossom for cryptocurrency in future.

it all depends on what legislation and what crowd you want to invite

everyone is ok with consumer protection legislation. that insures or protects users from massive losses.. however legislation that limit consumer access/utility is not good. or where legislation puts in barriers of entry for people to set up businesses or be involved in the infrastructure/backbone of a industry.

i get it that having an ETF means that greyscale(DCG) can start offering 'shares' to the pensions industry. which means then buying up huge baskets of bitcoin to put into ETF trust s as collateral against those shares..

but to open it upto jurisdictions like the CFTC/EPA to get that consumer base. also means the CFTC/EPA then get to set rules on bitcoin businesses such as asic farms.

yes bitcoin as code has no ears or eyes to care about fiat laws.. but the business at the edges(included the corporate sponsored developers) then get pressured into complying

bitcoin as a peer to peer currency could and should decentralise more, less sponsored devs at the code side.. and less centralised exchanges and mega asic farms

bitcoin will always survive. for instance if USA/euro regulations on mining quota's are adopted into law. restricting electric utility of locations.. miners would just move to other locations like south america

if regulators pressure the developers to push for PoS. thats a fork. where they can play with their cheap crap fork.
however if the exchanges and devs are combined coerced to brand the PoS fork as the 'main'/actual brand BTC and try killing off the PoW.. then we need to fight this

Mr. Bankman Fried donated to Biden's campaign and now SEC's president is being investigated by republicans for possibly favouring FTX in order to create a monopoly inside the (crypto) niche they operate. Further evidence is still needed, but it makes total sense considering the connections between Sam, his mother and democrats.

He seemed pretty confortable with Bill Clinton in an event as well:
https://images.squarespace-cdn.com/content/v1/589c8e68a5790a3587724c24/fd7143e2-a087-4910-a444-77cea19ec97e/Bill+Clinton+with+SBF+at+a+recent+conference?format=1000w

When you mix politicians with businessmen you can expect a lot of shady activity going on and censorship coming to their competitors.

However, I am not talking about the government and those politicians who have limited time in their positions under their 2-4 year contract. I am talking about those powerful people who put those politicians where they are. The real powers of the world. The Rothschild types, the Soros and those old families who really control the world. Those people who ordered the assasination of John F. Kennedy and who can make anyone disappear.

now your sounding tin foil hatty(your final sentence).

soo
the world bank level/ WEF..
(the types of people you speak of) do have an agenda

they dont care about individual countries fiat. because they are more involved in SDR's of international reserves. which they are migrating into a multi network of CBDC's (asia/euro m-bridge)

their other plans are that oil/coal/gas was (even from the 1980's) known to be depleted by 2050 anyway. so they do have fingers in the "climate 2050 deadline" argument about national treasuries funding of keeping energy companies in profit while they pivot to renewables

yes they dont want users to have currencies working internationally away from the world bank system. but the world bank system as said previously is lobbied at the middle points of banks and businesses to change the laws of nations above the businesses. to then have more control of their customers below them

i dont see the world bank people as puppet masters pulling strings above governments(pinocchio string puppet).. i see them as scrotum ticklers of governments (hands up the puppets bottom(kermit the frog)) reaching inside a government from underneath a government, which then allows them to set up regulatory bodies(businesses) below government

businesses(underneath government) can and do set policies for their customers (contract law)

i dont see sam(SBF) as part of the world bank club of soros and rothchild..
but as a business man he has his own wants/desires of shifting bitcoin to a commodity regulator and his other idea's

many busineses have their many different idea's and wants for how crypto affects their business and opportunities/access their businesses have want or dont want.

we should not be going conspiracy theory of point finger at a single entity like there is a single master puppet master. but instead realise there are many business interests that want to change crypto to business whims and actually spot all these attempts

by decentralising and not relying on central businesses. we can fight against this. if they dont become important to crypto, they cant gain power over crypto.
EG devs not being sponsored by large institutions/businesses that are regulated
EG exchange/gateways in and out of crypto not controlled by just a couple power house regulated exchanges, but multiple smaller ethical services that dont have much % of the crypto community as customers each

we can as low level citizens/customers/users do things
things like protests do nothing. its just shouting at the air.

