0 sats \ 7 replies \ @kr OP 6 Jun 2023 \ parent \ on: Robosats Did 24.44 BTC of Trading Volume in May bitcoin
nice, what caused you to make the shift to entirely p2p buys?
It's a long story. I was using Swan. I was grandfathered in even though I'm a NY resident and they no longer serviced NY accounts. They notified me after last week's switch from Prime to Fortress that I can no longer make buys. It's just as well. I have to get used to P2P anyway. By the time Gensler is done, we all might.
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I don't think Gensler is going after Bitcoin as I'm pretty sure he has recognized it as a commodity in the past. Could be wrong though.
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Oh, I agree. There's no way he can go after bitcoin, especially now that he apparently is pushing the fiction that eth isn't a security. The administration or one of the alphabet agencies of the executive branch will come after bitcoin re the mining fud idiocy, but it won't be nearly as effective as today's actions. The rest of the world will pick up the mining slack within months.
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The fact that ETH was not included was interesting to me. Do you think he considers it not security? Was he actually pushing that it wasn't a security?
I think that the SEC will eventually go after ETH. I think they are starting with the small cryptocurrencies first to sort of build a precedent and if they are ruled securities (which they very likely will be) then they will go after ETH.
Literally the only fact you have to look at to see that ETH is a security is that its premine still makes up 60% of its supply as of June 10, 2022. (source https://www.galaxy.com/research/insights/breakdown-of-ethereum-supply-distribution-since-genesis/)
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I agree with you that eth is a security. I'm starting to think the government may want to keep eth around, though. We'll see. I misunderstood your point on your last reply to me, when I said we all might need P2P soon. With the exception of Swan and CashApp, which are both bitcoin only businesses, I don't think the other exchanges can survive just trading bitcoin and (maybe) eth. That's what I was thinking, but it was an off hand comment.
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Oh I see! Do Swan and CashApp run their own markets? I use Strike and I know that they use some other exchange to actually execute trades.
Yes I totally agree that all these exchanges are gonna get a lot smaller. They rely so heavily on the volume that the shitcoins bring them. Coinbase stock looking like a good short lol.
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Swan doesn't. I'm not sure about CashApp.
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