[2020-11-25] Head of SEC named the reason for the rise in the price of Bitcoin

[Best_Change]

The head of SEC named the reason for the rise in the price of Bitcoin

Jay Clayton, chairman of the US Securities and Exchange Commission, said that the "inefficiency" of existing payment systems is contributing to the rise in Bitcoin's popularity.

“We determined that bitcoin was not a security, it was much more a payment mechanism and stored value. Our current payment mechanisms--have inefficiencies those inefficiencies are the things that are driving the rise of bitcoin," Clayton said.

During his tenure, the head of the SEC rejected nine Bitcoin ETFs. However, Clayton was not a staunch opponent of Bitcoin as such, but he regularly expressed concerns that the average investor might be exposed to unnecessary risk when trading Bitcoin ETFs. Earlier, Clayton announced that he was leaving the post at the end of this year.

Souce: https://cointelegraph.com/news/outgoing-sec-chair-jay-clayton-reveals-what-s-driving-the-rise-of-btc

Read more news in our Medium channel: https://medium.com/@BestChange

[gentlemand]

Just goes to show little attention he's paying. Hardly anyone's interested in it as a payment mechanism. Most people see it as a dollar extracting mechanism.

The US is uniquely shit when it comes to banking, I get the impression sending money for a goat in Somalia works better, but much of the rest of the world has conventional payment mechanisms that are instant and free.

[cr1776]

Some people are just too stupid for words.  Whether he is an idiot, he has advisors who are idiots, is dissembling, isn't paying attention or some combination of all of the above, I don't know, but payments is low on the totem pole.  More likely contributing factors are the protection from collectivists, investment diversification and investment appreciation.

[stompix]

Just goes to show little attention he's paying.

He doesn't give a damn about anything, he was often criticized for not doing anything and just act as an observer, watching and watching things go by, and in the end, when somebody asked for a result, he said that he needs more time. He didn't like his job, he doesn't want to be involved and he has no clue how to get out of it without ruining his reputation or future plans. He missed the chance of going back to NY, he now probably is coming in the open to make it look like he is actually doing something...

That said, you have to acknowledge that bitcoin works so well when you plan on sending billions, everyone has orgasms when someone pushes around hundred of millions paying 10 cents. Ever tried to send 300 million from RBS to HSBC? 

[gentlemand]

Ever tried to send 300 million from RBS to HSBC? 

Good point but I'm pretty sure you have a little man with shiny hair who turns up in a Rolls and does it for you if you're talking those amounts, though I seem to remember moving the really large amounts is a lot more slow and onerous than our little retail sends.

[bbc.reporter]

Just goes to show little attention he's paying. Hardly anyone's interested in it as a payment mechanism. Most people see it as a dollar extracting mechanism.

The US is uniquely shit when it comes to banking, I get the impression sending money for a goat in Somalia works better, but much of the rest of the world has conventional payment mechanisms that are instant and free.

He might be holding bitcoin already and ready to preach the maximalist words hehehe.

In any case, agreed! He also ignored or he might be unfamiliar to the speculation that Tether, iFinex is loaning out USDT that might be the real reason for the pump.

[stompix]

Good point but I'm pretty sure you have a little man with shiny hair who turns up in a Rolls and does it for you if you're talking those amounts,

Hihi, yeah I doubt that there are millionaires or rather billionaires out there who are sending huge sums via their banking app  Or they stay in line at 9 am and waiting for the bank to open.

But I find it fascinating how people cling to those extreme situations, sending money in another country outside the conventional banking system reach...I've never in my whole life sent a payment outside Europe except for two transfers to the US for my family business, that's two payments in 20 years!!! Why would the average Joe start to change his habits now and buy coffee directly from Brazil rather than the store 100 feet away?

Plus, when it comes to those payments, ignoring the coffee purchase which will never happen on how things are moving right now, how much is a conventional bank charging you to consolidate your ...inputs?
Bitcoin is great for a few things but payments, no,...transfer of value, that's another thing.

He also ignored or he might be unfamiliar to the speculation that Tether, iFinex is loaning out USDT that might be the real reason for the pump.