we can lobby governments. again not via silly street parties and protests.. but using petitions(the contracts/methods banks use)

wel can do 'bank runs' voting with our feet by taking assets out of exchanges(not your key not your coin events) to not give exchanges too much control of too much assets in one place

we can set up asic farms not in large warehouses of 1exahash.. but in multiple locations of shipping containers, or individuals in their spare rooms

we can also more importantly. not rely on one software brand as the "reference client" where that reference client HAS implemented a mandatory change of the features without needing users to upgrade first to vote that feature in to then activate it

2 days have passed and we're already beyond that.

Latest rumors:
Sam might be on the run.
The police entered his main office in the Bahamas
Sam sent 10 bln USD to Alameda and Alameda has none of that. CEO admitted to losing it all.
Alameda spent money on attack on Binance Futures and LUNA
Nobody knows where Sam got the money to start arbitrage.
Both Sam and His girlfriend Caroline had no idea how to run a company. They were lying to people and the business was made to be a scam from the start.
Caroline's father used to be Gary Gensler's boss at MIT. I guess that is going to raise a lot of questions about the lack of SEC's supervision over Alameda.

moving 'fiat' is just paper logs on databases.. easy to shift/spend

for years sam has been buying dying companies. and paper shuffling fiat values.. while also shifting out good assets and leaving the dead companies with paper fiat debt numbers on accounting databases which then gets written off in fiat bankruptcy

im more concerned about the crypto assets. and where they will end up
because you cant destroy crypto on blockchains or remove crypto from blockchans. there is no 'debt' or 'minus bitcoin'.. there is just ownership changes of who has the keys
..
as for rumours. thanks for update. personally i like to do research and not speculate.. and only explain possible directions speculations can take.
but if true that SBF is involved with authorities not as a victim/witness to hacks and instead is on the chopping block for business bad practices(my personal opinion)
then the FIAT shuffling may be important to the fiat world. although fiat shuffling of fraud is easy.. i still remain more concerned about the crypto movements of SBF bad practices

..
when it comes to regulatory oversight
regulators(businesses) are not overwatch-active..
they instead stand back and rely on people and businesses reporting other people and businesses to regulators and then regulators decide if its worth actioning

yes i hate this. i would rather have regulators as government departments which actually are aimed more at the consumer protection by actively auditing and checking that businesses are ethical. rather than standing back and waiting for people to report things after the fact

but as said previously.. the regulators are businesses and more siding with the banks/businesses. rather than being independent watch dogs of business

SBF is said to be planning to flee to Dubai but has been arrested by the Bahamas authorities, Caroline is in Hong Kong and most likely she will go to Dubai to hide. FTX has business registration in the US and Bahamas, so they have the right to keep him until the investors of these two countries are adequately compensated according to regulations. that's also why when FTX blocks withdrawals, only users in these 2 countries can still withdraw.

SBF silently transferred 10 billion to Alameda without notifying shareholders, and most of this money is investors' money, not the company's capitalization or himself. I believe it was he who caused Luna's downfall and then used his money to buy up other bankrupt companies.

It is not only their investor's money, it's the depositors' money. Money of those people who are very much similar to everyone who frequently visits this forum.

In any case, someone shared this thread to me.

Sex is good but have you gone down the FTX rabbit hole? 🐇

https://mobile.twitter.com/cryptotea_/status/1591277985390526467?s=12&t=zxELOqs_z_A5876ODb3JAg

Watch the video in this tweet.

ONE MONTH BEFORE THE SHIT HIT THE FAN (10/11/22)
@AlderLaneEggs
 warns about $FTX &
@SBF_FTX
 etc to
@KeithMcCullough

https://mobile.twitter.com/Hedgeye/status/1591240664779743232

They start discussing on FTX on minute 34:00. The person interviewed according to those people I inquired is Alder Lane. He is one of the biggest shorters during 2008 financial crisis but he was not mentioned much in mainstream media, the news or included in movies similar to the Big Short. Alder already was speculating that FTX is a scam 1 month before it was exposed.

