Bitcoin Dives After SEC Says Crypto Platforms Must Be Registered (bloomberg.com)

Bitcoin slumped after the U.S. Securities and Exchange Commission reiterated that many online trading platforms for digital assets should register with the agency as exchanges. From a report: The largest cryptocurrency dropped as much as 8.6 percent to $9,864 after the SEC statement boosted concern that tightening regulation may limit trading. [...] "If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration," the SEC said in the statement Wednesday.

Some of the largest cryptocurrency trading platforms, like Coinbase's GDAX, aren't registered as a national exchange with the SEC, and instead have money transmission licenses with separate states. In the case of Gemini, it's regulated by the New York State Department of Financial Services as a trust company, according to its website.

Comments

Tank them all

[meta-monkey]

Please please please let this tank all the cryptocurrencies so I can finally buy a new GPU for less than $200 over MSRP!

Re:Tank them all

[slashmydots]

Well, SOMEONE is forgetting about the GDDR5 shortage

Re:Tank them all

[foxalopex]

Unfortunately financial matters (even sketchy financial matters) will trump Video Games. So I want a cheap graphics card to play video games isn't going to win the hearts of the general public as being a real issue. That said, I don't see any real good in cryptocurrency either. Almost all the news sounds like a get rich fast scheme, black market trading / gambling and crimes aside from burning up a lot of good resources too all in the name of making some fictional buck.

Re:Tank them all

[sexconker]

Please please please let this tank all the cryptocurrencies so I can finally buy a new GPU for less than $200 over MSRP!

It's too late in the game for that. Even if Ethereum crashes (it's the only coin impacting GPU prices in any meaningful way), you're not going to want to buy an existing new GPU.

The smart money will try to buy the new generation of GPUs as soon as they're announced. Good luck.
I recommend nowinstock.net for alerts for when preorders go up. And don't hesitate to pull the trigger - you can always cancel or return unopened (or resell) if you later decide the price isn't worth it.

Another option would be to buy used GPUs at lower prices.

The MSRP for existing models has already been raised, and it would take a lot longer for it to be lowered in response to a crash of Ethereum, and then for retailers to actually follow suit and receive and sell new stock at the regular price. And of course, the SOP for speculators is to treat crashes as an opportunity to buy low. Miners keep mining even when it's unprofitable on the presumption that the market will rebound. Ethereum would have to crash catastrophically or crash normally and stay low for an extended period of time for things to naturally correct.

Re:Tank them all

[sexconker]

AMD's high end Vega cards use HBM2.

Re:Tank them all

[jellomizer]

The problem is bitcoins are too expensive and currently too volatile to actually spend for products. The price needs to go back down to the $100.00 mark. And stay consistent with its growth more or less in tune with inflation. So people are not going crazy to mine for it, and are not hording their coins, but spending and trading them for goods and services, like they were intended for.

Re:Tank them all

[meta-monkey]

Nvidia does not seem to be in any huge rush to replace to the 1000 series cards though, so who know when the next gen will be released.

Re:Tank them all

[ArhcAngel]

ROFL!

I decided last year it was time to finally upgrade my aging i3 2120 rig and went about collecting the parts to build a new one as I have for the last 30 years. I had already gotten a new case and was looking at power supplies when I realized how much memory and GPUs had gone up. I started perusing all the deal sites looking for something reasonable and coming up empty. It's been getting harder and harder to get current games to run and now I'm getting desperate. I actually broke down today and ordered an HP Omen system because I had a 25% coupon from HP. I saved about $400 but still...it's an HP! :( I haven't felt this drained since I ponied up $500 for 16MB of RAM on a 486DX2 system.

Re:Tank them all

[meta-monkey]

It doesn't matter what they were intended for. What matters is what they actually get used for, and it's not buying and selling goods and services. And some of the reasons for this are unfixable because they're baked into the technology: the transactions are slow and costly.

Other currencies may do better, but these are the ones I want to tank, anyway, because Bitcoin is mined with ASICs, and all I care about is a new GPU, damnit.

