Look what happens to gold because GLD and derivatives based on that. Bitcoin might be rudely surprised when big boys use their derivatives to manipulate bitcoin price for their own advantage.
There is no greater irony than the fact that the subject of so much fawning by the libertarian community and its ability to avoid the structures and regulations that exist in every government was desperate to get approved to become part of that same system. you are correct, Blackrock has far more money than any hodlers and will be able to control the price, ultimately. I would not look for it to run away.
There is no way around amending the U.S. Constitution. Take this: "Section 4: The right of the people, to conduct and account for commerce, by the monetary unit, and in the manner of their choice, is a right fundamental to ordered liberty."
If in the Constitution, this section would trigger "strict scrutiny" of all efforts to regulate Bitcoin. The government would have to explain a "compelling government interest" and, if they could pass that test, their regulations would have to be the "least restrictive means" of upholding that interest.
As for exchanges, this: "Section 6: No law in the United States, nor the authority of any Executive, shall prohibit private custody of any private crypto currency. All crypto currency held on public exchanges shall remain the sole property of the person attested on the public ledger. The Bankruptcy laws of the United States shall not be otherwise impaired by this Section."
FTX likely shows us that coins held on an exchange are an asset of the exchange (meaning they're not yours). What is yours is a contractual claim (a corresponding liability) on the exchange's balance sheet. This pretty much defeats the whole purpose - an exchange is no different than a bank.
For the regulators/government this is a case of: if we cant stop it we’ll join and control it. By the way...if anyone thinks that all these banks issuing the ETF did not start buying Bitcoin at the very lows you should think again...what drove all this rally up is them not retail. News are just to control a narrative.
Just the casino creating another table to gamble on what will happen at the BTC table. How many "coins" are there now gambling on the same outcome?
"Supply and Demand" has long ago been manipulated, controlled, regulated, and incentivized to the point that Adam Smith would no longer recognize "supply and demand."
How long before some goobermint subsidies/regulations are thrown into the mix to create some demand?
Why is supply trickled out through mining and then slowed even further by "halvings"?
Talking about "markets" today as if they are real and NOT some artificial, zombie, narrative-supporting, sheeple-controlling mechanism is just boring.........and a lot less entertaining than a discussion about who would win a fight between the Hulk and Superman.
Look what happens to gold because GLD and derivatives based on that. Bitcoin might be rudely surprised when big boys use their derivatives to manipulate bitcoin price for their own advantage.
There is no greater irony than the fact that the subject of so much fawning by the libertarian community and its ability to avoid the structures and regulations that exist in every government was desperate to get approved to become part of that same system. you are correct, Blackrock has far more money than any hodlers and will be able to control the price, ultimately. I would not look for it to run away.
Another tail wagging another dog.
There is no way around amending the U.S. Constitution. Take this: "Section 4: The right of the people, to conduct and account for commerce, by the monetary unit, and in the manner of their choice, is a right fundamental to ordered liberty."
If in the Constitution, this section would trigger "strict scrutiny" of all efforts to regulate Bitcoin. The government would have to explain a "compelling government interest" and, if they could pass that test, their regulations would have to be the "least restrictive means" of upholding that interest.
As for exchanges, this: "Section 6: No law in the United States, nor the authority of any Executive, shall prohibit private custody of any private crypto currency. All crypto currency held on public exchanges shall remain the sole property of the person attested on the public ledger. The Bankruptcy laws of the United States shall not be otherwise impaired by this Section."
FTX likely shows us that coins held on an exchange are an asset of the exchange (meaning they're not yours). What is yours is a contractual claim (a corresponding liability) on the exchange's balance sheet. This pretty much defeats the whole purpose - an exchange is no different than a bank.
https://www.amazon.com/Libertys-Silver-Bullet-Liberties-Constitution-ebook/dp/B0CL2HLC3N/
For the regulators/government this is a case of: if we cant stop it we’ll join and control it. By the way...if anyone thinks that all these banks issuing the ETF did not start buying Bitcoin at the very lows you should think again...what drove all this rally up is them not retail. News are just to control a narrative.
Just the casino creating another table to gamble on what will happen at the BTC table. How many "coins" are there now gambling on the same outcome?
"Supply and Demand" has long ago been manipulated, controlled, regulated, and incentivized to the point that Adam Smith would no longer recognize "supply and demand."
How long before some goobermint subsidies/regulations are thrown into the mix to create some demand?
Why is supply trickled out through mining and then slowed even further by "halvings"?
Talking about "markets" today as if they are real and NOT some artificial, zombie, narrative-supporting, sheeple-controlling mechanism is just boring.........and a lot less entertaining than a discussion about who would win a fight between the Hulk and Superman.
I think the fork concept is quite realistic. and boy will it cause some fireworks!
The US dollar has been used for money laundering, sanctions evasion, drug deals and much more.
Any medium of exchange can and will be used to facilitate crime. Which banks hold accounts for which cartels?
Yes! Everyone watch “The Last Narc” on Prime Video and buy the book. It will make everything clear as day.
https://www.youtube.com/watch?v=twdydeMPIeE&list=TLPQMjgwMTIwMjS8-tI_9FdUgg&index=1