Topic: US Congress Hearing on Cryptos (Read 194 times)

The USD fiat is a Ponzi system. It is based on loaning more funds to keep the Ponzi going. The loaning is fake. Here is how it works... the main thing that keeps the USD Ponzi going.

You sit across the table from the loan officer. Your credit is good, so he is willing to loan you the $10,000 you asked for. He slides the promissory note across the table for you to sign.

Does the promissory not have any value before you sign it? NO! If you don't sign it, there will be no transaction. You won't get your "loan."

If you sign the promissory note, does it have value then? YES! Then the loan officer accepts the promissory not as having value. The value is based on the assumption that you will pay off the loan.

When will you pay off the loan? Most loan terms include an early payment clause... that you can pay off the loan any time you want. But even if you don't have that clause in your terms, the UCC (Uniform Commercial Code) says that if they don't accept your payment, the loan is essentially cancelled.

So, what do we have so far? We have a signed promissory note... something that has value because you signed it. After you sign it, you slide the paperwork across the table to the loan officer. Did you catch that? You just gave something of value to the loan officer. Lawfully he must give you something of equal value in return. Why? Because he must act faithfully. He said your credit was good. He accepted the idea of the loan. So, he must give you something of equal value in return.

What does he give you? He gives you a $10,000 bank check, or $10,000 in cash.

But didn't you see what just happened? You essentially paid off the loan in advance before the loan was even issued. How did you do this? You gave something of value to the loan officer. The Promissory note was worth $10,000. If it wasn't, the loan officer would have never given you the $10,000 in return.

You might say, "But the value of the money he loaned you was based on your promise to pay." And you are absolutely correct to say this. The point is that you paid off the loan in advance, by signing the paperwork, and sliding it across the table to the loan officer. You paid off the loan before it was even loaned to you.

How does anyone know this? It's in the bank ledger this way.

Cryptos are real money. Fiat is just a Ponzi scheme based on the ignorance of the people, and based on the lie that the loan repayment happens after the loan has been issued. the loan repayment happened entirely before the loan. It happened when you gave the promissory note (or other instrument that you signed) to the loan officer.

It is good we understand the problems unregulated cryptocurrency will cause the monetary policy of any county and how bad people will use it to create problems in any economic. I think and I believe that cryptocurrency needs to be regulated in other for governments monitoring its activities. What USA is doing is understandable and i enjoy other countries to follow this step.

So you are initiating a lawsuit?

This was less than 2 months ago. I'm not dead yet, but I'm a victim, and we're all alive and kicking, organizing ourselves.

It was a long time ago all those people are probably dead or something

Did you lose money there?

It was a joke! Come on, they invited Jeremy Allaire, Circle CEO.

This is the guy who has stolen money from its customers at Poloniex, by socializing losses. 1,800 BTC have been stolen from innocent customers. I shall remind everybody here that socializing losses is illegal in the US. He only did it because his US company only has non-US resident customers. And now, to escape US regulations even more, he has just moved his company to a new Bermuda entity.

I believe BTC will get better when the only people talking about it aren't stealing their customers. Especially the people talking at the senate.

I find this very interesting.
In Germany and the EU the situation is that our commidity laws can very well apply to cryptocurrencies.
So you mean, in the US, the difficulty of getting cryptocurrencies past the Howey test results from non-applicable commodity laws?

From what I heard from them two days ago i think the only option they may have is to make another law for cryptocurrency or digital assets as the policy on the commodity cannot be applied to cryptocurrency.  The issues of banning of bitcoin in USA is over and government is now focussing on how to regulate it.

All those regulations wont help to attract more people to crypto

The only reason that people would be happy to see any regulations is so that they know they're not in a gray area. Regulations aren't going to bring more people to the space, nor is the government going to bring us free advertising.

Problematic. The government is going to look out for themselves, and to look out for themselves they want control -- which crypto doesn't allow them to have.

It's a good thing to see regulations coming because that should ultimately lead to more exposure and easier access to the general population.
But short term it might be problematic for the market as exchanges has to adapt

Two days ago, the US Congress held a hearing with regard to regulatory frameworks for digital currencies and blockchain technology.

Here you can find the recording of the hearing:
https://www.banking.senate.gov/hearings/examining-regulatory-frameworks-for-digital-currencies-and-blockchain

Who else has watched it?
I am very curious what are your thoughts on the hearing?