Is the US trying to kill crypto?

[Social Media]

Is the US out to kill crypto?

Maybe.

Three years ago, the majority of the firms in the sector that Andrew Durgee's company invested in were based in the US.

This year, he estimates that just one out of every 10 will be - a reflection of his firm's judgement that the country has been growing increasingly hostile to digital assets such as cryptocurrencies and tokens.

"The administration really has a target on the industry," says Mr Durgee, managing director of the crypto division for tech firm Republic. "The regulatory uncertainty makes the investments in the US higher risk."

The sector was already under pressure, after prices of virtual currencies collapsed last year. Further damage came from the meltdown of several high-profile firms, including FTX, run by the so-called "Crypto King" Sam Bankman-Fried, whom prosecutors have accused of conducting "one of the biggest financial frauds" in US history.

[sirineou]

Realy? the US is not crazy about a currency that could if successful replace the dollar  as the world bussiness currency,  and make transactions difficult to trace, regulate, and tax? 

I cant believe that,must be fake news. 

[Celsius]

  On 6/15/2023 at 1:04 AM, sirineou said:

Realy? the US is not crazy about a currency that could if successful replace the dollar  as the world bussiness currency,  and make transactions difficult to trace, regulate, and tax? 

I cant believe that,must be fake news. 

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Cryptocurrency killed itself with countless scams.

 

 

[Gsxrnz]

I suspect the real threat to crypto is the soon to be introduced Central Bank Digital Currency.  My take is that the next major financial crisis (which is just around the corner) will trigger every major currency to wipe out paper money and traditional "banking", and introduce CBDC's. This is the WEF's wet dream coming true.

 

The technology already exists and could be introduced over a long weekend. All it needs is a big enough financial crisis to convince the proletariat that CBDC's are the only lifebelt available. Paper money and your traditional bank account become valueless overnight.

 

Putting aside the Orwellian ramifications of a government controlled and traceable CBDC (which will be the biggest impact on society since the internet and associated social platforms), the threat to crypto is that governments can restrict/limit/prevent/trace conversion of crypto to the currency du jour, being CBDC's.

 

Essentially this means that converting crypto to a CBDC is totally at the discretion of the government.  Unless of course crypto transactions become a million times more acceptable and transactional.  But even then, if a government decrees that you cannot buy or sell crypto with a CBDC, it makes the market very restrictive.

 

And of course we all trust our governments. Am I right, or am I right?

[sirineou]

  On 6/15/2023 at 1:09 AM, Celsius said:

Cryptocurrency killed itself with countless scams.

 

 

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I said that from day one.

It's speculation is based on "The greater fool"  theory. Which says, "Yes it is foolish to pay for this, but there is a greater fool who would pay more", This works until you are the greater fool, as many have sadly found out. 

[save the frogs]

  On 6/15/2023 at 1:28 AM, Gsxrnz said:

I suspect the real threat to crypto is the soon to be introduced Central Bank Digital Currency. 

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yes, i think your post is pretty accurate

[Neeranam]

  On 6/15/2023 at 1:31 AM, sirineou said:

I said that from day one.

It's speculation is based on "The greater fool"  theory. Which says, "Yes it is foolish to pay for this, but there is a greater fool who would pay more", This works until you are the greater fool, as many have sadly found out. 

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What are you talking about? Many have made lots with crypto. 

More foolish to join a crypto forum and  say it is no good. 

[Neeranam]

 

[Neeranam]

  On 6/15/2023 at 1:09 AM, Celsius said:

Cryptocurrency killed itself with countless scams.

 

 

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How many scams were in $?

 

BTW, my 2 friends got their funds back from Celsius, well 72% of it. If that was a scam, they would not have got it back. 

[sirineou]

  On 6/16/2023 at 4:11 AM, Neeranam said:

What are you talking about? Many have made lots with crypto. 

More foolish to join a crypto forum and  say it is no good. 

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And many have lost a lot more. Where do you think their gains come from?

[Neeranam]

  On 6/16/2023 at 4:14 AM, sirineou said:

And many have lost a lot more. Where do you think their gains come from?

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Unwise investors who buy at the top and sell when it goes down. Silly investors that see a bull run and buy, not having done research and expect not to have to hold for any length of time to make a profit. 

Were you one of them? Did you make a loss or a gain on your crypto?

