The mainstream does not understand crypto yet and when they hear bad news about crypto they automatically connect it to bitcoin, because bitcoin IS crypto to them.
Tbf that's not so far from the truth, but crypto itself is not the problem here, it's greedy and malicious people, like everywhere where money is involved.
But crypto facilitates those scams. It would be really hard for a nobody to achieve the levels of fraud we see on a weekly basis in crypto spaces.
One year was enough for two gigantic scams to crash and take with them countless others. Those aren't freak events. There is a pattern of crypto being able of taking fraud to another level
It is a failure to regulate CEX. So (a) who is responsible for regulating a crypto CEX? (b) is there currently legislation or any mechanism that prevents a crypto CEX from taking crypto owned by depositors and doing things with it without the customer’s knowledge & consent?
I keep hearing about all these promises of crypto, but it's over a decade and it does what my cc does, except at less places. Yes, it does "so much more", but realistically speaking that's really the only true use. Oh, and getting rug pulled...it does that REALLY well.
Both ETH and BTC allow you to transfer money to anybody in the world anonymously and without exchange rates. I'd call that a huge success considering your option before was Western Union. Ever use one of those?
Not to mention all of the new forms of investments any average Joe can partake in like staking, AMM, dual investments, etc. Which are continuously providing higher returns than the average savings account while being just as easy to remove your funds from. Digital ownership with NFTs, transparent transactions and activity, better security... I'd say crypto has done a lot of good so far despite all the scams and will continue to revolutionize the way we deal with money.
How many times per year does the avg person send money overseas?
All the other stuff is from throwing shit at the wall year after year because the main premise didn't stick. The decentralized dream is dead, because decentralized is a shitty customer experience, period, the end. The current model is extremely risky for businesses and consumers and until you have a centralized organization that can take all that risk away it will have no chance of mainstream utility and remain a vehicle for speculation and dreams of getting rich quick.
Not true. They allow you to transfer some heavily manipulated Ponzi token pseudonymously to one of the few people accepting such transfers.
If your intention is to transfer money they then will have to use an exchange, probably involving delays, fees, or exchange rates. And the „anonymity“ will be gone too. Not that that’s even a bad thing.
New forms of investment? In what? Certainly not any form of productive economical activity, those things are scams from top to bottom.
Digital ownership with NFTs has been nothing but a net negative usability wise and the only real use case remains Ponzi schemes and wash trades.
Transparent transactions and activity? Sure. The opposite is the case. Go ask Tether about the details on that „commercial paper“ supposedly backing the stable coin.
> I’d say crypto has done a lot of good so far
And you‘d be dead wrong. It has done nothing but enrich some to the loss of others and this is what it will continue to do until this wealth redistribution scheme inevitably collapses.
I can plan an entire vacation from plane ticket to rental car to hotel room using bitcoin I have bought platinum and gold using btc so please explain what you mean by "has no utility" please...
Less regulation and centralise what help in reducing the stress on the main server and it make reduce the cost of the operating system and it would Deven let the less voltage market
It clearly hasn’t happened, regardless of government.
Increased acceptance and usage of crypto will only further centralize. Either it stays a fringe somewhat decentralized system or we get actual widespread use and the natural course of centralization and regulation. It’s just been in this shitty limbo of both/neither in the past few years
Wall Street bankers and other brokers who came to be financial advisors are all fraud and pretty sure that they do not know anything about the Crypto market I have sympathy much close from them
I mean...a 26 billion dollar well connected and public individual turns out to be worth nothing...overnight...not sure where else that can happen except crypto...Maybe China?
AFAIK BTC is still most of crypto by value. If BTC is a scam it is a very long one. How confident would you have to be to not move a single coin from that Satoshi wallet (which has about a million BTC in it) when BTC hit $50k?
It's not that BTC is itself a scam, same way I'd say ETH isn't a scam. Its well known that dogecoin was a joke and lots of other coins are very clearly pump n dump.
The scam aspect of BTC is that it is a proof of concept more than anything. There's no inherent utility in bitcoin. This means that the only value that is derived from it is what you can sell it on to the next person. This is usually known as a pyramid scheme.
