Bitcoin is racist

[LeGaulois]

Bitcoin is racist according to the SEC. Heil Satoshi!
We trully live in a bizarre world nowadays  

I've read a lot of bullshits about cryptos, but this one is amoung the winners.
I thought I had heard the worst when Greenpeace attacked the Bitcoin network with the slogan: "Change the code, not the climate".

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.

In another words, Bitcoin makes them loosing money because people are lazy to learn where they're investing in...
L@@k at FTX and co...

We have observed that the volume of, and activity around, crypto assets have grown
significantly in scale over the last five years with very large fluctuations in value.
Many investors recently have suffered significant losses as a result of their
investments in crypto assets. It is estimated that these losses have been more than
$2 trillion.1
As a result of targeted marketing, a significant amount of these losses have been
borne by unsophisticated investors, including many minority investors seeking rapid
investment growth without the knowledge or information to assess the risks
associated with such investments

And

We believe that virtually all, if not all, crypto tokens are securities and that they, as well as the platforms and
custodians dealing with them, are subject to regulation under the federal securities laws to protect investors.
Accordingly, the offering of crypto asset securities and the platforms trading them should comply with the
registration, disclosure, anti-fraud provisions and other investor protector provisions of the federal securities laws.
We think it is very unfortunate and disturbing that there are legislative proposals to carve crypto assets out of the
federal securities laws and undermine investor protection.
The SEC should continue to be aggressive in bringing enforcement actions against companies that are violating the
federal securities laws in the crypto space, including, issuers, custodians and those acting as unregistered
platforms that offer trading in crypto asset investments.

https://www.sec.gov/files/20230406-iac-letter-cryptocurrency.pdf

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[Hispo]

The dogs are barking Quixote.

A sign we move forward Sancho, a sign we move forward.

― Miguel de Cervantes Saavedra, Don Quixote: Man of La Mancha

[Zanab247]

BTC investment is different from other fiat investment because, once you miss the time to buy BTC and you buy it in a bull time it will be difficult for you to earn well from your plan. I don't think, BTC and altcoins can create financial damage in a society because is not a centralized currency that is be control by government and it pump when it is time to pump for those that bought when the price is low to start selling to make a good profits. If you can sell your coins in the bull market, I guess you will achieve a lot from your investment in the community because, it is the best way many investors use to win big income from the market.

[SamReomo]

Bitcoin is not racist and the funniest thing is that how could they even consider it a racist thing that is causing damage to minorities even they know that it's used all over the world by all races. The minority investors are living in ancient times, it's their fault that they lack proper knowledge about this innovation. It's responsibility of governments to teach them about this technology rather than blaming it as racist.

Risks are involved in every investment even stocks are volatile and can cause huge damage to those minority investors. Any investors whether a minority or majority should learn the basics of investing whether it's in crypto or any other financial asset. Risk management should be thought to everyone, no matter where they belong, but unfortunately no governmental institution teaches those skills.

[blckhawk]

The dogs are barking Quixote.

A sign we move forward Sancho, a sign we move forward.

― Miguel de Cervantes Saavedra, Don Quixote: Man of La Mancha

Pretty awesome quote, now I'm looking forward to reading that, been holding back on Don Quixote for a really long time, 'tis a sign I guess.

[hugeblack]

If you hear the questions in the investigation sessions that were against Mark Zuckerberg and the CEO of TikTok, you will find that many lawmakers have preliminary information about the new legislation and therefore what they see on TV and the media greatly affects their decisions.

Do not be surprised that some opinions may be biased (even though they know the argument is stupid) because of pressure groups and political money that may influence.
In general, everything will change with more investments.

[jossiel]

SEC should start differentiating those investors that goes in the stocks market without even idea what they're doing. Buying penny stocks and those overpriced stocks and losing them eventually.

I guess that they'll never change and they'll always give that "losing" statements always to bitcoin and to the whole crypto market but will never recognize those that are losing their bets, I mean with their investments on the stock market.

[pawel7777]

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.

They phrased that as "including many minority investors" so it's not all that bad. They're not accusing crypto of being inherently racist, not yet at least.
But it's pathetic how they try to lend some credibility to their actions by posing as "protectors" of minorities, women, climate or whatever.

And with USA being probably now less than 50% white, what does "minority" even mean?

[stompix]

Bitcoin is racist according to the SEC. Heil Satoshi!

Fortunately, it's not the SEC official position, this is a letter addressed to the chair of the SEC by the Investor Advisory Committee.

But still,

Nearly 44% of Americans who own and trade crypto are people of color, 41% are
women and more than 35% have household incomes under $60,000 annually

if more people of color (whatever this kind of stupid designation means) are investing in BTC how is that racist? Or is it racist that white people don't invest that much? 

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.

Which is basically the most racist thing to say, they are labeling minorities as dumb fucks who can't understand how investment and risks work, I really wonder if those guys have ever heard of logic or if they do think twice before opening their mouths or writing such a stupid thing.

[KFC786]

BTC investment is different from other fiat investment because, once you miss the time to buy BTC and you buy it in a bull time it will be difficult for you to earn well from your plan. I don't think, BTC and altcoins can create financial damage in a society because is not a centralized currency that is be control by government and it pump when it is time to pump for those that bought when the price is low to start selling to make a good profits. If you can sell your coins in the bull market, I guess you will achieve a lot from your investment in the community because, it is the best way many investors use to win big income from the market.

Bitcoin is very weep unpredictable in many case. As Same hing happened to me as I wanted to buy Bitcoin at 27800 dollars and it remained at that that price for almost a lot of time and than I decided to wait and it suddenly shoot up and that was not good for me. As I am saying that we should be very careful for theses Bitcoin momentums.

[Mate2237]

BTC investment is different from other fiat investment because, once you miss the time to buy BTC and you buy it in a bull time it will be difficult for you to earn well from your plan. I don't think, BTC and altcoins can create financial damage in a society because is not a centralized currency that is be control by government and it pump when it is time to pump for those that bought when the price is low to start selling to make a good profits. If you can sell your coins in the bull market, I guess you will achieve a lot from your investment in the community because, it is the best way many investors use to win big income from the market.