Re:Tank them all

[meta-monkey]

Yeah, I was unaware of the GPU/RAM shortage until I bought Kingdom Come: Deliverance a few weeks back and said, "ya know, it's time to upgrade the GTX 760." Now I'm just really angry and want to burn cryptominers at the stake.

Re:Tank them all

[gnick]

Almost all the news sounds like a get rich fast scheme, black market trading / gambling and crimes aside from burning up a lot of good resources...

That's all I can see Bitcoin being used for right now. Blind speculation and crime. The only products I know that can be readily traded for Bitcoin come from dark markets. It works just fine if all you want is drugs. Has anyone had experience using Bitcoin to purchase "normal" products? I mean product-for-bitcoin, not product-for-dollars-that-debit-a-Bitcoin-wallet.

Re:Tank them all

[war4peace]

...which is way more expensive anyway.
You're forgetting that all chips are made by a few players, and that's the bottleneck.
So it really doesn't matter in the end.

Re:Tank them all

[gnick]

...it's not buying and selling goods and services.

Some goods are most easily bought with Bitcoin unless you know a street-dealer who trades in your particular poison.

Re:Tank them all

[Anonymous Coward]

Bullshit, go suck off Nvidia's price gouging cock in your ass.

Re:Tank them all

[Anonymous Coward]

He said he want's it for less than $200 over MSRP. Are you suggesting that current memory prices aren't figured into the MSRP of graphics cards? That would be news to me.

Re:Tank them all

[sexconker]

Nvidia does not seem to be in any huge rush to replace to the 1000 series cards though, so who know when the next gen will be released.

GTX 980 9/18/2014
GTX 980 Ti 6/1/2015
GTX 1080 5/25/2016
GTX 1080 TI 3/10/2017

With that cadence, the successor would come out around now. Yet we've heard nothing for anything on the consumer end.
So we get to sit and spin, I guess!

AMD has nothing to show after the flop that was Vega. Hopefully they can recovery quickly from the disaster that was Raja Koduri.

Re:Tank them all

[Impy the Impiuos Imp]

No games require the latest cards, and few even have options to take advantage of it.

You can buy the previous gen of cards for cheap, and play all the latest games well, and get a new card every year or two, and save a ton of cash.

Re:Tank them all

[Cederic]

Yet we've heard nothing for anything on the consumer end.

Nothing? So you haven't heard of Ampere or Turing as codenames for new Nvidia card series?

They haven't announced models or availability but there's plenty of discussion about what's coming down the track. It just may not be quite the same cadence as their older releases. What's a couple of months over a couple of years though..

Re:Tank them all

[Anonymous Coward]

stupid windows-using gamer slave.

"Dives"

[sexconker]

Anyone who knows anything about Bitcoin will tell you that such movement isn't even a fart in the wind.

https://www.coinbase.com/chart...

$9760.00
+0.05% Past hour
9.08% Since yesterday
6.12% Since last week
+40.08% Since last month
+695.05% Since last year

Re:"Dives"

[sexconker]

Don't know how, but Slashdot at the minuses.

$9760.00
+0.05% Past hour
-9.08% Since yesterday
-6.12% Since last week
+40.08% Since last month
+695.05% Since last year

Re:"Dives"

[DontBeAMoran]

Indeed, plus or minus ten percent is nothing. Maybe they tried to time their announcement with the usual wednesday drops?

In any case, "If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws"...

So what are "digital assets that are securities"? What do they define as being "assets" and "securities"? What's the difference between the gold coins in World of Warcraft and a dozen Dogecoins?

Re:"Dives"

[LynnwoodRooster]

Looks like - other than the value - it has the same volatility of most penny stocks, where a whisper can whipsaw the price tens of percent in a matter of minutes.

Re:"Dives"

[CaptainDork]

Yep.

Stocks took a hit when Cohn said goodbye, and BTC took one with this announcement.

"I picked a bad week to stop smoking." ~ Lloyd Bridges, Airplane

Re:"Dives"

[Anonymous Coward]

I looked at my bitcoin and it is up from a few days ago, I was expecting an actual drop.

Re:"Dives"

[kelemvor4]

Indeed, plus or minus ten percent is nothing. Maybe they tried to time their announcement with the usual wednesday drops?