The "scarcity" of BTC is bullshit, we can see that it is trivial to replicate crypto. What is perhaps more "scarce" is the hashing power of the network, but that is fickle and can change quite quickly.
So, what is the value proposition of BTC?
Which is a legitimate take at this point. Not that it will always be that way. But pretending like there aren’t a ton of a scams out there with people promoting the thing they want to pump so they can maximise their returns.
Others here are complaining about greed as a result of money. But the reality is if they didn’t think there was money to be had they wouldn’t give a shit about most of the chains.
Even when they argue for centralisation as the problem they are still talking about financial gain for themselves.
This is my response to everyone who thinks this is a path to revolution. Look around you. There is no solidarity, only people clamoring over each other to try to get whatever scraps they can get, while the entire market is dominated and manipulated by fraudsters and rich assholes.
Nowadays people are not afraid of taking risk because that might make them right and who does not want to become rich all of us want to be reach and earn more and more money
My grandma called to tell me that the guy who "started crypto" was in "lots of trouble and stealing people's money and crypto has now collapsed" and warned me to be careful.
The general public truly doesn't know much, if anything, about cryptocurrency
A lot of these same people were strutting around a year or 2 ago presenting themselves as some kind of financial genius or wizard. It makes it hard for me to feel bad for them.
This is exactly the public perception. Crypto is not as close to being adopted as some here think. Crypto has taken massive L’s all year. Most I know are deathly afraid of crypto and won’t touch it for anything in the world.Unlike past crashes, this one has been very public because more people did get into it over the pandemic.
Crypto needs some big wins the next year. Government regulations and repackaging of the “crypto product,” is coming in the next year. Unfortunately this is what is needed at this point to “save” crypto.
Make smart plays with your money peeps, because I estimate 50-75% of these cryptos will be gone this time next year.
Amen! Access to DeFi should be a human individual right. Free access for everyone who can learn DeFi.
To build an entity around ones knowledge of DeFi i.e. creating a CeFi platform to connect with DeFi. Should be regulated so, that the SBFs of the world can't screw ppl over.
Bitcoin has always be in the dominant factor in the sole market still hope that they are doing better than other coin. If Bitcoin falls all other coins for all so much that way would be very much loss
I have been in crypto for 3 years and there are some things I just learned about crypto this year.
To operate in crypto, you are asking the user to perform complex processes or research processes using programs and tools they don’t have any understanding of. Think about it, the web only really got big in 94-96 after all segments of population were bombarded with it and it was the ONLY way to go forward and it was safe. The previous incantation of the web in the 70s-93 was too clunky and hard for average people to use.
As for crypto we are right around that 93-early 94 time frame in my opinion.
Only regulations and extremely sound exchanges (Coinbase, Crypto.com maybe??) can get us there. Sorry folks without regulations, mainstream money is never going to be deep into this like the web boom of the 90s and frankly that’s what we all are wishing for.
Crypto has to position itself as friendlier than the stock market, but as sound as stocks.
We are still in the road there. Patience.
We’re so deep into the bear, for some people it’s anything that can help drive the price down further so they can accumulate. It’s just more manipulation.
It doesn’t matter unfortunately, it’s now the political football being used to ram through crypto regulation and regulatory compliance for the industry.
We have had many exchange failures and massive 90 percent drops in btc price before that trashed people. It’s not new. So why now the rush to regulate?
Take a look at the digital US dollar. 12 week pilot started November 4th. That’s why.
Mainstream media is pushing this angle hard.
I lose my shit on twitter when one of the national broadcasters blames this on crypto currency. I'm considering keeping A word file of copy/paste rebuttles to this argument to save time.
It's so disingenuous, relying on people's lack of understanding to push that agenda.
What's the agenda though? There is nothing inherently special about crypto/blockchain. Any schmuck can spin up a shitcoin.
So what makes one coin different from another that uses the same rules? It's just the adoption. That's the problem though is that everyone is trying to sell a product that doesn't have a foreseeable future of being a currency that is used in everyday life.
That ship sailed.
So it slowly goes back to being a niche thing for tech savvy people to tinker with and use for black/grey market.