Apart from Investment, even trading has time to buy and sell. There are minutes and hours set to buy and sell in trading. And once you pass that stipulated time you can not buy again and sell again.
And also seen the OP Topic, bitcoin is not fully racism but to some extent. Why bitcoin is not racist yet because it cut across the whole world and everyone who come across it can participate. Therefore it is liberal and welcome all to it. And why I would also say bitcoin has an element of racism because bitcoin moves with dollar. Bitcoin payment is determined by dollar rate and not Fiat currency exchange rate.

[Gallar]

News like this always has pros and cons. Many consider BTC to be a speculative asset, due to unpredictable price fluctuations, an investment asset that has a lot of risks, without doing deeper research on the system and how it works. Things like this can make bitcoin's image damaged and look scary for people who are starting to invest in BTC.

Even though if you examine more deeply about the ins and outs of bitcoin, in terms of usability, in terms of security, and in terms of potential, bitcoin has a lot of potential that other assets don't have. but the problem is, many people see BTC from a negative side, without seeing the positive side of BTC.

And those who comment on the negative side of bitcoin are not only from ordinary people, but one of them is also an influential person, who also comments on the negative side of bitcoin.

[The Sceptical Chymist]

The SEC....well, I'd love to go on a fucking tirade about them and similar agencies and their press releases that don't get challenged except on forums like this, but I won't.  Suffice to say, I think they're using probably the worst (and most overused) thing to attribute to bitcoin in an attempt to continue the coordinated assassination attempt by the US government.  If the worst thing you could call something was sexist, they'd go with that.  Christ, if the SEC could go full psychotic and call bitcoin a registered pedophile they probably would, but people would *hopefully* see right through that.

Are they even talking about minorities in the US?  Frankly, if they're saying colored people (oh wait, I mean 'people of color') are over-represented targets of scams, I sure as hell haven't seen the evidence of that and bitcoin gatherings in the US have always seemed to me to be almost like white-boy frat parties--granted, I've only seen pictures, but even if there were a lot of minorities that still doesn't back up their higher-than-normal victimhood (supposedly).

I really wonder who's truly in control of the SEC.  My first guess would be a powerful group of Democrats with that cunt Elizabeth Warren somewhere near the top.  They obviously were taking orders from someone in putting out this hit piece, and I doubt they'd have done it of their own accord.

[coolcoinz]

This means that if you decide to invest in a business like metal detecting or hunting and you lose money doing it, it's the fault of the investment. It's the inanimate object that is at fault, not you.

Do you hear what these guy is saying? If you choose to buy bitcoin and then sell it cheap, losing money in the process, it's the fault of bitcoin, not you.
Makes me want to go to that guy's office and ask him in front of a camera: If I get a gun and shoot someone, is it my fault, or gun's fault? Who is responsible? What kind of world do we live in?
What does it change whether I'm a member of minority or not? Should we maybe give people back the money they lose investing in stocks because they're "vulnerable minorities"?

This dude is delusional! How can 2 investors be treated differently just because of race? If there's such distinction, maybe the SEC should create a fund that will cover their losses? I have a better idea! Maybe the FED should stop trying to make people lose jobs and make them lose 6% of their savings a year, because that's what devastates poor minorities, not their occasional crypto investments.

[paid2]

I thought I had heard the worst when Greenpeace attacked the Bitcoin network with the slogan: "Change the code, not the climate".

Isn't it Greenpeace which is financed by XRP fundation ? Funny 

https://www.sec.gov/files/20230406-iac-letter-cryptocurrency.pdf

Thank you for the link, very interesting (and a little bit hopeless too..)

7. Conduct examinations of broker-dealers and investment advisers focused on whether standards of care
are being followed when making recommendations and providing investment advice regarding cryptorelated assets.

So if I understand it well, American people will have the same kind of advertisements as we have for gambling, casino products and sportbets for crypto stuff ?
I am not sure that it never helped anyone, if it is like the messages on the cigarettes pack..

In any case, it's starting to get ridiculous with the SEC's attack on Bitcoin and cryptos. As The Sceptical Chymist said, I wonder who exactly is in charge of the SEC's communication strategy. It's amazing though, the more the financial system goes down, and down, the more the relentlessness grows... It would almost become an admission of weakness?..

[Faisal2202]

Bitcoin is racist according to the SEC. Heil Satoshi!
...
In another words, Bitcoin makes them loosing money because people are lazy to learn where they're investing in...
L@@k at FTX and co...

That's unique for me too, Like all they try to find a way to discourage crypto community in some way, hehe. well i would say nice try. Really, i would also agreed, that BTC is racist because it also makes me feel like, (why always market dump when i take entry in it) hehe. i know that's fun because i have a friend and he also noticed this thing and now he is using me as an indicator, like he said, you will just tell me when you want to take entry in market i will exit all of my entries. hehehe. I said ok, but that's will cost. hehe.

I know, that's some next level bullshit. In this way the stock, bond and every other sector life is racist because some are making more money and some are not. And what about education systems, in which students are categorized on the basis of there marks and more opportunities are given to the high grades students and less grades students are kept separated in other sections where they are treated less then higher grades ones. (is it not a racism act)

[uneng]

Lol, Bitcoin is the most democratic investment I'm aware about. It's very simple to start investing and it's opened to everyone who has some bucks on their pockets and minimal internet knowledge. I understand when regulators talk about the risks of investing in crypto assets, due to the volatility, lack of security offered by centralized exchanges and the high volume of hacks and scams, but to say Bitcoin is racist it's already too exaggerated.

Actually, it makes these authorities lose their reputation, because it's really ridiculous to make such statements which everyone is tired hearing about. Moreover, it's a blatantly excused used nowadays by people who don't have any other valid argument against the object they are trying to detract towards the public.