[sirineou]

  On 6/16/2023 at 4:23 AM, Neeranam said:

Unwise investors who buy at the top and sell when it goes down. Silly investors that see a bull run and buy, not having done research and expect not to have to hold for any length of time to make a profit. 

Were you one of them? Did you make a loss or a gain on your crypto?

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That is exactly the definition of the greater fool theory

[Celsius]

  On 6/16/2023 at 4:14 AM, Neeranam said:

How many scams were in $?

 

BTW, my 2 friends got their funds back from Celsius, well 72% of it. If that was a scam, they would not have got it back. 

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This is obviously a lie. Celsius is not even close to returning customer's funds. Even if this is true what was most likely returned was the money that was not invested in their "earn" program and just sitting in wallets. 

 

The funniest part is that stealing 25% of deposits is not a scam in your book. 

 

 

ROFL

[BenStark]

  On 6/16/2023 at 4:11 AM, Neeranam said:

What are you talking about? Many have made lots with crypto. 

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Many made a lot of money in the Tulip mania, doesn't mean it wasn't a scam though.

 

  On 6/15/2023 at 12:57 AM, Social Media said:

The sector was already under pressure, after prices of virtual currencies collapsed last year.

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He answered his own question. VIRTUAL items have a VIRTUAL value.

 

 

[Neeranam]

  On 6/16/2023 at 4:30 AM, sirineou said:

That is exactly the definition of the greater fool theory

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You never answered my questions. 

How did you manage to lose money?

No one I know has lost money, this is done by hodling through bears

[sirineou]

  On 6/16/2023 at 5:54 AM, Neeranam said:

You never answered my questions. 

How did you manage to lose money?

No one I know has lost money, this is done by hodling through bears

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I am confused ,why would I need to answer  your questions??? It was not germane to the discussion  or the point that I originally made

The Greater Fool theory is a well established economic theory , studied by any first year macro economic student, first discussed by professor Burton Malkiel.where he said that as an investor, you can buy stocks or other investment assets that are clearly over-valued and still make money. This stems from his observation that due to biases in human behavior, people are generally drawn to assets whose prices are increasing. He posited that the effect is worsened due to herd mentality, where stories of immediate success by others are more likely to spur others to pursue similar gains. In short, the theory suggests that there is always a “greater fool” that you can sell the asset to. 

But the trick is for you not to be the greater fool. 

 

As far as not knowing anyone who lost money in crypto, I guess you must not know many people in crypto  then, Let me help you out. 

 

"It's not that no one has made money off crypto. In fact, our survey finds that of those who've had crypto, 28% sold it for more than it was worth. But a higher rate of investors — 38% — sold their crypto for less than it was worth when they bought it. Another 13% broke even. "

https://www.lendingtree.com/debt-consolidation/crypto-investors-survey/#:~:text=to make up.-,Losing more money than you make,Another 13% broke even.

 

 

[Neeranam]

  On 6/16/2023 at 6:39 AM, sirineou said:

I am confused ,why would I need to answer  your questions??? It was not germane to the discussion  or the point that I originally made

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Ever heard of common courtesy?

It's very relevant to the discussion as I'm trying to find out why you are against crypto on a crypto forum. I can think that you bought at the height of the bull run, sold  when it went down and are now bitter, but stand to be corrected. If I don't hear a reply, I will assume that to be the case.  

[Neeranam]

  On 6/16/2023 at 4:36 AM, BenStark said:

Many made a lot of money in the Tulip mania, doesn't mean it wasn't a scam though.

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Have you lost money by buying crypto?

 

[OneMoreFarang]

  On 6/15/2023 at 12:57 AM, Social Media said:

 "The regulatory uncertainty makes the investments in the US higher risk."

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How about the crypto currencies are high risk and the US wants to regulate that so that not too many of their citizens loose too much money? 

 

[sirineou]

  On 6/16/2023 at 6:44 AM, Neeranam said:

Ever heard of common courtesy?

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I have

  On 6/16/2023 at 6:44 AM, Neeranam said:

It's very relevant to the discussion as I'm trying to find out why you are against crypto on a crypto forum.

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where else would I be against Crypto in the  Asean Now forum?

 

  On 6/16/2023 at 6:44 AM, Neeranam said:

I can think that you bought at the height of the bull run, sold  when it went down and are now bitter,

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Is that the only option? 