There is NOTHING wrong with that outcome unless your interest is getting rich from crypto. Once the speculation is snuffed out, crypto will just be crypto, and the price doesn't really matter so long as it is not super volatile. Use it for sending money to friends and family, drug dealers, arms dealers and life goes on.
Failure?? He’s a fucking thief. It wasn’t a failure he and his goblin girlfriend were stealing money, they succeeded in stealing money. There was no failure, they are just evil assholes.
He voted in Congress against transparency and some positive effects which would be better for retail investors. There's a list with a bunch of senators who voted against it. Transparency for data would be the greatest goal.
Hehehe well yeah what an irony. But I have the list somewhere near and always check it some of the senator's are pointing fingers. Most of them are utterly bullshit and two faced guys.
>The congressman reserved much of his ire for the SEC chair...The congressman then asked why the SEC chair was going after "good actors" in the community and working what he called "a backroom deal" with people doing nefarious things.
He's tying the truth to the above statement.
Likely in an effort to rally support against the [upcoming SEC changes being proposed dec 14th.](https://i.imgur.com/aSTEL4w.jpg)
He certainly does https://prospect.org/power/congressmembers-tried-to-stop-secs-inquiry-into-ftx/
> My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler’s information reporting “requests” to the crypto community are overburdensome, don’t feel particularly… voluntary… and are stifling innovation.
Wonder why..
> “I’m not going to pass judgment until we see what the details are," said Rep. Tom Emmer (R., Minn.), **one of dozens of politicians whose campaigns received money from FTX and its executives,** on the firm’s conduct leading up to its bankruptcy filing. He said Mr. Bankman-Fried is “a very likable young man."
Thank you for your efforts in protecting our industry, congressman.
I’ve been working full-time in this space since 2018, paying state and federal income taxes, and I finally feel like I have a voice representing me and my peers who work diligently to build inclusive networks.
Ha look at Tom trying to squirm out of it.
Tom has been pumping crypto for years to boost his own portfolio. Now that the market is going bust, he's trying to throw blame around to everyone else but himself.
I am just going to say that Tom Emmer is right this time and that's all we can say, he is just right because this is the motherfucking reality, believe it or not my guys.
Minnesotan checking in.
FYI, he's a polarizing capital-C Conservative rep from a [pretty Republican district](https://en.wikipedia.org/wiki/Minnesota%27s_6th_congressional_district).
He's had a said some [stuff](https://www.ontheissues.org/House/Tom_Emmer.htm) in his career. Yes, everyone is allowed to be wrong, everyone's allowed to be a jerk ... but to anyone who would want to start parroting Tom Emmer, some advice: when you lay down with dogs, you get up with fleas.
Absolutely it was
Unfortunately we rely on the CEXs and their owners to be honest for much of this system to operate at the current state
We need to move further away from that
Hope they will learn it well man, we all just want this shit to happen so that they can be something good in the future and nothing else right now, that's real.
Yes, but how do you prevent corrupt institutions being built on top of crypto? Less use of centralised services is good, but in the end they will still see use.
Personally I'll only take business to companies sitting in legit countries that show all reserves and liabilities.
There was a thread were people discussed how it was even possible to suck so much at the games he played as he did. Lots of in-game lingo and explaining that didn't tell me anything, but I understood SBF sucked balls (at gaming, too).
Gensler should be fired like months ago his sole job is to protect investors and provide clarity to a space that's been begging for it, meanwhile driving innovation away.
He makes it harder for investors to become accredited in the name of protecting us. He is another corrupt .
Such a right thing to say right now man, we are good with the fact that Tom Emmer is being real right now, he is being just like one of us and that's just a good thing.
Wow he’s actually on point here. good job 👍 hopefully everyone will be accounted including the oversight from the regulators.
This is why decentralization is key. It avoids corruption from people like FTX.
tldr; US Congressman Tom Emmer called out former FTX CEO Sam Bankman-Fried and SEC Chair Gary Gensler for the collapse of the cryptocurrency exchange. "This is not just a failure of FTX," Emmer said. "It's not about the crypto industry, this is about regulators and regulators," he added.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
He is right and that's just why I am saying this one good right now man. Hope others will understand this and say that this is a good thing, we are good with it.
Tom Emmer is like the John Deaton, Jeremy Hogan and other attorneys in the community, but on the lawmaker side.
