2021-03-03 Coindesk - Warren Says Yellen Left No Room for Ambiguity

[cr1776]

Democratic Senator Elizabeth Warren backed recent comments on bitcoin by Treasury Secretary Janet Yellen during an interview with CNBC’s Squawk Box on Tuesday.  Asked if she agreed with comments saying the cryptocurrency was a “speculative” asset made by Treasury Secretary Janet Yellen late in February, the Senator said, somewhat coyly: “I think Janet’s a really smart woman.”

When pressed, she said, “‘Speculative in nature and going to end badly’ – I don’t think Janet left a lot of room for ambiguity.”

https://www.coindesk.com/bitcoin-warren-yellen-speculative-nature

That is an endorsement of Bitcoin when a socialist/fascist like Warren attacks Bitcoin.  Of course she is to stupid she didn't even get Yellen's comment right.

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[acquafredda]

Democratic Senator Elizabeth Warren backed recent comments on bitcoin by Treasury Secretary Janet Yellen during an interview with CNBC’s Squawk Box on Tuesday.  Asked if she agreed with comments saying the cryptocurrency was a “speculative” asset made by Treasury Secretary Janet Yellen late in February, the Senator said, somewhat coyly: “I think Janet’s a really smart woman.”

When pressed, she said, “‘Speculative in nature and going to end badly’ – I don’t think Janet left a lot of room for ambiguity.”

https://www.coindesk.com/bitcoin-warren-yellen-speculative-nature

That is an endorsement of Bitcoin when a socialist/fascist like Warren attacks Bitcoin.  Of course she is to stupid she didn't even get Yellen's comment right.

Let us leave the words to the wind, what we all want to know is how their actions will be. Because one thing is what they say in public and another one is what they do behind the curtains (remember Jamie Dimon?).
I would go as far as to say that Wall Street and the whole stock market is also a big speculation which is now sustained by brrr money: I, therefore, want to ask U.S. Sen. Elizabeth Warren what will happen if that is going to end badly?

[Theb]

What's the hate on their opinion? Can't we accept the fact that the holdings we have in Bitcoin is more on speculation rather than a real investment? People are always hating when Warren Buffet says something neutral and true about Bitcoin yet a lot of the people in the crypto industry takes it us negative when all he is really saying is Bitcoin is a speculative asset. For sure a lot of people will say if Bitcoin is "speculative" then why Elon Musk and companies like Microstrategy are buying Bitcoin? Well they are risk takers and with the money they have they can easily influence the market which Musk already have proven when he had bought Bitcoin. Let's just face it without any kind of fundamental existing with Bitcoin aside from supply and demand we really don't have anything to make Bitcoin not a speculative asset.

[Konfusioon]

What's the hate on their opinion? Can't we accept the fact that the holdings we have in Bitcoin is more on speculation rather than a real investment? People are always hating when Warren Buffet says something neutral and true about Bitcoin yet a lot of the people in the crypto industry takes it us negative when all he is really saying is Bitcoin is a speculative asset. For sure a lot of people will say if Bitcoin is "speculative" then why Elon Musk and companies like Microstrategy are buying Bitcoin? Well they are risk takers and with the money they have they can easily influence the market which Musk already have proven when he had bought Bitcoin. Let's just face it without any kind of fundamental existing with Bitcoin aside from supply and demand we really don't have anything to make Bitcoin not a speculative asset.

I agree with the sentiment here. Another thing that a lot of people tend to forget is that by definition future is always speculative. So even the so called real investments are in essence speculations. The only difference is the likelyhood you assign to one speculation or the other. So the fact that Bitcoin is highly speculative does not delegitimize it as an option

[Kakmakr]

You know, it is easy to be confident about a statement..when you know you are one of the instruments that are going to make sure that something fails. We know what butthurt Yellen's reason are to target Bitcoin, because we know what happened (Bitcoin Guy) ...but other people are now jumping on the Bitcoin bandwagon and most of them are doing this to score political favor. 

If you go back to the real issue, you will see that it is centered around control. Governments can control people if they control their wealth and we all know they manipulate fiat currencies through economic policies and the Central Banks. Bitcoin does not allow that, because it is not centralized ...so they will shift their target to regulating the centralized soft spots. (Regulated entities like Exchanges)

The unfortunate result for them as a RESULT of their actions will be the secondary (unregulated) markets that will pop up and the subsequent loss in taxes.    (Silkroad type markets for legal goods) 

[acquafredda]

What's the hate on their opinion? Can't we accept the fact that the holdings we have in Bitcoin is more on speculation rather than a real investment? People are always hating when Warren Buffet says something neutral and true about Bitcoin yet a lot of the people in the crypto industry takes it us negative when all he is really saying is Bitcoin is a speculative asset. For sure a lot of people will say if Bitcoin is "speculative" then why Elon Musk and companies like Microstrategy are buying Bitcoin? Well they are risk takers and with the money they have they can easily influence the market which Musk already have proven when he had bought Bitcoin. Let's just face it without any kind of fundamental existing with Bitcoin aside from supply and demand we really don't have anything to make Bitcoin not a speculative asset.