Read the whole thread. Epstein was mentioned, connections with Gary Gensler and the SEC, former president Clinton and plenty more. It is very head shaking hehehe.

Why is Sam Bankrupt-Fried not presently in the custody of the American government? Why he is still welcome to speak in this conference? Also, what will he talk about in this conference? Will it be regulations around the cryptospace or will it be the story behind his $10 billion loss, FTX orgies and the drugs? This is very head scratching.

Is Sam a government agent brought to destroy the cryptospace and give the government reasons to limit it through stricter regulations? I am beginning to speculate on this because clearly his actions were never for the cryptospace. Who is he? Who controls him? Who are his backers?



Sam Bankman-Fried says he'll speak at New York conference

FTX founder Sam Bankman-Fried, who's mostly kept to making statements on Twitter amid the collapse of the crypto exchange he once ran, said he'd be speaking with New York Times columnist Andrew Ross Sorkin at the Nov. 30 DealBook Summit in New York.

"I’ll be speaking with @andrewrsorkin at the @dealbook summit next Wednesday (11/30)," he wrote on Twitter.

Source https://www.theblock.co/post/189626/sam-bankman-fried-says-hell-speak-at-new-york-conference

News update.

I reckon in Europe, this is mission accomplished for Sam Bankrupt-Fried and his creation the FTX trojan horse. This might be my most skeptical of all speculations, however, Sam Bankrupt-Fried might be a being who is supported by another being to do what he and FTX has recently done to the cryptospace.

https://i.ibb.co/wsCMHLj/64243-DD8-F9-AC-4-CEE-BE72-B6-F0-A321-A489.jpg

ECB seeks urgent regulation after multiple crypto bubbles burst

Crypto investors suffered a series of blows this year from the collapse of the FTX exchange, to the crash of stablecoin TerraUSD and the decline of Bitcoin.

"This is not just a bubble that is bursting. It is like froth: multiple bubbles are bursting one after another," Panetta said in a speech in London. "Investors' fear of missing out seems to have morphed into a fear of not getting out."

Source https://www.reuters.com/technology/ecb-seeks-urgent-regulation-after-multiple-crypto-bubbles-burst-2022-12-07/

SEC cannot regulate the market orders or the currency. or mining
bitcoin the asset(under sec regulation) has the sec limited in their remit. meaning they cant do much but monitor payment service business

however the CFTC can
bitcoin the commodity(under the CFTC regulation) opens alot more doprs for overreach by regulators.. more then you may realise

the CFTC can do these things to the crypto sector

with market orders(price discovery)
- limit how small or big a order has to be to be a valid order
- if price spikes/dumps more then x%, circuit break.stop filling orders
- limit who qualifies as a "qualified investor"
[ list goes on]

when it comes to mining
collaborate with EPA to:
- limit mining to green/efficient mining equipment
- permit or dismiss certain area's locations of where mining can be done
- put a quota on production per location
- outright ban certain minting/staking/mining types of block creation
[ list goes on]

as for privacy
financial privacy never existed. especially when businesses/custodians/banks/payment firms had you as a customer
but this could extend to non business owned custodial services

Bitcoin is not threatened by this. The crypto industry is threatened by this, though. Centralized platforms and centralized projects and whatever that offers financial products and services are the main targets, if I'm not mistaken. But rightly so. They should be strictly regulated. They're handling billions of people's money, after all. They need strict regulations. They cannot afford to be irresponsible.

And if this DCCPA thing means many of these platforms are killed in the process, I don't think it is a big problem. It's actually good. It acts as a gatekeeper. No incompetent and poorly-designed company can enter. As a matter of fact, this bill that SBF strongly lobbied for could have actually given FTX itself a hard time.

SBF is actually shooting himself in the foot in lobbying for this bill. Lucky, or unlucky, for him, FTX died even before this bill is approved.

Are you telling everyone that bitcoin and the adoption of bitcoin will never be threatened by stricter regulations? Everything in the cryptospace will certainly be threatened by this. I agree that the enforcement of the regulations will never be perfect, however, similar to the effect of gun laws on gun ownership, bitcoin will become less accessible for ordinary citizens.