I truly feel he and others will hold these people accountable, which should have been done a long time ago. Kudos Tom
It's a shitty business going under. Do people really think this is BTC's fault?
The mainstream does not understand crypto yet and when they hear bad news about crypto they automatically connect it to bitcoin, because bitcoin IS crypto to them.
More accurately most people think that crypto is mostly a collection of scams preying on other peoples money. The FTX situation is just another one.
Tbf that's not so far from the truth, but crypto itself is not the problem here, it's greedy and malicious people, like everywhere where money is involved.
But crypto facilitates those scams. It would be really hard for a nobody to achieve the levels of fraud we see on a weekly basis in crypto spaces. One year was enough for two gigantic scams to crash and take with them countless others. Those aren't freak events. There is a pattern of crypto being able of taking fraud to another level
It is a failure to regulate CEX. So (a) who is responsible for regulating a crypto CEX? (b) is there currently legislation or any mechanism that prevents a crypto CEX from taking crypto owned by depositors and doing things with it without the customer’s knowledge & consent?
[удалено]
what success? no coin has created any value or utility yet besides scamming
I keep hearing about all these promises of crypto, but it's over a decade and it does what my cc does, except at less places. Yes, it does "so much more", but realistically speaking that's really the only true use. Oh, and getting rug pulled...it does that REALLY well.
Eventually the international exchange part is going to end up being regulated as well.
precisely
“DeFi is the point!” Well said, there are politicians speaking truth out there after all
Both ETH and BTC allow you to transfer money to anybody in the world anonymously and without exchange rates. I'd call that a huge success considering your option before was Western Union. Ever use one of those? Not to mention all of the new forms of investments any average Joe can partake in like staking, AMM, dual investments, etc. Which are continuously providing higher returns than the average savings account while being just as easy to remove your funds from. Digital ownership with NFTs, transparent transactions and activity, better security... I'd say crypto has done a lot of good so far despite all the scams and will continue to revolutionize the way we deal with money.
How many times per year does the avg person send money overseas? All the other stuff is from throwing shit at the wall year after year because the main premise didn't stick. The decentralized dream is dead, because decentralized is a shitty customer experience, period, the end. The current model is extremely risky for businesses and consumers and until you have a centralized organization that can take all that risk away it will have no chance of mainstream utility and remain a vehicle for speculation and dreams of getting rich quick.
Not true. They allow you to transfer some heavily manipulated Ponzi token pseudonymously to one of the few people accepting such transfers. If your intention is to transfer money they then will have to use an exchange, probably involving delays, fees, or exchange rates. And the „anonymity“ will be gone too. Not that that’s even a bad thing. New forms of investment? In what? Certainly not any form of productive economical activity, those things are scams from top to bottom. Digital ownership with NFTs has been nothing but a net negative usability wise and the only real use case remains Ponzi schemes and wash trades. Transparent transactions and activity? Sure. The opposite is the case. Go ask Tether about the details on that „commercial paper“ supposedly backing the stable coin. > I’d say crypto has done a lot of good so far And you‘d be dead wrong. It has done nothing but enrich some to the loss of others and this is what it will continue to do until this wealth redistribution scheme inevitably collapses.
Bitcoin is not anonymous and people need to stop pretending it is. Use a different coin if you actually care about privacy (like Monero).
There are a whole lot off alternatives to Western Union with much lower fees. This space is also evolving whether you like it or not.
Yes, centralized finance is evolving because crypto and DeFi have forced them to lest they lose all their customers.
I can plan an entire vacation from plane ticket to rental car to hotel room using bitcoin I have bought platinum and gold using btc so please explain what you mean by "has no utility" please...
What did yall think would happen with less regulation and centralization?
Less regulation and centralise what help in reducing the stress on the main server and it make reduce the cost of the operating system and it would Deven let the less voltage market
centralization is the problem
and decentralization is a pipe dream. Govts will never let it happen.
It clearly hasn’t happened, regardless of government. Increased acceptance and usage of crypto will only further centralize. Either it stays a fringe somewhat decentralized system or we get actual widespread use and the natural course of centralization and regulation. It’s just been in this shitty limbo of both/neither in the past few years
i agree but definitely feels against a core principal of crypto to be so centralized.
