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. |
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@acquafredda. There will always be a new altcoin season. We should be asking ourselves when and how long this might be. If there was no coronavirus lockdowns, I would have speculated it would begin on January to March, 2021 and some coins might reach their all time highs on May during Coindesk's consensus conference or some months after. However, with the lockdowns it might begin later.
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Israel's government tax collection agency has also begun their own inquiries about their own citizens. I speculate that this might only be the beginning. We might also witness somehing similar across Europe and Asia where the government would demand their share of your money. I am shaking my head. This might be an argument to hold anonymous coins and only trade in grey markets without KYC. The revenue collector, the Israel Tax Authority (ITA) has reportedly sent notifications to dozens of Israelis who own digital currencies asking them to fully disclose their assets and be taxed accordingly. In addition to sending letters to local citizens, the tax body has also sent inquiries to cryptocurrency exchanges operating in Israel and those based outside the country.
Reports of the notifications and inquiries being sent by the revenue collector were preceded by Israeli media speculation that tax assessors across the country were exerting “pressure on the digital currency market.” However, as Globes is now reporting, the ITA wants to “obtain information about Israelis trading in these currencies.” Before sending notices and inquiries to crypto exchanges, the Israeli revenue collector had been receiving “data about the Europe-based funds and accounts held by Israelis.”Source https://news.bitcoin.com/israeli-tax-authorities-notify-cryptocurrency-owners-to-disclose-their-holdings-for-taxation-purposes/ |
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Hello NFL experts! The Steelers and the Packers are certain to go on to the playoffs. Do you reckon a multibet on their opponents, the Colts and the Titans, is a good bet? Titans and Colts are in a close battle to clinch AFC south division and might play harder than opponents that clinched their slots already.
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@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.
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It’s that time of year again, so let’s take a look at some cryptocurrency and blockchain predictions for 2021.
This past year has been a tumultuous one to put it mildly, but against that backdrop the blockchain and cryptocurrency sectors continued to advance, develop, and grow. Whether it took the form of increased regulatory attention and clarification, wider adoption of bitcoin and other cryptocurrencies as a medium of exchange, or the broader utilization of blockchain across different organizations, the trend is clear. https://www.forbes.com/sites/seansteinsmith/2020/12/22/bitcoin-cryptocurrency-and-blockchain-predictions-for-2021/Forbes goes crystal balling before the new year approaches. Blockchain will expand beyond financial services is always present year after year and we have yet to see other compelling use cases which are not cryptos. They are beginning publishing the blockchain storyboards again to prepare for the next altcoins pumps similar to 2017 hehehe. However, I am quite certain another 2018 will arrive again. Those same media outlets that hyped everything will also be the same outlets to create fear on everything. |
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You seem to have misunderstood the article a bit, because if you read it in its entirety you may notice that the author is referring to the famous saying "[People] are definitely one of the weak links," and this is quite evident in this case. Although some ignore the magnitude of this data leak, only the future will show what the consequences will be for some people whose data have become publicly available.
While of course no one can say that Bitcoin is compromised in this way, indirectly people are losing confidence in companies that provide various crypto services - and Ledger was one of the very important players in that market.
This is clearly a mainstream media outlet's attempt to maniplulate the minds of the people who are not into to the cryptospace. Similar to @acquafredda, this is clickbait. |
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How will the judge determine this case if they will never show documents and audits to remove th doubts behind the backing USDT? Do you assume the investigations will stop? No, the New York prosecutor seems pretty adamant about nailing Tether. I just don't think they have much actual power to do anything, enforcement wise. I wonder if what's really happening is that New York is being used as a pawn by federal prosecutors in an effort to get Tether and Bitfinex to voluntarily incriminate themselves, in a larger federal case. I really don't know though. I don't know how this is all going to turn out. You are using the word FUD according to your own definition everytime someone asks questions? No, I provided sources and explained in detail how beating a dead horse about Tether's imminent collapse is FUD. I also explained how it fits your definition of FUD. In any case, another speculation for you. This statement from the SEC is very broad and might also cover Tether and many other tokens in the cryptospace.  All that means is XRP isn't legal tender. The same applies to BTC too. Doesn't make BTC a security, or USDT. The SEC doesn't seem that interested in stablecoins. They did make these comments earlier this year, and said in vague terms that stablecoins may or may not be securities, depending on the facts. An SEC advisor recently speculated that stablecoins with fiat-backed reserves probably don't violate securities laws. Supposedly the ones that may are those where a central authority controls price variations. DAI actually comes to mind because it uses a system where a relatively centralized authority increases or decreased CDP interest rates to drive the market towards $1. Ripple comes to mind too the way Ripple Labs has withheld supply and used things like supply lock-ups to manipulate price. Similar to Enron and Theranos, the American government will enforce their authority. The government might not takedown Tether worldwide, however, within American borders it will be enforceable. That would be the best outcome for the cryptospace, I reckon. It is not my definition of FUD. It is the real definition. I also did not mention imminent collapse. I was only speculating that it might be the cause of a big short BTC edition. The wording is broad from the SEC. This should be concerning because it can be used to charge many cryptocoins if the judge determines unfavorably for XRP. |
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#1 Michael Saylor proposed Elon Musk denominate tesla stock in bitcoin.
