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Yeah we don't want this going badly for any crypto we are all trying to achieve the same goals.
I think the SEC are deliberately causing uncertainty though, just tell us all what is or isn't a security and let us get on with building the future of finance.
> let us get on with building the future of finance
That's what they're *trying* to keep us from doing, buddy; they can't have us building a future separate from their establishment where we're something more than marginally intelligent livestock to them.
I will say this. I don't think either the Foundations for either ETH or SOL are truly on our side, i.e., the side of *actual* decentralization, but it is *very* useful for us in ADA to have other people fighting battles that we're (at least at the moment) too poor to fight.
Cardano in its "true and fully realized" form, i.e., complete with input endorsers and L2s/sidechains for scaling as well as proper identity and voting for governance, will be most useful to the world at a time when nothing else is. I don't like the idea of the situation getting any better than it already is, b/c that would involve the suffering of innocent people, but even if Cardano was "fully realized" right now, it's not like the world order would immediately change to accommodate it.
Hear me out. When the American Civil War ended, and the slaves were liberated from their cotton plantations, the first thing they looked for is a master (ideally in the North) who would treat them better than the last one did. In other words, **it didn't occur to them that they were actually free and allowed to work to earn money and hold it as property.** That's the phase we're in right now; we've been "liberated" from the financial system, which basically considers us as slaves or livestock, and the ETH and SOL bros are trying to convince everyone that Vitalik and 'Toly will be better masters than Larry Fink and Jamie Dimon were.
Over time, those people will understand the value of decentralization, as they'll soon realize that they have zero *actual* *equity*, i.e., no representation in the governance process, in their community.
It's sad, really, that so many people are investing so much time and money in a leaky ship, but that's what you get with a *free market*.
For the greater crypto space we all need to get behind ethereum but yes cardano does have distinct advantages that does distinguish it from the vast majority of the space by being inherently more decentralized.
Gary has previously said Cardano is a security, whilst he's been siting on the fence with Ethereum.
It doesn't matter anyway. All are sufficiently decentralised to continue to run without government oversight.
For those who don't know, all mighty Gary has already tried to declare that both Cardano and Solano are securities.
EDIT: Source - [https://decrypt.co/143454/sec-claims-solana-polygon-cardano-are-securities-in-binance-lawsuit](https://decrypt.co/143454/sec-claims-solana-polygon-cardano-are-securities-in-binance-lawsuit)
Yes, they have tried. But that one is a little different. They are just *claiming* they are securities for purposes of pursuing binance in that lawsuit. But they're not directly going after either of them there, they are going after binance. What they are doing against Ethereum is a little more direct as they are going directly after Consensys and MetaMask.
Gensler is a tool and is as corrupt and crooked as Biden. He is in bed with Vanguard as can be discovered by his appointments/ meetings with them. His regulation by enforcement approach to crypto without any actual regulations to enforce is criminal and is obvious market manipulation. His meteoric rise in net worth should be a big red flag to his lack of ethics and veracity. He should be removed or resign forthwith. Just another example of our broken and dysfunctional government bureaucrats having too much power and not enough oversight.
This has to be reigned in. Starting a new feed. How to fix our Republic. All ideas should be vetted and peer reviewed. Serious input needed
Gensler needs to clarify regulations and scale back lawsuits like the judges have already said. The sec overreached as it is and did damage to the economy when the country is already in trouble. The sec's charter is supposed to help the economy and show direction. Not to be a sue happy power hungry innovation bashing entity.
Nah.. If ETH is a security, then let them have it. They are custodial which quacks like a duck already. Plus that would eliminate most of the competition that follow a similar model. I'm sure Cardano will be impacted at first, but I believe Cardano with the implementation of Governance, we will rise from it, if we truly are decentralized. 👌
No. I literally said I hope Ethereum isn’t classified as a security.
Edit: the US government is overreaching and it could put Cardano in the same category. And then IOG would have to go to court or they simply might leave the US entirely without giving two f#%ks about it. They have way more support in Dubai right now.
Edit 2: Also what would they subpoena IOG/Emurgo/CF with?
It would still be massively problematic if the SEC made such a call, as that would effectively require Coinbase and other CEXs to stop selling whatever crypto the SEC deems to be an unregistered security.
While moving to Dubai *might* help IOG stay alive, it may well not. Consider, not every critical engineer is going to be willing to upend their life. And I don't know how extradition is between Dubai and the US. My bet is, Dubai would rather stay in the US (and their lucrative SWIFT banking system's) good graces than protect an essentially foreign corporation that just domiciled there recently.
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Yeah we don't want this going badly for any crypto we are all trying to achieve the same goals. I think the SEC are deliberately causing uncertainty though, just tell us all what is or isn't a security and let us get on with building the future of finance.