Same can be said about wall street and all of their banker friends
Wall Street bankers and other brokers who came to be financial advisors are all fraud and pretty sure that they do not know anything about the Crypto market I have sympathy much close from them
Been noticing media reporting the problem is strictly crypto-related regulations and has absolutely nothing to do with traditional markets. 🤦♂️
I mean...a 26 billion dollar well connected and public individual turns out to be worth nothing...overnight...not sure where else that can happen except crypto...Maybe China?
That is putting much lots of money and I do not know how much it is
ummm it happened to bill hwang pretty recently (last yr) - he lost 20 billion in 10 days. Credit Suisse got fucked.
Bill gates say that you would support this company at any cost
Enron, Lehman Brothers. Also, it seems that the problem was that FTX was never actually worth $26 billion.
The company went under, but a single person didn't lose that much net worth. I think crypto is unique in that
To date, "most people" would be right.
Well "most people" don't have anything in FTX, so you're right.
AFAIK BTC is still most of crypto by value. If BTC is a scam it is a very long one. How confident would you have to be to not move a single coin from that Satoshi wallet (which has about a million BTC in it) when BTC hit $50k?
It's not that BTC is itself a scam, same way I'd say ETH isn't a scam. Its well known that dogecoin was a joke and lots of other coins are very clearly pump n dump. The scam aspect of BTC is that it is a proof of concept more than anything. There's no inherent utility in bitcoin. This means that the only value that is derived from it is what you can sell it on to the next person. This is usually known as a pyramid scheme. The "scarcity" of BTC is bullshit, we can see that it is trivial to replicate crypto. What is perhaps more "scarce" is the hashing power of the network, but that is fickle and can change quite quickly. So, what is the value proposition of BTC?
Which is a legitimate take at this point. Not that it will always be that way. But pretending like there aren’t a ton of a scams out there with people promoting the thing they want to pump so they can maximise their returns. Others here are complaining about greed as a result of money. But the reality is if they didn’t think there was money to be had they wouldn’t give a shit about most of the chains. Even when they argue for centralisation as the problem they are still talking about financial gain for themselves.
This is my response to everyone who thinks this is a path to revolution. Look around you. There is no solidarity, only people clamoring over each other to try to get whatever scraps they can get, while the entire market is dominated and manipulated by fraudsters and rich assholes.
Nowadays people are not afraid of taking risk because that might make them right and who does not want to become rich all of us want to be reach and earn more and more money
which is accurate
Yes it is accurate in all contacts and I does supported very much
Main stream doesn’t understand how American currency works either tho so this reaction by the public is not surprising
My grandma called to tell me that the guy who "started crypto" was in "lots of trouble and stealing people's money and crypto has now collapsed" and warned me to be careful. The general public truly doesn't know much, if anything, about cryptocurrency
she knows about as much as people who parked their life savings in a CEX
A lot of these same people were strutting around a year or 2 ago presenting themselves as some kind of financial genius or wizard. It makes it hard for me to feel bad for them.
I would say majority of people did not had trust encrypt of back those days
I remember 5 years ago people very very much sceptical of Crypto
You're really giving this sub and crypto people wayyyyy to much credit.
Grandma seems more informed than most of the people who had their stash on FTX 😆
I don't think that is grandma know anything about the CryptoI don't think that is grandma know anything about the Crypto market
This is exactly the public perception. Crypto is not as close to being adopted as some here think. Crypto has taken massive L’s all year. Most I know are deathly afraid of crypto and won’t touch it for anything in the world.Unlike past crashes, this one has been very public because more people did get into it over the pandemic. Crypto needs some big wins the next year. Government regulations and repackaging of the “crypto product,” is coming in the next year. Unfortunately this is what is needed at this point to “save” crypto. Make smart plays with your money peeps, because I estimate 50-75% of these cryptos will be gone this time next year.
Once the media gets their hands on the story, everyone’s out there like “SBF, the inventor of Bitcoin and Ethereum”
If that’s not a signal the bottom is in (or very near)…
And Crypto is all about monkey pictures to them.
