why don’t you think this happened yet then? It’s been 15 years
More Crypto Fraud
- Thread starter gwb-trading
- Start date
why don’t you think this happened yet then? It’s been 15 years
Nope. Not in your wildest dreams. Commodities are generally inputs to industrial processes. Cocoa goes into the factory, chocolate comes out the other end.
"What is a commodity? Commodity or exchange-traded commodity is an economic good, usually a resource, that is traded on an exchange. It is a product of primary processing that is mass-produced and traded. Trading takes place on organised markets, i.e. commodity exchanges."
https://blog.roboforex.com/glossary-terms/commodity/
One things you can always count on Bitcoiners for us to improperly use basic terminology.
So you're desperately trying to put words in my mouth because you can't defend Bitcoin on its actual merits?
And "buy commodities" because "inflation" is a great way to lose money. Coca is different from natural gas is different from wheat is different from gold. If you look at copper and gold you'll see that they have wildly different behavior in response to market cycles.
If you're looking for an inflation hedge maybe... Just maybe... Consider looking at the correlation between that asset price and inflation data.
At first, I thought you were just a noob trying to get noticed on Elite Trader. This must be a pretty prestigious place for you.
But now, it's apparent you're a troll.
Either that, or an idiot. Possibly both.
You are now telling us you are smarter than the whole CFTC?
Do a bit of google...
Desperate personal attacks. That sounds like someone who's got the future of commerce all figured.
That's sort of like the government deciding pizza is a vegetable for school lunch reasons.
I am not at all shocked that commodities exchanges have found a way to get commissions. Nor am I shocked that the government has interpreted laws in a way to expand their authority.
They will gladly sell you cloud insurance and take a commission if they can.
You can buy currency futures on CME. Are you going to try and tell me that's a commodity too?
Meanwhile commodities are still commodities and Bitcoin is not that.
There is no freight container full of Bitcoin arriving at any factory in the world being used to produce a product.
You are mis-quoting a 'fact' for a 'personal attack'. Honestly, I don't care for woke fuzzy-feelings. What I stated was a fact. The fact something offends you, does not magically disarm the fact and make it go away.
The experts in the field, right up to the top have laid down the legal framework and definition. And yet, you... some nit-wit on a forum apparently claims to be so much smarter than the professional experts in the field who manage the markets. You know more about this than those who spent a lifetime inside their jurisdiction.
To be quite blunt, (and down to your level), the fact that Bitcoin is a commodity is a 'legit' fact. Set by the government and experts in the field. This can not be disputed. It stands on its own merit.
Now you take offense at being called an 'idiot'. This is only common sense. How could you not be an idiot after what has just been laid out to you?
Now you are trying to weasel out of your flawed logic by going down the path of non-tangible assets (and hoping no one notices)? For fuck sakes, I assure you that the US government also holds legal laws to copyrights, patents, and trademarks, etc. Yes, those are non-tangibles too. And as a person who has gone over thousands of financial statements I can sure as hell tell you they have value on the books.
Or wait... maybe it's because Bitcoin isn't being tooled into a new product? You do realize there are plenty of miners, which are used to... mine the commodity. Like... what miners do with precious metal commodities.
But, oh wait, you're going to hit us with the non-tangible bullshit again.
Very telling how Bitcoiners jump right to personal attacks rathers than any sort of reasoned argument.
So this incoherent nonsense is trying to say what? The copyrights, patents and trademarks are commodities too?
Commodities trading has been around for thousands of years. There is a well established definition for what constitutes a commodity. Bitcoin is not that.
No, a few politicians made a short term decision that was advantageous to them.
It's similar to the Dredd Scott decision. They wanted a particular outcome and they didn't care how much they had to abuse common sense, the English language and the rule of law to get it.
Politicians make stupid decisions all the time.
Next you're going to tell me that you would accept the value of PI as 3.2 if some "experts" passed a law.
https://www.smithsonianmag.com/scie...o-32-and-other-true-stories-about-pi-2520575/
Except that Bitcoin cannot possibly be mined, according to you own standards, because these people are not paying for mining permits, providing appropriate mine safety training and filing required environmental paperwork. If some silly judge hasn't ruled that it's "mining" then it's not mining right?
Why don't you call up your state mining office and ask them how many Bitcoin mining permits they have on file?
I'd love to see the transcript of that conversation.
I'm not a Bitcoiner, nor a maxi. The amount of Bitcoin I own in my portfolios is less than 1%.
Very telling how perma-bears jump right to the conclusion that anyone who doesn't agree with them has to be some sort of Bitcoiner or Bit-maxi.
I look at BOTH sides of an argument, and make a 'based' decision after responsible due-diligence. You have not.
If you attempt to make ridiculous claims, then you have to be prepared to defend such accusations.
Tarbert:
But, I don't expect this will help to sway the arguement of an 'idiot' much. Especially since you can find official rulings of BTC as a commodity going back about a whole decade now. Yes.... even as far back as 2015. Somehow, you missed the boat, but that's what village idiots do. They miss everything, but still think they are smarter than everyone else.
Apparently, you're smarter than...
Dalio
Neiderhoffer
Soros
Paul Tudor Jones
Druckenmiller
Larry Fink
etc...
etc..
etc..
I can only imagine how much larger your portfolio is than these guys. After all, they are just a bunch of old-time useless boomers who can't even figure out the internet yet. Right? What the hell do they know about trading or commodities?
You just admitted that you fell for it.
You level of emotion suggests that you're probably lying about 1%. You seem awfully emotional, enough that you are making this personal.
First, Issac Newton fell for the South sea bubble. Claiming some famous wealthy person supports whatever bizarre incoherent argument you are trying to make isn't really much of an argument.