I have been consistently putting aside some euros every month to build up a bitcoin long-term investment. Having used some in the past and having also paid taxes on those amounts I can definitely confirm you that it is a real investment for me.
So, man, you can face what you want but do not speak for everyone, speak for yourself. 

[bbc.reporter]

This is where the attack on the cryptospace begins in America. This will be done first though the IRS. However, the truth might be that they do not care about the taxes. America can print much fiat. The government only wants to invade everyone’s privacy to gain more control over their citizens. This makes it very clear that an attack on the cryptospace is a hidden attack on the people.



The IRS is launching a new anti-tax fraud initiative called Operation Hidden Treasure, Forbes reports. A joint effort from the IRS’ Fraud Enforcement Office and its Criminal Division, the task force will dig up unreported crypto transactions and hold would-be tax evaders accountable.

Roger Brown, head of tax and regulatory affairs at the crypto data company Lukka, told Decrypt that Operation Hidden Treasure is the IRS’ way of “raising the stakes” when it comes to enforcement.

Since the effort is being jointly handled with the criminal division, said Brown, it’s going to be looking specifically at intentional concealment, rather the kinds of underreporting that might be categorized as civil tax fraud.

Source https://decrypt.co/60654/irs-operation-hidden-treasure-crypto

[bbc.reporter]

It appears that the FATF has been working on new methods in how to limit freedom in the cryptospace hehehe. It also appears that their draft on their guidance on crypto is more undemocratic and has stopped mirroring FINCEN’s policies. Is this the beginning of a global push against the cryptospace outside of America?



The draft advocates for an expanded definition of VASPs (the persons and businesses obligated to register and conduct AML surveillance) that could include non-custodial participants in cryptocurrency networks, such as multi-sig minority keyholders and various participants in smart contract and “layer two” mechanisms (potentially including decentralized exchange software developers or contract participants, and Lightning Network node operators).

The draft subtly advocates against peer-to-peer transactions and transactions involving privacy-enhancing technologies (e.g. Taproot, Zcash, Monero). It argues that regulated VASPs should limit support for transactions with non-regulated parties (so-called “unhosted” wallets), and insists that developers of new protocols should limit the availability of private and peer-to-peer transactions by design.

Source https://www.coincenter.org/a-quick-analysis-of-fatfs-2021-draft-cryptocurrency-guidance/

https://www.fatf-gafi.org/media/fatf/documents/recommendations/March%202021%20-%20VA%20Guidance%20update%20-%20Sixth%20draft%20-%20Public%20consultation.pdf

[Sithara007]

Elizabeth Warren and Janet Yellen.. what a great combination. Two of the most incompetent and corrupt politicians in the United States. Obviously for the left-wing nuts none of that matters and they elect Warren again and again from the socialist stronghold of Massachusetts. The walking fossil Janet Yellen is not electable even from left-wing strongholds such as MA, so she has never fought a single election in her entire career.

[Kong Hey Pakboy]

Elizabeth Warren and Janet Yellen.. what a great combination. Two of the most incompetent and corrupt politicians in the United States. Obviously for the left-wing nuts none of that matters and they elect Warren again and again from the socialist stronghold of Massachusetts. The walking fossil Janet Yellen is not electable even from left-wing strongholds such as MA, so she has never fought a single election in her entire career.

I don't get how people are getting easily enticed of political candidates just because they have a good election campaign, I mean election campaign is the festival of lies and who the people believes is going to win, people should have been thinking a long time ago about what to do with this kind of politicians that do not have any contributions to the country, a lot of people should have woken up and started thinking for themselves and elect younger and more competent politicians, I mean this fossils aren't going to be of any help because they will not be helping make the future because they aren't going to live in it.

[cr1776]

Elizabeth Warren and Janet Yellen.. what a great combination. Two of the most incompetent and corrupt politicians in the United States. Obviously for the left-wing nuts none of that matters and they elect Warren again and again from the socialist stronghold of Massachusetts. The walking fossil Janet Yellen is not electable even from left-wing strongholds such as MA, so she has never fought a single election in her entire career.

I don't get how people are getting easily enticed of political candidates just because they have a good election campaign, I mean election campaign is the festival of lies and who the people believes is going to win, people should have been thinking a long time ago about what to do with this kind of politicians that do not have any contributions to the country, a lot of people should have woken up and started thinking for themselves and elect younger and more competent politicians, I mean this fossils aren't going to be of any help because they will not be helping make the future because they aren't going to live in it.

You are right.

People are misled by the promise of “free” stuff. They don’t know nothing is free, they are paying one way or the other.  It is the same US political party that owned slaves to get “free” stuff from them and the same philosophy that still thinks it is acceptable to force one person to provide for another. The US Democrat party hasn’t changed their philosophy, only the language they use to describe it and the method of implementation. Warren believes that if her policies “only effect a 5 or 10 thousand” people, it is acceptable to be discriminatory and to force them to work for her for 8 months a year without pay.

Evil at heart.  Their government policies are leading the US and eventually the world to enslavement and destruction. The siren song of promising one person they take from someone else and give it to them is strong.

