Current Events > More pain for crypto-bros. Executive order on crypto soon

(+) Yeah! (+)

https://www.coindesk.com/policy/2022/01/24/biden-administration-to-release-executive-order-on-crypto-as-early-as-february-report/

SMACKDOWN HERE COMES THE PAIN

@BlockAddition @Chortlez

https://gamefaqs.gamespot.com/a/user_image/1/7/6/AAQ6H1AAC17Y.jpg
The FG Index is looking bad.

https://gamefaqs.gamespot.com/a/user_image/1/7/7/AAQ6H1AAC17Z.jpg
The TA gives me hope though

inb4 absolute tidal wave of 'gently used' graphics cards hit the market

https://gamefaqs.gamespot.com/a/user_image/2/8/5/AAe282AAC1d1.jpg

LinkDaLunatic posted...

inb4 absolute tidal wave of 'gently used' graphics cards hit the market

Fuck yeah

Government: me see money. me want. I hard worker.

Unsugarized_Foo posted...

Government: me see money. me want. I hard worker.

Is this supposed to be a defense of crypto, which is centered around making money off artificial scarcity? Much hard work.

1337toothbrush posted...

Is this supposed to be a defense of crypto, which is centered around making money off artificial scarcity? Much hard work.

Are you.....are you defending the United States government...over crypto bros? Lmao

SergeantGander posted...

Are you.....are you defending the United States government...over crypto bros? Lmao

I mean I definitely would

Crypto bros fucking suck

But crypto is not regulated!

SergeantGander posted...

Are you.....are you defending the United States government...over crypto bros? Lmao

I'm fine with pretty much anybody legally taking things that belong to crypto bros.

1337toothbrush posted...

SMACKDOWN HERE COMES THE PAIN

@BlockAddition @Chortlez

YIKES

Still a way to go before I need to start thinking about getting a jerb and selling my mortgage free house but thanks for the heads up man

SergeantGander posted...

Are you.....are you defending the United States government...over crypto bros? Lmao

I'm no fan of the government, but I'm even less of a fan of crypto bros. Crypto is peak capitalism. Don't kid yourself, crypto is not any more friendly to the little guy. In fact, inequality manages to be even greater in crypto.

1337toothbrush posted...

I'm no fan of the government, but I'm even less of a fan of crypto bros. Crypto is peak capitalism. Don't kid yourself, crypto is not any more friendly to the little guy. In fact, inequality manages to be even greater in crypto.

I knocked 10 years off my mortgage and finished off my wife's student loans from investing less than $5k in Crypto, over a 2 year period, but sure.

SergeantGander posted...

I knocked 10 years off my mortgage and finished off my wife's student loans from investing less than $5k in Crypto, over a 2 year period, but sure.

You're not really the little guy if you have a mortgage and 5k to yeet into crpyto

SergeantGander posted...

I knocked 10 years off my mortgage and finished off my wife's student loans from investing less than $5k in Crypto, over a 2 year period, but sure.

"i mAdE mOnEy sO iT iS LeGiT!!1"

SergeantGander posted...

I knocked 10 years off my mortgage and finished off my wife's student loans from investing less than $5k in Crypto, over a 2 year period, but sure.

You understand that your gain was someone else's loss, right? It's a pyramid scheme

Cryptos and NFTs cant die soon enough.

its legit a ponzi scheme where IF you were lucky enough to strike at the right time you made $$$.

But at the end of the day its just a bunch of unregulated bullshit where people with the capital are preying on those who are pumping money they shouldnt into it and are getting caught up believing its easy money.

if you think crypto isnt being pushed at the top by big financial institutions youre a fool and you deserve to lose your money.

Doom_Art posted...

I mean I definitely would

IShall_Run_Amok posted...

I'm fine with pretty much anybody legally taking things that belong to crypto bros.

1337toothbrush posted...