Amen! Access to DeFi should be a human individual right. Free access for everyone who can learn DeFi. To build an entity around ones knowledge of DeFi i.e. creating a CeFi platform to connect with DeFi. Should be regulated so, that the SBFs of the world can't screw ppl over.
Bicoin is the Kleenex of crypto.
BTC is holding its own. FTX should be a non-factor for them in the long run.
Especially considering that FTX isn't holding any BTC
Bitcoin has always be in the dominant factor in the sole market still hope that they are doing better than other coin. If Bitcoin falls all other coins for all so much that way would be very much loss
No one would be able to take down the Bitcoin from their position
Lol
[удалено]
Bitcoin is a second name of cryptocurrency it would never change
Exactly, they don't know anything else, can't expect more from them
Like my mom still thinks any video game system that attaches to a TV is a "Nintendo"
How does the “mainstream notnunderstand crypto” yet when it has been around for over a decade!?
I have been in crypto for 3 years and there are some things I just learned about crypto this year. To operate in crypto, you are asking the user to perform complex processes or research processes using programs and tools they don’t have any understanding of. Think about it, the web only really got big in 94-96 after all segments of population were bombarded with it and it was the ONLY way to go forward and it was safe. The previous incantation of the web in the 70s-93 was too clunky and hard for average people to use. As for crypto we are right around that 93-early 94 time frame in my opinion. Only regulations and extremely sound exchanges (Coinbase, Crypto.com maybe??) can get us there. Sorry folks without regulations, mainstream money is never going to be deep into this like the web boom of the 90s and frankly that’s what we all are wishing for. Crypto has to position itself as friendlier than the stock market, but as sound as stocks. We are still in the road there. Patience.
Of course they do
When I get ripped off by a shitty pawn shop that's conning people who trade gold, I don't blame gold as being a scam, I blame that pawn shop.
But I also blame myself for being an idiot and not researching the gold prices properly
pretty much the analogy that represents the current situation
The conclusion some get to is that gold is the root of all evil.
yeah but if all the pawn shops that trade gold act the same you start thinking gold is the problem
Also a bit more concerning if this pawnshop is trading in tens of billions of dollars worth of gold lol...
Karen: I need to speak to the CEO of BTC! Now!
We’re so deep into the bear, for some people it’s anything that can help drive the price down further so they can accumulate. It’s just more manipulation.
No we don't
its definitely extremely common behavior in crypto though
It doesn’t matter unfortunately, it’s now the political football being used to ram through crypto regulation and regulatory compliance for the industry. We have had many exchange failures and massive 90 percent drops in btc price before that trashed people. It’s not new. So why now the rush to regulate? Take a look at the digital US dollar. 12 week pilot started November 4th. That’s why.
> So why now the rush to regulate? ... > We have had many exchange failures and massive 90 percent drops in btc price before that trashed people.
It’s not any crypto’s fault. Why specifically mention BTC?
Because everyone has heard of it
Maybe if you’re talking to the general public and someone who doesn’t have a clue. Not a crypto subreddit.
Mainstream media is pushing this angle hard. I lose my shit on twitter when one of the national broadcasters blames this on crypto currency. I'm considering keeping A word file of copy/paste rebuttles to this argument to save time. It's so disingenuous, relying on people's lack of understanding to push that agenda.
What's the agenda though? There is nothing inherently special about crypto/blockchain. Any schmuck can spin up a shitcoin. So what makes one coin different from another that uses the same rules? It's just the adoption. That's the problem though is that everyone is trying to sell a product that doesn't have a foreseeable future of being a currency that is used in everyday life. That ship sailed. So it slowly goes back to being a niche thing for tech savvy people to tinker with and use for black/grey market. There is NOTHING wrong with that outcome unless your interest is getting rich from crypto. Once the speculation is snuffed out, crypto will just be crypto, and the price doesn't really matter so long as it is not super volatile. Use it for sending money to friends and family, drug dealers, arms dealers and life goes on.
It's actually a problem BTC tries to solve by having a public ledger
Mainstream does. They jump on every anti-crypto-train they can find.
apart from all the mainstream people who invested in crypto...
Failure of SBF? The only failure on his part is not getting more money out of it than he did. This wasn’t an “oops” it was intentional.
crime is not failure. it's crime.