[bbc.reporter]

Elizabeth Warren and Janet Yellen.. what a great combination. Two of the most incompetent and corrupt politicians in the United States. Obviously for the left-wing nuts none of that matters and they elect Warren again and again from the socialist stronghold of Massachusetts. The walking fossil Janet Yellen is not electable even from left-wing strongholds such as MA, so she has never fought a single election in her entire career.

All of them are incompetent. The politicians that are not incompetent are corrupt and are only very competent in exploitation and corruption hehehe. However, their incompetence will not stop their crackdown on bitcoin. They do this not because they dislike bitcoin. They do this because bitcoin is the low hanging fruit for congress to fund a huge budget for their campaign against terrorism.

[Sithara007]

All of them are incompetent. The politicians that are not incompetent are corrupt and are only very competent in exploitation and corruption hehehe. However, their incompetence will not stop their crackdown on bitcoin. They do this not because they dislike bitcoin. They do this because bitcoin is the low hanging fruit for congress to fund a huge budget for their campaign against terrorism.

The question is what they can do to prevent Bitcoin becoming even more popular. Whatever step they take will end up benefitting Bitcoin. Take the latest stimulus payments for example. According to analysts, close to 10% of the total amount spent on stimulus checks will be used to purchase Bitcoin. It creates a dilemma for these politicians. The steps they take to embolden the fiat economy is actually ending up strengthening Bitcoin.

[bbc.reporter]

@Sithara007. Agreed. Bitcoin would be very successful if your measurement of success is the pump on the price. However, would everyone consider it a success if it becomes the elite's playground or something reduced only as a speculative investment?

[cr1776]

@Sithara007. Agreed. Bitcoin would be very successful if your measurement of success is the pump on the price. However, would everyone consider it a success if it becomes the elite's playground or something reduced only as a speculative investment?

I don't think it has to be an either/or.  Certainly a fiat pump in price is one measure of success because it enables many people who have been involved for a while to keep being involved with less concern.

Eventually the fiat/bitcoin price will stabilize.  The non-elites can get in now (and obviously previously) and if it is a speculative, or in my estimation, a protective investment, the people who are in now will greatly benefit between now and bitcoin to fiat equilibrium.  Probably 10-100 X in fiat terms from here.  So the non-elites can already be on the playground before the elites show up.  Once equilibrium is reached, there will be little reason to get out of crypto, and more reasons to just stay in it.  People in at any point since 2009 could be well rewarded for patience instead of in/out trading.

:-)

[bbc.reporter]

@cr1776. I reckon because of its monetary policy, it is very arguable if bitcoin's price in fiat will stabilize eventually. It might also be arguable if the elite will only hodl and not be pumping and dumping bitcoin to profit from its famous volatility.

However, yes, let us wait for another 20 years and witness what happens hehe.

[cr1776]

@cr1776. I reckon because of its monetary policy, it is very arguable if bitcoin's price in fiat will stabilize eventually. It might also be arguable if the elite will only hodl and not be pumping and dumping bitcoin to profit from its famous volatility.

However, yes, let us wait for another 20 years and witness what happens hehe.

Hopefully not another 20 years. :-)  I think it primarily depends on uptake.  With taproot, tapscript etc, the rate of usage could increase dramatically quite quickly given the potential uses for defi etc. 

[Vishnu.Reang]

Hopefully not another 20 years. :-)  I think it primarily depends on uptake.  With taproot, tapscript etc, the rate of usage could increase dramatically quite quickly given the potential uses for defi etc. 

If cryptocurrency survives for another 20 years, then it will dominate the global economy. Already the applications such as DeFi and NFT are creating a lot of hype in the investment circles. The sector is worth $2 trillion right now and I expect that to increase to $10-20 trillion in the next 5 years. When I invested in cryptocurrency for the first time in 2017, I never expected it to grow this big. The growth is beyond our expectations and it will stay the same way for the next 5-10 years as well.

[cr1776]

Hopefully not another 20 years. :-)  I think it primarily depends on uptake.  With taproot, tapscript etc, the rate of usage could increase dramatically quite quickly given the potential uses for defi etc. 

If cryptocurrency survives for another 20 years, then it will dominate the global economy. Already the applications such as DeFi and NFT are creating a lot of hype in the investment circles. The sector is worth $2 trillion right now and I expect that to increase to $10-20 trillion in the next 5 years. When I invested in cryptocurrency for the first time in 2017, I never expected it to grow this big. The growth is beyond our expectations and it will stay the same way for the next 5-10 years as well.

I think you are right.  With taproot/tapscript etc, the ability to use defi/NFTs etc on bitcoin - the most secure and distributed of the cryptos - should increase. 

Hopefully this doesn't take 20 years, the uses are immense, it is just a matter of using them. 

[acquafredda]

I agree, once we will have a reliable platform to securely use our BTC in what are the most exciting developments of DeFi, this will be the real flippening between the previous financial world and the next bitcoin-based one. I cannot wait to see that and the sooner we get taproot activated the better. We need that to create another gap with incumbents.