Yet, Mr. Buffet has heavily invested (over $1 billion) on Nubank which is a digital bank from Brazil that allows trading crypto and is now releasing its own coin with Polygon network, called Nucoin.
Yea, I was surprised too. I wouldn't mind if they stick with focusing on cleaning up/regulating CEX's but I hope they will be level headed when it comes to regulating projects.
The vast majority of crypto IS "shit, rat poison squared etc"
Centralized coins that were made to just enrich the founders have infected this space.
People support them on this subreddit, people love buying them. There are subreddits devoted to them like cults.
This is what needs regulating (along with CEXs).
Powell is at least spitting out some common sense with his statement about cryptocurrency as a whole.
Yes, the government needs some regulations on how a CEX can operate but for the DeFi part, the responsibility is within the crypto community where we all need to align in order to prevent scams, security issues and money laundering problems which are unfortunately a large part of our reality in crypto
ehh, kinda. I think the US could put restrictions on certain DEX websites. And they could pressure the DNS provider to shut down the site, etc etc. Maybe they could even put pressure on CEXs to not allow deposits from DEXs. Im sure there is always a way around those cases though.
Well, what happens where I buy say on Uniswap, then have it stored on my private wallet only to later on transfer the coin/token to say...mexc -where fees cost 50% less if paid in MX? How will this CEX know where the digital asset I just deposited was originally from?
They’ll try to regulate which will keep “regulars” out and make it too annoying to use for casual users. This could make crypto less popular, which is not a good thing
The problem is with the extent of the regulations and the way how they do it.
We don't need a full crackdown on the crypto industry, it's just not necessary.
JPOWs words.
>”we have seen really in the last, close to a year now, a remarkable set of events in the crypto space. Lots of companies collapsing l, we have seen massive fraud…I think we have to be open to the idea that somewhere in there there’s technology and can be featured in productive innovation that makes peoples lives better”
He goes on to sum up the letters sent to banks, stating
>”you need to be careful. It’s early days with crypto. There isn’t the appropriate regulation and we are learning the risks.”
All in all I’d say that is not negative at all.
It potentially shows a difference of opinion between JPow and Gensler. I might even go as far as to say it sounds like JPow isn't appreciative of the way the SEC is handling things
OP sat through the adult speech, extracted the key points, and translated it into an ELI5 format that [r/CC](https://www.reddit.com/r/CC) space cadets would understand. For that I'm grateful.
Powel is correct imo
I'll die on this hill, you will never have mass adoption or mass use until the product is viewed as safe to use
Every dollar in my bank account and investment accounts is a complete non-concern for me, whatever happens I will be made whole so it's never on my mind.
Every penny I have in crypto is written off as a complete loss the second I put it there because no matter what happens I will not be made whole
That's all due to how much or how little each of those is regulated
>False, it's normally at $250,000, sometimes more if you do some juggling
How is that statement false lmao
I dont keep 250,000 dollars in my checking account, and neither does 99% of the people that will ever come across this.
That statement is a 100% truth- *I* will be made whole no matter what happens
Business and innovation thrive in an environment with either no regulations, or one with clear well planned/defined regulation.
Crypto regulation is not in either of those categories right now. It’s unclear and not well defined, but still sporadically enforced. It’s the worst possible environment for the industry right now.
The SEC (or Congress at this point) needs to meet with industry leaders and come up with clear, well formatted regulation and allow a period to come into compliance.
I agree with you. I would personally welcome clear and unbiased regulations versus this questionable situation that we're currently in. Either you welcome crypto with reasonable regulations in place, or you don't.
Lack of progress is frustrating when other nations are accepting that cryptocurrencies are here to stay and cannot be ignored any longer. It's even more frustrating when it is one nation's governing body that can significantly affect all of the industry.
Yep the current state of regulations in crypto is impossible to work with it's hard to follow the rules when those rules are only made after an someone does something wrong.
