Topic: SEC asked Coinbase to halt trading in everything except BITCOIN, CEO says - page 2. (Read 461 times)

lol 5 years ago. Everyone knows he taught a Blockchain course years ago. That's why people (including myself) were hopeful he'd be pro-Bitcoin when he joined the SEC. But we all very quickly found out that was not the case.

But I think I see based on your "It's possible that you can't separate shitcoins from Bitcoin" comment what the likely common thread is among people who delude themselves into thinking Gensler is somehow pro-Bitcoin despite all evidence to the contrary.

It seems the people who think killing off altcoins would help Bitcoin are the ones that convince themselves that Gensler must be pro-Bitcoin (again, despite his publicly stated negative views on Bitcoin). I mean first off, killing off the exchanges in America (which has clearly been Gensler's top goal) DOES NOT help Bitcoin because adoption relies on those exchanges. But regardless of the result of if Gensler succeeded in killing off the crypto exchange industry in America, the leap you're taking that "he is attacking altcoins so he MUST be pro-Bitcoin" is based off zero evidence and very faulty logic, while there is loads of proof he hates Bitcoin along with every other cryptocurrency. Literally just listen to him anytime he talks about cryptocurrencies. He wants to see them all cease to exist, at the very least in America.


Also if you had ever seen my posts on here you'd laugh at yourself for saying I can't separate shitcoins from Bitcoin lol. Lots of my posts on here are trying to educate people about the vast difference between Bitcoin and everything else. Being pro-Bitcoin doesn't mean you have to pretend anti-Bitcoin people like Gensler are actually pro-Bitcoin. Also nothing in my post would have even suggested that I don't know the difference between Bitcoin and altcoins, so I dunno, just lots of lack of reasoning from the "Gensler likes Bitcoin" crowd, which is what it takes to be part of that crowd in the first place.

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lol I don't need to search for it! I've already seen it. Gensler has many times over the past two years made his opinion clear. So it is YOU that are too lazy to search for it. I'm not your mommy, I don't have to do things for you. If you haven't ever seen Gensler's public statements these past two years you are certainly capable of searching for them yourself. Your lack of desire to look up Gensler's public opinions is not an argument against me stating what he has publicly said.


You seem to be a very angry and hateful person lol. All I did was state Gensler's publicly stated opinions, thing he has been very clear on during his entire time at the SEC. And yet to you he is apparently a hero so much that you attack me for pointing out what he has said.

Believe whatever nonsense you want to I guess. I just think its funny that people convince themselves that literally the American that is causing the most trouble for the entire industry (which obviously includes the main thing in that industry - Bitcoin) is who you hold up as a hero, even though you claim to support Bitcoin. Keep your head under a rock if you want. That's up to you. But just don't get so angry when someone like me comes along and literally just states the facts. I said nothing whatsoever about any opinion on altcoins, I said nothing whatsoever about "evil gubbermint" or the government wanting to kill crypto, or crypto being Binance and Coinbase, or any of the other random made up attacks of the people who make an anti-Bitcoiner into a hero.


If you'd focus less on insults and conspiracy theories and putting an anti-Bitcoin person up on a pedestal, you'd have more time to actually pay attention to whats publicly available information that everyone already knows.

[moderator's note: consecutive posts merged]

Which you're either too lazy to search or you know you can't find it because there wasn't ever such a thing.


Again, bullcrap
Here is the full interview
https://coingape.com/digital-currency-sec-crypto-news-lawsuit/
He didn't say we don't need Bitcoin he said we don't need worthless tokens with zero real-life usage that can be launched without going through the usual channels as other securities are doing. He called for the end of tokens that are being launched without any kind of documented information and transparency. Things only a shitcoin lover would be against!


No, it's you who simply isn't paying actual attention to anything and you just let the tinfoil hat so long that it has taken root on your synapses  
The evil gubbermint is here to kill crypto, if that is what you want to believe, be my guest!
Weird how the repitlians who control everything in this world are against crypto and they want to kill crypto but surprisingly they haven't done a single thing against it. Oh, and btw, crypto is not Binance or Coinbase, in a truly decentralized world those would not exist at all!

Show me any shred of evidence that he isn't anti-Bitcoin lol. I've never seen any. He certainly has been completely anti-Bitcoin since he has been at the SEC. If he ever said anything good about Bitcoin prior to that, which I've never heard of, that doesn't matter anyways because that would just mean he changed his opinion by the time he started at the SEC. People change their opinion. Even if he did support Bitcoin years ago he doesn't anymore so I don't see why that are trying to base an argument on that? That's like trying to argue Michael Saylor is anti-Bitcoin because he used to be years ago.

Hell maybe he turned against the industry precisely because he was denied a job at Binance. I mean according to your logic he also wouldn't be going after Binance since he applied to work there, so obviously the argument you are trying to make doesn't hold.