[Supreemo]

Lol, Bitcoin is the most democratic investment I'm aware about. It's very simple to start investing and it's opened to everyone who has some bucks on their pockets and minimal internet knowledge. I understand when regulators talk about the risks of investing in crypto assets, due to the volatility, lack of security offered by centralized exchanges and the high volume of hacks and scams, but to say Bitcoin is racist it's already too exaggerated.

Actually, it makes these authorities lose their reputation, because it's really ridiculous to make such statements which everyone is tired hearing about. Moreover, it's a blatantly excused used nowadays by people who don't have any other valid argument against the object they are trying to detract towards the public.

i don't think being racist in terms of crypto means that they choose whoever wants to invest in crypto, but it is more like the country that accepts bitcoin or crypto as means of investment since not every country accepts crypto as legal tender. we all know bitcoin is widely popular for being decentralize and only few countries are willing to accept the risk, and we should all know that bitcoin doesn't choose indiscriminately to whoever wants to invest or wants to accept this concept.

[mindrust]

Bitcoin is racist the way Math is racist. Math and Bitcoin has one thing in common. They never lie. You could say, truth is racist and still make perfect sense. People in the United States and their woke agenda is trying hard to paint stupid people clever but it is never going to work. Ugly is ugly, stupid is stupid, and 1 bitcoin = 1  bitcoin. Facts facts facts. You cannot bend them, you cannot change them. Immutability is a bitch.

[pawel7777]

Bitcoin is racist the way Math is racist.

They both are, you white supremacists!
"Radical teachers claim that saying 2+2=4 is white supremacy"
https://torontosun.com/opinion/columnists/lilley-radical-teachers-claim-that-saying-224-is-white-supremacy

It's hard to think of one single thing that has not been considered racist by some of the modern "intellectuals".
To name a few examples:

Coffee is racist: https://twitter.com/JournosPostLs/status/1646616370103173121
Criticising drug dealers is racist: https://twitter.com/hilaryagro/status/1645434719541010433
Eating meat is racist: https://twitter.com/LeoKearse/status/1645689277001367558
Being extraordinarily stressed and vigilant is due to racism: https://twitter.com/LeoKearse/status/1643355168497446912
Locking up expensive drinks that are often shoplifted is racist: https://twitter.com/ahmuhdayus/status/1639965010142154752

The list never ends

[KiaKia]

I would have said that they lack the knowledge about Bitcoin and they need to look at the bigger picture what Bitcoin is all about, but don't be surprised, these people understand perfectly how Bitcoin works and why Bitcoin also existed, they lack nothing about Bitcoin, all these shit is intentional to keep going after Bitcoin and maybe cause a bigger hatred on the digital currency. Now it's Racist? I think they are losing at their own game already, their plans are not effective and they don't like it.

Anyone is free to say whatever they want about Bitcoin, those who believe will keep investing and accumulating Bitcoin no matter what, when things get this serious with a new technology it shows that the technology is working.

Newspapers called the internet the devil's tool years ago, they said the internet is a brainwashing devil's device that will take over the world in the future, now we are in the future where Newspaper companies now use the internet, they were only trying to save their business.

[Renampun]

Bitcoin is racist according to the SEC. Heil Satoshi!
We trully live in a bizarre world nowadays  

I've read a lot of bullshits about cryptos, but this one is amoung the winners.
I thought I had heard the worst when Greenpeace attacked the Bitcoin network with the slogan: "Change the code, not the climate".

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.
https://www.sec.gov/files/20230406-iac-letter-cryptocurrency.pdf

hahaha, saying bitcoin is racist, sounds like the SEC is running out of ideas for FUD. I thought hard, where is the "racist" Bitcoin, I see that the lives of many people have changed 180 degrees for the better since bitcoin appeared and bitcoin belongs to everyone.
besides that most investors who lose are the result of their own actions, they are too greedy for the investments they make in bitcoin, they even panic when the market is bearish, so as long as they don't sell then the 1 bitcoin they have is still 1 bitcoin, nothing has changed.

[gunhell16]

That thing is funny. I don't understand how Bitcoin became racist. Being racist is that Bitcoin can never do this because it is a digital currency in my understanding.

Because being racist depends on each individual, only people can do being racist, in fact, the word racist has nothing to do with Bitcoin, it's too far away. We know that Bitcoin is an example that is a good investment in the long term and can be used as a gateway payment in different parts of the world.

[franky1]

bitcoin has no ears eyes or brain

when SEC talks about users investing. they are not talking about bitcoin. they are talking about BUSINESSES with advertising budgets.. where BUSINESSES select their advert to their desired demography

for instance FTX done alot of advertising through sports clubs. meaning they aimed their target audience not at wallstreet guys. but instead average joe that usually make foolish bets on sports events.

they also done a separate advertising campaign. not on the investment of assets. but on the shares of FTX companies to elite investors. celebrities etc. as a way of getting secondary investments through fame/name recognition.

so the SEC comments are not about bitcoin(though they pretend it is), the comments are(should) be about businesses abusing its customers gullibility/greed, by seeking gullible/greedy customers

you see this alot,
when big institutions see a good asset at a low price. they stay quiet and only tell their closest allies. when its time to sell they try to offload it on the gullible average joe

for instance with gold
when prices were low you always seen adverts about businesses willing to buy gullible peoples jewellery for cash..
when prices are high you see adverts telling people to invest in gold.

and yes some do actually target specific ethnic groups as part of their campaign
take robinhood. it had adverts not of wallstreet guys but of black people lesbians, retired people. trying to look inclusive.. but wipe away the PC stuff you can see they are not interested in promoting it to investment firms/rich/economically knowledgable

[Lucius]

Fortunately, it's not the SEC official position, this is a letter addressed to the chair of the SEC by the Investor Advisory Committee.
~snip~

I was immediately relieved, because I thought that everyone who has anything to do with Bitcoin will be given another label - and we are already running out of space for all the labels that have already been applied to us.

I can still somewhat understand that they accuse us of destroying the environment, that the world will remain in the dark because Bitcoin will consume all the electricity, up to the point that we finance terrorism and launder hundreds of billions of dollars through Bitcoin - but to bring Bitcoin in any way in connection with racism is one of the biggest nonsense. Those geniuses definitely deserved the Nobel Prize for stupidity...

