Mass Mutual invests in Bitcoin
- Thread starter marindependent
- Start date
-
- Tags
- bitcoin life insurance
- 10,351
You made statements and comparisons about crypto that were not accurate.
It was not personal. I just provided accurate info along with context.
Never said you or anyone else should invest in crypto. In fact, you certainly should not invest in crypto, or anything else you do not feel comfortable investing in.
I simply said the info and context you provided about crypto, was not accurate. Then gave context and examples as to why.
I dont care what you do with your money. But if you go around giving inaccurate info, dont get upset when someone corrects you. Its not personal.
Last edited:
- 4,138
I'm guessing your invest in crypto.. and despite reality, you feel that you have to defend it.
1) In the US, Pump and dump schemes are absolutely illegal. In the Crypto market, they are not. This is not an exploit of the market, it's a feature.
There are other scams that people run that exploit Crypto's decentralization. That's not to say that there aren't other scams out there. However, in its current popularity in a "buzzword" society, Crypto makes scams more prevalent.
Without a centralized regulatory process, there minimal acts of recourse when there are issues. "Setting up regulatory bodies in the US doesn't mean there's a regulatory body, currently." Tracking it for taxation is not a regulation.
Bartering is tracked (in theory) for taxation, it doesn't mean it's regulated.
Technically, illegal activity is taxed as well. Doesn't mean the government is "regulating illegal activity" outside of it being illegal.
Al Capone didn't go to jail for the illegal activity.. He went to jail for tax evasion from illegal activity profits.
Furthermore, being investigated does not make it regulated. Just because the cops can track that I used an icicle to murder someone doesn't mean there are regulations on how icicles are used or formed.
What does that mean? It's minimally regulated currently.
PS: Not all Crytpo exchanges require KYC platforms.
2) Blockchain does not stop scams. Blockchain allows you to verify a ledger. It doesn't stop from pump and dump. It doesn't stop people from sending money to Jay Mazini and getting scammed. It also doesn't tell you identifying user information, in theory.
3) Crypto is not olive oil or seafood, it's not Forex, nor is it like a stock. It's a Fiat Currency, like USD. The difference is that Crypto has NO centralized backer to give it value. Meaning, the US Government backs the dollar, which is why it's a dollar. Crypto is worth money because the Crytpo community says it is. Which is not a form of regulatory oversight.
Comparing Crypto to seafood or Olive Oil as a "fraud" comparison tool shows how weak your argument really is.
4) Crypto does not have widespread utility, currently. It just doesn't. I can't walk into the grocery store and make purchases with Crypto right now like I can with regulated currency. Hell, a crypto conference couldn't even accept Crypto as payment.
The future of crypto may be different, but currently, it is rife with scams as a feature. Regulatory agencies are still figuring out how to address decentralized currency. It absolutely is a niche currency to date.
None of that information is incorrect. I don't need to know absolutely everything about a currency to make that statement. I only need to know the most high-level function of it.
It's purely speculative. It's rife with scams as a feature. It's largely unregulated.
The actual statement I made was I don't invest in it because it's unregulated and speculative. Then you got defensive about Crypto.
Want to challenge that I'm being inaccurate? You need to bring more than your feelings and logical fallacy.
What To Know About Cryptocurrency and Scams
Crypto Pump And Dumps Aim Small Amid Speculative Trading Frenzy
Last edited:
- 5,296
I've noticed that, and personally I find it fascinating.
- 10,351
Dang dude. I said its not personal, dont care what you do, just trying to provide accurate context...
Conspiring to artificially inflate prices to defraud investors is illegal in the US, no matter what the asset is.
Despite what many in the crypto community claim (and many news articles suggest), pump and dump schemes are not legal. They are a common issue... just like the stock market...
Just ask John McAfee... he was recently charged by the SEC for a crypto pump and dump scheme.
Just like the stock market, pump and dump schemes are illegal in the crypto market. They proliferate in the crypto market for the same reason they do in the stock market.... regulators choose not to prioritize the issue. Again, I can show you clear cut pump and dump every single day in the market. Only a handful are ever investigated, much less prosecuted.
Just because you read it online doesnt make it true.
- 4,138
That's not true, at all. You tried to buff yourself up by being "right" when you aren't.
In regulated crypto markets, you're right.. Pump and dumps are illegal. However, most crypto markets ARE NOT regulated. And pump and dumps are not "illegal" because they aren't regulated.. this is by design. The anonymity behind crypto is a selling point.
Yes. There are movements by the government to regulated the space. That's great. However, when the vast amount of the space is still not regulated, it continues to be rife with scams.
How SEC Regs Will Change Cryptocurrency Markets
Secondly McAfee wasn't charged by the SEC for a pump and dump. He was charged with Securities Fraud for not disclosing he was compensated or owned a stake in a ICO he was promoting.
Pump and dumps REQUIRE there be fraudulent statements that manipulate the market.
How Does a Pump and Dump Scam Work?
SEC.gov | SEC Charges John McAfee With Fraudulently Touting ICOs
"According to the SEC’s complaint, McAfee promoted multiple ICOs on Twitter, allegedly pretending to be impartial and independent even though he was paid more than $23 million in digital assets for the promotions. When certain investors asked whether he was paid to promote the ICOs, McAfee allegedly denied receiving any compensation from the issuers. The
The Justice Department then charged him with tax evasion."
John McAfee Indicted for Tax Evasion
Also, your argument about "priority" shows a fundamental limited understanding on the government's role on investigations.
Government investigation cannot happen on literally every illegal action. Their job is to get the biggest bang for their budget.
Prosecutions are to recoup money that the government uses the prosecute. Most penny stock schemes don't have that amount of money behind them.
Last edited:
Helpico_Insure
Super Genius
- 145
One day when in the store I asked myself: Are there enough olives' trees in this world to supply for all this olive oil? It isn't too difficult to check probably. So be traditional and buy sunflower oil.
Helpico_Insure
Super Genius
- 145
- 4,138
It's okay.. I looked at your 55 past posts and you don't really add anything to the discussion anyway.
- 5,296
Similar threads
