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Biden SEC nominee Gary Gensler set for March 2 confirmation hearing


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1 minute ago, RipMcGillicuddy said:

Yes, it was definitely interesting that he did not mention ETH with bitcoin at that moment. At least I don't think he did. Bitcoin is now too big to fail though in their eyes, too much money tied up in it. 

But little do they know they don't really dictate whether it fails or not. Elon Musk could say it's worth nothing tomorrow and start a mass selloff. 

He most definitely can if he wants a ton of investigations and law suits up his rear.  I would triple dog dare him to do so :D.  Like You said they now see BTC as to big to fail, hopefully this starts to float a lot more boats in the crypto space.  That's why I really can't get with this in fighting and Maxi crap, the more cyrptos we have hitting their full use case and higher prices the better it is for the entire space!

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I'll take a stab at these because they are important questions - I've numbered them to simplify things: Yes - I can see a scenario where only the sales of XRP by Ripple, Brad and Chris are treat

Aren't you a lawyer associated with the SEC who is also working with a potential competitor to Ripple? If the SEC would have given regulatory clarity, the XRP ecosystem would be further developed

A confirmation hearing is like a job interview. I expected nothing other than vague politically correct answers.  Fact is that Gensler is friendly with Peirce & Roisman, and has a deep knowle

1 minute ago, RikkiTikki_is_Back said:

He most definitely can if he wants a ton of investigations and law suits up his rear.  I would triple dog dare him to do so :D.  Like You said they now see BTC as to big to fail, hopefully this starts to float a lot more boats in the crypto space.  That's why I really can't get with this in fighting and Maxi crap, the more cyrptos we have hitting their full use case and higher prices the better it is for the entire space!

Still anxiously waiting for a breakthrough in terms of utility driving price. It simply has to happen for the crypto space to have a future beyond casino speculation. 

We don't even know yet if utility can drive price, and if it can, how far it can drive the prices. It's still a complete unknown unless I've missed something. 

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6 minutes ago, RipMcGillicuddy said:

Still anxiously waiting for a breakthrough in terms of utility driving price. It simply has to happen for the crypto space to have a future beyond casino speculation. 

We don't even know yet if utility can drive price, and if it can, how far it can drive the prices. It's still a complete unknown unless I've missed something. 

I think XRP will shake loose if we can get out of this SEC mess the use case is there and happening on the other side of the world, but man I tell you right now I am loving me some VECHAIN  One of the world's largest aluminum companies to test VeChain

 

Edited by RikkiTikki_is_Back
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1 minute ago, RikkiTikki_is_Back said:

I think XRP will shake loose if we can get out of this SEC mess the use case is there and happening on the other side of the world, but man I tell you right now I am loving me some VECHAIN   One of the world's largest aluminum companies to test VeChain (cryptoreportage.com)

 

Yep, they are on the shortlist of utility tokens for sure. 

There is so much garbage in the space that doesn't stand out from each other, that it's becoming easier to spot the utility tokens. If this space follows any reasonable logic whatsoever (still very much to be determined), then utility should be the long term safe play. I am still not 100% sure that logic and reason will have any influence on it though. 

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3 minutes ago, RikkiTikki_is_Back said:

I think XRP will shake loose if we can get out of this SEC mess the use case is there and happening on the other side of the world, but man I tell you right now I am loving me some VECHAIN  One of the world's largest aluminum companies to test VeChain  It may not be long before Vechain is used with precious metals and other high value items for supply chain tracking and authenticity, this is a really needed use case in a world where just about anything can be counterfeited. I work in the medical IT area specifically with pharmaceuticals and I can say Vechain is a technology being looked at for the drug supply chain.  

 

 

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38 minutes ago, RipMcGillicuddy said:

Still anxiously waiting for a breakthrough in terms of utility driving price. It simply has to happen for the crypto space to have a future beyond casino speculation. 

We don't even know yet if utility can drive price, and if it can, how far it can drive the prices. It's still a complete unknown unless I've missed something. 

I'm of the belief that utility will sustain the price once we've finished grinding our way up into fomo and reached some extent of price discovery. What is happening in the broader markets is companies are flush with cash. The reason they are flush with cash is because every country in the world is spending (and in the case of the US "printing") far beyond their means. Companies are looking for a hedge to retain their purchasing power; i.e., dollars are losing value as they are printed. There are only so many assets worth putting money into. The stock markets, arguably, are way overvalued. There is only so much land worthwhile of investment. In fact, most office space in large cities has taken a deep cut due to Covid and the required trend of working from home. Alas, there is crypto. We are just now hearing almost daily of another major company investing in Bitcoin. Once a few alts can sustain investment without moving the price too much you'll also start hearing these companies are investing in alts, such as XRP. Then utility kicks in because the price is high to sustain and enable it. 

Things are simply falling into place. Events can seem frightening, but still move the space forward.  

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Who cares about Iddy biddy little country coins (illusory perceptions to keep the masses thinking nothing much has changed), the central bankers and the globalists want a global coin which they can control for themselves and so in turn, can control all of us globally, nobody really cares about over printed FED debt based tokens any more. We are all going global and digital, the great reset is coming soon.

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6 hours ago, Xrpdude said:

I don't get why some people got in a flap after yesterday? What were people expecting really!? To me it was pretty positive, he wasn't jumping up.and down talking about scams in crypto etc. 