In any case, "If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws"...

So what are "digital assets that are securities"? What do they define as being "assets" and "securities"? What's the difference between the gold coins in World of Warcraft and a dozen Dogecoins?

The difference is nobody will trade you US dollars for wow gold. Well, maybe chinese gold farmers - but nobody of consequence.

Re:"Dives"

[Anonymous Coward]

So what are "digital assets that are securities"?

As per Wikipedia:
In the United States, a security is a tradable financial asset of any kind. Securities are broadly categorized into:
- debt securities (e.g., banknotes, bonds and debentures)
- equity securities (e.g., common stocks)
- derivatives (e.g., forwards, futures, options, and swaps).

Re:"Dives"

[Anonymous Coward]

Don't know how, but Slashdot at the minuses.

Probably the same way it ate the 'e' in 'ate'

Re:"Dives"

[Anonymous Coward]

Don't know how, but Slashdot at the minuses.

I think it ate an e as well.

Re:"Dives"

[thegarbz]

Anyone who knows anything about Bitcoin will tell you that such movement isn't even a fart in the wind.

That is kind of the problem with bitcoin. The "wind" is a frigging category 5 hurricane.

Re:"Dives"

[sexconker]

Nah, that must have been a typo.
The minuses were definitely there because I copied and pasted them in. I suppose they could have been encoded as some bizarre entity, but the pluses went through fine.

Re:"Dives"

[DerekLyons]

Anyone who knows anything about Bitcoin will tell you that such movement isn't even a fart in the wind.

https://www.coinbase.com/chart...

$9760.00
+0.05% Past hour
9.08% Since yesterday
6.12% Since last week
+40.08% Since last month
+695.05% Since last year

- 13% Since two weeks ago
- 55% since three months ago

But "anyone who knows anything about Bitcoin" doesn't much like publicizing those numbers.

And I don't know where in your ass you're pulling your numbers from, because they don't match the numbers on the chart you link to...

Currently $9,880
-1.39% past hour
-7.41% percent from yesterday.
-7% from last week
+43% from last month
+705% from last year

Re:"Dives"

[rtb61]

Anyone who has a clue about what is going one will tell you a new energy backed crypto is waiting to join the market and it will not tolerate anything what so ever that will affect it's value as a global exchange mechanism, unbacked crypto just for marketing reasons alone is, well, dying and hanging on until the end, will lose you a lot and leave you associating with hardened criminals who think your crypto wallet is worth much more than your life or the 'er' unpleasantness of getting your passwords. Flip side, probably, as the numbers thin down and the trade concentrates, the investigatory agencies will, well, be shooting fish in a barrel, so most will survive with custodial sentences. Big money is playing a big game, they will not tolerate opposition. The rules have changed very quickly in the last month, if you have been paying attention and in normal fiscal terms it is a extremely fast change in the economic market, showing underlying plans in motion.

Re:"Dives"

[91degrees]

It's a fairly hefty change given the relative stability over the past few of weeks. Although I agree. If the SEC sneezes, the market tends to overreact; possibly due to bots selling.

Re: "Dives"

[Anonymous Coward]

The IRS already classified bitcoin as property like artwork. this sec shit is bogus.

Uninformed headlines

[Anonymous Coward]

If you read anything from the CFTC or SEC from the last year on the subject (include the statement this article is based on) you will see this is applicable to ICOs (which they view as securities) and not to Bitcoin, Litecoin or other "normal" cryptocurrencies (which they do not consider securities).

what shocking news...in 2011

[slashmydots]

Tradehill was shut down after it reached the volume of trade that required it to register as an exchange or whatever. This happened around 2011. This is not news to ANYONE. Once again, clueless people who don't do their research are overreacting. This is why we didn't want Wall Street traders with very high opinions of themselves entering the bitcoin world.

Re:what shocking news...in 2011

[jimbobxxx]

Surely that's why you want loads of Wall Street traders to arrive loaded with investment cash?

SEC a non-issue for various US-based exchanges

[perpenso]

Some of the largest cryptocurrency trading platforms, like Coinbase's GDAX, aren't registered as a national exchange with the SEC, and instead have money transmission licenses with separate states.