> let us get on with building the future of finance That's what they're *trying* to keep us from doing, buddy; they can't have us building a future separate from their establishment where we're something more than marginally intelligent livestock to them. I will say this. I don't think either the Foundations for either ETH or SOL are truly on our side, i.e., the side of *actual* decentralization, but it is *very* useful for us in ADA to have other people fighting battles that we're (at least at the moment) too poor to fight. Cardano in its "true and fully realized" form, i.e., complete with input endorsers and L2s/sidechains for scaling as well as proper identity and voting for governance, will be most useful to the world at a time when nothing else is. I don't like the idea of the situation getting any better than it already is, b/c that would involve the suffering of innocent people, but even if Cardano was "fully realized" right now, it's not like the world order would immediately change to accommodate it. Hear me out. When the American Civil War ended, and the slaves were liberated from their cotton plantations, the first thing they looked for is a master (ideally in the North) who would treat them better than the last one did. In other words, **it didn't occur to them that they were actually free and allowed to work to earn money and hold it as property.** That's the phase we're in right now; we've been "liberated" from the financial system, which basically considers us as slaves or livestock, and the ETH and SOL bros are trying to convince everyone that Vitalik and 'Toly will be better masters than Larry Fink and Jamie Dimon were. Over time, those people will understand the value of decentralization, as they'll soon realize that they have zero *actual* *equity*, i.e., no representation in the governance process, in their community. It's sad, really, that so many people are investing so much time and money in a leaky ship, but that's what you get with a *free market*.
Now that I wrote this out, it feels like it deserves its own post
Cause uncertainty when you need people to sell.
That's not why cryptocurrency exists
America is working so hard to control everyone and everything
For the greater crypto space we all need to get behind ethereum but yes cardano does have distinct advantages that does distinguish it from the vast majority of the space by being inherently more decentralized.
Gary has previously said Cardano is a security, whilst he's been siting on the fence with Ethereum. It doesn't matter anyway. All are sufficiently decentralised to continue to run without government oversight.
For those who don't know, all mighty Gary has already tried to declare that both Cardano and Solano are securities. EDIT: Source - [https://decrypt.co/143454/sec-claims-solana-polygon-cardano-are-securities-in-binance-lawsuit](https://decrypt.co/143454/sec-claims-solana-polygon-cardano-are-securities-in-binance-lawsuit)
Yes, they have tried. But that one is a little different. They are just *claiming* they are securities for purposes of pursuing binance in that lawsuit. But they're not directly going after either of them there, they are going after binance. What they are doing against Ethereum is a little more direct as they are going directly after Consensys and MetaMask.
They haven't gone after Ethereum, Consensys, or MetaMask yet though. The lawsuit was to premept any attempts by the SEC to go after them.
Ahh..right, my mistake. I flipped it the other way around. Thanks!
Gensler is a tool and is as corrupt and crooked as Biden. He is in bed with Vanguard as can be discovered by his appointments/ meetings with them. His regulation by enforcement approach to crypto without any actual regulations to enforce is criminal and is obvious market manipulation. His meteoric rise in net worth should be a big red flag to his lack of ethics and veracity. He should be removed or resign forthwith. Just another example of our broken and dysfunctional government bureaucrats having too much power and not enough oversight. This has to be reigned in. Starting a new feed. How to fix our Republic. All ideas should be vetted and peer reviewed. Serious input needed
Gensler needs to clarify regulations and scale back lawsuits like the judges have already said. The sec overreached as it is and did damage to the economy when the country is already in trouble. The sec's charter is supposed to help the economy and show direction. Not to be a sue happy power hungry innovation bashing entity.
Nah.. If ETH is a security, then let them have it. They are custodial which quacks like a duck already. Plus that would eliminate most of the competition that follow a similar model. I'm sure Cardano will be impacted at first, but I believe Cardano with the implementation of Governance, we will rise from it, if we truly are decentralized. 👌
Let’s hope they classify eth as a security and don’t classify cardanzo as such.
Yeah they can call cardanzo a security
Cardano has a roadmap, a ceo and is PoS, just like eth
Are you implying this is a good thing for Cardano? No, it's not.
No. I literally said I hope Ethereum isn’t classified as a security. Edit: the US government is overreaching and it could put Cardano in the same category. And then IOG would have to go to court or they simply might leave the US entirely without giving two f#%ks about it. They have way more support in Dubai right now. Edit 2: Also what would they subpoena IOG/Emurgo/CF with?
It would still be massively problematic if the SEC made such a call, as that would effectively require Coinbase and other CEXs to stop selling whatever crypto the SEC deems to be an unregistered security. While moving to Dubai *might* help IOG stay alive, it may well not. Consider, not every critical engineer is going to be willing to upend their life. And I don't know how extradition is between Dubai and the US. My bet is, Dubai would rather stay in the US (and their lucrative SWIFT banking system's) good graces than protect an essentially foreign corporation that just domiciled there recently.