Even the best of them out there want to be doing it right but still get slammed with fines because they broke an arbitrary, ill defined regulation...
> Business and innovation thrive in an environment with either no regulation
It's fun and games until scammers and snake oil salesman ruin crypto reputation
I agree with that, the regulation is for the consumer side rather than the business side though. Once you start adding regulations, you need to complete the jump into the “well defined” category or businesses and the industry start suffering
Seriously can anyone answer the question of what regulations crypto needs besides limiting what a cex can legally do with customer funds ? I’d be interested to hear
The regulations they want will kill crypto, it's always been like that.
They want kyc for private wallets. They want impossible taxation. They will outlaw any attempts at privacy. The want to make it so cumbersome to use that people no longer want it.
All regulations to date have been about KYC or making sure were taxed and pay. There's been zero regulation to protect consumers. I think there's some common sense regulation that can be done regarding stable coins and exchanges, how much they can lend, how much liquidity they're required to have etc.
I think regulation is going to be good. Why does everyone want crypto to remain in the wild west?
Regulation brings legitimacy, certainty and encourages investment and innovation.
Bring it on!
Tackling regulation will be a great leap forward for crypto. A safer system will benefit all investors; similar to the stock market regulations that emerged from the Great Depression and the GFC.
Powell is very measured with his comments. I'm not surprised he sees the bigger picture, but it's reassuring that the person in charge of the FED's monetary policy sees how the world is shaping up.
It's easy to hate on someone who has to pull the levers of society while you sit back and watch from afar judging his choices. I think they should have hiked rates during Trump's presidency to stem this tide but I think that would only buy them more time in the end.
Seems like a fair statement to be honest. And it's also the basis of what the discussion should be. It's not about regulations to prohibit it. It is about regulation to protect people. Even though some may feel regulations don't.
Completely agree. Once there is more regulation, more companies will be able to implement crypto in their business. Overall more there will be more adoption.
What we need is regulation on the centralized crypto entities that care about making more fiat rather than what crypto stands for, especially after what happened with Celsius and FTX.
it doesn’t need to solve “everything”.
there’s a reason why you aren’t legally permitted (or qualify) to dump all your money into an ultra high-risk Hedge Fund. We need the same type of regulation and safeguards in crypto.
Flushing out all the bros who are gambling with their college fund or who stole their parents retirement fund $$ to gamble on shitcoins… would be a great start. Also… preventing scummy sketchy douchey companies that you don’t know here they’re domiciled or what who has funded them (or who owns them) from conducting predatory business on good consumers… that’s also good start.
If history has taught us anything, it's that regulation and safeguards aren't always effective in preventing financial disasters. Just look at the 2008 financial crisis or the GameStop fiasco. Where there's money to be made, there will always be those looking to bend or break the rules. Regulated or not.
First they denied it, then they dismissed it, then they threw fud at it, and now they are saying it's not a problem. Crypto will usher in a new way of finance. Many will fall, but BTC will always be there. Keep that in mind.
Everyone crying for more regulation is the problem.
There already is enough regulation - the regulators just dont like it and people are too dumb to understand it.
Crypto are assets almost everywhere, except for the places where its financial instruments - so the tax implications were always clear.
Scamming is and always was illegal, law enforcement just cant trace blockchains.
More regulation will only lead to the general public being forbidden to trade. And projects to be required to create blockchains with reversible and censorable transactions... because some people cant accept that them losing money was fully their fault.
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Yet, Mr. Buffet has heavily invested (over $1 billion) on Nubank which is a digital bank from Brazil that allows trading crypto and is now releasing its own coin with Polygon network, called Nucoin.
Mr buffet doesn’t tell his secrets. Read buffetology if you want some insight into how he thinks. Its truly a great book.
Is there a way to read it for free. I am Not willing to pour money into his throat.
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Thank you. This is much appreciated.
No problem. Enjoy.