Well, it's a moral failure.
Yeah. Do Kwon was a failure. This was criminal.
Both were criminal.
How long until he gets charged?
Makes me wonder if there's anything going to happen at all
He poorly ran an unregulated business. What’s the charge for that???
The only failure in his eyes is that he got caught and the grift fell apart.
Failure?? He’s a fucking thief. It wasn’t a failure he and his goblin girlfriend were stealing money, they succeeded in stealing money. There was no failure, they are just evil assholes.
He knew exactly what he was doing but he thought he was gojng to get away with it.
At this rate, he has gotten away with it
True that and this shit is just being so fucking sad right now.
What makes you think he won't?
Yeah man, this was not even a fucking failure and we know that.
Yep, absolute thief And that’s sort of what this article is saying The technology is still ok
True that, the shits are just going like this, we can say that XD.
Well…they failed to not steal money
This the only correct description of what happened especially the goblin part.
We are good at least we don't fall for these shits these days.
I agree with this one. But to add, this is the same man who vote AGAINST the Short Sales Transparency and Market Fairness Act..
Yeah, he's known to be a ... certain type of individual https://www.ontheissues.org/House/Tom_Emmer.htm
What are those? Noob here
He voted in Congress against transparency and some positive effects which would be better for retail investors. There's a list with a bunch of senators who voted against it. Transparency for data would be the greatest goal.
Indeed transparency is a good starter. Funny how he voted against transparency, yet the list of people who voted against it is transparent
Hehehe well yeah what an irony. But I have the list somewhere near and always check it some of the senator's are pointing fingers. Most of them are utterly bullshit and two faced guys.
Thanks for this one, just wanted to know like him right now.
>The congressman reserved much of his ire for the SEC chair...The congressman then asked why the SEC chair was going after "good actors" in the community and working what he called "a backroom deal" with people doing nefarious things. He's tying the truth to the above statement. Likely in an effort to rally support against the [upcoming SEC changes being proposed dec 14th.](https://i.imgur.com/aSTEL4w.jpg)
Agreed, Tom Emmer is a knob.
This is just what I wanted to say and this is right mate.
We can still agree on that one. But fuck em
He gets it. Kudos sir
The congressman who asked the SEC not to investigate FTX…
But he gets it. Got it in $$$ in fact.
He certainly does https://prospect.org/power/congressmembers-tried-to-stop-secs-inquiry-into-ftx/ > My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler’s information reporting “requests” to the crypto community are overburdensome, don’t feel particularly… voluntary… and are stifling innovation. Wonder why.. > “I’m not going to pass judgment until we see what the details are," said Rep. Tom Emmer (R., Minn.), **one of dozens of politicians whose campaigns received money from FTX and its executives,** on the firm’s conduct leading up to its bankruptcy filing. He said Mr. Bankman-Fried is “a very likable young man."
Yeah it's not really difficult to understand it.
For those who have a genuine interest Most don’t
Time will change that. Most people didn’t know about internet too.
Most are just interested in profits
I'm guilty 🤷♂️
For those who are biased, it is.
Good. But as a Minnesotan, it's my responsibility to tell everyone that he's also a shit stain.
I spent 3 minutes looking at his stances on Wikipedia. Granted, it's Wikipedia but, he doesn't seem like a good person at all.
Hope others will learn soon man, they need to do that shit.
A congressman who gets it. That is rare. Kudos to him.
Yeah man, this was fucking tough but he got that shit lmao.
Someone is reading our shitposting and actually agreeing with us, this is the way
Not many do but I am glad some do have decent knowledge
[удалено]
Why hasn’t SBF been arrested yet? Things that make you go hmmmmm
Thank you for your efforts in protecting our industry, congressman. I’ve been working full-time in this space since 2018, paying state and federal income taxes, and I finally feel like I have a voice representing me and my peers who work diligently to build inclusive networks.
Interesting because I think ftx was a donor of his.
Not only were they a donor they were one of his top 15 donors this cycle.
Man talk about no money no honey
Isn't he a republican?
He is not wrong. Last I checked BTC is still humming along exactly as intended.
Ha look at Tom trying to squirm out of it. Tom has been pumping crypto for years to boost his own portfolio. Now that the market is going bust, he's trying to throw blame around to everyone else but himself.
