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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Gachapin
on 20/04/2023, 23:10:01 UTC
⭐ Merited by JayJuanGee (1)

I don't  buy the whole anti-Gensler sentiment...
He certainly knows his stuff.  His MIT lectures "Blockchain and money" are among the best on the topic out there.

MIT 15.S12 Blockchain and Money, Fall 2018 MIT OpenCourseWare
https://www.youtube.com/watch?v=EH6vE97qIP4&list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn


I tend to think Gensler is good for Bitcoin and bad for shitcoins...

There is a quite reasonable explanation why he wasn't answering the mEth questions in the hearing straightly.
That is, his agency is probably building a case against mEth.

SEC Coming For Your Crypto (Ethereum)
https://www.youtube.com/watch?v=ldcRstRjMqQ

You think he will stop at shitcoins...that's laughable.


That's not what I said.  But if you desperately wanna fight straw men..  be my guest.

Again, here is my quote: "I tend to think Gensler is good for Bitcoin and bad for shitcoins"
(I mean him, not the people behind him, or anyone else):

#1
He knows very well the technical an monetary differences between Bitcoin and shitcoins.  I think you know how important that knowledge is in order to understand Bitcoins's decentralization, purity and the value thereof.  (check out his MIT lectures and you will see how deep his understanding is)

#2
He has already declared Bitcoin a non-security. Which is good for Bitcoin.

#3
When asked about different shitcoins, he always refers to the Howey-Test.  And it's obvious that almost any shitcoin will pass the that test.
In result that is bad for these shitcoins



Maybe a few people here should read the "First they came" poem by M. Niemoller...
...it's quite relevant despite a multitude of the opposite opinions on this forum.

I learned it in high school, decades ago.  It was good life advice for me.


As I understand it, you try to draw a connection between Niemöller's saying and this Bitcoin/shitcoin/Gensler talk, no?

I might get you wrong, but do you wanna imply that Bitcoiners should try to be vocal in favor of shitcoins, like mEth, in order to avoid being the next on the list who the state is coming for ?

If yes, primarily prepare for JJG's batslap  Grin  and secondarily I think it's an inaccurate comparison:

#1
The Nazis came for their opponents...
but most shitcoins like mEth are no opponent for the fiat system, because they support exactly the same power structure, (power of the rich) by POS, pre-mine etc.
If Bitcoin is seen as an enemy, it will be so no matter if shitcoins exist or not.  It's not the same animal.

#2
The Nazis came to put humans into camps or to kill them...
totally inadequate to compare that to regulators who come for illegal securities scams and try to get them registered in a way any other non-scammy product has to do it


However if you like... and if you can endure some slapping  Grin... anyone feel free to vocally support shitcoins in order to save Bitcoin from the state..
But I think that logic is a laughable(to use your wording)
It makes only sense, if you are a shitcoiner and don't get the difference between Bitcoin and shitcoins... but even Gensler gets it, what brings me back to my OP