Lee Dynamo (OP)
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February 09, 2023, 04:53:04 PM |
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- According to the ongoing rumours, everyone is scared of the crypto ban in the US.
- If the liquidity is reduced from the market then the crypto market retraces again.
The Hot Topic Staking Ban can be seen on everyone's lips. According to a recent tweet by Brain Armstrong, the head of the largest crypto exchange, crypto has become a matter of great concern for now. That said, the US SEC may close the stake in the United States. If this happens then a scary effect can be seen on the crypto market.Liquidity will decrease sharply Volatility will also be less Overall crypto market cap could be under $1 billion Bitcoin BTC could again move towards 52-week lows as the leader of the rest of the altcoins.
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Outhue
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February 09, 2023, 04:59:55 PM |
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This is still a rumor, said Brain Armstrong, it is very hard to believe that this will become a thing because I don't see how they are going to get this done, but again, it is said that this will only happen in the United States of America.
OP, I believe this thread should be move to the altcoins discussion section, Bitcoin is proof of work by the way.
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mk4
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February 09, 2023, 05:03:01 PM |
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Why would it affect bitcoin though? If anything, it should be more bullish on Bitcoin because PoW is (currently) legal while staking through PoS is a slippery slope.
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hatshepsut93
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February 09, 2023, 07:18:37 PM |
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Here's the source since OP didn't bother to provide it - =https://twitter.com/brian_armstrong/status/1623459203150131201 https://twitter.com/brian_armstrong/status/1623459203150131201I view it as a good thing, PoS, web3 and other crypto inventions are just scams, and SEC is doing what it's supposed to do by shielding inexperienced investors from them. It's not like they plan to ban PoS coins, they just don't let exchanges that legally operate in the US to provide staking services. Crypto gambling addicts will still be able to gamble with shitcoins if they want to. And most importantly, Bitcoin is not affected. And Bitcoin is the only cryptocurrency that matters.
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The Cryptovator
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February 09, 2023, 07:46:47 PM |
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US citizens are always designed to protect. Therefore, they are acting in their citizens' responsibility. Nothing about a crypto prohibition in the US has been discovered to me. In any case, preventing staking isn't really terrible for Bitcoin. Holders of altcoins would suffer if staking was prohibited, which is bad news. However, some people will go to any lengths to attempt and discredit bitcoin. Actually, it makes no difference because Bitcoin is completely decentralized and won't affect FUD for a very long time.
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franky1
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February 09, 2023, 07:51:47 PM |
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rumour (is speculative at the moment) but lets act like the SEC does impose it:
only affects regulated businesses from being stake custodians(SEC limited jurisdiction)
people will find ways to privately syndicate (pool) their stakes of crap coins
if they cant find a trusted option to pool. then only the crapcoin rich will have the threshold to stake(solo staking). and all the penny holders wont be stakers
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Hispo
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February 09, 2023, 08:06:17 PM |
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Since we are talking about Staking, wouldn't this be bad news to Ethereum and other Altcoins rather than being a problem to Bitcoin. Also, I would like to add that the United States, unlike autocratic nations like China and Russia, the president or politicians in the highest positions of power cannot ban Bitcoin in an unilateral way, there is still separation of power. That means there would be likely appeals and counter measures to protect the right of the american people to buy, sell and hold Bitcoin and other digital assets.
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bittraffic
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February 09, 2023, 08:29:16 PM |
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The last time Brain Armstrong tweeted about a rumor turned out to be true so this could also be true. Before this rumored crypt staking ban comes out there is already a continuous crackdown against the industry the latest being Binance suspending USD bank transfers.
What I have read was this is very timely since a month from now, ETH Shanghai update will be launched and more users can stake ETH. Articles today are published about this being a coordinated attack on ETH.
It should only affect ETH or other staking tokens but the BTC dropped today though which I guess could be one of the effects.
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franky1
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February 09, 2023, 08:47:31 PM |
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The last time Brain Armstrong tweeted about a rumor turned out to be true so this could also be true. Before this rumored crypt staking ban comes out there is already a continuous crackdown against the industry the latest being Binance suspending USD bank transfers.
What I have read was this is very timely since a month from now, ETH Shanghai update will be launched and more users can stake unstake ETH. Articles today are published about this being a coordinated attack on ETH.