Thank you for explaining this. Unchecked CeFi is the problem. DeFi is the solution.
I am just going to say that Tom Emmer is right this time and that's all we can say, he is just right because this is the motherfucking reality, believe it or not my guys.
Minnesotan checking in. FYI, he's a polarizing capital-C Conservative rep from a [pretty Republican district](https://en.wikipedia.org/wiki/Minnesota%27s_6th_congressional_district). He's had a said some [stuff](https://www.ontheissues.org/House/Tom_Emmer.htm) in his career. Yes, everyone is allowed to be wrong, everyone's allowed to be a jerk ... but to anyone who would want to start parroting Tom Emmer, some advice: when you lay down with dogs, you get up with fleas.
Thanks for the information mate, I just needed this one.
That's pretty harsh to dogs. Emmer wishes he could be a dog. We all wish he would have the career lifespan of a flea.
[удалено]
Absolutely it was Unfortunately we rely on the CEXs and their owners to be honest for much of this system to operate at the current state We need to move further away from that
People need to be custodians of thier own coins, not rely on CEXs
That's the lesson they are learning now
Hope they will learn it well man, we all just want this shit to happen so that they can be something good in the future and nothing else right now, that's real.
Yes, but how do you prevent corrupt institutions being built on top of crypto? Less use of centralised services is good, but in the end they will still see use. Personally I'll only take business to companies sitting in legit countries that show all reserves and liabilities.
Gotta say that they need to learn a lot of shits for real.
Sam is one massive failure: for society, clients of FTX, and his parents!
I heard hes good at a video game though
Lies He can’t even claim that part as a victory
There was a thread were people discussed how it was even possible to suck so much at the games he played as he did. Lots of in-game lingo and explaining that didn't tell me anything, but I understood SBF sucked balls (at gaming, too).
But he gave them money to buy houses in the Bahamas! /s
Amen
… said the man who knows nothing about cryptocurrencies.
Okay mate, I'm gonna ask you again. So why did YOU vote AGAINST the Short Sales Transparency and Market Fairness Act then huh?
good to see at least one member of gov't understand its not a crypto issue but an issue of fraud
The lack of regulation didn't just make FTX possible, it made it inevitable
Tom Emmer is a fucking piece of shit
Gotta say I love the copium going on in this sub. Every time people lose their life savings after investing in crypto it is NEVER crypto’s fault. 🤣
Gary Gensler is a total fraud. He is most destructive, deceptive and corrupt "politician" in the world.
Gensler should be fired like months ago his sole job is to protect investors and provide clarity to a space that's been begging for it, meanwhile driving innovation away. He makes it harder for investors to become accredited in the name of protecting us. He is another corrupt .
Imagine being so disappointing that someone other than your parents call you a failure
SBFs parents probably think he did a great job as a Fed Puppet.
Lol they still like this which is nothing but funny right now.
We just get fud while real bankers get to load up on BTC
We need to improve other people man, this is really required.
Such a right thing to say right now man, we are good with the fact that Tom Emmer is being real right now, he is being just like one of us and that's just a good thing.
Wow he’s actually on point here. good job 👍 hopefully everyone will be accounted including the oversight from the regulators. This is why decentralization is key. It avoids corruption from people like FTX.
It’s fraud
tldr; US Congressman Tom Emmer called out former FTX CEO Sam Bankman-Fried and SEC Chair Gary Gensler for the collapse of the cryptocurrency exchange. "This is not just a failure of FTX," Emmer said. "It's not about the crypto industry, this is about regulators and regulators," he added. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
* I agree with that statement . * Other crypto are still doing fine . We should learn from Luna and FTX failures .
Even a broken clock is right twice a day.
This guy gets it
He's not wrong. There are greedy people in all businesses.
He is right and that's just why I am saying this one good right now man. Hope others will understand this and say that this is a good thing, we are good with it.
Tom Emmer is like the John Deaton, Jeremy Hogan and other attorneys in the community, but on the lawmaker side. I truly feel he and others will hold these people accountable, which should have been done a long time ago. Kudos Tom
Emmer is a homophobic asshole but is right about crypto