#2 Elon Musk felt offended by those remarks.
#3 "Bitcoin is almost as bs as fiat money" is offended and emotional Elon Musk speaking.
#4 Elon Musk could return to his original stance on crypto later if he no longer feels offended.
#5 Bitcoin news media changes the story by creating a clickbait title to make it appear that it was Elon who was interested and inquired about bitcoin. The larpers celebrate by repeating the clickbait without investigating the source hehe. This has become normal behavior in the cryptospace. |
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Delisted from 3 unknown and might be unbanked exchanges is nothing, I reckon. We should wait for Coinbase and Kraken's delistings because the people behind them have interests on Ripple. To let everyone know, the VCs and other investors of Coinbase and Kraken's Jesse Powell have also funded Ripple Labs. |
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@jqprez. However, the SEC can order exchanges in America to delist XRP if it wins their case. It might also give them legal precedence to delist other centralized issued tokens.
What would be the next cryptocoin to be supported by the XRParmy?
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@exstasie. The questions will never be gone until Tether, iFinex shows the documents and the audits. Not going to happen. Their general counsel came out and said as much a few years ago: “The bottom line is that an audit cannot be obtained,” Hoegner told CoinDesk, claiming that this problem is not unique to his company but one faced by the entire cryptocurrency industry.
He went on:
“The barriers to getting audited are simply too big to overcome right now, and not just for us.”
Those barriers include a steep learning curve for auditors in an emerging industry; accounting standards that predated the advent of cryptocurrency, creating uncertainty about how the rules apply; and the resulting need for auditors to exercise judgment, which is “anathema to a lot of large accounting firms. As a CPA, I understand that,” Hoegner said. https://www.coindesk.com/tether-review-claims-crypto-asset-fully-backed-theres-catchYeah, that's the original definition. I explained how the term FUD is conventionally used today in the trading and cryptocurrency worlds, and provided a relevant source. Remember, you're on the Bitcointalk Speculation forum, and the year is 2020.  Also, it wouldn't be unreasonable to say this type of speculation about Tether fits that original definition anyway. We're talking about disseminating negative information (whether it's dubious is debatable) and fearmongering. How will the judge determine this case if they will never show documents and audits to remove th doubts behind the backing USDT? Do you assume the investigations will stop? You are using the word FUD according to your own definition everytime someone asks questions? Are we not allowed to have the right to express our own doubts, ask questions and speculate without being called FUD? You agreed that Tether is shady. In any case, another speculation for you. This statement from the SEC is very broad and might also cover Tether and many other tokens in the cryptospace. Source https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf |
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@cryptoaddictchie. Too many? Can you list them? I have not presently seen exchanges delist XRP, however, I speculate American exchanges might be talking to their lawyers for advice hehe. I predict Coinbase and Kraken to delist XRP before 2021.
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I am quite certain other cryptofunds and crypto asset managers have begun to dump their XRP also and I speculate that exchanges might begin to delist this. No one will be risking their licenses for allowing trades of an illegal security. Also, the articles have mentioned that the SEC has sued Ripple. This appears that a judge will determine if XRP is an illegal security or not. The decision might become a legal precedent on many cases regarding if a cryptotoken is an illegal security or not. We should hope Ripple wins this case. Crypto asset manager Bitwise has liquidated the XRP position of its crypto index fund.
Bitwise said the move took place in light of the U.S. Securities & Exchange Commission (SEC) has alleged that XRP is a security.
Bitwise said its crypto index fund "does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws."Source https://www.theblockcrypto.com/linked/89018/bitwise-crypto-index-fund-xrp |
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I am shocked the SEC charged them. I have speculated that the political connections of the people behind Ripple might help them avoid this. It also appears that other projects might be charged. Jed McCaleb funded Stellar by selling his XRP. He might be next. |
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However, he is also one if the smartest people in the world. Bitcoin is similar to fiat has also been an unpopular argument in the cryptospace community but an argument not closed. According to the argument, bitcoin is similar to fiat, not similar to gold because it was created by man, it has a version no. and a group of men can decide to fork it to issue more coins or fork it to print more coins for themselves similar to Roger Ver.