It should only affect ETH or other staking tokens but the BTC dropped today though which I guess could be one of the effects.
fixed that for you right now users are STUCK with the coins being locked yes they can 'aftermarket' sell ownership rights of their stake but that stake is still locked(whomever owns it cant remove it) untill the upgrades what you will find out is that ethereum sat at $1.5k when PoW due to there being a underlying "non zero" bottom cost (mining) of ~$900 meaning the price was speculating at a 1.6x premium just before Pos detonation/merge however due to locks and crossborder arbitrage. that market price stayed speculative high. (check the market wiggle.. Eth does not have its own dependant price discovery of random wiggles that are independent.. they are instead ghosting btc wiggles due to arbitrage at a 1:14 rate difference but majority of the time btc ups cause eth ups and btc downs cause eth downs.. tracing btc and not being independant) but the underlying non zero bottom value did drop last year. it dropped by 95% due to the Pos change from Pow costs now it sits way below $40 wholesale cost to acquire eth so with alot of stakers making HUGE profits of the $40-$1.5k spread of value:premium speculation means that the 2023 eth price of $1.6k is a speculative bubble high now of a 40x speculative gap.. instead of last springs 1.6x so when they get the chance to remove stake and then spot market sell the coins they accumulated in the last year. expect a mass sell off. in short. the stake lock caused a log delay in the PoS value:price CORRECTION .. but it will happen
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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thecodebear
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February 09, 2023, 08:49:35 PM |
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Kraken has just agreed to shutdown their staking services in a deal with the SEC.
That's insane. But it confirms the SEC is looking to bar US citizens from staking through exchanges.
Looks like in the future US citizens will just have to stake themselves directly on protocols rather than use the convenience of third party stakers like exchanges.
I think this will hurt Ethereum a lot. Because ETH has much harder staking (forces you to have 32 ETH and you basically have to run a staking node, whereas lots of other coins you just stake through a validator and only the validators have to run a staking node) that means that most people in the US would have to stop staking ETH, while they could continue staking other PoS coins. If indeed the SEC does eventually ban 3rd party staking services which it certainly looks like they are planning after making Kraken shut down their staking.
This is the sort of just blind bad regulation the industry doesn't need. We need exchanges transparent and held accountable, insurance for people's exchange holdings, and attempts to stop scams and illegal activity. What we DON'T need is just randomly banning crypto services just because the head of the SEC is on an anti-crypto power trip.
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mendace
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February 09, 2023, 10:26:54 PM |
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Yes, it is true that if the rumors of a ban on staking in the US by the SEC materialize, it could have a significant impact on the crypto market. If the staking ban. A ban on staking could result in a decrease in liquidity, which could lead to a drop in the overall crypto market capitalization. This in turn could lead to increased volatility and a decrease in the value of cryptocurrencies, including Bitcoin. However, it is important to note that these are just rumors and speculations at this point, and it is difficult to predict the exact impact that a ban on staking would have on the crypto market. It is always important to do your own research and consult with a financial advisor before making any investment decisions.
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DeathAngel
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February 09, 2023, 10:32:51 PM |
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It’s only in the US as far as I am able to see so far. As usual we will see panic sellers reacting but it shouldn’t really do much to bitcoin in the medium to long term. Staking is a scam any way, YOU are the yield. Just another load of panic dumping across the entire crypto space. We’ve seen much worse before & we will again. Nothing to see here, move on.
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sha420hashcollision
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Its only scary to people propagating lies. For example Cardano. Cardano is one of the most centralized projects ever and they claim not to be all the time. I even detailed a little document of evidence about it for fun: Evidence 1: Around 16% of ADA coins in circulation were given to the project’s founders, who could remain among the biggest Cardano whales today. The remaining 84% was allocated to other investors. [capital.com/cardano-who-owns-most-ada-whales-control ] As you can read here a substantial portion of the supply was initially distributed to insiders of the project, there is no need for me to explain that this is not decentralized. Evidence 2: 75% of the validator set is made up by only 25 staking pools. as opposed to bitcoin or ergo where the nodes enforce SOFT FORK updates, these 25 validators control what is and is not the proof of stake chain cardano thereby putting all other users at risk of malicious updates by the economic minority. [https://cardanoscan.io/pools ] Evidence 3: IOHK making posts claiming to be 100% decentralized (context: the founder of cardano claiming that Cardano is decentralized, like satoshi nakomoto sticking around for 20 years putting his name on everything bitcoin selling tons of bitcoin and claiming it is decentralized) [https://heraldsheets.com/cardano-ada-is-now-100-decentralized/ ] Not even Ethereum lies to their own users this much, propaganda leads to DELUSION. so I highly recommend you STOP propagating the narrative that Cardano is decentralized or unfortunately Ergo will just suffer continuously in its VC funded shadow.
