Quote from: pawel7777 on May 24, 2023, 10:05:39 PM

Quote from: Basiyu on May 24, 2023, 07:59:00 AM

The reason behind his assertion is that the crackdown that is affecting over 20,000 crypto tokens including stablecoins is making exchanges delist these assets. The effect is that users lose trust in the tokens and move their money into bitcoin which is the most decentralized.

Nonsense. If all other cryptos get delegalized and delisted, including stablecoins - some might move into bitcoin, but a huge portion of traders/investors would just exit the crypto market altogether. I'm sure that a lot of demand for bitcoins comes from traders who trade it against other cryptos. Not to mention that it would create uncertainty if BTC also won't be declared as security at some point etc.

What it would certainly do is move much of the trading of altcoins and tokens to decentralized exchanges and DeFi where we do not need to give the custody of our digital assets to centralized exchanges. I reckon the regulators might be underestimating what anonymous developers and and an anonymous community are prepared to do to help continue the existence of the cryptospace.

Trading, mining and staking cryptocoins and tokens are banned in China but has this stopped the Chinese people? They only made them more careful and anonymous.