[Z-tight]

when SEC talks about users investing. they are not talking about bitcoin. they are talking about BUSINESSES with advertising budgets.. where BUSINESSES select their advert to their desired demography

Even if it isn't about BTC, but about businesses and their mode of advertisement, it does not still make the business racist simply because they have a target audience, i believe every business has a target audience, and if that be it every business can be accused of being racist by the people outside their target audience. Businesses want to make profit, and their customers have to research before using it, everything that happens after that has nothing to do with racism. Gullibility, greed, lack of research, etc, i can agree.

[NotATether]

Bitcoin is racist the way Math is racist.

They both are, you white supremacists!
"Radical teachers claim that saying 2+2=4 is white supremacy"
https://torontosun.com/opinion/columnists/lilley-radical-teachers-claim-that-saying-224-is-white-supremacy

It's hard to think of one single thing that has not been considered racist by some of the modern "intellectuals".
To name a few examples:

Coffee is racist: https://twitter.com/JournosPostLs/status/1646616370103173121
Criticising drug dealers is racist: https://twitter.com/hilaryagro/status/1645434719541010433
Eating meat is racist: https://twitter.com/LeoKearse/status/1645689277001367558
Being extraordinarily stressed and vigilant is due to racism: https://twitter.com/LeoKearse/status/1643355168497446912
Locking up expensive drinks that are often shoplifted is racist: https://twitter.com/ahmuhdayus/status/1639965010142154752

The list never ends

These people need to stop using social media and go see a therapist. It has come to the point where people are getting offended over small basic things, and that's because they are bored and have nothing to do except for tapping away on their phones and reclining on their couches watching XYZ News Network.

[franky1]

when SEC talks about users investing. they are not talking about bitcoin. they are talking about BUSINESSES with advertising budgets.. where BUSINESSES select their advert to their desired demography

Even if it isn't about BTC, but about businesses and their mode of advertisement, it does not still make the business racist simply because they have a target audience, i believe every business has a target audience, and if that be it every business can be accused of being racist by the people outside their target audience. Businesses want to make profit, and their customers have to research before using it, everything that happens after that has nothing to do with racism. Gullibility, greed, lack of research, etc, i can agree.

every business does have a target audience. but when one business gets tooo specific where the obvious target is skin colour. then its racism if that businesses end goal is to harm and not benefit such customer

EG a make up company that specialises and advertises dark skined foundation is a benefit to them VS
sub-prime mortgages scamming black people is a harm to them

so if a investment scheme was promoting directly to one demography where the greedy business knows it wants to leech value away from that demography. that business is racist.

but i can see you wish to blame black people for taking up sub-prime loans decades ago rather than blame the banks for mis-representing what they offered and purposefully pushed it on a certain demography..

[hZti]

For me bitcoin is one of the most non racist projects I know. Think about it: Millions of strangers from all over the world that contribute to one common goal to make the world for everyone better. There is no place or person on earth that can not use bitcoin. To me this thread is obvious sentiment against bitcoin that has no basis at all.

[kryptqnick]

I think that the claim about minorities not having knowledge to assess the risks as something that should count against Bitcoin is a huge stretch. The same could be said of literally any other form of investment because the problem is unequal access to knowledge in general. It could also be used against banks because similarly, minority users have less knowledge of the risks associated with holding money in a bank, for instance, and it's also probably kinda true, as with Bitcoin.
I'm also not sure what they mean about target marketing because Bitcoin isn't a company that has ads and a target audience for those ads. And if some businesses target vulnerable audiences, it's those businesses that should be condemned for specific cases and practices, that has nothing to do with Bitcoin.

BUT, forgive me for asking, does the SEC really mean Bitcoin here? They say 'crypto assets' and AFAIK the SEC remarked several times that they don't think Bitcoin is a security and don't regulate it.

[bluebit25]

Sometimes I also wonder why they only see the negative about the market but refuse to acknowledge the positivity it has brought in life. And I agree that the problem is with yourself and not with bitcoin or anything, blaming the product or any of the tools is simply a bigotry and hatred in each person. people who have not filtered these things out of their hearts.
Although false and negative information about the cryptocurrency market can negatively affect the development of this market. However, the truth is always exposed from time to time, in contrast to positive and accurate information that can promote the development of the cryptocurrency market. This information could be about major institutional backing, new developments in blockchain technology, or cryptocurrency product innovations. So in the field of cryptocurrency, research and evaluation of information is very important to make decisions such as buying or selling cryptocurrencies.

[zenaku]

Bitcoin is bitcoin.
Retailers lose money to dirty pyramids that promise exponential returns.
The risk is assumed by the buyer at the time of entering the scam.
Anyway this is an exchange of hands, the big shots eat the little ones
What fish do you want to be?

[Stella Mese]

the debate about btc from the past until now has not been completed.
which of course there are those who like btc and those who don't, but in my opinion we have to accept reality because everyone's views are different, some are in favor of bitcoin and some are not.

I think it's the result of people who have a negative view of BTC because those people don't know about BTC and the science of investing in BTC, so they have a negative view of BTC.
and maybe there are btc investors who are greedy so that all their assets are used to invest in btc and lose, and this is due to the stupidity of btc investors who don't know about the science of investing in btc, and end up suffering losses. and finally popular news about people who invest in btc experience losses, and finally many people think investing in btc is something that is detrimental.

In my opinion, don't blame BTC, and if you're not ready for losses, it's better not to invest in BTC.

that's why many people say that if our want to invest in btc, our have to be prepared for the risks.

and me as a person who invests in btc with the news the pros and cons of btc are commonplace.

[wxa7115]

Sometimes I also wonder why they only see the negative about the market but refuse to acknowledge the positivity it has brought in life. And I agree that the problem is with yourself and not with bitcoin or anything, blaming the product or any of the tools is simply a bigotry and hatred in each person. people who have not filtered these things out of their hearts.
Although false and negative information about the cryptocurrency market can negatively affect the development of this market. However, the truth is always exposed from time to time, in contrast to positive and accurate information that can promote the development of the cryptocurrency market. This information could be about major institutional backing, new developments in blockchain technology, or cryptocurrency product innovations. So in the field of cryptocurrency, research and evaluation of information is very important to make decisions such as buying or selling cryptocurrencies.

