@exstasie. However, there are no more audits proving that Tether is backed by fiat reserves. No stablecoin has ever been audited. The most we've seen is a balance sheet attestation from Circle for USDC, which Tether also did a few years ago with Friedman LLP. Circle's accounting firm can tell you why audits don't take place: Grant Thornton does not perform 100 percent audits of a client’s portfolio – a process that is prohibitive by price and time Anyway, I don't think the SEC advisor's point was about 100% backing vs. fractional reserve, but rather the distinction between a backed stablecoin and one that is pegged using centralized price manipulation. I believe she was specifically referring to Dai: Szczepanik didn’t say any of the categories were off the hook, but she went out of her way to single out the third one. Coins that rely on “some sort of pricing mechanism” to maintain their value, she said, may fall within the purview of the SEC, whose charge is to protect investors from fraud and scams. In particular, if a stablecoin has “some central party controlling the price fluctuation over time,” that “might be getting into the land of security,” Szczepanik said.
Back in December, the founders of an “algorithmic” stablecoin project called Basis, which had raised $133 million from high-profile venture capital firms, cited securities law as the reason for abruptly shutting it down. “Having to apply US securities regulation to the system had a serious negative impact on our ability to launch Basis,” they wrote. Though Dai works differently, and its adherents would argue that it is not at all centralized, Szczepanik’s description was broad enough to imply that it may not be immune from legal issues similar to those Basis faced. Wouldn't that be hilarious, if the "decentralized" stablecoin Dai gets taken down by the SEC while Tether walks away unscathed?  Tether can also be charged of price manipulation if indeed billions of USDT have been printed without backing. Now we're talking about two different things. If Tether was used to manipulate the price of BTC, that doesn't mean Tether manipulated the price of USDT. That's what matters regarding characterization of USDT as a security. If a company is manipulating the price of Bitcoin, that is within the purview of the CFTC and not the SEC, since Bitcoin is not a security. As for the Tether printer, you're just repeating more FUD.  There is no evidence Tether issued USDT without backing. There is evidence that some issued USDT became unbacked after the Crypto Capital/Bitfinex fiasco. You may not think the distinction is important, but it is crucial to establishing whether Tether ever actually "printed" anything. Losing control of dollars held in a bank account is a matter of third party trust gone bad. That's very different than intentionally printing unbacked tokens. does not automatically imply that Tether is 100% backed by $20 billion held in a bank. It might also be under the authority of the SEC because USDT is a dollar derivative. Derivatives are securities. You can call it FUD, however, this leaves more questions and speculations without an audit. |
|
|
|
Yeah, you are right. It is too bad that Okung lied about it or someone lied to him about it. He is a big bitcoin supporter though. It is also clickbait. This appears to news paid by someone or it appears that someone from Fox Business news might also be a bitcoin investor hehe. |
|
|
|
|
@acquafredda. I disagree. Ethereum has become the standard for tokenization, ICO and smart contract solutions because of the cooperation of the exchanges. I am very much in doubt if Gavin Wood can influence exchanges to stop using ERC20 for Polkadot’s solution.
|
|
|
|
I wonder if LTC will overtake XRP on CoinMarketCap by the end of this year?
If this trend continues, I believe it will. This could further boost the price of the LTC as it will be in the TOP 5 cryptocurrencies.
It might because XRP will be majestically dumped by the exchanges itself then delist hehe. @JollyGood. I speculate that many exchanges are waiting for the judge’s decision and what classification determines XRP. If it is classified as an illegal security, all exchanges will dump and delist. |
|
|
|
|
@ exstasie. However, there are no more audits proving that Tether is backed by fiat reserves. Tether can also be charged of price manipulation if indeed billions of USDT have been printed without backing.
Also add the FBI and the DHS for money laundering charges, tax evation, fraud and terrorist financing. The American government might throw the whole book on them hehehe.
|
|
|
|
@ Globb0. I might be wrong on the timeline, however, I am quite certain there will be more than 2 Bitcoin ETF to be offered for mainstream investors who want some exposure on bitcoin. In any case, this news hehe. As 2020 draws to a close, one of the prior proponents for an exchange-traded fund (ETF) based on bitcoin is trying again: VanEck has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a “VanEck Bitcoin Trust.”
An ETF is seen as advantageous because it trades on the stock market in much the same way as shares in popular companies such as Apple and Microsoft.
VanEck has previously proposed ETFs, withdrawing its most recent application in September 2019. At the time the company said it remained committed to an exchange-traded product.Source https://www.coindesk.com/vaneck-proposes-bitcoin-etf-again |
|
|
|
Unless Bucs get to the Super Bowl, now that would probably light him on fire. ROFLOL! I didn't factor that in, good call. Is this a Tom Brady inside joke or is there a possibility that Belichick will follow Brady to Tampa Bay? I just read that Ben Roethlisberger is going to sit out Sunday's game, the Steelers are starting Mason Rudolph. I don't know enough about Rudolph to know if that's a good or bad thing for the Steelers, but it's starting to look like the Browns will take the win on Sunday.
Myles Garrett ... This is part 2! I hope it will be as action packed similar to their last game on the field together hehehe. @Hueristic. Hehehe, you are also expecting an action packed game, yes? |
|
|
|
Dustin is not just an ordinary fighter and he just won the last fight last June.