If by adoption you mean that the likes of FTX, BlockFi, Celsius, Voyager, Terra, and other centralized crypto companies and projects sprouting everywhere playing billions of people's money, then yes, it threatens adoption. If by adoption you mean that people could buy Bitcoin P2P through a legitimate DEx and then self-custody it, I don't think this is much of a threat. And, again, Bitcoin itself is not threatened by this. It cannot even be threatened with a declaration that it is a criminal's money and should therefore be made illegal.

what people need to realise is
bitcoin 2009-2014
was not a 'legit currency' it was treated like a property(eg pokemen card trading) where swap services(exchanges) were just treated as merchants. and so no regulator was regulating it

bitcoin 2014-2017
became a 'legit currency' exchanges were money service busineeses needing licences. and so the SEC was regulating the exchanges

bitcoin 2017-2021
already a 'legit currency' the SEC was regulating the exchanges
bitcoin became a unofficial commodity(a main product used to create other products (sidechains like liquid, subnetworks like LN). the CFTC was not regulating the currency(unofficial commodity)

bitcoin 2022
lobbying is pushing to make bitcoin the currency redefined as a commodity. thus allowing the CFTC to regulate the currency(commodity) and the exchanges/services of the currency(commodity)

now note again what can happen with CFTC regulation

Why is this guy not in jail yet? SMH

He single-handedly became the most hated person in cryptocurrency in just a matter of days, even beating Craig Wright in the process. Even the altcoin users are pissed off at him.

It's certainly possible that new legislation could have a negative impact on the cryptospace, but it's too soon to tell what the full effects will be. Sam is a powerful legislator, and he has backing from some of the biggest names in business. But there are also many people who are passionate about Bitcoin and other cryptocurrencies, and they aren't going to let Sam shut down the cryptospace without a fight.

So far, it seems like the negative effects of this new legislation have been mostly limited to small-scale altcoin exchanges and start-ups. The big players in the Bitcoin world seem to be weathering the storm so far. But if Sam's bill passes and is signed into law, it could spell disaster

This should not surprise you, if Sam Bankrupt-Fried didn't, in no time, another person would, because the US and the whole world are full of brains and they use them well. :)

The crypto space is certainly underregulated, and I would not disapprove of more regulations for better accountability and security reasons. Yet, this should not surprise you since they could only target the centralized part of the space. The FTX of Sam Bankrupt-Fried operated a centralized exchange, and the advice he could give would be in that regard only as he knows the meaning of decentralization.

While the experienced holders and users of Bitcoin which is the most trusted decentralized crypto would continue using the available channels to outsmart the regulation. So, it's no cause for panic.

Why are they including the fall or decline in the price of BTC to the complete collapse of centralized tokens, exchanges and stablecoins like ftt, ftx and terraUSD. BTC price decline cannot and shouldn't be included in their statement of crypto bubbles bursting this year; let them concentrate on where excactly the problem is, and that's with centralized exchanges, services and tokens and not BTC.

BTC as a network has had no problems, it didn't collapse, neither can it be breached, the price decline is nothing but a correction after the last all time high, i believe these regulators always want to drag BTC into every discussion about regulation even when they know that BTC isn't a bubble, or something that can burst.

The only thought everyone should get from this is: [{SAM}-Ctrl+A=Del]
There is literally no way we should be very much concerned about such news. For one thing sure, they may start to control the exchanges, or the mediums /platform through which we can transact the bitcoin but they can not diminish the bitcoin completely.

These facts really does not change if sam comes in the picture or warren makes a statement or Elon tweets something neg/pos.

I don't know but I literally ignore such articles, or at least I have started to tell this myself. There always be someone to transact the bitcoin and it's already a pandemic version, with no cure.  :D

No by adoption this means having bitcoin be in the hands of more people adopting bitcoin. Stricter regulations will control the liquidity of how much goes in and out of the cryptospace. Centralized exchanges have the biggest liquidity and where 90% of coins exchanging hands occur.