Those which are always ignoring all the positive things that bitcoin brings do so because that is their job, they try to find things wrong with bitcoin and make a big deal out of it.

Bitcoin is nothing more than money, and as we know money is not distributed equally among the population, there are those which have a lot of it and there are those which have very little, if we used their deluded standards then fiat currencies will be the most racist form of money that exist, but since governments are the ones that print it then they simply ignore this while still trying to use this flawed argument against bitcoin.

[Ale88]

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.

Probably it's because I'm European but I really don't understand why everything, and I mean everything, in the USA has to be somehow racist and/or offensive to someone. Racism is a serious problem and a word that should be used wisely, in reality it gets thrown in in every topic, even when clearly it has nothing to do with it. If some minorities are more ignorant maybe there is a problem with the schools and the neighborhoods, so maybe, I say maybe, the problem comes from the local institutions and the government, no?

[Fundamentals Of]

It is really ridiculous and irresponsible for a government agency such as SEC to mislabel a technological innovation as if it is biased. Bitcoin is neutral. I don't even understand those who link Bitcoin and gender as if Bitcoin is deprived to women or men. Bitcoin cannot discriminate. It is even more surprising to link Bitcoin with race. How can Bitcoin even tell if a transaction is done by a white man or black man? Bitcoin cannot tell whether a transaction is made by somebody with a PhD or by somebody who just finished prep. Bitcoin does not even discriminate saints from criminals.

[davis196]

As a result of targeted marketing, a significant amount of these losses have been
borne by unsophisticated investors, including many minority investors seeking rapid
investment growth without the knowledge or information to assess the risks
associated with such investments

I can't see how did you come up with the conclusion that Bitcoin/crypto is considered racist by the SEC.
Actually SEC is racist, by dividing the investors into "minority" and "majority". The investors are investors, their race and ethnicity doesn't matter. Of course, many people from the minorities aren't financially educated, but we can say the same thing about many white people as well. Many crypto companies have conducted misleading marketing in the past. I agree that the SEC must punish all shady crypto companies, that are scamming their customers. There's nothing wrong with that SEC statement.

[Kakmakr]

They are not saying that to highlight racism, they are saying that to hide their greed. You have to remember one thing, the SEC represents a small group of super rich people, who gets paid for financial advice. Where do people go for financial advice? .... they go to financial brokers that are selling financial instruments that are owned and managed buy large investment firms.

The old Fiat system will do anything in their power to protect their knowledge and power that they sell to uninformed citizens and the rich old farts like Warren Buffet will continue to criticize Crypto currencies to discredit it. 

[justdimin]

Bitcoin is racist according to the SEC. Heil Satoshi!
We trully live in a bizarre world nowadays  

I've read a lot of bullshits about cryptos, but this one is amoung the winners.
I thought I had heard the worst when Greenpeace attacked the Bitcoin network with the slogan: "Change the code, not the climate".

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.

In another words, Bitcoin makes them loosing money because people are lazy to learn where they're investing in...
L@@k at FTX and co...

Lol, the poor people-the government made poor by discriminating against minorities has been looking for a way of making more money and risked too much on a third party currency because they knew that government wouldn't let them get rich with fiat, so we are not going to be letting bitcoin continue with this racist move... They must be really drinking some strong stuff, or smoking it I am not sure.

It should be considered that those minorities finally found a place where they could be equals to everyone, their color, religion, race, nationality, nothing matters. Only thing matters here is your investment and how talented you are. If minorities are poor, that is because of governments not giving as much to those as they give to biggest voter base.

[Assface16678]

Bitcoin is racist according to the SEC. Heil Satoshi!
We trully live in a bizarre world nowadays  

I've read a lot of bullshits about cryptos, but this one is amoung the winners.
I thought I had heard the worst when Greenpeace attacked the Bitcoin network with the slogan: "Change the code, not the climate".

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.

In another words, Bitcoin makes them loosing money because people are lazy to learn where they're investing in...
L@@k at FTX and co...

We have observed that the volume of, and activity around, crypto assets have grown
significantly in scale over the last five years with very large fluctuations in value.
Many investors recently have suffered significant losses as a result of their
investments in crypto assets. It is estimated that these losses have been more than
$2 trillion.1
As a result of targeted marketing, a significant amount of these losses have been
borne by unsophisticated investors, including many minority investors seeking rapid
investment growth without the knowledge or information to assess the risks
associated with such investments

And

We believe that virtually all, if not all, crypto tokens are securities and that they, as well as the platforms and
custodians dealing with them, are subject to regulation under the federal securities laws to protect investors.
Accordingly, the offering of crypto asset securities and the platforms trading them should comply with the
registration, disclosure, anti-fraud provisions and other investor protector provisions of the federal securities laws.
We think it is very unfortunate and disturbing that there are legislative proposals to carve crypto assets out of the
federal securities laws and undermine investor protection.
The SEC should continue to be aggressive in bringing enforcement actions against companies that are violating the
federal securities laws in the crypto space, including, issuers, custodians and those acting as unregistered
platforms that offer trading in crypto asset investments.

https://www.sec.gov/files/20230406-iac-letter-cryptocurrency.pdf

It's not about being racist    it's just the people who have no knowledge or didn't research to crypto. They are so lazy to research because bitcoin is number 1, they think it's a quick income but suddenly they realize that tlbitcoin is a long term. You can't fix this because it's literally normal so you just watch them how lazy they are.

[Fiatless]

when SEC talks about users investing. they are not talking about bitcoin. they are talking about BUSINESSES with advertising budgets.. where BUSINESSES select their advert to their desired demography

Even if it isn't about BTC, but about businesses and their mode of advertisement, it does not still make the business racist simply because they have a target audience, i believe every business has a target audience, and if that be it every business can be accused of being racist by the people outside their target audience. Businesses want to make profit, and their customers have to research before using it, everything that happens after that has nothing to do with racism. Gullibility, greed, lack of research, etc, i can agree.