I'm no fan of the government, but I'm even less of a fan of crypto bros.

jfc

SergeantGander posted...

I knocked 10 years off my mortgage and finished off my wife's student loans from investing less than $5k in Crypto, over a 2 year period, but sure.

Lol. "This personal anecdote proves I'm right and you're wrong"

ThyCorndog posted...

You understand that your gain was someone else's loss, right? It's a pyramid scheme

Crypto bros generally don't understand that concept

Crypto bros are the epitome of "I got mine fuck everyone else"

Imagine attacking a guy who came out looking pretty good. A lot of f***ing girly energy in here lmao. Atta boy @SergeantGander

tommybel89 posted...

A lot of f***ing girly energy

"girly energy"? what are you a middle aged high school gym teacher?

Did anyone even read the article?

Bail outs for crypto?

Questionmarktarius posted...

Did anyone even read the article?

Yes. There aren't details as of yet, but it certainly won't be beneficial for current crypto holders when the White house gives itself a more direct role in regulation and policies.

There's probably not a whole hell of a lot an executive order can actually do.

Doom_Art posted...

Crypto bros are the epitome of "I got mine fuck everyone else"

Not really, crypto bros are still buying because they think that the long term price will still go up, meaning that everyone else can still get in on it.

These same arguments have been going on for years and years. When I got in 3 years ago people thought it was too late, but I'm still up about $160k even after this crash. I'm still buying, and I wouldn't be if I thought it was too late to get in.

Doom_Art posted...

Crypto bros are the epitome of "I got mine fuck everyone else"

Besides buying a house (which I mentioned earlier) you have no idea what I do with my crypto gains, but it's nice to assume

BlockAddition posted...

you have no idea what I do with my crypto gains

i don't care, is the thing lol

then why are you posting

Doesnt this defeat the purpose of deregulated finance?

@Sad_Face

How is it looking for LINK?

Returning_CEmen posted...

Doesnt this defeat the purpose of deregulated finance?

Nothing about crypto makes it magically immune to government meddling.

I was told Biden couldn't just wave his hands and make something happen though

NoMeLx22x posted...

Lol. "This personal anecdote proves I'm right and you're wrong"

Changed my life, and plenty of others.

Let me guess, stock market is all a scam too right?

Gwynevere posted...

I was told Biden couldn't just wave his hands and make something happen though

Probably not, which is why the EO is "let's take a look at this".

Pelosi did liquidate $1 million of Apple stock.

Gobbling up the BTC dip

SergeantGander posted...

Changed my life, and plenty of others.

Let me guess, stock market is all a scam too right?

Winning the lottery also changes people's lives.

Here's another reason to hate crypto.

https://www.thestreet.com/investing/cryptocurrency/neo-nazis-turning-to-bitcoin-other-crypto-to-raise-funds-report

SergeantGander posted...

Changed my life, and plenty of others.

Let me guess, stock market is all a scam too right?

Stock market is based on shares in actual companies

Crypto is based on shares in imaginary coins based on data composition

1337toothbrush posted...

Winning the lottery also changes people's lives.

Hahaha please don't tell me you're serious...if you actually think the odds of winning the lottery is similar to the chances of making some money investing in crypto....yikes

SergeantGander posted...

Hahaha please don't tell me you're serious...if you actually think the odds of winning the lottery is similar to the chances of making some money investing in crypto....yikes

Where do you think the money is coming from?

Rathinor posted...

Stock market is based on shares in actual companies

Crypto is based on shares in imaginary coins based on data composition

You can exchange those shares in actual companies for what? Paper currency?

Can you tell me why paper currency has value?

IShall_Run_Amok posted...

Here's another reason to hate crypto.

https://www.thestreet.com/investing/cryptocurrency/neo-nazis-turning-to-bitcoin-other-crypto-to-raise-funds-report

Neo nazis also turned to USD to raise funds and will again in the future. Rumour has it neo nazis even use the internet time for you to cancel your ISP

its the future of finance!

