He is mostly right, although I don't believe that US-based VCs would not invest offshore IF SEC put screws on "crypto" in US.
It is very easy for them to spawn a subsidiary on some island and proceed from there.
BTW, Fidelity already opened up some beta site for retail investment in something they call "bitcoin", but, apparently, you cannot withdraw such 'bitcoin", lol.
Fake bitcoin would be the next "thing" among banks, me thinks.
I read that twitter story by Mark Moss and I should apologize in advance if my questions are way too newbish... I am very new to crypto
I invested in btc and some altcoins and I really believe that btc is the future. While this Mark's does make sense to me, I have had some questions though...
If SEC could be so tough to declare all crypto except btc as a security why they have not won that battle against XRP for such a long time?
Since SEC is a regulating authority, shouldn't it its decisions be approved by both senate and congress before going public which seems hard to me since they belong to two different parties now?
What about btc forks (I know most of them is a total crap) - how would SEC decide which of them is a security and which not?
On a larger scale - all real POW projects - how to spot a security vs non-security. It just seems to me very time consuming job for SEC given that lengthy battle against XRP...
My personal take on this (I could be wrong of course) that just an announcement that SEC starts its review whether all crypto is a security will likely put entire crypto market into a lengthy bearish season...
Any insights would be appreciated....
PS I also anticipate a bunch of lawyers from large crypto projects suing SEC obviously they dont want to loose their money because of SEC
good questions...
If SEC could be so tough to declare all crypto except btc as a security why they have not won that battle against XRP for such a long time?
Because both parties are throwing 100 of mil (minimum) at each other. i don't really know the current score. If XRP to disappear, bitcoin would not be affected.
the question of forks is not relevant anymore due to their size or the lack of it.
My personal take on this (I could be wrong of course) that just an announcement that SEC starts its review whether all crypto is a security will likely put entire crypto market into a lengthy bearish season...
Why is this? It's all Howey-test based idiocy anyway. The world DOES NOT care about security/not security...it's SEC who are obsessed over it due to, I guess, the desire to "regulate" everything.
If you are angling to predict when is the good time to invest (if ever), then you will never DO IT.
Your loss.