I am not an agriculturist so I have no business with investing or running a farm unless I decide to study the field. Bitcoin is not for everybody just like some other products. If it was racist some continents would not have access to Bitcoin. The government is the main racist because they discriminate against Bitcoin and limit its operation in most nations. It is the responsibility of any investor to do his homework about a prospective profit-making skill. If you don't have basic knowledge about an investment scheme there is no need to blindly invest in it. Most people that invest in the crypto sector without knowledge were brainwashed to believe that it is an easy medium to get profit in a short period.

[CryptSafe]

I think they are all getting it wrong. Ignorance sometimes makes people act rashly without thinking or having a thought about something and seeing the good side of it before jumping to conclusion and making or passing judgement over bitcoin.


Looking at the topic matter of this thread, one would wonder if truly what OP has said is what is the reality today and if not properly understood, one would easily conclude and may take a make assumption that would lead them to taking a wrong decision. So I ask, if bitcoin were to be a racist development how come the world is glamouring for bitcoin. How come bitcoin is a borderless coin with no resistance? How come both black and white knows about bitcoin? Would it be possible that and individual could own a bitcoin if the government were involved in it? So I do not see any reasons why bitcoin could be a racist coin or project.

[thecodebear]

The funny thing about the SEC claiming crypto is bad because people have lost money from the ATHs is that they aren't saying this about anything else. They aren't making damning proclamations against Tesla, Amazon, and Facebook, for example, all of whom have lost 50% of their value the past couple years. That's just 3 companies who all by themselves have lost people $2 trillion in the same time that the entire Bitcoin/Crypto market has lost around $2 trillion.


It's just pure bias based on lack of education. It's easy to say something is bad when you don't understand it, even though you're saying it is bad for something that could apply in the exact same way to something you accept.

[JoyMarsha]

Big shame for the SEC as they label bitcoin as racist. While the fact remains that many people, irrespective of gender or race, accept and adopt bitcoin. This should be the most absurd claim about Bitcoin that I have ever heard.

In other words, their efforts to discredit bitcoin will not be heeded, and their assertion that bitcoin creates financial damage to minority investors is unjustified considering bitcoin has never promised anyone wealth but rather serves as a store of assets for those who wish to convert their assets to bitcoin at their own risk.

[JamesBorn]

Considering bitcoin as racist tells the highest level of hatred towards the project because bitcoin is known all over the world with an independent individual wallets. Bitcoin give access to every race weather black or white. Minorities income is not damage or affected by favouritism of the system, the market treats everyone equal it only depends on the volume of your income invested or the units of bitcoin you're controlling. Is a normal phenomenon to hate what is progressing ahead of time.

This project give rooms for choice investment, it gives room for independent investment and freedom of management and control within your wallet but haters are busy dragging bitcoin name to the mould.

[pawel7777]

Probably it's because I'm European but I really don't understand why everything, and I mean everything, in the USA has to be somehow racist and/or offensive to someone.

Because it pays! If you could exploit the majority demographic (whites), who, statistically is the most empathetic, most tolerant and has the weakest in-group preference, why wouldn't you?
Why accept the "colour blind" approach, if you could declare it racist (i.e. for being bling to black people's struggles) and introduce group identity politics instead - in which there's only one group that is not allowed to view themselves as a group and care for their own interest.

This is now spiraling down without control, the Californian "reparations task force" is a great example. There's a serious debate going on about how much people who have never owned any slaves should pay to people who have never been slaves in "reparations" for slavery. Apparently $5 million per head just for being black is not enough.

https://www.dailymail.co.uk/news/article-11918251/Five-million-little-California-reparations-taskforce-told-black-residents-7-6m.html

You can't make this stuff up.

[mendace]

Now to understand exactly how racist Bitcoin is, we need to analyze the data and understand by which people it is used, because exactly who is this technology aimed at? I think that today Bitcoin helps the people who need it most, those oppressed by the powers and those who are poor. So how can you even call it racist? The SEC is a racist who always speaks out in favor of the strongest.

[blue Snow]

true, bitcoin is racist, I just know that after opening Electrum wallet and finding color option Dark and Light.

In reality, we know who the actual racist is, yes, people who change the monetary system after Bretton Woods.

Now to understand exactly how racist Bitcoin is, we need to analyze the data and understand by which people it is used, because exactly who is this technology aimed at? I think that today Bitcoin helps the people who need it most, those oppressed by the powers and those who are poor. So how can you even call it racist? The SEC is a racist who always speaks out in favor of the strongest.

Bitcoin users are almost evenly distributed in every developing and developed country and can be owned by anyone without looking at their status, skin, hair, religion and etc. Because of that bitcoins fast growing in developing countries and are very liked by young people who don't think on their status.

[odolvlobo]

...a significant amount of these losses have been
borne by unsophisticated investors, including many minority investors seeking rapid
investment growth without the knowledge or information to assess the risks
associated with such investments

The quote itself is racist, implying that minority investors are not capable of assessing risks, while non-minority investors are.

[darkv0rt3x]

The claim that all these things are racist seems more of a fouls talk. Shit chat! Bitcoin is probably one of the most fair / just and impartial piece of technology ever created! Check those AI chats around. The censorship the slightest language usage. They claim to be AI models and that they have no emotions, yet they know if a question, a sentence or an opinion is harmful, offensive or whatever. If it cannot fell emotions how the hell they know what "offensive" means? lol

Bitcoin doesn't care about your skin colour, the depth of your pockets or if you're a child molester! It is here for anyone. The mind of each one is the one deciding what to do with it and that is the biggest problem. Troubled minds will make the worse out of Bitcoin. But there is also the other side of the coin. Bitcoin was created with good intentions and we should work towards those good intentions and our conscientiousness will stay with us. Nature will also take care of the weak and the strong!

