RE: Gemini and Winklevoss Twins Propose New Self Regulatory Organization
The problem with regulation is that the big players are manipulating the crypto market. Will this new entity go after them? Will offshore exchanges sign up? I think that in order for adoption of regulation to take place, the space needs to benefit monetarily. That is how things get done. Governments can try all they want, but they only have jurisdiction in their own turf. I do like the idea of cracking down on bad players of ICO.
I have heartburn about the SEC identifying cryptocurrency as securities. If the SEC would get rid of the clause that only allows people with net worth of $1 Million or more not including their primary residence, I would be on their side. It does not matter how much experience or education you have, you are not allowed to participate unless you are rich. This is a clear example of the rich protecting their ability to stay rich. Until that day comes where this clause is removed, I think the SEC should be abolished. The reason the SEC was formed is no longer being accomplished and is of little use if all they do is protect the wealthy.
Which big players are you referring to when you say they are manipulating the market?
#1 John McAfee - he has lost credibility, but still manipulated the market and knew damn well what he was doing. He is not an idiot. He tweeted his favorite coin. That coin subsequently got pumped and dumped. Did he stop? Not at first. He knew that he was manipulating the market and continued to do it. It got so bad that people were creating trading bots that would trade based on McAfee tweets. Did McAfee stop? It took him an extremely long time to stop, and only after backlash got out of hand. I'm sure he made a ton of money. Not directly traceable. Guaranteed that he made a ridiculous amounts of money.
#2 Charlie Lee - Cofounder of Litecoin and sold all of his litecoin and told everyone that to get out of cryptocurrency right before crypto market crashed. Who does that? How would the world react if Apple CEO said that he sold all of his Apple stock and told everyone to get out? Answer - he would go to jail. Charlie Lee got off scott-free and people think that he walks on water. Good Grief...
#3 Bloomberg - A supposedly reputable investment news organization. They have relentlessly published FUD and helped to drive the crypto market down during the crash. They twisted the truth and reported fake news. Bloomberg has ties with powerful people, especially those in the stock market. Why did Bloomberg wage a relentless attack on cryptocurrency with fake news? Wouldn't that hurt Bloomberg's credibility? Does it matter when there are powerful investors calling the shots? Every time a Bloomberg article gets published, thousands of other articles are spun off of the Bloomberg article... Twisting the negative news further. No one pays attention to old news anyway. The only thing that people pay attention to is news during the last 24-48 hours. Nobody is going to investigate Bloomberg.
I can go further, but I don't want to get into a huge rant.
Very Thoughtful response. I second this ^^