SEC

the_far_yard

Honestly, because of Trad-Fi adoption, i think the four-horsemen will be BTC, ETH, XRP, and LTC. Most countries has them approved by their SEC equivalent.

phoenoxx

But then the SEC would have to explain the difference between a commodity and a security in the cryptoverse.

maxcoiner

Let's examine that a bit. Big mofos like Blackrock have thousands of HNWI & corporate clients already just lined up and waiting to buy their BTC ETFs. Why? Because nothing else performs like BTC. Not even close, and this is a very bullish year. So launch day comes around and they haven't bought any BTC yet. Suddenly they're getting BILLIONS of dollars worth of orders, daily, and the SEC strictly stops them from accepting orders that they can't back 1 to 1 with BTC. That means there would be an order queue... Customers hand over dollars for bitcoin and they have to go out and shop for each customer, with no gain accruing in the meantime. This has to lag far behind already; their 1st day orders would far surpass their ability to buy BTC, even if they know every large miner and clearinghouse personally. Keep in mind that the price of BTC will move up on the NEWS of the launch, and then keep in mind that other ETFs will likely be approved at the same time as Blackrock and have to compete as well. To call this an overhyped market is underselling it. Yet that's when you believe they will start buying Bilions of dollars worth of corn. - When they have to pay 10x as much for it and send the price up 1000x soon afterwards. I'm just not buying this.

tilac

I think anything that frequently gets mentioned by the SEC as a security in their lawsuits against Kraken and Coinbase are a long way off from an ETF. That would be your list except for LINK perhaps.

proof-of-conzept

Thats all the right questions and answers the SEC wants to clarify. Yes, if you buy an ETF share from Blackrock, then blackrock has to buy the ammount of Bitcoin immediatelly. Then they can create a new share and sell it to you for the price they just paid for the Bitcoin + their own fee. An ETF is a right of ownership to the undelieing asset. So you can at any point give Blackrock the ETF and they should hand you out the Bitcoin. Thats how an ETF can track and match the price developement of assets. Because at sny time you can just switch to the real thing - which by the way is an non taxable event. The easiest way to verify the validity of an etf would be to check if the ratio of the total ETF shares to the stored Bitcoins matches what the ETF proposes. You could, and in my opinion sould, make the address to the bitcoin wallets public and let the marked verify the ETF themself.

Capital-Physics4042

XRP is likely to pump real soon, I read it's meant to settle SEC case today

Hollybeach

[For as long as Tether plays a big role in crypto, there will be no spot Bitcoin ETF. Why? SEC made it very clear on dozens of Bitcoin   Spot ETF rejections so far: “manipulative activity involving the purported ‘stablecoin’ Tether (USDT)](https://twitter.com/wallstreetpro/status/1729588178225361023?s=46)

CryptoBanano

We know that since forever. How do you know thats what the SEC is worried about?

Aphuknsyko

Well being they are already beating the SEC I gotta say hands down XRP is here for the long haul

Frogolocalypse

> This is actually a valid question/concern. Not sure why you’re being downvoted. Because the assertion is akin to saying he, and the entire board of his publicly traded company, are lying to the SEC.

Frogolocalypse

You have to trust that they're compliant with the SEC requirements, or they'd be dismantled.

Frogolocalypse

You have to trust that they're compliant with the SEC requirements, or they'd be dismantled.

Giga79

In Canada last year the OSC (frosty SEC) imposed a $30K ($22K USD) annual purchasing cap on all cryptocurrencies, the only exemptions being BTC, ETH, BCH and LTC. For *2022* these exemptions made no sense. My guess would be BCH and LTC. Not that I think those are the most deserving today, but tradfi moves slower than crypto. BCH and LTC are forks of BTC, so the Boomers understand it. I think it will be 1-2 full cycles before any alt ETFs are approved.. By then Gary won't be relevant, and the entire political/regulatory climate will shift. I don't think anyone can guess what will happen that far out. By then new coins may emerge (AI generated?) that make these ETFs somehow irrelevant.. Following Canada and Europe though, BCH and LTC are practically identical to BTC and ETH, so that's where I'd place my bet.

Hot_Difficulty6799

Why do you think it has a good chance? Since.the SEC has repeatedly argued that MATIC is an unregistered security, in lawsuits against Binance, Coinbase, and Kraken, I'd consider it exceptionally unlikely that the SEC would approve a MATIC etf.