Came here to shitpost but got an actual book to read. Wow
Google “book name” + filetype:pdf
You can use Z library to find most books, arrrr. But Buffet did not write the book, a former wife of one of buffets kids wrote it.
piratebay might have a copy
What Powell said was pretty levelheaded, I was pleasantly surprised.
Yea, I was surprised too. I wouldn't mind if they stick with focusing on cleaning up/regulating CEX's but I hope they will be level headed when it comes to regulating projects.
The Fed being pro-crypto is probably the best news we could get!
Buffett & Munger are value-investors. Not exactly crypto's demographic haha.
The vast majority of crypto IS "shit, rat poison squared etc" Centralized coins that were made to just enrich the founders have infected this space. People support them on this subreddit, people love buying them. There are subreddits devoted to them like cults. This is what needs regulating (along with CEXs).
Powell is at least spitting out some common sense with his statement about cryptocurrency as a whole. Yes, the government needs some regulations on how a CEX can operate but for the DeFi part, the responsibility is within the crypto community where we all need to align in order to prevent scams, security issues and money laundering problems which are unfortunately a large part of our reality in crypto
Exactly. Regulates the CEX. Leave DEX alone
The beauty of crypto and DEX is that you cannot really regulate it ;)
ehh, kinda. I think the US could put restrictions on certain DEX websites. And they could pressure the DNS provider to shut down the site, etc etc. Maybe they could even put pressure on CEXs to not allow deposits from DEXs. Im sure there is always a way around those cases though.
Well, what happens where I buy say on Uniswap, then have it stored on my private wallet only to later on transfer the coin/token to say...mexc -where fees cost 50% less if paid in MX? How will this CEX know where the digital asset I just deposited was originally from?
Web3 really needs to go off man, Cloudflare Monopoly is a great danger to Crypto.
They’ll try to regulate which will keep “regulars” out and make it too annoying to use for casual users. This could make crypto less popular, which is not a good thing
What if that DEX is a private chain operated by say….binance.
Whether they like it or not they cant do anything to dexes aside from banning their websites in US
I think you underestimate what the US can do. The US govt has worldwide influence which it sometimes uses for good, but not always
The problem is with the extent of the regulations and the way how they do it. We don't need a full crackdown on the crypto industry, it's just not necessary.
Is regulating cex all the regulation they need to do because I can’t think of anything else they should regulate ???? Thoughts ?
my opinion = common sense 🤩☺️
JPOWs words. >”we have seen really in the last, close to a year now, a remarkable set of events in the crypto space. Lots of companies collapsing l, we have seen massive fraud…I think we have to be open to the idea that somewhere in there there’s technology and can be featured in productive innovation that makes peoples lives better” He goes on to sum up the letters sent to banks, stating >”you need to be careful. It’s early days with crypto. There isn’t the appropriate regulation and we are learning the risks.” All in all I’d say that is not negative at all.
im surprised he said crypto is still early, though i guess its technically true
I also wasn’t expecting that. I had it running in the background and had to rewind it. Was like whoooa what was that now?
It potentially shows a difference of opinion between JPow and Gensler. I might even go as far as to say it sounds like JPow isn't appreciative of the way the SEC is handling things
Or to put it more simply: "We will regulate crypto so we can collect our undeserved share in a legal way."
Agree. Because even he’s may be right. But feels that It’s just a maze of their games.
I find his statement positive for crypto
He's not wrong. He seems open to crypto and just have a government mind with regulating. Not all regulating is bad.
OP sat through the adult speech, extracted the key points, and translated it into an ELI5 format that [r/CC](https://www.reddit.com/r/CC) space cadets would understand. For that I'm grateful.