In other words its largely a non-issue for various US based exchanges. These exchanges are already trying to operate in a reasonable manner with governmental oversight and reporting.

Re:SEC a non-issue for various US-based exchanges

[AHuxley]

The US will go after the bank and banking services the non US based exchanges use.
The non US bank found to be supporting "exchanges" will be given an option.
1. Keep the codes to do banking in the USA, international banking, not be on an international watch list.
2. Keep working with exchanges and have a US investigation started on the bank. Not able to do any banking with any other bank that is in the USA.

Gold and Silver

[Zorro]

NOT registered anywhere.

Re:Gold and Silver

[Anonymous Coward]

You can buy government minted gold/silver coins that are guaranteed amount purity. They cost a little more because of that, but are easier to sell and sell higher than strike price because the buyer doesn't have to test them first.

Not sure if that counts as regulation for you, but it gives option for "regulation" if you want and is not required. You get your choice.

Re:Gold and Silver

[toastjam]

Bad analogy, you don't have to register your bitcoin either. The exchanges just have to register. So it's the same as if you were buying GLD through Fidelity or whatever.

Re:Gold and Silver

[Anonymous Coward]

You sound like Trump.. a big ol' dumbass.

Re:Gold and Silver

[thegarbz]

NOT registered anywhere.

Indeed it isn't. That doesn't mean it isn't subject to huge amount of regulation, incredibly difficult to trade outside of restricted and monitored exchanges, and isn't even able to be easily physically moved without registering it with governments. Seriously people get arrested for travelling with gold between countries without registering them on a pretty much monthly basis.

Re:Gold and Silver

[MrL0G1C]

I don't know about the US but in the UK you don't have to buy much gold before it gets registered with the gov probably for anti money laundering purposes.

Not a government controlled currency...

[bobbied]

But subject to government regulations none the less....

Image that... LOL

Re:Not a government controlled currency...

[Anonymous Coward]

Subject to government regulations in 1 country... out of 208.

Also, good luck enforcing those regulations against decentralized exchanges, or atomic swaps.

Gov regulation will only accelerate alternatives, which are actually safer.

Let me guess, you're still a #nocoiner?

Re:Not a government controlled currency...

[Anonymous Coward]

But subject to government regulations none the less....

Image that... LOL

I've been saying this for years now: if you think simply saying Bitcoin isn't regulated because it's magical and special, you're a delusional fucking moron.

Did people really think they could just create a financial market which was outside of government control?

Either it is regulated, or it is outlawed. And if it's outlawed, they're going to hit you for tax evasion, money laundering, and pretty much everything else they can think of.

But there was never a real-world scenario in which this didn't happen, despite all of the people who stupidly claimed otherwise. This was inevitable from day one to anybody with a functioning brain.

Re:Not a government controlled currency...

[Anonymous Coward]

> #nocoiner?

99.9% of the population doesn't use any sort of cryptocurrency. It has no use except in countries that are falling apart (Venezuela). In that way, cryptocurrencies are an indirect way to access stronger currencies.

But even that isn't guaranteed. A country collapsing probably doesn't have the best Internet access, so a cryptocurrency's utility is somewhat limited.

Re: Not a government controlled currency...

[Anonymous Coward]

As if not holding bitcoin is some mark of shame. Misery likes company after all.

The whole bitcoin thing is a mess. Meddling with financial goliaths will never end well, and the best we can hope for is for all countries to fall into poverty and crime. Your Bitcoin is worth nothing if the power grid goes out and you canâ(TM)t currently buy coal for bitcoin, especially if all those ASICs go dark.

The smug people trading bitcoin are the fortunate few to have beaten the initial rounds so youâ(TM)re really just pumping and dumping so you can get out of this blatant pyramid scheme mostly unscathed. In other words youâ(TM)re a scammer and a liar and you support crime. Youâ(TM)re promoting misery. Try to be a better human being.

Re:Not a government controlled currency...

[HornWumpus]

End game was obvious from day one. Regulated out of existence, but unenforceable, so mostly ignored, except by law abiders.