SpecialDonkey6563

SEC has to say yes or no by January 10 for the Ark spot ETF. They of course could say no. But they have been losing in court. Most think they will say yes. And they likely will approve most of the spot ETFs at the same time. And January 10 is the latest they have to say yes or no. It could be sooner.

AmongTheElect

Currently oddsmakers are giving it a 90% chance of approval. And the judge's decision basically said the SEC would be total hypocrites if they didn't. I'm just not necessarily sold on it happening right at Ark's final approval deadline in January because it's been said (rightfully so) that the SEC would prefer to approve every qualified applicant at once instead of giving just one applicant any first-past-the-post advantage. But sometime in Q1 feels about right to me. Fidelity's application said they would self-custody, so they'll be buying a lot of BTC, but most of the others are just trading with Coinbase. My plan is to hold until then even if we do drop some in the meantime, and then sell the news shortly after the EFT hits.

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Klutzy-Ad-282

I think the SEC have too much pressure to approve the ETF at this point, let’s see how this plays out.

SoupaSoka

Nearly (if not all) BTC ETF rejections from the SEC have mentioned Tether by name.

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coinfeeds-bot

tldr; SEC Commissioner Hester Peirce has criticized the Securities and Exchange Commission for its unclear and arbitrary approach to regulating the cryptocurrency industry. She highlighted the handling of the SEC's charges against crypto startup LBRY as an example of the agency's lack of clarity. Peirce emphasized the need for the SEC to work more efficiently and focus on areas where there is "real harm" in the industry. She also suggested that Congressional involvement would be helpful in allocating regulatory authority. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. If this topic is active, submit an entry in r/CointestOfficial and earn Moons if you win. Moon prizes are: 1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post.

Enkaybee

It takes the Supreme Court 6 months to strike down *blatantly illegal* executive orders. They are not going to move so quickly to abolish the SEC, if they do at all.

Crafty_Supermarket15

Looks to me that at worst the SEC would need to pursue enforcement in the courts.

Master-Monitor112

The reason bitcoin has been on an uptrend since October is that the news is that the ETF will be accepted in January. If it doesn’t get accepted then it will probably drop to 30k or lower . I doubt very much that the ETF will get accepted next year. I think crypto regulation will come first then the SEC will accept an ETF.

throwaway345t632

Maybe, but it depends on which job he's after. If he wants to be Treasury Secretary (as has been claimed) then being unreasonable and obstinate as SEC chair will harm his record. If, on the other hand, he wants to run for political office, then being obstinate and unreasonable, and losing legal cases left, right and centre on this one issue might actually help him. Not sure though as I don't have knowledge of political America.

Lyuseefur

During oral arguments the majority was leaning towards removing the SEC ability to do enforcement.

getwhirleddotcom

Most of the time it's much much easier for them to pay to just make things go away. This is why Kim Kardashian settled with the SEC for a million bucks. The bad press around the whole thing and having to go into discovery etc is not worth it for them.

Crafty_Supermarket15

If you think the Supreme Court is going to abolish the SEC, I have an ant hill I’d like to sell you for the cool price of 100 bitcoin. Let me know 🤙

throwaway345t632

If the SEC fails to approve, or batch-denies, does Gensler directly suffer, in any way? Does he have to pay for anything at all? Legal fees? Remedies and damages? No. So what does he have to lose in batch-denying them all?

Lyuseefur

At this point, I am wondering which will land first: * The Supreme Court ruling that basically abolishes the SEC (and several other agencies) * The mass ETF approval

KeyReturn7424

It is and the SEC needs to look into this

JustStopppingBye

No regulations and people wonder why polygon is getting sued by the SEC.

Perfect_Ability_1190

The SEC is worried about USDT. I think that’s the elephant in the room.

coinfeeds-bot

tldr; BlackRock has modified its proposed spot Bitcoin ETF to address SEC concerns, focusing on mitigating issues related to market manipulation and broker-dealer registrations. The revisions include introducing a "prepaid model" within the existing in-kind redemption framework to reduce financial risks for the broker-dealer. BlackRock maintains that the in-kind structure offers advantages over a cash redemption method, including lower transaction costs and reduced risk of manipulation. However, it remains unclear whether these updates will be sufficient to offset SEC unease regarding spot Bitcoin exposure for retail investors through an ETF. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

thewaybaseballgo

As safe as any other private CEX in the US. But they did pay a $30M fine to the SEC for their staking program in February. The SEC sued them for selling unregistered securities last month.