Bitcoin is definitely not a security. That is true. Nobody would deny that. And that is the only reason Gensler isn't trying to get Bitcoin removed from exchanges, because he knows he has no legal argument whatsoever to do that. He's going with the strongest possible legal action he can possibly take against the Bitcoin/Crypto industry - attack everything but Bitcoin and try to shut down the American exchanges and try to get the non-American exchanges to end operations in the country, while also refusing any Bitcoin ETF (the one thing in his power to directly try to slow down Bitcoin's adoption).

Again, as I said in my last post, I don't get why people try so hard to convince themselves that Gensler is somehow pro-Bitcoin when everyone knows he is not and he repeatedly makes clear he is against Bitcoin. Ya'll seem like you'll be happy if Gensler destroys the industry in America and then you'll suddenly be shocked when that decimates Bitcoin's adoption in the US lol. It's not like it's some mystery what Gensler's views are on Bitcoin, he is very against it. It's super weird that some people try to say he supports Bitcoin. Ya'll trying to turn a guy who wants to see Bitcoin destroyed into some sort of Bitcoin hero lol, sooo weird.

It's possible that you can't separate shitcoins from Bitcoin.


MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler

https://www.youtube.com/watch?v=EH6vE97qIP4&list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn

Publicly available information buddy. If you think Gensler isn't anti-Bitcoin you haven't been paying attention to him during his two years at the SEC.

He has publicly stated numerous times his anti-Bitcoin and anti-Crypto opinion. I don't need to back that up, he backs it up himself every time he talks about it. At no point in time has he every said a kind word about Bitcoin. Anyone who pays attention knows that he is anti-Bitcoin. Just a couple monthly ago he literally said the US doesn't need cryptocurrencies and they won't last very long, he said the world already has digital money (USD, yet, Euro, etc) and doesn't need anymore. And that's just one of the latest times he has publicly stated his anti-bitcoin/crypto opinion.

I don't get how people convince themselves that Gensler is somehow pro-Bitcoin lol. Collective hopeful delusion I guess. You literally have to be be not paying attention to anything he has said and done in regards to Cryptocurrencies to have that opinion. Every single thing he has done with regard to cryptocurrencies has been to try to stop the industry in America.

People can't seem to separate their hope from reality. Which I guess is why some people on here actually expect Gensler to approve a Bitcoin ETF lol despite all the evidence showing there is 0% chance of that happening.

Just outright stupid. They are basically asking the industry to halt its operations and keep bitcoin because it's the only cryptocurrency that the 1 percenter can penetrate in and not be noticed, and since it's the top dog in the industry basically controlling the price of bitcoin means you control the whole industry. Which is what they are trying to do here, as what they tried to do with the dollar which they succeeded. So in this battle against capitalism trying to gain yet another badge into their boy scout uniform these cryptocurrency companies should be our allies in ensuring that these outside markets don't meddle too much with the economy inside this industry, lest we risk losing yet another priceless commodity to the rich.

So, I guess that's why Gensler has applied to work at Binance at some point and he was (allegedly) advising SBF on the side?
That's why he was giving speeches about bitcoin prior to becoming the SEC Chair.
He did all of that because he hates bitcoin.

I don't like Gensler and I feel like he has a personal vendetta against some of these coins, but it's not like he can change the facts.
What are the facts?
Most altcoins are securities.
Most altcoin teams created a taxable event that required licensing when they did their ICOs.
Bitcoin is not a security.

If you look at what Gensler is saying, you'll see that he's not denying any of the above.

It is not clear to me how the SEC intends to regulate the crypto market. But when an altcoin builds a good reputation, they accuse it of being regulated, which shouldn't be the case. Bitcoin cannot be regulated as there are no restrictions for Bitcoin but it is completely different for altcoins. A few days ago, SEC filed a complaint against Binance and now the victim is coinbase. I think there will be one complaint after another.  Now investors no longer fear the SEC. They got a good idea about the activities of this organization. Even though the market is temporarily down, it will bounce back very soon.

Agree on this part that if people are fool enough governments can't deny the responsibility to shut down scams like if we take normal cases of fiat then some companies setup for investment purposes are pure scam so we can't say people should be careful enough if they have lost money.Same goes with these shitcoin projects who setup with pump dump scheme to fool people so they need to be curb down in any manner.

Altcoins are a big mess, I saw this coming since many platforms are now complete crypto project builder, you don't have to do the hard work anymore, just go to the platform and click few buttons and viola, your new crypto project is ready, the moment I saw this I knew its going to create a lot of mess in crypto space, I know that there were bad projects in 2016 and 2017 but you need to learn how to build a token or maybe hire someone to do it, it was way complicated then but now even a 12 years old can do it, meaning more shit coins will keep showing up, I like what Gensler is doing but I do hope he has no other mission,

I wish shit coins can be gone from crypto space, Builders are now becoming millionaires exciting liquidity on the investors.