Kloe_Rinz posted...

Neo nazis also turned to USD to raise funds and will again in the future. Rumour has it neo nazis even use the internet time for you to cancel your ISP

Omfg guys....NeoNazis congregate on internet message boards!!

https://gamefaqs.gamespot.com/a/user_image/5/1/8/AAVhgRAAC0TW.jpg

@ToPoPO posted...

How is it looking for LINK?

$14.58 right now. If I had money to spare, I'd buy more. The market action right now is irrelevant. I'd be worried if your mum or gram gram were using services not knowing it was powered by Chainlink and the price was $20. Then I'd start worrying about my financial future. In any case, on New Year's day, Chainlink released a video by the CEO outlining the initiatives for the year; staking, CCIP (cross chain interoperability protocol), and becoming an enterprise abstraction layer. It's an hour long video and I just mentioned the most important things (and will mention other important tidbits below) but you can check out the video here.

https://www.youtube.com/watch?v=YShbzR7mlog

Staking has been talked about for years but Chainlink is only now planning to release it because a number of decentralized oracle networks (DONs) have become profitable and no longer need to to be subsidized by Chainlink. So now the economics are in place to make staking worthwhile. Other staking protocols are essentially them paying staking participants a fee (via the interest rates) to incentivize them holding. Chainlink's staking protocol is to maximize security. If your node isn't up to snuff, you'll have to fork up your link holding to not maintaining a certain standard. This will be interesting because I don't believe every crowdsourcing node operator will accept every staker's tokens as it'll dilute the profits and there more than likely will be diminishing returns in how much visibility you'll get with a large sum of staked tokens. It's definitely going to have some interesting economics and it'll be needed for the coming abstraction layer to connect enterprise companies' systems (or internal blockchains) to public blockchains and for CCIP.

CCIP is something I'm super interested in just to see what kind of impact it'll have on the industry. Cross chain bridging is a heated and competitive field but I think Chainlink has an advantage because they're already integrated with over 1000 projects on multiple blockchains. They securely pass data, so it seems like a natural evolution to pass instructions too. A lot of people are theorizing that Chainlink will siphon a lot of value from Ethereum and pit Ethereum and every blockchain together to have them prove their right to exist. I want to be optimistic about Ethereum's future since they're the most secure blockchain for smart contracts (to exclude the BTC out the picture) and if anything, the price feed contracts that everyone depends on for DeFi should be on a Layer 2 roll up that depends on Ethereum for security. One thing I'm really excited about in is seeing how you could create a dapp that depends on multiple blockchains. I know the Ethereum Name Service would be thrilled to have the same readable name be usable on every blockchain instead of you manually managing multiple addresses. If I were to build a project, I'd try to build a ERC-20 ****coin washer with Monero's blockchain >_>

But regarding the topic at hand, there was a congressional hearing and they invited Chainlink's chief scientist Ari Juels to testify. Holy cow he did something I never thought was possible, he fudded the heck out of BTC, basically saying it was not necessary for the industry. Now granted, the BTC is completely removed from the rest of industry as it doesn't have viable support for smart contract development. But its importance comes from the tokenomics and having the largest network giving it the security to be treated as digital gold. To basically handwave off its value like that, why would you do this?

And even more shockingly, Chainlink's CCIP development is directed by Ben Chan, the creator of WBTC, wrapped BTC, basically BTC on the Ethereum blockchain where they lock up BTC on the BTC network and mint token equivalents to be used on Ethereum's blockchain. CCIP will basically mesh all blockchains together so you could have the best of everything. So Juels' words comes off as horribly disingenuous but of course the congressmen won't know since they're not privy to this information. You can check out his 5 minute opening statement here.

https://www.youtube.com/watch?t=1623&v=S39ywwB3crI

But yeah, the market may be in shambles, but if you're excited for the tech, don't worry about the market. Good things are happening.