Zombie4141

You summed up everything that replays in my mind daily. There is one thing you may have gotten a tad bit wrong. Jamie Dimon talks shit about bitcoin, but JP Morgan buys every time he froths at the mouth. He is a master manipulator that pays the SEC to leave him alone. He’s like Kramer, he says he hates something to get people to sell it, so he can buy in lower.

ccModBot

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coinfeeds-bot

tldr; The article discusses the ongoing clash between Cardano founder Charles Hoskinson and the XRP community. Hoskinson expressed disappointment with the treatment of cryptocurrencies other than Bitcoin, leading to accusations of hypocrisy and attempts to discredit the XRP community. The X user accused Hoskinson of assisting in the trivialization and cover-up of Ethereum co-founder Joseph Lubin’s corruption while trying to bring clarity to Cardano. Hoskinson refuted these claims, stating there was zero evidence of Lubin bribing the SEC to go after XRP. The article also mentions Hoskinson's previous decision to no longer discuss blockchain company Ripple and the XRP token due to vicious attacks from the community. The price of Cardano's ADA token is also mentioned. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

btc_clueless

ETF should be approved within the next 40 days or so. Since the SEC lost a court case about it, the approval now seems like a near-certain thing and just a matter of when. A Bitcoin ETF (backed by "physical" Bitcoin) makes it much easier for investors to buy Bitcoin, for example through their 402k, without having to deal with custody issues. Blackrock, vanEck and other big players are getting ready. It's expected that this will push up Bitcoin's price considerably over time.

bittabet

😂 so he does a bunch of total nonsense to try and hide his ICO then gets pissed that the SEC aren’t complete morons who’ll be thrown off by some stupid voucher exchange. Might as well have just called it an ICO and done it openly, all this did was concentrate the holdings into who know where.

Drive_Timely

He was shitting back at Bitcoin maxis for constantly shitting on anything non-Bitcoin ie. “shitcoins”. Listen to the whole Q & A. He used Bitcoin as an example to prove his point about the SEC.

CrypticC2

SEC just sued kraken 9 days ago. I would stay away. https://www.sec.gov/news/press-release/2023-237

Invelious

Learn to read. He was shitting on the SEC.

efadd

I mean, he is right that there are corporate, regulated entities that various government agencies could theoretically shut down - but he is drastically mischaracterizing the situation. The 3 pools he mentions are made up of significantly more independent miners that simply point their hash at that pool. If the SEC or some other agency went after the 3 pool operators, it is trivial for the independent miners to just point their hash at another pool. So to really take the hash from those pools offline (or to control it for another purpose like 51% attack), they'd need to go after significantly more than just 3 companies. But then what? Ok, those companies are probably screwed and will liquidate their assets (e.g. miners), and in all likelihood some other miner operating in a manner they don't think they're vulnerable to being shut down will buy those miners on the cheap. We already saw what happens when a huge part of the network is taken down during the big China ban. Hash rate on the network plummeted and blocks slowed down until the next difficulty adjustment. However, then it was back to normal and hash rate gradually recovered and resumed hitting new highs. If China can't hurt Bitcoin when they had more than half of the network hash rate physically located in their country, I don't think the SEC or any other part of the US government is going to kill it.

dajohns1420

Decentralization is not only determined by how resistant to 51% attacks the chain is. I'm more concerned about censoring transactions than I am 51% attacks, but I guess that is what Charles was arguing. That's not the argument I would have made if I was accusing btc of being too centralized. Although I agree with Charles in that the SEC is being hypocritical in determining which projects are securities, I think btc is more decentralized than ADA.

gethereddout

Ok that’s a good response, thank you. Doesn’t that mean he’s still right though? Meaning if these are corporate, regulated entities, the SEC can shut them down.

Dehyak

For criticizing the SEC?

Quixote0630

I agree. But all forms of adoption will be hindered if people believe that crypto isn't worth looking into, or isn't a safe and viable option for storing money/making payments. The SEC's actions create a knock-on effect that leads to lawsuits like the one reported in this article. This is also front page news on global media outlets like the BBC. Scandals like this are the only crypto-related news that the average person is exposed to, and whilst some is justified, like the whole SBF thing, I think the SEC also leans on this as a tactic.

Fred_Sav4ge

A great another shitcoin. Good thing we have the SEC to regulate /s.

Red5point1

using exchanges as banks is not adoption. With actual crypto usage ie. p2p transactions the SEC or any other legacy regulatory agency can do f all. p2p is actual adoption.

East_Indication_7816

Almost zero chance of denial . SEC will get sued as they weren’t able to give a reason for denial . Most likely Gensler will end up removed and in jail .

