Grave dancing on the cryptocurrency market. (See? I told you this would happen)
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If you’re a crypto enthusiast, you might want to look away from this article. It’s not going to be pretty. The U.S. Securities and Exchange Commission (SEC) has decided to crack down on two of the biggest crypto exchanges in the world: Binance and Coinbase. Apparently, the SEC is not happy with how these platforms are operating and offering their services to U.S. investors. The SEC has filed lawsuits against both exchanges, alleging that they have violated securities laws and engaged in illegal activities. The SEC is seeking to shut down their operations, freeze their assets, and impose hefty fines.
This is bad news for crypto lovers, who have been enjoying the wild ride of the market in the past few months. Crypto prices have soared to new heights, reaching record levels of market capitalization and adoption. Bitcoin, Ethereum, Dogecoin, DeFi, NFTs… you name it, they’ve been booming. But now, the party might be over. The SEC’s actions could trigger a massive sell-off and a crash in the market. Crypto investors could lose millions of dollars in a matter of days.
But don’t worry, there’s always someone who’s happy to see others suffer. That someone is Michael Taylor, a columnist for the Houston Chronicle, who has been warning people about the dangers of crypto for years. He calls himself a “grave dancer” who enjoys watching the crypto market collapse. He says he told us so, and that crypto is nothing but a scam, a bubble, and a fad. He says he feels sorry for the naive and greedy people who fell for the hype and invested in crypto. He says he hopes they learn their lesson and stay away from crypto forever.
Taylor is not alone in his gloating. There are many other skeptics and critics who have been bashing crypto for a long time, and who are now feeling vindicated by the SEC’s actions. They say that crypto is a fraud, a Ponzi scheme, a waste of energy, a threat to national security, a tool for criminals, and a menace to society. They say that crypto has no intrinsic value, no real use case, no regulation, no protection, and no future. They say that crypto is doomed to fail.
But are they right? Is crypto really dead? Or is this just another bump in the road? Let’s find out in the next section.
Labelling cryptocurrency as ‘gambling’ shows lack of understanding and misses the solution, expert says
Not everyone is happy with the SEC’s crackdown on crypto. Some people think that the SEC is overstepping its bounds and stifling innovation. They argue that crypto is not a security, but a new form of money that deserves more freedom and respect. They say that crypto is not gambling, but investing in a revolutionary technology that has the potential to change the world.
One of those people is Gavin Brown, an expert on fintech and digital assets at Manchester Metropolitan University. He says that labelling cryptocurrency as ‘gambling’ shows a lack of understanding and misses the solution. He says that gambling implies randomness and luck, while cryptocurrency involves skill and strategy. He says that gambling is based on chance outcomes, while cryptocurrency is based on network effects and user adoption.
Brown says that instead of banning or restricting crypto, regulators should embrace it and foster its development. He says that crypto offers many benefits for society, such as financial inclusion, transparency, efficiency, innovation, and empowerment. He says that crypto can help solve some of the biggest problems in the world, such as poverty, inequality, corruption, and climate change.
Brown says that regulators should work with the crypto industry to create clear and fair rules that protect consumers and investors without hampering growth and innovation. He says that regulators should adopt a balanced and proportional approach that recognizes the diversity and complexity of crypto assets. He says that regulators should learn from other jurisdictions that have successfully implemented crypto-friendly policies.
Brown says that labelling cryptocurrency as ‘gambling’ is not only inaccurate but also counterproductive. He says that it creates fear and distrust among the public and discourages them from exploring the opportunities that crypto offers. He says that it also alienates and antagonizes the crypto community and drives them away from cooperation and compliance.
Brown says that instead of labelling cryptocurrency as ‘gambling’, we should label it as ‘the future’. He says that crypto is here to stay and will only grow bigger and stronger over time. He says that we should embrace it as an ally rather than an enemy.
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Spread the loveIf you’re a crypto enthusiast, you might want to look away from this article. It’s not going to be pretty. The U.S. Securities and Exchange Commission (SEC) has decided to crack down on two of the biggest crypto exchanges in the world: Binance and Coinbase. Apparently, the SEC is not happy with how these…
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