Second, you'll find if you actually dig into the details that in may cases these rich powerful people are taking little to no direct exposure to Bitcoin themselves. They're just collecting commissions and fees just like when they sold worthless MBS and CDO.
People with a demonstrated track record of selling something worthless if they can get away with it are offering to sell you something? What a ringing endorsement!
Thank you for that little bit of philosophy. So because of a famous person (not even famous due to banking or trading), and a fraud hundreds of years ago, this magically counts as arguments for your case today regarding commodities?
Do you even KNOW who the people are we just mentioned? Because I seriously think you don't or you wouldn't be brushing it all aside and talking like an... (censored - for feelings).
Barron needs to restrict this forum from wokies. At least make it a CFA, MBA, or FRM requirement to post here. That way you eliminate some of the riff-raff.
Basically the plan is to stiff the depositors.
WazirX to ‘socialize’ $230 million security breach loss among customers
https://techcrunch.com/2024/07/27/w...million-security-breach-loss-among-customers/
Indian cryptocurrency exchange WazirX announced on Saturday a controversial plan to “socialize” the $230 million loss from its recent security breach among all its customers, a move that has sent shockwaves through the local crypto community.
The Mumbai-based firm, which suspended all trading activities on its platform last week following the cyber attack that compromised nearly half of its reserves in India’s largest crypto heist, has outlined a strategy to resume operations within a week or so while implementing a “fair and transparent socialized loss strategy” to distribute the impact “equitably” among its user base.
WazirX will “rebalance” customer portfolios on its platform, returning only 55% of their holdings while locking the remaining 45% in USDT-equivalent tokens. This will also impact customers whose tokens were not directly affected by the breach, with the company stating that “users with 100% of their tokens in the ‘not stolen’ category will receive 55% of those tokens back.”
The security breach resulted in the theft of over 200 different cryptocurrencies, with the bulk of the losses concentrated in several popular tokens including Shiba Inu (SHIB), Ethereum, Polygon’s MATIC, and the meme cryptocurrency Pepe, according to blockchain data analysis provided by third-party explorer Lookchain.
The cyber attack, which occurred on July 18, exploited a discrepancy between the data displayed on multisignature wallet provider Liminal’s interface and the actual contents of transactions, according to WazirX.
WazirX is offering users two options moving forward. Option A allows customers to trade and hold their crypto assets with priority for recovery efforts but restricts withdrawals. Option B permits trading and withdrawals but places users at a lower priority for recovery. Users can switch between these options, albeit with certain conditions.
“Option B lets you trade and withdraw your assets, but recovery efforts will focus on those who chose Option A first. You can switch to Option A anytime before you make any trades or withdrawals,” WazirX added.
On a one-way call addressed to the community Friday evening, WazirX founder Nishal Shetty confirmed that the firm didn’t insure customer’s funds because such options weren’t viable, he said. A recovery effort may or may not work and could take years, he cautioned.
“WazirX is actually exercising control over crypto assets that it holds for users. This means that it is not just acting as an interchange & a depositary, but actually reaching into user wallets and taking out crypto and giving it to others. It can’t claim to be an exchange only,” said Nikhil Pahwa, a leading policy voice and editor of MediaNama.
Many WazirX customers also asked the firm Saturday why is it not tapping its own profit reserves to make customers whole or at least lessen the damage.
WazirX to ‘socialize’ $230 million security breach loss among customers
https://techcrunch.com/2024/07/27/w...million-security-breach-loss-among-customers/
Indian cryptocurrency exchange WazirX announced on Saturday a controversial plan to “socialize” the $230 million loss from its recent security breach among all its customers, a move that has sent shockwaves through the local crypto community.
The Mumbai-based firm, which suspended all trading activities on its platform last week following the cyber attack that compromised nearly half of its reserves in India’s largest crypto heist, has outlined a strategy to resume operations within a week or so while implementing a “fair and transparent socialized loss strategy” to distribute the impact “equitably” among its user base.
WazirX will “rebalance” customer portfolios on its platform, returning only 55% of their holdings while locking the remaining 45% in USDT-equivalent tokens. This will also impact customers whose tokens were not directly affected by the breach, with the company stating that “users with 100% of their tokens in the ‘not stolen’ category will receive 55% of those tokens back.”
The security breach resulted in the theft of over 200 different cryptocurrencies, with the bulk of the losses concentrated in several popular tokens including Shiba Inu (SHIB), Ethereum, Polygon’s MATIC, and the meme cryptocurrency Pepe, according to blockchain data analysis provided by third-party explorer Lookchain.
The cyber attack, which occurred on July 18, exploited a discrepancy between the data displayed on multisignature wallet provider Liminal’s interface and the actual contents of transactions, according to WazirX.
WazirX is offering users two options moving forward. Option A allows customers to trade and hold their crypto assets with priority for recovery efforts but restricts withdrawals. Option B permits trading and withdrawals but places users at a lower priority for recovery. Users can switch between these options, albeit with certain conditions.
“Option B lets you trade and withdraw your assets, but recovery efforts will focus on those who chose Option A first. You can switch to Option A anytime before you make any trades or withdrawals,” WazirX added.
On a one-way call addressed to the community Friday evening, WazirX founder Nishal Shetty confirmed that the firm didn’t insure customer’s funds because such options weren’t viable, he said. A recovery effort may or may not work and could take years, he cautioned.
“WazirX is actually exercising control over crypto assets that it holds for users. This means that it is not just acting as an interchange & a depositary, but actually reaching into user wallets and taking out crypto and giving it to others. It can’t claim to be an exchange only,” said Nikhil Pahwa, a leading policy voice and editor of MediaNama.
Many WazirX customers also asked the firm Saturday why is it not tapping its own profit reserves to make customers whole or at least lessen the damage.