PheelGoodInc

No. SEC has been on a shitcoin hunt for at least a year or two now. Not seeing much of any FUD at the moment. If anything, it looks like the media narrative around Bitcoin is shifting.

coinfeeds-bot

tldr; The relevant text for the article title is: "Charles Hoskinson criticized the SEC for giving Bitcoin a “free pass” while other crypto assets are treated as securities. The Cardano founder noted that BTC is not decentralized, as it would take merely three subpoenas to perform a 51% attack on the network. Upon being highlighted that the ADA’s ICO is the reason Cardano is treated as a security, Hoskinson stated that it did not have an ICO." Summary: Charles Hoskinson, the founder of Cardano, criticized the SEC for treating Bitcoin differently from other crypto assets and argued that Bitcoin is not as decentralized as believed. He also clarified that Cardano did not have an ICO, contrary to the belief that it did. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. If this topic is active, submit an entry in r/CointestOfficial and earn Moons if you win. Moon prizes are: 1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post.

satoshyy

SEC is definitely going after him I think that’s why he’s so mad

Altruistic_Pepper114

Thats what people dont understand. Reject that ETF and then approve Blackrock and Fidelity 2 months later...........the SEC would drown in lawsuits.

Yo_ipitythefool

Look SEC GG is a troll ... there is no guarantee he will approve BTC ETF. Analysts / youtubers say 90% chance SEC approves BTC ETF I say 50% chance. GG is not in Blackrocks pants ... GG net worth is 300 million he does not need BR future job offer. GG want to move up to Secretary of Treasury. GG has enough money he wants the power. Don't think ETF is a given ...

recessiontime

I talked to this guy in his telegram group in 2019. Told him not to use Bitcoin Hex (hex) to enrich himself, make it a fair launch. He ignored me. Now the SEC is suing him. I assumed while making dumb posts on X he was cutting a deal with them for a lesser sentence. Instead he is evading the US government, wow. Now I'm interested to see how the rest of this is going to play out.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. If this topic is active, submit an entry in r/CointestOfficial and earn Moons if you win. Moon prizes are: 1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post.

satoshyy

Doesn’t ARK want people the ability to exchange their shares for real bitcoin? SEC would never approve that

SuperSmash01

Hopefully. That's why I would want something like the XRP ruling, "sold as a security initially, but isn't actually a security in and of itself." Then Pulsechain can keep running if the community wants (seems like it's actually pretty decentralized now, at first glance anyway), and there isn't risk of the SEC using that to try and argue that ETH is a security. They've demanded a jury trial in the case against Richard Heart, which also will be interesting to see... The amount that you'd need to teach a jury about crypto in general just for them to understand what a smart contract is will be... quite the task. But I'm feeling like that's the SEC's goal. Confuse them enough and parade Richard's craziness in front of them and just get them to go with their gut without knowing actually what they're doing. Then they've got a "Pulsechain is a security" in their belt ready to be used against the rest of the space.

SuperSmash01

Oh, gotcha, my bad! :-) All the same, thanks for giving me an excuse to share my "ruling against PLS could affect ETH" fears. Honestly not sure how crypto in general will respond since most want to see Richard Heart get screwed... but if PLS get's screwed badly, the SEC has ammunition against the chain from which it was forked.

CrazyAppel

> He got lucky with Bitcoin early and then assumed he was a genius. As far as I'm concerned he grew up wealthy and he was in top-tier school and was already rich way before bitcoin. I watched a bunch of his talks in 2021 and he knew the space inside out so genius is probably not far off. Not to say that he isn't a fraudster/scammer himself who shaves from his own pool but you people shill for scam exchanges like binance, crypto.com, kraken, coinbase etc... shill scam projects like tron, mx, eth but still shamelessly trashtalk Hex as if it's a billion times worse lmao. SEC suing a bunch of scam projects? Brainlets: Crypto gatekeeping... SEC (barely) suing RH? Brainlets: Go SEC! Meanwhile, on the banner of this subreddit theres a new scam advertised every x weeks yet all these plebs are sucking off everyone they can for some moons lmfao its so pathetic

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scmapple

Along with the substantially larger volume that a US based ETF provides as others have mentioned. Many institutional investors have been turned off from bitcoin and crypto in general, due to an unclear regulatory stance and perceived unsavory custodians within the united states. A Blackrock ETF rubberstamped by the SEC themselves would vastly improve the clarity of the regulatory environment and provide a ton of confidence to anyone looking to invest larger amounts. Also, you will have the advertising and marketing budget of 12 of the largest investment companies in the world, all looking to promote these new ETFs to their customers.