I'm with you dude mon.

This was a job interview, with the "deciders" being a panel of mostly DLT-ignorant politicians, all with their own agendas.

GG's is no fool, he was sticking to his planned out performance, with one goal in mind...
Land the new gig.

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15 minutes ago, JASCoder said:

I'm with you dude mon.

This was a job interview, with the "deciders" being a panel of mostly DLT-ignorant politicians, all with their own agendas.

GG's is no fool, he was sticking to his planned out performance, with one goal in mind...
Land the new gig.

Senator: Mr. Gensler, do you think in your proposed job capacity you can:

1. Provide no value to the space, but still allow it to grow and create wealth?

2. So that you can in-turn pay for your job and those who work for you?

3. Provide insider tips so that I and my fellow senators can continue to gain wealth and power over the minions?

Gensler: Yes, yes, yes. 

Senator: Hired!

  

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I think a lot of us are putting too much weight on Gensler's testimony at the confirmation hearing.  From what I know, it's pretty much a rule that the nominee just goes in and repeats some platitudes - "We want to promote innovation, and we will protect investors."  It's kind of like a hearing for a Supreme Court Justice.  You don't really get any insight into how the nominee plans to do his or her job.  Unlike the attorney who does these nice videos which I like, I don't have a negative feeling about Gensler (or any more of one) from what he said at this hearing.  

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13 hours ago, Gepster said:

You are aware Gensler is a professor at MIT, teaching a course called ''Blockchain and Money''?  He is the most knowledgeable commissioner on the board.

After I finished my doctoral dissertation on distributed ledger tech, I was invited by JPMorgan to their office in Boston to teach the admin and tech heads from MIT, Harvard, Brown, Brandies and some fifth college (?) about DL. I assure you, it was quite surreal to find myself teaching MIT heads about tech. I can further assure you that I didn't see Mr. Gensler there. He hadn't even heard of DL by that time. 

So, to answer your question, yes. I'm aware of what Gensler has taught and where....and I also know that he has ZERO academic credentials to be teaching it... he never did a lit review, conducted a study, defended to a committee or any other academic research on the subject. No publications, no papers. Nada. 

That's why I said that "From my vantage point, he lacks education, context and vision. He'll (continue to) make a great bureaucrat"

Edited by RobertHarpool
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7 hours ago, RobertHarpool said:

After I finished my doctoral dissertation on distributed ledger tech, I was invited by JPMorgan to their office in Boston to teach the admin and tech heads from MIT, Harvard, Brown, Brandies and some fifth college (?) about DL. I assure you, it was quite surreal to find myself teaching MIT heads about tech. I can further assure you that I didn't see Mr. Gensler there. He hadn't even heard of DL by that time. 

So, to answer your question, yes. I'm aware of what Gensler has taught and where....and I also know that he has ZERO academic credentials to be teaching it... he never did a lit review, conducted a study, defended to a committee or any other academic research on the subject. No publications, no papers. Nada. 

That's why I said that "From my vantage point, he lacks education, context and vision. He'll (continue to) make a great bureaucrat"

I appreciate your input and recognize where you are coming from. Have you watched (parts) the course yourself? At what point of the course do you think he's lacking in vision or knowledge?  I must admit I have only seen parts of it myself, but from what i've gathered he is -at the least- a straightforward guy.   

We must recognize the fact that Ripple and friends siphoned 100s of millions of dollars out of retail into their pockets. This is unprecedented and should be approached with caution from a commissioners perspective, Especially in a nomination hearing. I don't particularly like politics or bureaucrats, but this is the way it works to get ''shit'' done.

In the end (as he said in the hearing) he's still friendly with Peirce and Roisman, which have publicly stated they are pro.

Edited by Gepster
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1 hour ago, Gepster said:

 

I appreciate your input and recognize where you are coming from. Have you watched (parts) the course yourself? At what point of the course do you think he's lacking in vision or knowledge?  I must admit I have only seen parts of it myself, but from what i've gathered he is -at the least- a straightforward guy.   

We must recognize the fact that Ripple and friends siphoned 100s of millions of dollars out of retail into their pockets. This is unprecedented and should be approached with caution from a commissioners perspective, Especially in a nomination hearing. I don't particularly like politics or bureaucrats, but this is the way it works to get ''shit'' done.

In the end (as he said in the hearing) he's still friendly with Peirce and Roisman, which have publicly stated they are pro.

I'm on the same line of thinking. A commissioner always is a kinda bureaucratic guy. But that shouldn't be a reason to block advancements in technology. So I'm not in line with those fearing an XRP, not even a Ripple unfriendly climate if they adapt and behave more correct with XRP sales. After all there's NOTHING wrong to use digital assets for funding when it goes WITH proper reporting (what's the basic of all rules related to public funding and investor protection)

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@Gepster I recognize, understand and appreciate your points.

Watching Gensler's evolution on the subject made clear that his starting point was Bitcoin and it's proof-of-work mechanism. He often used that initial (misconception) of "what-crypto is" as a basis to evaluate other crypto projects. This bias has been lessening, but is still pretty evident. 

The best analogy is to say that he still speaks with a distinguishable traditionalist crypto accent.

In this position and with this case, Gensler's going to be forced around a learning curve. The question is: Is he intellectually honest enough to recognize the 'bad habits' he picked up through his relatively unguided, self-instruction about crypto?

I guess we'll see. 

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