How much of the community use decentralized exchanges and how much of us in the Bitcoin community use real peer to peer trading or swapping? I reckon it is failing in Bitcoin because we have the incorrect attitude. We imply that we want peer to peer swapping and decentralized exchanges, however, we criticize Defi and their way of doing self custody in Ethereum.

In the event that many of these centralized exchanges wouldn't be allowed to operate because they cannot pass the new standard, this kind of adoption might indeed slow down. But I guess it would be very temporary. This is only during the transition phase. For now, people are heavily dependent on centralized exchanges for their Bitcoin purchases. For many, this is probably not the correct way, but since this seems to be the convenient way despite all the KYC processes, this has become the trend, even if there are in fact alternatives.

If such platforms would be gone, I'm very sure a different kind would take over. Developers are pretty much aware that there is a considerable demand all over the world. New platforms, probably better ones, would come out in no time.

While I'm not really technical and cannot provide you specifics, I have read countless of times why this DeFi thing is full of flaws to the point that they're all but decentralized. The great majority of them have central points of failure. Proof of which is the massive number of so-called DeFi platforms that ended up hacked or being exploited. Billions and billions are lost because they're fake. That they are severely criticized for carrying the decentralized label is certainly justified.

From the most respected because of what he achieved in a short period of time to the most hated person real quick because of what he did on his own company. Crazy how fast things went for this guy. Not just BTC supporters but all crypto fans are pissed of SBF because of what he did in this market. Also, the FTT and FTX collapse made a big losses to those investors and those who store their funds inside that platform.

I am not surprised if this guy is still not in jail, that's because he has a big connection with the governments. He even made huge donations to them but the money that he use must be the money from of his own customers. It was still great that he got busted out. Now his plans of making crypto more centralized won't come to life anymore.

What type of demand are you talking about and what types of platforms of the different kind will take over?

Also, I cannot defend the hacks in Defi, however, what I can say is we should never discourage support of the development of protocols that encourage self custody and open accessibility. Billions were lost in them yes but how much were lost in centralized platforms like Blockfi and other centralized cryptolenders.

I also agree with Defi as not being 100% decentralized. I reckon the classification called Defi is a wrong. It should be called open finance.

It is not surprising to hear such news, Sam Bankman seems to be the poster child of the US government and especially the Democrats.
I read a couple of days ago that Congresswoman Maxine Waters, chair of the House Committee on Financial Services, politely asked former FTX CEO Sam Bankman-Fried to attend a congressional hearing on the collapse of the cryptocurrency exchange (this request was made via a tweet)

But the congresswoman was surprised by the SBF's response, that he will testify when he has finished learning and reviewing what happened. (via a tweet on twitter also)

https://talkimg.com/images/2023/05/16/blob514afe8317c8f74d.png

https://twitter.com/SBF_FTX/status/1601186246990401537 (https://twitter.com/SBF_FTX/status/1601186246990401537)

All followers of the case wondered why the SBF was asked to attend via a tweet on Twitter and not through an official congressional subpoena?

Full details can be found here: https://www.pymnts.com/cryptocurrency/2022/sbf-taps-ghislaine-maxwell-attorney-in-ftx-case/


Really shameful, SBF is responsible for people losing millions of dollars while being politely treated like a spoiled brat by the US government.

an interesting tweet following sam arrest

https://nitter.net/RepTomEmmer/status/1602678073261948930#m

The demand for Bitcoin would have probably remained high despite centralized platforms like FTX, Binance, BlockFi, Celsius, Voyagers, 3AC and the like not approved for operation.

If only centralized exchanges didn't become a thing, we could have better ones. DEx could have been the thing. So if centralized exchanges would perish for good, DExes could take over, or anything that would at least sell buyers with real Bitcoin and not just fake numbers.


Whatever you call it, but not decentralized, because they're not.

Let's not measure how much is lost by whichever. They're both bad apples in the market. They both should be avoided. They're both losing people's money. Fake decentralization is no better simply because centralized exchanges lost bigger within the year. Last year alone, DeFi lost north of $10 billion.

Development is never discouraged. It's just that standards are set high.