No, Bitcoin feels safe in our hands and cannot be threatened. The reverse seems to be the case as they are threatened by Bitcoin which is more superior to anything they have created. It's incredibly hard to defeat. They are free to try.
They will only succeed in capturing the centralized crypto/cryptospace which will be a good thing for the decentralized crypto/crypospace.
I feel sorry for prisoners whose solutions to security problems within their prison wall is to add more security layers that it becomes hard for their children to escape the prison during the time of tyranny. Their children grow up to blame the "deep state" without realizing the system was built by their parent and handed over to "deep state" to keep them "secure". Replace the deep state with satan and you won't be wrong
Topic: Bitcoin and the cryptospace is threatened by this legislation backed by Sam - page 3. (Read 478 times)
November 11, 2022, 11:33:50 AM
November 11, 2022, 05:39:49 AM
to understand some basics
as a security/property/currency bitcoin was regulated by the SEC, which had limited regulatory power only over things like money businesses
however treating bitcoin as a commodity. means that other agencies can step in
CFTC the commodities authority can set many things like quota's thus illegalising cryptos from making too many units or offering too many airdrops or premines or even try to close down cryptos that are managed centrally
they can partner with the EPA and get things like mining restricted, by telling energy companies to not supply businesses deemed as mining companies. under the pretence of climate change.
think about other commodities like wheat and beef. CFTC and EPA monitor and set limits on farmers yield and also the health and safety of farming aswell as how much quota of produce can go to market
the adaption of bitcoin to not just be bitcoin. but a main net. that then bridges to other networks like subnets(ln/liquid) and sidechains, has allowed the opening of the door to the jurisdiction of commodities regulation.
because a commodity is simply a raw product used in the creation of other products
though many see or want bitcoin to be a base product to then create new tokens/units of measure on other networks. the downside is opening it up to other agencies regulating more aspects of crypto/bitcoin
it is a big shame that the big players of crypto businesses lobby FOR this transition to commodities. rather then stay unrestricted in the unregulated era of being a tradable product(pre sec:currency status) 2009-2014
its even more shameful that FTX ceo is partners with greyscale/DCG CEO where by even they want bitcoin to be treated as a commodity because the SEC has not given exchanges the ability to open up ETF and their main hope is they will get ETF acceptance under commodity status.. and thats pretty much the big picture reason for their pro-commodity lobbying
as a security/property/currency bitcoin was regulated by the SEC, which had limited regulatory power only over things like money businesses
however treating bitcoin as a commodity. means that other agencies can step in
CFTC the commodities authority can set many things like quota's thus illegalising cryptos from making too many units or offering too many airdrops or premines or even try to close down cryptos that are managed centrally
they can partner with the EPA and get things like mining restricted, by telling energy companies to not supply businesses deemed as mining companies. under the pretence of climate change.
think about other commodities like wheat and beef. CFTC and EPA monitor and set limits on farmers yield and also the health and safety of farming aswell as how much quota of produce can go to market
the adaption of bitcoin to not just be bitcoin. but a main net. that then bridges to other networks like subnets(ln/liquid) and sidechains, has allowed the opening of the door to the jurisdiction of commodities regulation.
because a commodity is simply a raw product used in the creation of other products
though many see or want bitcoin to be a base product to then create new tokens/units of measure on other networks. the downside is opening it up to other agencies regulating more aspects of crypto/bitcoin
it is a big shame that the big players of crypto businesses lobby FOR this transition to commodities. rather then stay unrestricted in the unregulated era of being a tradable product(pre sec:currency status) 2009-2014
its even more shameful that FTX ceo is partners with greyscale/DCG CEO where by even they want bitcoin to be treated as a commodity because the SEC has not given exchanges the ability to open up ETF and their main hope is they will get ETF acceptance under commodity status.. and thats pretty much the big picture reason for their pro-commodity lobbying
November 10, 2022, 11:27:47 PM
The comedy in the cryptospace never stops. I am shaking my head so many times, my head is spinning hehehe.
In Washington D.C., there was a bill that was proposed by Sam Bankrupt-Fried that would give the government more oversight and create more regulations on the cryptospace which would certainly make decentralization lose some of its advantages. It is a bill that might kill the cryptospace.
He also caused the collapse that gave the lawmakers the reason to pass the bill into law a priority. I am beginning to be very skeptical of Sam. He might not only be another cryptobillionaire. His mother is a lawyer of Hillary Clinton and an active member of the Democratic party. I will post more information if I can find them. They are easy to find. If you can help me, share them, thank you.
The bipartisan authors of Senate legislation that would increase oversight of cryptocurrencies considered to be digital commodities in the U.S., like bitcoin, plan to move forward with the bill.
Embattled FTX CEO Sam Bankman-Fried had been the strongest industry proponent of the bill, known as the Digital Commodities Consumer Protection Act. The bill would grant the Commodity Futures Trading Commission, one of the two U.S. markets regulators, more power over cryptocurrency markets and exchanges.
Read in full https://www.theblock.co/post/185746/senators-moving-forward-with-sbf-backed-bill-after-ftx-collapse
In Washington D.C., there was a bill that was proposed by Sam Bankrupt-Fried that would give the government more oversight and create more regulations on the cryptospace which would certainly make decentralization lose some of its advantages. It is a bill that might kill the cryptospace.
He also caused the collapse that gave the lawmakers the reason to pass the bill into law a priority. I am beginning to be very skeptical of Sam. He might not only be another cryptobillionaire. His mother is a lawyer of Hillary Clinton and an active member of the Democratic party. I will post more information if I can find them. They are easy to find. If you can help me, share them, thank you.
The bipartisan authors of Senate legislation that would increase oversight of cryptocurrencies considered to be digital commodities in the U.S., like bitcoin, plan to move forward with the bill.
Embattled FTX CEO Sam Bankman-Fried had been the strongest industry proponent of the bill, known as the Digital Commodities Consumer Protection Act. The bill would grant the Commodity Futures Trading Commission, one of the two U.S. markets regulators, more power over cryptocurrency markets and exchanges.
Read in full https://www.theblock.co/post/185746/senators-moving-forward-with-sbf-backed-bill-after-ftx-collapse
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