You know though, you can't have it both ways. Arguments against crypto are that it is being used by drug dealers because its anonymous. Now when a case is presented that clearly worked out well in the public's best interest by being able to recover the stolen funds, it has to be taken as a positive if the narrative against it was negative. There of course needs to be some level of privacy, like there is with cash, but perhaps there are already lots of options in this case. There is one coin I heard about from a video called Haven protocol. Transactions were anonymous if the public was looking at the blockchain, but if the government had a request, you could provide a key that would show your transactions. This mirrors the current system well in that most people don't know what you spend your money on, but the government can always get a court order for banks to produce your bank statements and credit card bills. The point is that its private on the blockchain, but you always have a way to show your innocence if a case is made against you.
The libertarian anonymity narrative was always a red herring. There are hundreds of times more potential investment dollars held by those who place a high value on recourse to the authorities, compared to those seeking the opposite.
I think this is true as well. On the NFT front, you have people thinking that ownership over a house would be a great thing to have as an NFT because they want that title to be on the blockchain. Ok, but what happens if your house NFT is stolen? Does this mean you have to vacate? Who will enforce this? It makes no sense. I enjoy knowing that if my credit card is used to buy things I didn't buy, VISA will automatically return the money and send a new card. So I'm with you that for certain things, recourse is a wonderful thing. But as a citizen, I would also like recourse on endless government spending and printing, so I'm very big on taking the power of money away from the government, so I still think crypto is the way forward.
It just so happens that I came across this short 3 min video about financial privacy. Andreas Antonopoulos has a way with presenting information.
Great point, if they're onboard it goes a long way toward legitimizing btc. Hmm wish I could buy btc @ fidelity, with it rebounding >42 it actually may be worth a shot.
Hacker who Feds say did the Bitfinex $4.5 billion heist dubbed "Crocodile of Wall Street". https://www.ndtv.com/business/bonny-clyde-of-crypto-arrested-over-4-5-billion-bitcoin-hack-2757642
While a valid current criticism, the legal structure will catch up. Much like the process of foreclosure or lawsuits to quiet title, the transparency and efficiency gained from applying this tech will develop into something robust with checks and balances to ensure integrity. A stolen nft would also be easier to prove.
If the headline from this morning ends up being true, I wouldn't want to be short crypto right now. BlackRock Planning to Offer Crypto Trading, Sources Say BlackRock, the world’s largest asset manager, is preparing to offer a cryptocurrency trading service to its investor clients, according to three people with knowledge of the plans. The New York-based company, which manages over $10 trillion in assets for institutions, plans to enter the cryptocurrency space with “client support trading and then with their own credit facility,” one of the people said. In other words, clients would be able to borrow from BlackRock by pledging crypto assets as collateral.
On deep retracements, I continue to short Bitcoin, so have 4 seperate positions open, each month rollover, when chart patterns occur going down will hedge open profits. I have noticed less bullish stance, am still looking for 17,000
I continue to see increasing open interest on up moves and decreasing on down moves and moderate volume on up and down moves - which says no big conviction for either direction atm. 35k basically line in the sand.