Figuratively burn all crypto (and the grifters pushing it) at the stake. This is quite possibily the most terrifying harbinger of societal collapse into an anarcho-capitalist hellhole. Found via...
After a flood of crypto industry campaign cash, the U.S. Senate is poised to pass a financial deregulation bill ensuring that when a bank goes out of business, the savings of cryptocurrency owners would be made whole before those of other bank customers.
Figuratively burn all crypto (and the grifters pushing it) at the stake. This is quite possibily the most terrifying harbinger of societal collapse into an anarcho-capitalist hellhole.
Found via Sean Casten's Fedi post. He the House representative of IL-6. There is more info on his attempts to restrict the House version in that thread.
In addition, I despise that the reporting on things like this so often uncritically uses terms like “deregulation” and “light-touch legal framework”. Setting up a new legislative hierarchy to...
In addition, I despise that the reporting on things like this so often uncritically uses terms like “deregulation” and “light-touch legal framework”. Setting up a new legislative hierarchy to prioritise your own special interest is not fucking deregulation, it’s protectionism, and it needs to be called out as such. Don’t let these assholes co-opt the language of liberty and rugged individualism while they wield the power of the state to make their failures everyone else’s problem.
At least the libertarian utopia that got immediately overrun by bears had enough faith in their principles to put them into practice, even if it was clearly a terrible idea from the start.
It targets stablecoins, I don't think this has the effect one might expect.. It could be some form of migration. You'd be risking your savings if you didn't migrate them into stablecoin. ...And...
It targets stablecoins, I don't think this has the effect one might expect..
It could be some form of migration. You'd be risking your savings if you didn't migrate them into stablecoin.
...And your government ever were to switch to a crypto/CBDC that's based on; or compatible with crypto technology, you could feasibly do so, no additional infrastructure needed.
This is pure speculation and depending on how you look at it, pretty doomer/bloomer. But considering the only real difference for a bank customer is the underlying asset. (I mean, even the value is pinned 1-to-1). I don't see any other reason to give preferential treatment other than it's technical foundation.
The FDIC guarantee doesn’t go away, so most people would have little reason to migrate. Also, stablecoins that don’t pay interest are unattractive compared to a money market fund or high interest...
The FDIC guarantee doesn’t go away, so most people would have little reason to migrate. Also, stablecoins that don’t pay interest are unattractive compared to a money market fund or high interest savings account.
Stablecoins are more attractive to people who don’t have normal access to US banks. That includes people and businesses outside the US and businesses that banks won’t do business with, like pot dispensaries and crypto exchanges.
There are also businesses that need to deal with amounts of money far above FDIC limits, in order to do things like meet payroll. Those businesses might find stablecoins attractive?
Ugh, the path cryptocurrency has gone down has been so disappointing. I was probably just naive enough to not see the inevitable, but I remember in the early 2010s thinking cryptocurrency was such...
Ugh, the path cryptocurrency has gone down has been so disappointing. I was probably just naive enough to not see the inevitable, but I remember in the early 2010s thinking cryptocurrency was such a fascinating concept. I was drawn into the ideas of radical decentralization and wresting control of commerce back into the hands of individuals. Now, every article I read is about people pushing to centralize exchanges and bring in government protection and I'm just screaming in my head that avoiding this was THE WHOLE POINT.
I'm wrong, though. The radical ideals were never the real point for many, regardless of what they may have claimed, and any opportunities that may have existed have been engulfed by capitalistic greed.
Crypto has long been a fascinating demonstration of why different regulations exist in the first place. In this case, the fact that putting commerce in the control of individuals doesn't mean it...
Crypto has long been a fascinating demonstration of why different regulations exist in the first place. In this case, the fact that putting commerce in the control of individuals doesn't mean it will be controlled by all individuals equally - far from it. Equality is most definitely not the state of nature, and overregulation by a flawed democracy is often better for the average person than the law of the jungle.
I really appreciate this comment, because it captures my feelings and it’s rare that I see people looking at it the same way. There’s so much propaganda for the grift, and then loud and very...
I really appreciate this comment, because it captures my feelings and it’s rare that I see people looking at it the same way. There’s so much propaganda for the grift, and then loud and very understandable backlash to that and to what the space has become, that there’s not a lot of space given to how interesting and innovative the actual technology was.