Re: Not a government controlled currency...

[crtreece]

Meddling with financial goliaths will never end well,

Better to just roll over and use the financial system that your betters have allowed you to use. Resistance is futile, right?

and the best we can hope for is for all countries to fall into poverty and crime.

With our current financial system, that's all that can happen. All the money is concentrating at the top, which is going to cause the whole thing to topple over.

The smug people trading bitcoin are the fortunate few to have beaten the initial rounds so youÃ(TM)re really just pumping and dumping so you can get out of this blatant pyramid scheme mostly unscathed. In other words youÃ(TM)re a scammer and a liar and you support crime. YouÃ(TM)re promoting misery. Try to be a better human being.

Wow. There is so much bullshit in those 3 sentences I'd have to believe you're a troll. You don't know what anyones position in bitcoin is. You don't know who is scamming who, who is lying, and you certainly don't know who is a criminal. Try being a human being instead of a Coward.

Re:Not a government controlled currency...

[PPH]

Did people really think they could just create a financial market which was outside of government control?

Yes.

Re: Not a government controlled currency...

[nounderscores]

You can print out your bitcoin onto a paper wallet, it isn't counterfeiting because the actual bitcoin is on the blockchain. But people can and do pass around paper wallets to represent value. if you have internet access you can verify the public address to see how much bitcoin is loaded in there. if your network access is patchy the paper will still hold the private key to the blockchain and thus be valuable.
The real people promoting crime are the irresponsible bankers who are accepting government backed quantitative easing and inflate the amount of capital to 10x the world GDP. At least Bitcoin's rules are honest and open source for everyone to see. Big drug companies do more damage than corner drug dealers. War is a racket and big armies do more damage than street gangs. Just because your irresponsible masters haven't turned on you yet doesn't mean they won't. I mean, have you seen them lately? Do they look like kinda of smart person to you?

Dives Versus Slumped

[Anonymous Coward]

Both are used in the article and have slightly different connotations. Can you tell which would generate more clicks if placed in the title?

Another nonsense FUD headline

[Mike]

The vast majority of ICOs are scams. Whether or not they're "regulated" by the state is immaterial to bitcoin. Bitcoin has nothing to do with ICOs, and vice versa.

I understand it's a new and confusing concept to understand, but the new way forward is decentralized governance, and the sooner everyone understands it the sooner we can dispense with this sort of poppycock. The government cannot touch bitcoin. They can buy it and survive, or resist it and die. There's no two ways about it.

Re:Another nonsense FUD headline

[Mr307]

Nope, people want reliable things, and inspite of all the problems Governments are far and away more reliable than anonymous untraceable 'things' where you have zero recourse in the event of a problem or outright theft.

https://thebitcoinnews.com/201...

Re:Another nonsense FUD headline

[Mike]

Wow, so many misconceptions in one sentence!

But you're right, people don't want to be free. Most want to be controlled.

Re:Another nonsense FUD headline

[Mr307]

If there are so many then it ought to be easy to point a few out.

Otherwise, completely wrong again.

Most people want to be free and they only 'care' when outside things intrude upon their life. When the Government mostly stays out and just gets on with keeping things running without too much kerfuffle, then the average citizen probably doesn't have a clue about this policy or that policy or probably 99% of new policies unless they impact them directly.

Every so often some issue rises above the pile and stinks so much that Sally and Joe Citizen speak up and then its heads back to the grindstone of life.

Cryptocurrency is a greater fool bubble nothing more.

nVidia's already said it'll be 2019

[rsilvergun]

before prices start coming down... maybe. Also cell phones are apparently using GDDR5 now which isn't helping.

Is there a clear definition of 'exchange'?

[mark-t]

I'm asking because I wonder if in-game gold or other items in multiplayer games would count as digital currency?

Mt Gox

[Anonymous Coward]

The regulation was positively received the first time around.

Mt Gox has been dumping their shares.

Shitty sensationalist articles without waiting for the facts to come out strikes again.

Meta Currencies?

[coofercat]

If the government wants to regulate cryptocurrencies, then it sort of has to admit they're currency. And that's tricky, given you're buying strings of bytes.

