Green Saturday – Trustnodes

Green Saturday


Good morning America. Much is green today as you can see from the featured image above. Around 10% for most of it. With the global market cap recovering somewhat to $630 billion, while volumes stand at a slightly lower side of $35 billion.

All green

The government shutdown might have something to do with it, although perhaps bears were left with nothing more to sell despite SEC, and now CFTC, trying to bully the sentiment. They had a join statement:

“When market participants engage in fraud under the guise of offering digital instruments – whether characterized as virtual currencies, coins, tokens, or the like – the SEC and the CFTC will look beyond form, examine the substance of the activity and prosecute violations of the federal securities and commodities laws.

The Divisions of Enforcement for the SEC and CFTC will continue to address violations and bring actions to stop and prevent fraud in the offer and sale of digital instruments.”

They speak of fraud, but what they really mean is they’ll prosecute any ICO that doesn’t seek a license from them first – unless that ICO wants to raise money from SEC’s buddies or, as they call them, accredited investors.

In effect they have turned the law into guilty until “proven” innocent by the SEC’s very expensive and months/years long licensing process, as opposed to the opposite. Innocent until proven guilty of fraud or whatever other crime.

Because of course no one wants to see fraud in this space, but punishment of those who do engage in fraud should be a sufficient deterrent. Thus it is in no way necessary to prevent law abiding citizens from engaging in proper value creation unless they raise money from the buddies of SEC’s chairman or ask him for permission to engage in voluntary contractual relationships.

The bitcoin biased Coincenter applauded their approach of declaring all are guilty until proven innocent, but here at Trustnodes we find it draconian because we think it is unjustified.

We do think there should be guidelines and have called out ICOs for not reporting profits or revenues if they already have an established business. But we do not in any way think that one must by default first ask permission to engage in voluntary contractual agreements between investors and the invested. Especially considering such requirement does not apply to the rich.

A travesty, really, which further indicates how much our democracy is descending into Kleptocracy. No wonder the rich keep getting richer while we have to pay trillions to the banks for the privilege. Not least because the guy who runs the SEC is literally the bankers’ lawyer.

So no one was surprised when SEC said, in effect, a crypto ETF has pretty much zero chance. Why would bankers’ SEC want to support a competitor to bankers’ money printing?

You’d think elected politicians would have the smarts to reign in on some of their captured civil service so as to regain some of their own freedom and independence, but most such politicians are so old they barely know about the internet let alone blockchain stuff.

The unelected civil service, thus, is running amok, making policies and even legislating, with no political oversight. They now even have the guts to go around stating if you buy Venezuelan crypto peso you might be breaking sanctions, and thus the law:

“The petro digital currency would appear to be an extension of credit to the Venezuelan government … (and) could therefore expose U.S. persons to legal risk,” a Treasury spokesman told Reuters on Tuesday.

We don’t really think a crypto peso is necessarily a good idea, although haven’t quite looked into it, but the suggestion that buying foreign currency is in effect giving money to that foreign government is quite curious indeed.

Especially when considering the British government might not be getting any money from even real cryptocurrencies. So the Telegraph speculates, suggesting crypto gains could be classified as gambling winnings, which are apparently tax free in UK. Although HMRC in a roundabout way said it might be very much classified under trading.

More interesting than any of the above is Filament. Apparently they are creating a chip which connects blockchain tech with the internet of things (IoT) primarily to be used in supply chains.

It is a concept that, in many ways, is quite old and an extension of sorts from the Ethereum Computer which was meant to debut back in November, but not very clear what happened since.

The final not worthy of full article “news” for the day is music. The crypto artists have seemingly found their way to this space, or at least some of them, with one relatively new crypto song gaining more than 200,000 views on Youtube.

It is a bit too repetitive (brainwashing) for our liking, but some tunes are catchy. Overall, it does sound far better than the perhaps more passionate, but almost unbearable to hear, F*** Blockstream song.

Who knows, maybe one day a crypto song will even go mainstream and be repeated in the radio every 2.5 seconds, but until the next table chat enjoy the greens for today and may god bless this free land, with or without government.


Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>