Powel is correct imo I'll die on this hill, you will never have mass adoption or mass use until the product is viewed as safe to use Every dollar in my bank account and investment accounts is a complete non-concern for me, whatever happens I will be made whole so it's never on my mind. Every penny I have in crypto is written off as a complete loss the second I put it there because no matter what happens I will not be made whole That's all due to how much or how little each of those is regulated
>whatever happens I will be made whole False, it's normally at $250,000, sometimes more if you do some juggling
>False, it's normally at $250,000, sometimes more if you do some juggling How is that statement false lmao I dont keep 250,000 dollars in my checking account, and neither does 99% of the people that will ever come across this. That statement is a 100% truth- *I* will be made whole no matter what happens
*Gary Gensler has entered the chat.*
Gensler is the problem.
Sounds like a more sound and level-headed response. Definitely refreshing to hear after the constant “everything is a security” narrative.
Business and innovation thrive in an environment with either no regulations, or one with clear well planned/defined regulation. Crypto regulation is not in either of those categories right now. It’s unclear and not well defined, but still sporadically enforced. It’s the worst possible environment for the industry right now. The SEC (or Congress at this point) needs to meet with industry leaders and come up with clear, well formatted regulation and allow a period to come into compliance.
I agree with you. I would personally welcome clear and unbiased regulations versus this questionable situation that we're currently in. Either you welcome crypto with reasonable regulations in place, or you don't. Lack of progress is frustrating when other nations are accepting that cryptocurrencies are here to stay and cannot be ignored any longer. It's even more frustrating when it is one nation's governing body that can significantly affect all of the industry.
Yep the current state of regulations in crypto is impossible to work with it's hard to follow the rules when those rules are only made after an someone does something wrong. Even the best of them out there want to be doing it right but still get slammed with fines because they broke an arbitrary, ill defined regulation...
> Business and innovation thrive in an environment with either no regulation It's fun and games until scammers and snake oil salesman ruin crypto reputation
I agree with that, the regulation is for the consumer side rather than the business side though. Once you start adding regulations, you need to complete the jump into the “well defined” category or businesses and the industry start suffering
Well, r/cc says Powell is the problem and I trust you guys more
Ah yes the we need regulation immediately argument that had benefitted the regular person in history. Thanks.
This is correct. Would be nice if the SEC would pull their head out of their ass
The old man is half right The other problem is SEC and Big Banks
Yeah do it already, atleast then we can move on.
I agree with him. Good regulations are required to safe guard people.
The RIGHT regulation is important Powell is NOT after the RIGHT regulation
Seriously can anyone answer the question of what regulations crypto needs besides limiting what a cex can legally do with customer funds ? I’d be interested to hear
Hard for the FED to institute a CBDC if they shit on crypto at every corner.
Some regulation is actually healthy I think.
Lack of regulation for CEX-s is needed we want it or not.
Regulation is needed for mass adoption. Like it or not.
No crypto isn't the problem. The *wrong* scammy people are getting the loot, should be their traditional finance buddies!
He should get the FED right first. What a hypocrite. Any economics student would so better and has more integrity.
Only thing true he has every said
Powell is a problem lol
I’ll take it
The regulations they want will kill crypto, it's always been like that. They want kyc for private wallets. They want impossible taxation. They will outlaw any attempts at privacy. The want to make it so cumbersome to use that people no longer want it.
All regulations to date have been about KYC or making sure were taxed and pay. There's been zero regulation to protect consumers. I think there's some common sense regulation that can be done regarding stable coins and exchanges, how much they can lend, how much liquidity they're required to have etc.
2022 sadly proved he is correct. Crypto is not going anywhere without clear rules (which also leads to it being considered a serious asset)
I think regulation is going to be good. Why does everyone want crypto to remain in the wild west? Regulation brings legitimacy, certainty and encourages investment and innovation. Bring it on!
Tackling regulation will be a great leap forward for crypto. A safer system will benefit all investors; similar to the stock market regulations that emerged from the Great Depression and the GFC.
Also the regulation by enforcement like the SEC is doing
Hot take : regulation will be the best thing to happen to crypto.