[GideonGono]

LOL those kind of clowns are the best, this is why I love crypto not only it is an investment but sometimes it is also an entertainment.
There are dramas everytime it goes down and of course let's not forget those comedian's and some prophet who see's the future price.
But honestly it's not wrong at all since what they stated is true if you'll think about it.
There are so many people who loss their money because they don't really know what they are investing on, and they just invested blindly believing that those investment could make them rich quickly.

[jeraldskie11]

I giggle at the thought of Bitcoin being racist. Normally, the term racist refers to people who are prejudiced and discriminatory, but according to what I've heard, Bitcoin is racist. Bitcoin is available to anyone and, as far as I can tell, there is no discrimination; anyone can use it. There is no justification for them to label it racist because people with disabilities, white people, black people, and people from all over the world are free to utilize it. So, if they're about to argue that Bitcoin is racist because they don't know enough, they should first learn before entering the crypto world.

[Minecache]

I think they are all getting it wrong. Ignorance sometimes makes people act rashly without thinking or having a thought about something and seeing the good side of it before jumping to conclusion and making or passing judgement over bitcoin.


Looking at the topic matter of this thread, one would wonder if truly what OP has said is what is the reality today and if not properly understood, one would easily conclude and may take a make assumption that would lead them to taking a wrong decision. So I ask, if bitcoin were to be a racist development how come the world is glamouring for bitcoin. How come bitcoin is a borderless coin with no resistance? How come both black and white knows about bitcoin? Would it be possible that and individual could own a bitcoin if the government were involved in it? So I do not see any reasons why bitcoin could be a racist coin or project.

They don't get it wrong, my friend, they know bitcoin better than we do, but they always make accusations and slander about bitcoin because they can't find any weakness in bitcoin, and they are trying whatever they can think of. It was also recently reported that the SEC chairman said that the collapse of banks was caused by cryptocurrencies, which is another bullshit allegation intended to cover up their weakness and seek to place the blame on crypto. In my opinion, they are just trying to find a way to smear the reputation of bitcoin to keep people away from it.

[theskillzdatklls]

At least I can sleep at night knowing that Bitcoin isn't transphobic, for now.

[jostorres]

I giggle at the thought of Bitcoin being racist. Normally, the term racist refers to people who are prejudiced and discriminatory, but according to what I've heard, Bitcoin is racist. Bitcoin is available to anyone and, as far as I can tell, there is no discrimination; anyone can use it. There is no justification for them to label it racist because people with disabilities, white people, black people, and people from all over the world are free to utilize it. So, if they're about to argue that Bitcoin is racist because they don't know enough, they should first learn before entering the crypto world.

Who doesn't know that? Maybe someone who has absolutely no knowledge about Bitcoin or blockchain technology in general, because anyone with even the basic knowledge would understand that it's a technology available for the masses and it doesn't really care for who it's being used by, so there is basically no concept of racism when it comes to Bitcoin or any technology in general.

All these are nothing else but plots to regulate cryptocurrencies and every single platform, project, and firm, that is dealing directly or indirectly in cryptocurrencies and they will continue to do this by making such absurd statements.

[Supreemo]

At least I can sleep at night knowing that Bitcoin isn't transphobic, for now.

exactly! i don't really see bitcoin as racist since anyone can buy it as long as it is accessible in your country, and as much as i don't really trust banks, i'd rather put my money on something that i can earn although it is much volatile than letting other people use my money (banks).

[Ale88]

Probably it's because I'm European but I really don't understand why everything, and I mean everything, in the USA has to be somehow racist and/or offensive to someone.

Because it pays! If you could exploit the majority demographic (whites), who, statistically is the most empathetic, most tolerant and has the weakest in-group preference, why wouldn't you?
Why accept the "colour blind" approach, if you could declare it racist (i.e. for being bling to black people's struggles) and introduce group identity politics instead - in which there's only one group that is not allowed to view themselves as a group and care for their own interest.

This is now spiraling down without control, the Californian "reparations task force" is a great example. There's a serious debate going on about how much people who have never owned any slaves should pay to people who have never been slaves in "reparations" for slavery. Apparently $5 million per head just for being black is not enough.

https://www.dailymail.co.uk/news/article-11918251/Five-million-little-California-reparations-taskforce-told-black-residents-7-6m.html

You can't make this stuff up.

That is for sure. I know that at the end is all about money, I remember reading articles about the huge houses that BLM founders bought using money from the donations they got for example. Let's say that I'm not surprised that there are people exploiting the system for their own interest, I'm surprised by the amount of common people how actually follow them and share their "ideas". Instead of bringing people together I feel like they're trying to set them not even apart but one "group" against the other. It's ridiculous.

[Gyfts]

I don't know why anyone would be surprised. It's standard operating procedures for Critical Race Theory (CRT) to be introduced even in the most irrelevant contexts. CRT being, that everything is inherently racist to the core. So under the CRT logic, Bitcoin is inherently racist because minority Bitcoin owners lost money when the crypto market dropped.

It's the bigotry of low expectations. They believe minority crypto owners are inept and don't understand the risks of crypto fluctuation such that the SEC must come in and regulate the space. An untenable position but the CRT folks see the world through the lens of race.

[Ale88]

I don't know why anyone would be surprised. It's standard operating procedures for Critical Race Theory (CRT) to be introduced even in the most irrelevant contexts.

I repeat, that is probably a standard operating procedure (copying your words) for the USA, not for the rest of the world. I'm European and my experience with the USA is kind of weird because, to be honest I've never seen such a political and social mess, I've always heard the USA were a melting pot of different cultures and people working and supporting each other, that is not my experience at all, the majority of people just tolerate each other, which is way different from supporting. It's a very unhealthy and dangerous way of living, if things don't change the situation could really reach a critical point.

[bangjoe]

Big shame for the SEC as they label bitcoin as racist. While the fact remains that many people, irrespective of gender or race, accept and adopt bitcoin. This should be the most absurd claim about Bitcoin that I have ever heard.