There are some set of investors in crypto space that prefer investing in meme shitcoins for quick gain than waiting for years to make some money, they know Polygon, and others but they still prefer Vinu inu and crappy tokens.

They did but only SEC have been trying to confuse us recent months.

Bitcoin is a commodity and different than altcoins which are considered as securities or have risk to be considered as securities. Bitcoin is a commodity and it has been confirmed many times in the USA. by their government.

Cryptocurrency communities look at Ethereum and Ripple and see how SEC. can win lawsuits to call those altcoins as securities, not commodity.

Gensler refused and failed to answer Is Ether a commodity or a security? in April 2023. It's a very hard question for Gensler.

At least now it's something that would be considered by others who follow the SEC as more serious and you would be able to support it by buying it. Isn't it something that we all want here? This is definitely good news at least. It can be more in the long term I think.

Laughable news. How is this even possible? These people must surely be out of their minds. I am very concerned that each time these folks decide to spew some nonsense it has a potential to affect the market thereby impacting the revenue of some crypto firms. Well, I got news for them both bitcoins and other solid altcoins (of course) are going to keep thriving. It is too late so many people have already bought into it.

^^
Amen!

Well, mostly to due current statue of Bitcoin as a True Cryptocurrency, coupled with the influence of its backers. Bitcoin won a war and no longer has any challanger. It didn't win this war by trying to please the regulatory authorities or compromising on its most important principles. It won it by holding strong to the truth and through superior reasoning. People who mindlessly fought Bitcoin either perished, are in jail or suffering one serious issue or the other. So, everyone is a bit careful thesedays.
It's like a weak country trying to fight the USD knowing who is backing it. Now Bitcoin has greater backer who values it more than USD and other fiat currencies.

I didn't know about that, but it doesn't surprise me at all. I think the SEC is actually very consistent in their position regarding Bitcoin: Bitcoin is not a security, is not backed up by anything, which is why it's not under their authority. But altcoins are often pretty similar to securities, which is why they fall under the SEC oversight. Or at least that's how the SEC sees it, and perhaps now that they're going to court with Coinbase about it, there will be a legal case to determine that. So it makes sense to me that the SEC's problem with Coinbase wasn't about Bitcoin.

this news is surprising, with this news the value of bitcoin has strengthened, but it is very unfortunate that if this is true, what will happen to other altcoins?
there will be concern for altcoin owners in the end, and even close the possibility that all altcoins will disappear from the crypto world and crypto will not have a story like altcoins accompanying bitcoin to the moon like the previous story

does coinbase not think about the losses that will be obtained if the deletion of attcoin trades later. I wonder why the SEC is always looking for loopholes to eliminate crypto from world financial circulation

And I assume you have the evidence to back this up, right?


So for you, there is no difference between Bitcoin and Binance coin or shitcoin or memecoin or bitconnect cause they are all cryptos?

And furthermore If I am a true bitcoin maximalist and I :
- despise every other shitcoin in existence
- I go by the "not your keys not your coins" motto so fuck all CEXs
I am someone from the SEC or the evil gubbermint?


Nobody is stopping you from buying shitcoins ith your money, that's not what the SEC does, and since we're talking about shitcoin simple example

- Nobody is stopping you from selling or buying used panties
- No way in hell would be Walmart allowed to sell used panties or socks
Simple enough? Is someone right infringed with this? No! Just as it's not here since Coinbse is a company that provides services and it's under regulations.


The crypto environment never ceases to amaze me
- everyone should be free to buy any shitcoin they want
- hang all pump and dump scammers
- CEX that are outside US and EU jurisdictions are nice since they are not controlled by the government
- the government should send Navy SEALs team to hunt down those off-shore exchanges that ran away with our money
- never put your money in CEX
- it's my money allow me to lose it how I want but make sure to repay me

It's either one, they think altcoins are far more dangerous than Bitcoin (since there's a lot of shitcoins out there) so they allow Bitcoin which has a proven track record, compared to altcoins (they probably couldn't be assed to specify altcoins so they just banned them all), or two, they're trying to take some semblance of control over the crypto market, starting with altcoins. They probably realized they couldn't do anything to Bitcoin (at least for now, since they've already tried tbf), so they targeted altcoins instead.

Unfortunately, most of those who come into contact with cryptocurrencies do not care about anything other than profit, and they do not care what a cryptocurrency is called, who is behind it and whether it has any purpose at all. Therefore, the reactions to this kind of request from the SEC are mostly negative, and people like CZ are becoming even more popular because they actually provide the greatest support to all these nonsensical projects within their platform.

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I would never dispute the right of someone to invest their money in whatever they want, but I would ask everyone who does so to sign a statement that they cannot ask for any help from state institutions for any possible loss. If people don't want the state to regulate the wild west when it comes to altcoins, then let them be prepared to bear the consequences of their decisions.