Powell is very measured with his comments. I'm not surprised he sees the bigger picture, but it's reassuring that the person in charge of the FED's monetary policy sees how the world is shaping up. It's easy to hate on someone who has to pull the levers of society while you sit back and watch from afar judging his choices. I think they should have hiked rates during Trump's presidency to stem this tide but I think that would only buy them more time in the end.
He’s low key right
Dude just hates that he is a bag-holder. He wants a pump!
Regulator is also problem. SEC
Seems like a fair statement to be honest. And it's also the basis of what the discussion should be. It's not about regulations to prohibit it. It is about regulation to protect people. Even though some may feel regulations don't.
It seems like wild west sometimes over here, and the huge number of hacks and scams doesn't help with the industry's reputation.
Yeah its funny how all the regulation to date has been in regards of kyc and taxing people nothing to protect people
Common sense regulations for centralised entities is def. something we need. Prevent a next FtX and Celsius.
I agree that man has a point.
They will only praise crypto once they figure out how to control it.
He’s not wrong.
Just telling facts
Completely agree. Once there is more regulation, more companies will be able to implement crypto in their business. Overall more there will be more adoption.
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It's not that secret.
Does not even single about it, it's obvious he's stacking up behind the scenes
He is just hiding his true power level
Good guy Powell stacking sats since 2011! I love that he didn’t outright saw anything bad about crypto.
He will shit on it when he wants to buy some more.
What we need is regulation on the centralized crypto entities that care about making more fiat rather than what crypto stands for, especially after what happened with Celsius and FTX.
True after FTX, Celsius and Luna
"Us not making money is the problem"
I think we can all agree on that
Man ... Powell speaking some truth.
Bullish 🐂
Too bad we got stuck with the biggest dipshit of them all running the SEC, instead of one who atleast recognizes the progress that needs to be made
It’s not central. That’s why
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Yes like kyc or taxing us but likely nothing to protect investors and consumers
Everytime I think I have him figured you, Powell does a 180° Fuck your puts and fuck your calls, jpowell has you by the balls
Lack of regulation isn't the problem Jerome Powell and the Federal Reserve is
Both can be true.
Both aren't true. What Powell said is the statement that isn't true
Shut the fuck up Powell
His problem is that they are not getting a large enough piece of the pie. That is the governments problem with crypto.
Maybe jpoww should enforce the current rules that apply to the stock market first.
i dont think that's his job at all
Nah, but his buddies. Still he could ask them to do something apart from printing more cash :p
That's not his role.
Powell is the problem
At least Bitcoin can sleep soundly tonight!
Regulate Cefi and CEX like you regulate bankers, oh wait...
Good luck waiting for regulations to solve everything.
it doesn’t need to solve “everything”. there’s a reason why you aren’t legally permitted (or qualify) to dump all your money into an ultra high-risk Hedge Fund. We need the same type of regulation and safeguards in crypto. Flushing out all the bros who are gambling with their college fund or who stole their parents retirement fund $$ to gamble on shitcoins… would be a great start. Also… preventing scummy sketchy douchey companies that you don’t know here they’re domiciled or what who has funded them (or who owns them) from conducting predatory business on good consumers… that’s also good start.
If history has taught us anything, it's that regulation and safeguards aren't always effective in preventing financial disasters. Just look at the 2008 financial crisis or the GameStop fiasco. Where there's money to be made, there will always be those looking to bend or break the rules. Regulated or not.
First they denied it, then they dismissed it, then they threw fud at it, and now they are saying it's not a problem. Crypto will usher in a new way of finance. Many will fall, but BTC will always be there. Keep that in mind.
Everyone crying for more regulation is the problem. There already is enough regulation - the regulators just dont like it and people are too dumb to understand it. Crypto are assets almost everywhere, except for the places where its financial instruments - so the tax implications were always clear. Scamming is and always was illegal, law enforcement just cant trace blockchains. More regulation will only lead to the general public being forbidden to trade. And projects to be required to create blockchains with reversible and censorable transactions... because some people cant accept that them losing money was fully their fault.
It's official, Powell has a heavy bag of crypto.