But even it's 6 years ago when McGregor pulverizes him, and others will say that Dustin improved, McGregor also improved on the way.
I won't be attracted to Dustin's odds as looking at all sides, I don't see any upset here. I might bet for a Decision instead of TKO if there's an available bet.
This is fight a 5 round fight, I am very certain that this will not be a decision hehe. It might be Conor with a knockout or Dustin with a technical knockout or a submission. On improvements of each, I reckon Dustin had more improvement than Conor. Dustin also has the correct mental attitude. In Conor we cannot be certain anymore. |
|
|
|
|
@ acquafredda. The cryptocoin with the best marketing and storyboard for 2021 will certainly be Ethereum 2.0 hehe. They will hype sharding, proof of stake and scalability. I reckon all the larpers will praise the word of Vitalik without understanding and research.
|
|
|
|
Ripple (XRP) recovered a little in the past few days but it turned out more dump now. And I think it will just come back when they settle their lawsuit with the SEC. Yesterday COinbase and OKCoin announced the suspension of XRP trading on their platform which cause more dumps on XRP.
That's about as likely as CLAMS coming back. It's being delisted from major exchanges and that means no exposure and no pump. And what are you talking about settle? Garlinghouse and Larsen were explicitly given the opportunity to settle with the SEC and they chose not to - alea iacta est. OTC market makers have also stopped providing liquidity for XRP. This implies that the biggest whales cannot dump their coins without using crypto coin exchanges. However, what would be next if Ripple and SEC settle the case without trial? @JollyGood. Agreed. The future of the cryptospace depends on this case. There are much more illegal securities to be delisted if exchanges can delist XRP. They will be time bombs hehehe. |
|
|
|
|
@estenity. 2017 was our chance. We had the code rebase, /r/Aeon was attracting new members and the involvement was growing. Much of the people in the cryptospace did not care, however. I reckon that if Bittrex delists this, this might never return to 10% of Monero again.
|
|
|
|
The first match between McGregor and Poirier started the rise of McGregor where he was sparring with his mouth well before the match and the mystic mac persona started after this fight if i remember correctly. Porier was a young fighter coming into the fight and Conor stopped him in the first round as he predicted but the second fight is an entirely different fight and i am expecting a tough battle and i am picking Poirier in this fight consider McGregor was mostly inactive and his terrible gas tank.
Agreed! Dustin Poirier has very much improved since their fight in the featherweight division. This fight is also for 5 rounds which benefits Dustin more. Also, Dustin almost caught Khabib with a guillotine choke. He might do this to Conor when Conor is tired. |
|
|
|
We know who will not be the Patriots' quarterback next year hehehe. What point in his career does this put Bill Bellichick? Will he continue to be the coach or will he rebuild the team? He is on the crossroads. @DireWolfM14.  |
|
|
|
Ripple is worth billions right now even after courting negative publicity surrounding the legal action taken by the SEC. Like you said, if they go after Ripple now and succeed then which crypto will be next? If a legal precedent is set against one then maybe that will be used against others so it is in the interest of everything within the crypto sphere for Ripple to hire the best legal defence to defend itself. I am not sure if I agree with you about Ripple settling out of court because even if they escape a lengthy court battle not all crypto will be able to raise the finances to do so. @JollyGood. Ripple's investors similar to Andreessen Horowitz and CME Ventures might also have the political connections to help them avoid an unfavorable verdict or there might only be a settlement on the case without a trial.
Also, I reckon we should hope that Ripple settles or avoids the charge because the case might become a legal precedent to use against everything else in the cryptospace.
There are other ICOs that have settled with the SEC. EOS which clearly is a security that would not have passed the Howey test was one of them. In any case, our attention should be on Coinbase. It is in a bad situation where it cannot go on with their IPO because it has XRP listed and it cannot delist XRP because the investors of Ripple are also the investors of Coinbase hehe. looks like that Coinbase is pulling the plug on XRP This will definitely hurt it more also just now XRP had a 8% dip going down to just a 25 cents and could possibly go down even more and here is the announcement  After this, the next exchange to watch is Kraken hehehe. Kraken might also have a hard decision similar to Coinbase. Jesse Powell, CEO of Kraken, was one of Ripple's first investors who was also allocated billions of XRP. He resigned from the board of directors after Jed McCaleb left. |
|
|
|
|
I reckon Meltem Demirors did not consider that markets always bubble because there are always speculators around to join the pump and leave. To always pump and pump bitcoin is also not sustainable without new investors joining the pump.
|
|
|
|
|
I was only speculating for the Colts to have a better chance of winning vs. the Jaguars than the Titans possibility of winning against the Texans hehe.
|
|
|
|
|
@suchmoon. Agreed hehe. The Titans' defense is very terrible. But they appear to be adjusting, however. The 2nd quarter was better for them.
In any case, if they lose this game, they certainly lose the division. The Colts will be against the Jaguars (1-14) in their home stadium on week 17.
|
|
|
|
Looking forward to seeing Henry in the snow.  It appears to also be slightly windy. This might be bad for Aaron Rodgers' passing hehe. The Titans have one of the worst defense, however. |
|
|
|
|
This pump appears to be going faster. Can anyone who owns a Coinbase account look at the orderbook? I have seen some mentions in social media that Coinbase is running out of bitcoins to sell.
|
|
|
|
|
Show Posts