My thinking here is that I could setup a cryptocurrency, let's call it CatCoin. I setup an exchange, which allows you to buy CatCoins for BitCoins and vice versa. At no point do I handle any "real" (aka. official government) currency. I make millions of BitCoins, so I trade them for dollars, pounds, euros or whatever at whatever exchange I decide is worth using. At that point the government gets in there and does whatever governments want to do.

This is essentially 'crypto derivatives' - far too confusing for any regulation to have any real effect on them - just like old-school derivatives.

Re: Meta Currencies?

[Anonymous Coward]

me thinks you are asking the wrong questions.

Re:Meta Currencies?

[crtreece]

Why would anyone trade their bitcoins (which have some value) for your catcoins (which have no value)?

Anyone can fork bitcoin and create a new cryptocurrency. They could do it 10 times a day. That doesn't mean the coins they created have any value, or that anyone else wants to acquire those coins.

Re:Meta Currencies?

[JaredOfEuropa]

Those new coins have the exact same valuation as Bitcoin: whatever any fool will pay for it. That happens to be a hell of a lot more for BTC than for catcoins, but plenty of new coins have attracted sufficient interest to be traded for and in significant amounts. If people think catcoins will appreciate in value, or think that it will attract enough suckers to drive up the price, then some of them will buy them in hopes of getting in at the ground floor of a rollercoaster ride.

You don’t need to create value to have a succesful coin, you only need to create the illusion of value. That’s why ICOs were invented: a bunch of smoke and mirrors to fool people into thinking they are buying something other than a worthless bit of data.

Re:Meta Currencies?

[PPH]

Or I set up a Bitcoin wallet and do my own trading for gold, AK-47s, hours of software develpment labor, etc. And I buy food, gasoline and Ferraris with my Bitcoin.

Re:Meta Currencies?

[Anonymous Coward]

it's not the data that has value. money is an abstraction layer over barter, you choose your tokens of exchange based on the kind of abstraction you need/want.

Re:Meta Currencies?

[JaredOfEuropa]

In theory perhaps. But looking at how crypto currency is being used, who is dealing it, and for what reasons, then I wouldn’t call crypto currency an abstraction layer on barter by any stretch of the imagination. It could be. But today it is at best an abstraction layer on a casino, and at worst (in case of ICOs) an obfuscation layer on top of a scam.

Wrong!

[Mike]

Bitcoin's price is dropping because there have been a lot of big SELLs today. Nothing to do with unrelated US "regulation" nonsense.

See: https://twitter.com/matt_odell...

Binance users got hacked

[jetkust]

Somehow a hacker bought a bunch of viacoins and pumped the price of it by automating sell orders on people's accounts and buy orders to viacoin. Binance haullted withdrawals because of it.

MOD PARENT UP

[h4ck7h3p14n37]

There's a Reddit thread here.

It sounds like some people "logged in" to a look-alike website which enabled a third-party to login to the real website with their credentials/MFA and create an API key to allow trading. People are reporting their coins had been sold to buy viacoin.

More Bitcoin Zealot Nonsense

[DerekLyons]

I gotta admire your bravery in the face of reality - but you're full of shit. The FUD here is coming from your keyboard.
 

The vast majority of ICOs are scams. Whether or not they're "regulated" by the state is immaterial to bitcoin. Bitcoin has nothing to do with ICOs, and vice versa.

Nobody is talking about ICO's - they're talking about exchanges, and a large number of exchanges deal in Bitcoin. This has everything to do with Bitcoin.
 

I understand it's a new and confusing concept to understand, but the new way forward is decentralized governance, and the sooner everyone understands it the sooner we can dispense with this sort of poppycock. The government cannot touch bitcoin. They can buy it and survive, or resist it and die. There's no two ways about it.

Bitcoin zealots and neckbeards have been prophesying this for nearly a decade now - and there remains absolutely zero evidence that it bears any relationship with reality. (And even less than it had in the past now that it's an investors toy rather than something uber-geeks occasionally bought pizza and weed with.) And among the many other things that Bitcoin zealots and neckbeards missed in their glorious ignorance of economics and finance is that for Bitcoin to accomplish what they hallucinated it would, it has to interface with the real world economy. And that interface will prevent it from accomplishing what they hallucinate it will... Because that interface can be and is being regulated by national governments.