In other words, their efforts to discredit bitcoin will not be heeded, and their assertion that bitcoin creates financial damage to minority investors is unjustified considering bitcoin has never promised anyone wealth but rather serves as a store of assets for those who wish to convert their assets to bitcoin at their own risk.

It's just that they ran out of words to criticize Bitcoin and give Fud to so what's on their minds, they took it out even though it was a stupid move, Sec generalized racism between whites and blacks mixed in bitcoin, lol

I think they are not investors but traders or it could be that they are not investing in bitcoin but those minority investors are investing in shitcoin which is getting them a return which is detrimental to their finances, and it is true that bitcoin never promises to make someone rich bitcoin only offers comfort in transactions. So who is actually wrong, they shouldn't discredit bitcoin.

[Bitstar_coin]

This can also apply to other none crypto investments, if you have zero knowledge about the business it can also lead to loss of funds, why does that make btc racist and not other investments as well?
This is definitely the most ridiculous btc fud i have heard so far,  btc is the most accommodating and user-friendly investment i have seen, it does not require any special skills or super knowledge to get involved. it is true that some people lose money as a result of volatility and lack of basic knowledge but it has nothing to do with btc but the person who is not patient enough to learn and understand.

[bettercrypto]

Even when it's actually the SEC in the US, there's nothing sensible to say but those kinds of things that don't make sense. If you do understand, you will think how Bitcoin became racist? What I know is because only human can apply this behavior of being racist not Bitcoin.

     Even to this day, they are only throwing negatives at Bitcoin in the crypto space we live in. It's just that for me it still
helps a lot in my personal life.

[Casdinyard]

Pretty sure the SEC will just throw whatever insult or damaging allegation they could against bitcoin and the cryptocurrency industry. Lmao of all the things they'd brand bitcoin of, the least it would be is racist.
Come to think of it, in this forum alone we have people from all walks of life and are part of various races at the same time, do we call them out for being African/Asian/Hispanic? I don't think so, at least I don't see.
To add to this, the currency promotes anonymity, how in the hell is that going to equate to racism? It literally blinds everyone of all their identifiable traits in favor of a more secure and more open enterprise.

[yohananaomi]

At least I can sleep at night knowing that Bitcoin isn't transphobic, for now.

exactly! i don't really see bitcoin as racist since anyone can buy it as long as it is accessible in your country, and as much as i don't really trust banks, i'd rather put my money on something that i can earn although it is much volatile than letting other people use my money (banks).

it all just depends on the perception with the intention of what you want to do, everyone can do that and I am the same as you have seen and observed so far that it is not true that bitcoin is racist, it seems too much to say that. bitcoin no one is able to intervene in it so it will be free anyone can buy and make an attractive and profitable investment. but if I put money in, I definitely still trust the bank because it is the safest place even though the interest generated is not as good as the profit when buying bitcoin for long term investment.

[LeGaulois]

@franky1

  LN, Segwit, ordinal and co: Fake bitcoiners are trying to make this currency to become Woke https://en.wikipedia.org/wiki/Woke
And if you disagree with them, they will call you racist. Wait for LGBT and feminists shouting out you're misogynist if you don't use LN.
Socialists are coming, like refugees are coming in Europe.

I'm moving my wallets back to standards bitcoin adresses

[crypticj]

It just says a lot about the political situation in the US. They literally call racist everything they don't like lol.
I think they cannot harm bitcoin themselves, so they want to use people who are triggered by every mention of racism to attack bitcoin for them. But oh well, it's just another attempt to create a bad image of bitcoin without any reason.

I think they need to use all this hate they have to HELP people through bitcoin. Some people in the US are still unbanked or suffer from inflation and bitcoin might be an answer for them.

[goldkingcoiner]

I love watching the SEC realizing that they cannot do anything to stop or regulate Bitcoin at its core. Their desperation and panic is telling me we are heading towards the right path and we should keep going!

The more ridiculous the insults and smearing campaigns of anti-coiners such as the SEC or the bankers become, the closer we are to a marvelous future of Bitcoin as the true global money. At some point the governments of the world will have to admit that Bitcoin is the new generation of money and it should be adopted as such.

But they are too prideful. They would rather create a CBDC because it makes it seem like they created the new gen money by government hand. But it will fail.

[Artemis3]

@franky1

  LN, Segwit, ordinal and co: Fake bitcoiners are trying to make this currency to become Woke https://en.wikipedia.org/wiki/Woke
And if you disagree with them, they will call you racist. Wait for LGBT and feminists shouting out you're misogynist if you don't use LN.
Socialists are coming, like refugees are coming in Europe.

I'm moving my wallets back to standards bitcoin addresses

I just noticed. I suppose according the them, the wallet scans your skin and refuses to work if it doesn't match the authorized color... Oh so PoS is supposed to mean Proof of Skin? I see...

[Maslate]

It's not fair to blame Bitcoin for the lack of knowledge people have when it comes to investing. Bitcoin will still exist even without people investing in it, and the system will not change because when people invest, only the price changes due to the supply and demand principle.

Regulators need to study before they make comments. It's obvious that they don't have an idea of what they are saying. They seem to compare Bitcoin to a Ponzi scheme, which is too far-fetched. What's important is that these regulators learn what Bitcoin is, and then the government can educate the masses through them. The problem is when regulators make false assumptions based on wrong information, the public will believe them because they have the public's trust and they are viewed as experts. It's insane!

[seoincorporation]

So according to them, Bitcoin (and altcoins ofc) creates financial damages to many minority investors because they don't have the knowledge to assess the risks associated with crypto.

In another words, Bitcoin makes them loosing money because people are lazy to learn where they're investing in...
L@@k at FTX and co...

Lmao, this was a fun one.

So, all the ignorant people who buy Bitcoin under $500 and see how it goes over $64k are victims of their ignorance. It's just nonsense. The only ignorant guys are those who don't believe in this technology. So, the people who use bitcoin are not the ignorant ones.

The FTX example is a terrible example because it was a scam, and we can't compare the real cryptos with that one, so, is a weird situation where people believe in new coins that end in scams but don't believe in the old coins who already prove to be legit.