Stop ruining the fun for everyone by mentioning the name that should not be uttered during a bull run 

[gentlemand]

But I find it fascinating how people cling to those extreme situations, sending money in another country outside the conventional banking system reach...I've never in my whole life sent a payment outside Europe except for two transfers to the US for my family business, that's two payments in 20 years!!! Why would the average Joe start to change his habits now and buy coffee directly from Brazil rather than the store 100 feet away?

Plus, when it comes to those payments, ignoring the coffee purchase which will never happen on how things are moving right now, how much is a conventional bank charging you to consolidate your ...inputs?
Bitcoin is great for a few things but payments, no,...transfer of value, that's another thing.

Don't forget remittance. Hundreds of millions of people do that on a regular basis. In places like the Philippines the crypto infrastructure is so good it's often the cheapest and best option.

I paid for a holiday rental in the US with BTC. Their bank insisted on a cheque being created in the UK and posted to the US. That would've been about 2-3 weeks. With my seduction techniques I got them to get a Coinbase account and it was job jobbed within the hour.

[bbc.reporter]

@stompix. I am not ruining it for everyone, I am only giving everyone another frame of reference. Everyone appears to have been misled by bitcoin news media that Michael Saylor, our new hero, has brought back the bull market.

Also, everyone should know that Michael Saylor owns a company on data analytics. I speculate blockchain analytics on bitcoin will be his next project. He will not be bitcoin's hero.

[Kakmakr]

Good point but I'm pretty sure you have a little man with shiny hair who turns up in a Rolls and does it for you if you're talking those amounts,

Hihi, yeah I doubt that there are millionaires or rather billionaires out there who are sending huge sums via their banking app   Or they stay in line at 9 am and waiting for the bank to open.

But I find it fascinating how people cling to those extreme situations, sending money in another country outside the conventional banking system reach...I've never in my whole life sent a payment outside Europe except for two transfers to the US for my family business, that's two payments in 20 years!!! Why would the average Joe start to change his habits now and buy coffee directly from Brazil rather than the store 100 feet away?

Plus, when it comes to those payments, ignoring the coffee purchase which will never happen on how things are moving right now, how much is a conventional bank charging you to consolidate your ...inputs?
Bitcoin is great for a few things but payments, no,...transfer of value, that's another thing.

He also ignored or he might be unfamiliar to the speculation that Tether, iFinex is loaning out USDT that might be the real reason for the pump.

Stop ruining the fun for everyone by mentioning the name that should not be uttered during a bull run  

#stompix  - The fact that you never send any money internationally, does not say that 1000's of other people are not doing it on a daily basis.  

I have introduced Bitcoin to many emigrants and people working in my country from other nations. A lot of them are sending bitcoin home every week to their families. (The problem was on the receiving side, because a lot of those families are from 3rd world countries, but we managed to sort them out.)     (Nice when you can buy things online... right.. even if you are forced to used Payment processors to allow you to do that)

I personally have bought lots of things with Bitcoin online... and I have transferred many coins to people all over the world. The few minutes I have to wait is worth it... because I do not trust centralized Payment systems. (I have been a victim of credit card fraud and my PayPal account has been hacked before, so it is a added bonus for me.)

It has it's benefits and it's cons.. but it is 100% better for me...than having to trust centralized payment systems and even having to deal with them. (Bad Support)  

[stompix]

#stompix  - The fact that you never send any money internationally, does not say that 1000's of other people are not doing it on a daily basis.  

And for the one thousand that do so there are a hundred million that don't.
That was my point from the start, stop trying to project your bubble to the whole world!

It has it's benefits and it's cons.. but it is 100% better for me...than having to trust centralized payment systems and even having to deal with them. (Bad Support)  

What benefits does it have?
Avoiding centralized platforms? How do you transform the money you get as a worker in Europe to bitcoin then from bitcoin to your fiat currency in the home country, not via centralized platforms? Or do you take the 4-5% every time by dealing with p2p or via BATMs?

Just for fun I went to WU and did a simulation on sending 1000 euros to Lesotho



Pick up in minutes, 3E fee and another 4$ lost at fx rates. Want to do the vs BTC costs?
Common, for every migrant worker that sends coins home there are a thousand that use other means, and it would be impossible technically to be the other way around.