4 ms·
Yeah FTX did nothing wrong! #FreeSBF The problem with crypto was that non-crypto people got into it. It's all fun and games when you use crypto to pay for thin
by lesuorac 3y ago
Yeah FTX did nothing wrong! #FreeSBF
The problem with crypto was that non-crypto people got into it. It's all fun and games when you use crypto to pay for things like a currency but the second people start hodling because they speculate its value will increase it becomes a security.
While true it would be best if the SEC enforced rules the second they were broken, when have you seen a government agency act fast? It took a literal collapse of FTX for the SEC to get involved.
- matheusmoreira 3y ago> the second people start hodling because they speculate its value will increase it becomes a security Huh? So USD is a security now? And so is every other currency in existence?
- lesuorac 3y agoI'm not aware of a case where 1 USD becomes worth more than 1 USD.
- cableshaft 3y agoI can keep USD in a bank or money market account and get more USD out of it, just like I can for Solana or Ethereum. I'm currently earning like 3% on one of my accounts. It might not seem that way because we've had zero percent interest rates for so long and banks have had their rates at like 0.01% or something super low, but that doesn't mean it doesn't happen. Also the value of the USD changes relative to other currencies all the time. There was a time where you needed 2 USD to get 1 British pound, but right now it's 1.25 british pounds for a dollar (i.e. the USD has increased in value compared to the british pound). There are people that make serious money just from trading between foreign currencies at the right time.
- lesuorac 3y agoYou mean if you invest your USD into a Money Market Account its able to generate a yield? How can one sell a Money Market Account for more than they bought one for? The USD isn't generating a yield the Money Market Account is. > There are people that make serious money just from trading between foreign currencies at the right time. And if you advertise the GBP as a way for people to invest their USD on the premise that they can sell the GBP for more USD in the end I bet the SEC will not look fondly on you. There are also people that made bank on the stock market; doesn't make it not a security.
- abosherid 3y agoUSD are the last thing I want to speculate will increase in value. History has shown USD lose value over time.
- matheusmoreira 3y agoThere's no doubt it will lose value. The question is whether it will lose value faster than other currencies.