The words "Bitcoin is almost as bs as fiat money" actually puts Bitcoin higher than fiat money, the key word here is "almost". It kinda trolls both Bitcoiners, because they get mad when someone says Bitcoin is like fiat, and Bitcoin haters, because it says that Bitcoin is better than fiat. As for the argument, I think the biggest similarity between Bitcoin and fiat is that they both have no use except for being money, while things like gold have useful chemical and physical properties, but this in no way means that Bitcoin inherits some flaws of fiat money, because those flaws come from centralization. I was only showing an old argument made before in the cryptospace. It also shows that Elon Musk ponders the questions that we should be exploring ourselves. However, much of us do not and care only what the larpers are telling us because it is easier, it also pumps bitcoin hehe. |
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Fortunately for me I have kept BTC from years ago (>5 years) "static" in every way. I put them on very secure hardware wallet configurations. "IF" I would have conducted any coin activity this year it would have been on segregated wallets because, as has always been my policy, no overlap transactions with any existing wallet not even different addresses in an existing wallet are permitted. This allows me to move coins on a single BTC address via the web without having to use mpk's for all to see. i.e. there is no way to relate one transaction with another without a 3rd party being able to see a mpk. Handling IP's and all other connection issues is child's play for me. Hope that makes sense.
Back in the day this was much easier because there was no KYC or AML pervasively present.
Good for you. There are hundreds of small transactions in my main wallet and I guess if the tax authorities go after the Bitcoin users, then I probably need to move my coins to a fresh wallet using a good Bitcoin mixer. But is it even practical for the tax authorities to go after millions of Bitcoin wallets? They may be able to trace a few of them to individuals. But is it going to be worth the time and effort? It might not be practical for the tax authorities to do this themselves, however, this will cause a very productive relationship between blockchain analytics companies and the government. There might also be some exchanges who would cooperate with the IRS similar to Coinbase. |
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@philipma1957. I disagree. According to www.cryptocompare.com, Tether is 50% of the volume of the whole cryptospace, I speculate that if they were shutdown by the regulators, it will remove much of the liquidity of the many of the exchanges which also many of them are unbanked and depend on USDT's liquidity. It might cause panic buying of bitcoins and other cryptocoins to withdraw from exchanges, however, it might also cause exchanges to stop trades and freeze withdrawals. If we are successful in buying and withdrawing their coins, we might have a dry market in need of liquidity. Also, what might happen after? In the big short, the government bailed out the banks by pumping money to the economy. I reckon the government will not bail out the cryptospace in case of our liquidity crisis. I reckon these are questions that should be with us to plant our feet on the ground. @exstasie. The questions will never be gone until Tether, iFinex shows the documents and the audits. Also, this is the definition of FUD.FUD is generally a strategy to influence perception by disseminating negative and dubious or false information and a manifestation of the appeal to fear.Source https://en.m.wikipedia.org/wiki/Fear,_uncertainty,_and_doubt |
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What Michael Burry said on 2005 is that the derivatives the were rated AAA and BBB by the corrupt rating agencies were made up of bad mortgages and the bubble would pop. Is this FUD if it is based on facts? The definition of FUD that you are using might be wrong. FUD is based on propaganda and lies to achieve its purpose. In any case, the mainstream media is beginning to speculate on it also. There might be a situation where this issue will be unavoidable. Bitcoin hit an all-time high today at $20,000 and “hodlers” have been rejoicing. However the upswing this year leaves consistent questions about the issuance of Tether, the stablecoin (USDT) that seemingly has a limitless ability to print money. The flow of Tether into Bitcoin generally correlates to the rise in price particularly over the past year - whenever Bitcoin seems to fall, a load of new Tethers are created (often over $50m at a time) and buys BTC, taking the price of BTC back up.
This staggering increase of over $4b of new Tethers implies that someone paid $4b into Tether to purchase Bitcoin in just the past three months. Tether has a somewhat of a checkered past with its policy not to publish any kinds of audits nor show proof of funds. Whether or not they are the recipient of $4b of cash is not known but it raises questions especially when Tether is created over the weekends and other times when other markets wouldn’t normally trade.
So if you’re a Bitcoin believer, just follow the Tether printer and watch the printing. But if they stop printing be wary of the downside if there isn’t that injection of USDT coming so regularly. We may see more on January 21 when the NY Attorney General’s deadline for information from them.Source https://www.forbes.com/sites/robkniaz/2020/12/16/the-problem-with-bitcoin-at-20000/?sh=5a52743024a0 |
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This article. I speculate that the cryptospace will be fractured to the compliant exchanges based in America like Coinbase and Gemini, the noncompliant of the rule but still KYC exchanges similar to Binance, Bittrex, others outside of America and the grey exchanges where there will never be KYC. I am afraid that in the future, the acceptance of the coins withdrawn from each of these exchanges might be different depending where they came from. Grey exchange coins might be considered dirty coins. FinCEN wants to lower the threshold for automatic Suspicious Activity Reporting (SAR) under the Bank Secrecy Act (BSA) that Money Services Businesses (MSB) are required to comply with to $250.00 USD on cryptocurrency transactions that cross a US border.
Additionally, FinCEN wants to change the definition of "money" to include Convertible Virtual Currencies (CVC).
This is bad for many reasons, I encourage you to take a few moments to read through the rule changes and think critically about the implications.Read in full https://www.econoalchemist.com/post/fincen-fatf-purposed-travel-rule-changes |
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