Bozzlife: Why the SEC doesn't worry me
Last week we saw the SEC fire some shots over the bow of crypto currency as a whole with their lawsuit against XRP. This move created a wave of FUD that spread throughout the markets causing tokens to make a mild retreat.
While most of them have begun to recover, there is still that lingering litigation in the back of everyone's mind.
Personally, I don't think that it is going to have as big of an impact as some people may think. We have already lived through countless countries banning crypto, shutting down exchanges, and hampering the overall landscape of crypto currency.
Ultimately these countries either change their position in time or blockchain and crypto continues to thrive despite their best efforts.
One of the key factors that makes cryptocurrency so investable is its resilience in the face of adversity.
While people who hold a large bag of XRP may be directly impacted, I think the long term out look for what the SEC has planned isn't as concerning as some people may think.
We know that in just one short month there will be a changing of the guard in Washington. While Democrats in general are pretty open minded about the idea of digital currencies, the new treasury secretary seems to have a more cautious outlook on them.
I don't believe she has ever outright bashed them, but she has labeled them as risky. Watching the prices fluctuate as we have over the past three years, I don't think anyone could reasonably argue that isn't the case.
Stocks could be considered just as risky and yet people still invest in them.
Personally, I have a company that I purchased a decent handful of their stock. They went bankrupt and initiated a reverse split. Suddenly, those 25 shares I was holding are now one or two shares and the value is gone.
When I was working at Radio Shack I invested a portion of my paycheck into their stock. Sure enough, they also went bankrupt and now I am holding a bunch of worthless stock certificates.
The hard fact is, I have lost more money in the stock market than I have in crypto over my lifetime.
What really gives me hope against all of this SEC FUD is the amount of money that has been getting pumped into crypto by the big banks lately.
Anyone that is even minimally familiar with American politics knows that one thing goes hand in hand with big corporations that have a ton of money at their disposal: Corporate Lobbying.
I have no doubt many of these companies who are investing money into cryptocurrencies already have a team of lobbyists ready to assault those who run the government to ensure their best interests and the security of their investors funds are protected.
We have seen this happen countless times over the years: guns, tobacco, pharma, the auto industry, the list goes on and on. My FUD is low because I think ultimately the people who have influenced the government and our way of life for years will do what they do best.
Sports Talk Social - @bozz.sports
Posted Using LeoFinance Beta
https://twitter.com/JayBosworth5/status/1343553979532263424
totally agree with you! Also let's take into account that big corporations, multimillionaires, and even whole governments have invested in cryptos. Therefore it won't be so easy to drag them down, cryptos are here to stay.
The only thing i am afraid though, are some strict regulations that may enforce us
Posted Using LeoFinance Beta
Regulations in the US are already pretty strict. It is hard to get into the crypto game and once you do, they are using KYC to make sure they get their cut when you want to cash out. I know I shouldn't say it, but at this point I can't imagine what more they could do. It isn't going to be in their best interest to drive these companies overseas. I am hoping once Coinbase gets their IPO approved it could usher in a new age of acceptance.
Posted Using LeoFinance Beta
so what are you guys doing to avoid KYC? or you are just sharing your info with them because it's unavoidable?
Posted Using LeoFinance Beta
I am just doing the KYC. If I ever make a significant amount in crypto they can have their thirty to forty percent. It will still be sixty to seventy percent more than what I had.
Isn't XRP not even a real crypto, more of an IOU that seems to sound like a crypto? I remember someone making that statement recently. Maybe it's not decentralized or something but I remember it being thrown out that XRP isn't like other crypto. I know that they are incredibly lop-sided with most of the owning of the token is in the hands of a few people who created it or were in the know when it was created.
Regardless, I've been waiting to drop my XRP bags for a while and I got the chance and took it. Could've made more off it but I was still up so I took it. I got a bad taste in my mouth a while back where the guy who made XRP was saying everything else was a shitcoin and his was the best.
I have never really been a fan of XRP. I feel like it was created by big banks for big banks and it always felt like the anti-crypto crypto to me. Because of that I don't really know a ton about it. I do know that this SEC thing has created a lot of FUD across the board and I personally am not letting it worry me too much.
Posted Using LeoFinance Beta
Great post. I subscribe to all of what you wrote.
I would also add that in a month from now XRP will be at the same place from where it felt. A lawsuit doesn't mean the end. It can be lost, I don't even care. All I know is that people forget quite fast, occasional FUD occurs and there is a lot of money to be made by manipulating prices. There's so much corruption in the world right now and quite a few people know how to profit off of it.
Posted Using LeoFinance Beta
I've never held "The Bankster's Coin" and frankly don't think the SEC's litigation against Ripple is an attack on real crypto at all.
Indeed it is an indirect acknowledgement that reasonably decentralised coins like BTC, ETH and HIVE are beyond the SEC's authority either de jure or de facto.
Its a warning for Yuchen Sun and TRON though.
More info why you see this.
Posted Using LeoFinance Beta
Thank you!
Posted Using LeoFinance Beta
I also don't see much coming out of it. With all the big money now driving the markets they will lobby to protect their assets.
Posted Using LeoFinance Beta
For sure!
Posted Using LeoFinance Beta