 

  On 6/16/2023 at 6:44 AM, Neeranam said:

but stand to be corrected

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I deed you can,

I have been able to comfortably retire and set my wife for life after I pass on, being older than my wife, By investing wisely .

Slow and steady wins the race. Not by investing my hard earned assets in a cassino where I have a 10% higher chance to lose than I have to win.  I am happy that you are winning sure hope that it remains so. 

[Neeranam]

  On 6/16/2023 at 6:58 AM, sirineou said:

I have been able to comfortably retire and set my wife for life after I pass on, being older than my wife, By investing wisely .

Slow and steady wins the race. Not by investing my hard earned assets in a cassino where I have a 10% higher chance to lose than I have to win.  I am happy that you are winning sure hope that it remains so. 

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I suggest you go to the 'breadhead' forum, aka 'Banking, Investing etc' and share your wisdom. 

Really no point in continuing to discuss crypto. 

I would never think of going to an investment forum and telling them I have never bought bonds as I don't believe in them. Or going to the Pattaya forum and telling them it is better in Hua HIn.

I've never posted in the Motorcycle section saying something like I've reached my 50s because I've never bought a motorcyle. I really don't understand your motive here. 

[scottiejohn]

  On 6/16/2023 at 4:14 AM, Neeranam said:

my 2 friends got their funds back from Celsius, well 72% of it. If that was a scam, they would not have got it back. 

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  On 6/16/2023 at 5:54 AM, Neeranam said:

No one I know has lost money

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What about the two friends you quoted less than 4 hours ago?

Do hey not count as losing as they only got 72% back?

 

 

 

[Neeranam]

  On 6/16/2023 at 7:05 AM, scottiejohn said:

What about the two friends you quoted less than 4 hours ago?

Do hey not count as losing as they only got 72% back?

 

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One bought BTC in 2012, the other at $3,500 - $7,000 in 2018/19. They obviously didn't have all their portfolio in Celsius.

[proton]

  On 6/16/2023 at 4:11 AM, Neeranam said:

What are you talking about? Many have made lots with crypto. 

More foolish to join a crypto forum and  say it is no good. 

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Many more have not and 99.9% of crypto coins released no longer even exist

[Neeranam]

  On 6/16/2023 at 7:10 AM, proton said:

Many more have not and 99.9% of crypto coins released no longer even exist

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What about Bitcoin, anyone who has bought and held for 2.5 years + is well in profit.  It's really not rocket science. Like I said earlier, only those who did no research and came in for a quick buck and then panicked and sold have lost money. 

[proton]

  On 6/16/2023 at 7:14 AM, Neeranam said:

What about Bitcoin, anyone who has bought and held for 2.5 years + is well in profit.  It's really not rocket science. Like I said earlier, only those who did no research and came in for a quick buck and then panicked and sold have lost money. 

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An unregulated highly volatile backed by nothing fantasy 'currency' which is for speculation only.

[Neeranam]

  On 6/16/2023 at 7:20 AM, proton said:

An unregulated highly volatile backed by nothing fantasy 'currency' which is for speculation only.

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I guess it is raining so nothing to do. Have you ever bought a crypto?

[scottiejohn]

  On 6/16/2023 at 7:07 AM, Neeranam said:

One bought BTC in 2012, the other at $3,500 - $7,000 in 2018/19. They obviously didn't have all their portfolio in Celsius.

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Did they lose money?  A single word answer please of either Yes or no! 

[Neeranam]

I find it bizarre how you guys come to these threads to warn those of us, who have had our lives change by investing and holding crypto, that it is a Ponzi scheme or similar, when it obviously isn't. 

 

What is your motive? 

 

I'll leave you to it, I'm going to the gym to warn the big boys not to take steroids, because they intimidate me and make me envious. 

Actually, now I know why you guys are here, jealousy. 

 

 

[Seppius]

  On 6/16/2023 at 4:36 AM, BenStark said:

Many made a lot of money in the Tulip mania, doesn't mean it wasn't a scam though.

 

He answered his own question. VIRTUAL items have a VIRTUAL value.

 

 

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Tulip Mania lasted for just over 2 years, over 600 years ago, just for clarity. Not really relevant to compare it to crypto, which has so many everyday uses

 

https://www.britannica.com/money/crypto-use-cases