SuperSmash01

Believe me, I bear no love for Richard Heart. But we might as well not spread misinformation. If I understand correctly, Pulsechain did launch earlier this year, and the HEX smart contract has been running since the end of 2019. I don't think Richard Heart will be able to avoid securities laws on the Pulse "sacrifice" (lol), but HEX itself I don't think the SEC really has as much of a case on. It's a smart contract that didn't have any "investment" or "sacrifice" and has been running and being used for 4 years with no work or development from him since launch. Just a culty (VERY culty) community promoting it and building their own apps and websites to interact with the smart contract. But yeah, with Pulsechain as far as securities laws go, I think they have him dead to rights. That said, since it is a fork of Ethereum, I'm really hoping a ruling that Pulsechain was a security isn't really the SEC's plan to go after Ethereum from there... Better to do something like the XRP ruling: he sold it as a security, but PLS isn't a security itself. We'll see. I just really hope this isn't the first step in a roadmap to target ETH, by just starting with a generally hated figure like him and his ETH fork.

moonRekt

…. And how much was he paid? Effing joke. Guess we should all scrub our social media any mention of any crypto before the SEC sues us all $100 million each, property forfeiture, wage garnishment. This is why I get sick of being called a doomsayer, literally everything we feared is happening we’re just in denial to accept it being a problem. Look at how censored social media platforms even many of these Reddit subs are and we’re relatively early into AI. I doubt personal freedoms, freedom of speech, from censorship etc—last another 10 years. And for better or worse I live in US too

Stiltzkinn

SEC was delaying ETF because Binance, Blackrock made his move.

coachhunter2

XRP. It has lost that place because of the SEC case, but I’m sure it will retake it eventually. At one point it overtook ETH and was number 2

0x07AD

The safest platform for DCA is the platform that sends bitcoin directly to your wallet (address) and never holds it. If the platform allows you to fund your fiat account for automated withdrawal on the DCA schedule, or automatically withdraws it from your bank account according the DCA schedule, it is a set it and forget it way to acquire BTC over time. Binance's new CEO is connected to the WEF. CZ's ouster was orchestrated, in my opinion, to facilitate the installation of a globalist-friendly chief executive in anticipation of the joint venture between Blackrock and Coinbase at the behest of the US SEC.

Abdeliq

Wtf is wrong with SEC actually? Sueing Ronaldo for advertising Binance? C'mon SEC, you can do better

root88

Maybe, but the SEC didn't start this lawsuit. It's just three guys looking to make a quick buck.

FunMaz20

It's one of the biggest exchanges, how would Ronaldo even know? If it took SEC these many years, we can't expect Ronaldo to know.

coinfeeds-bot

tldr; The Philippines Securities and Exchange Commission (SEC) has issued a warning against Binance, stating that the cryptocurrency exchange has been operating in the country without the necessary approval or license. The SEC emphasized that Binance must apply for registration and provide detailed information about offered securities before selling them to the public. Additionally, the SEC argued that Binance had been illicitly promoting its services in the country, and warned entities involved in promoting or trading on Binance may be held criminally liable. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Triefgee101

Absolutely... but it's still going to be intensely competitive, requiring a lot of investment up front. Bitcoin has practically gone beyond being an asset, i can basically call it a 'commodity' playing the same role as gold did in the early days of banking. what we are experiencing today is just a fight between big money pump and dump from institutional investors and SEC's protection requirements

Oheson

The US is not done with XRP yet. Only Bitcoin is a commodity. All Alts are unregistered securities. Just a matter of if the SEC can prove that.

mlamping

Why? SEC didn’t step in earlier. They waited. These companies asked the SEC to make a ruling on whether crypto is an investment vehicle or not.

coachhunter2

That’s just an analysis by a law firm, not a decision by the SEC/ a court. Ripple received multiple legal reports that XRP is not a security, but that didn’t stop the SEC claiming it is anyway.

Quixote0630

The easiest way to prevent mass adoption is to turn regular people against crypto. Convince them it's all crime and scams. The SEC's game is shady as fuck, and being played in full view, but the average person has never looked into crypto enough to realise it.

CryptoAlien2553

Good news, SEC delays Franklin Templeton Bitcoin ETF, [the delay was anticipated and has not had an immediate impact on the price of Bitcoin.](https://coincu.com/232507-sec-delays-franklin-templeton-bitcoin-etf-btc/) Currently, BTC is trading at $38,000, showing a 2% increase over the past 24 hours.