99.9% Blackrock is taking over it all. ETHA, IBIT, CRCL (USDC), Blackrock is behind all of them. XLF has out performed SPY by almost 2x (13% vs 24%) in the last year. I think it is a planned move...
99.9% Blackrock is taking over it all. ETHA, IBIT, CRCL (USDC), Blackrock is behind all of them.
XLF has out performed SPY by almost 2x (13% vs 24%) in the last year.
I think it is a planned move to US pegged USDC, and building a smart contract based system (ETHA), to basically replace SWIFT, IBAN, Mastercard, and Visa.
Cut out the banks, create a global payment infrastructure, and track everything. Throw in AI and you have a rather dystopian financial future.
Figuratively burn all crypto (and the grifters pushing it) at the stake. This is quite possibily the most terrifying harbinger of societal collapse into an anarcho-capitalist hellhole.
Found via Sean Casten's Fedi post. He the House representative of IL-6. There is more info on his attempts to restrict the House version in that thread.
In addition, I despise that the reporting on things like this so often uncritically uses terms like “deregulation” and “light-touch legal framework”. Setting up a new legislative hierarchy to prioritise your own special interest is not fucking deregulation, it’s protectionism, and it needs to be called out as such. Don’t let these assholes co-opt the language of liberty and rugged individualism while they wield the power of the state to make their failures everyone else’s problem.
At least the libertarian utopia that got immediately overrun by bears had enough faith in their principles to put them into practice, even if it was clearly a terrible idea from the start.
It targets stablecoins, I don't think this has the effect one might expect..
It could be some form of migration. You'd be risking your savings if you didn't migrate them into stablecoin.
...And your government ever were to switch to a crypto/CBDC that's based on; or compatible with crypto technology, you could feasibly do so, no additional infrastructure needed.
This is pure speculation and depending on how you look at it, pretty doomer/bloomer. But considering the only real difference for a bank customer is the underlying asset. (I mean, even the value is pinned 1-to-1). I don't see any other reason to give preferential treatment other than it's technical foundation.
The FDIC guarantee doesn’t go away, so most people would have little reason to migrate. Also, stablecoins that don’t pay interest are unattractive compared to a money market fund or high interest savings account.
Stablecoins are more attractive to people who don’t have normal access to US banks. That includes people and businesses outside the US and businesses that banks won’t do business with, like pot dispensaries and crypto exchanges.
There are also businesses that need to deal with amounts of money far above FDIC limits, in order to do things like meet payroll. Those businesses might find stablecoins attractive?
Does it change anything that Trump has introduced a stablecoin?
Ugh, the path cryptocurrency has gone down has been so disappointing. I was probably just naive enough to not see the inevitable, but I remember in the early 2010s thinking cryptocurrency was such a fascinating concept. I was drawn into the ideas of radical decentralization and wresting control of commerce back into the hands of individuals. Now, every article I read is about people pushing to centralize exchanges and bring in government protection and I'm just screaming in my head that avoiding this was THE WHOLE POINT.
I'm wrong, though. The radical ideals were never the real point for many, regardless of what they may have claimed, and any opportunities that may have existed have been engulfed by capitalistic greed.
Crypto has long been a fascinating demonstration of why different regulations exist in the first place. In this case, the fact that putting commerce in the control of individuals doesn't mean it will be controlled by all individuals equally - far from it. Equality is most definitely not the state of nature, and overregulation by a flawed democracy is often better for the average person than the law of the jungle.
I really appreciate this comment, because it captures my feelings and it’s rare that I see people looking at it the same way. There’s so much propaganda for the grift, and then loud and very understandable backlash to that and to what the space has become, that there’s not a lot of space given to how interesting and innovative the actual technology was.
99.9% Blackrock is taking over it all. ETHA, IBIT, CRCL (USDC), Blackrock is behind all of them.
XLF has out performed SPY by almost 2x (13% vs 24%) in the last year.
I think it is a planned move to US pegged USDC, and building a smart contract based system (ETHA), to basically replace SWIFT, IBAN, Mastercard, and Visa.
Cut out the banks, create a global payment infrastructure, and track everything. Throw in AI and you have a rather dystopian financial future.
Also Robinhood just bought Bitstamp.