Re:More Bitcoin Zealot Nonsense

[Mike]

Hahaha, neckbeard.

Unfortunately, I couldn't grow a beard if I wanted to. Not much of one anyway.

It always amazes me how so many on slashdot these days are anti cypherpunk. The same technology that gives you so many of the tools you take for granted today are the stepping stones for bitcoin.

Your arguments remind me of those of Cliff Stoll and Bill Gates back in the early 1990's - how the internet would never amount to much.

Exchanges like Coinbase and others are only temporary on-ramps until bitcoin has absorbed all the world's fiat. Like any good technology, it takes a long time to roll out, especially game-changing ones. If you think there haven't been amazing advances in the past 9 years (bitcoin not exist a decade ago) then you simply haven't been paying attention.

And lastly, economics. I've read an advanced copy of this book, and I highly recommend it once it's released at the end of next month: https://smile.amazon.com/Bitco...

In any event, I think you'll find yourself on the wrong side of history on this one.

Re:More Bitcoin Zealot Nonsense

[jwymanm]

I think its just a small but vocal part of /. - basically ones that want to buy video cards cheaper but don't care about all of the good it can be doing by open sourcing money flows, entire business structures, micro lending, poor building enough wealth using low power solar devices on their own to stake. Getting around free speech barriers, even getting put up in space and allowing open projects to operate. Nope, they say "I want to game! ALL CRYPTO MUST FAIL"

Re:More Bitcoin Zealot Nonsense

[DerekLyons]

Exchanges like Coinbase and others are only temporary on-ramps until bitcoin has absorbed all the world's fiat.

Because of it's limited total number, it can't absorb the world's total economy. In that, Bitcoin suffers from the same flaw as any hard currency... the maximum size of the currency limits the economy it can support to that size. That's why there are no more hard currencies. The modern world basically wouldn't exist if we were still on the gold standard. Not to mention that even if it did replace all the world's fiat currency it would still face the same problem... Governments can and will regulate real world transactions.

Again, this is basic economics.

 

If you think there haven't been amazing advances in the past 9 years (bitcoin not exist a decade ago) then you simply haven't been paying attention.

Yep, typical zealot rhetoric - long on vague hand waving, short on facts.
 

And lastly, economics

Is still something you have no grasp of. Confusing Bitcoin propaganda for an understanding of economics is prima facie evidence of that.
 

In any event, I think you'll find yourself on the wrong side of history on this one.

When you don't grasp the basic fundamentals of economics and instead harangue me with propaganda.... Your confidence is misplaced.

Re:More Bitcoin Zealot Nonsense

[Mike]

> they're talking about exchanges, and a large number of exchanges deal in Bitcoin. This has everything to do with Bitcoin.

FALSE. centralized exchanges (e.g. banks) that offer storage and trading are not bitcoin. they're vestiges of an old system; they're temporary bridges between the old and they new. They can go away completely and bitcoin itself is not affected.

> Because of it's limited total number, it can't absorb the world's total economy

FALSE. Your ignorance is on display. The number is irrelevant. 0.00000001 BTC could be worth $1,000,000 in theory.

> The modern world basically wouldn't exist if we were still on the gold standard.

You must be drunk on Keyensian economics, indicating you have zero standing to be lecturing anyone on economics. I've studied economics even more than I've studied bitcoin.

> Governments can and will regulate real world transactions.

FALSE. Stating this indicates you have no idea how bitcoin works. Do a little research, perhaps.

I'm sure you'll respond to this with more snarkiness and displays of ignorance. It's a waste of time. I'll let you have the final word; it'll give your fragile ego the boost it needs.

Nope

[Anonymous Coward]

Bitcoin dived yesterday because there was fear that Binance (the largest crypto exchange) was hacked. Thankfully, it was just a few hundred people who fell to some phishing scam

China wins again.

[Anonymous Coward]

China already did this, why is it taking America so long?