Pretty much every other proof of stake protocol works in this way or in even more disturbingly centralized and Potemkin village type ways. Down with the shitcoins. On the other hand the regulators will regulate bitcoin too if they are to be trusted with more power. For that reason I am willing to side with shitcoins, simply because the government has not proved that they will respect bitcoin (USERS) in any way.
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headingnorth
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February 10, 2023, 02:36:27 AM |
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Praise the Lord and Hallelujah! Its about time they start to crack down hard on all these stupid crap coins.
Ethereum is total centralized garbage, and became even much more centralized after moving from PoW to PoS.
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ETHEREUM IS THE MOTHER ASSHOLE FROM WHICH THE SHITCOINS SPRING.
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mk4
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February 10, 2023, 03:30:55 AM |
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Since we are talking about Staking, wouldn't this be bad news to Ethereum and other Altcoins rather than being a problem to Bitcoin.
It should be, knowing that Bitcoin is PoW; but negative news concerning regulations negatively affects prices for the entire industry overall. Regulations will almost always scare the crap out of retail "investors".
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tbct_mt2
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February 10, 2023, 03:35:48 AM |
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Altcoins are weak by their designs that can be easily used for scam as well as very vulnerable to hacks, attacks and regulatory attempts.
Altcoin developers can create their coins from thin air, by pre-mine their coins, pre-mint their tokens and can mint more tokens if they want. Staking is one of most attractive features from altcoins but it is like a favorite feature for Ponzi scheme. Early investors, early stakers will get real high APYs but late comers will be burden by risk of price falls, collapses and they mostly won't get actual high APY at the end for their investment. It is kind of lie from altcoin developers to altcoin investors.
If anything can be done to stop this, I think it is good and I support this regulation too.
Bitcoin is strong by its design. Nobody can be able to create more Bitcoin than 21M and if you want to have it, mine it with mining ASICs or from exchanges. No passive income by staking Bitcoin like altcoins. Less inflation and no impermanent loss risk for investors.
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yhiaali3
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February 10, 2023, 04:33:23 AM |
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I don't see how stopping staking will affect bitcoin!!!! First, Bitcoin has nothing to do with Proof of Stake and it has nothing to do with Altcoin, so I don't see how it is affected by this ban. Secondly, even if these rumors are true, they are still only fears, and then they are only in the United States, and companies that wish to pursue staking can operate in any country other than the United States that does not prohibit staking. In the end, I see no reason for Bitcoin to fall as a result of this news.
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Strongkored
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February 10, 2023, 04:38:34 AM |
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Staking coins on an exchange is just like keeping coins there and when bad things happen the staker will lose everything and the exchange will easily give reasons for being hacked. So this move by SEC is not a scary thing, in fact it should be supported because this regulation is like supporting a campaign that is always echoed by crypto lovers, not your key, not your coin.
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bittraffic
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February 10, 2023, 03:53:05 PM |
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Staking coins on an exchange is just like keeping coins there and when bad things happen the staker will lose everything and the exchange will easily give reasons for being hacked. So this move by SEC is not a scary thing, in fact it should be supported because this regulation is like supporting a campaign that is always echoed by crypto lovers, not your key, not your coin.
There are consequences if SEC pursues this because surely they are stifling the industry and as a result developers are going to move out of US and the harder for thier regulators to actually reach these developers. The taxes that supposedly go to the US government may go to some other country instead. Not your key, not your coins indeed as users are also pushed out of the CEX and they'd be staking on thier personal wallet.
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goldkingcoiner
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February 10, 2023, 05:57:08 PM |
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I think Kraken got scared and did everything that the SEC told them to, even though this decision of banning their staking services was completely arbitrary and should not have been made so rashly. Kraken should have held up its own in court against the SEC's decision. All this panic about staking is premature.
If anything this only shows me how weak willed Kraken actually is and how easy it is to scare and manipulate centralized service providers into doing what the government wants, even if there is no legislation or legality behind it.
Just another example of why nobody should trust centralized exchanges.
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