In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.
“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”
It rebounding and crashing by hundreds in value like a meth head on caffeinated cocaine laced with LSD is what doesn’t make it a currency.
No one wants a shit currency where one day a donut costs 1000 and the next 2000 and on the weekend it’s either 599 or 3999.
That’s why it’s at best a speculative asset, except it’s dumber than that because it’s intangible. It’s like the long term stupidity of fiat mixed with insane instability, all while using way more resources.
Same thing happened to the Argentine peso, let’s not pretend if you make a government currency it’s magically stable
The Argentine peso crashed and then stayed down. That’s actually a sign of stability, because it’s remaining at a constant, not jumping up and down wildly.
It didn’t crash only to go back to original value to the decrease by half and undulate like a wave, like Bitcoin and other crypto does.
What are you talking about? It crashed, then crashed again, then crashed again. How is that stable?
You mean all crashes then? The 3 that have happened in over ONE HUNDRED YEARS?
You can’t be fucking serious to compare that fluctuation with Bitcoin’s
It crashed ten times since 1975
No, it didn’t
https://en.m.wikipedia.org/wiki/Historical_exchange_rates_of_Argentine_currency
You can even see through exchange rates that it’s otherwise been relatively stable too:
(Pictured: not even a crash apparently, just a change to the currency type by pegging it to the dollar).
You see in 1948 where it’s 4.5 and jumps to 9 a year later? That’s a 50% crash in a year
Next year it’s 15. In 1952 it’s already 28. In 1956 it’s 40, up from 28 a year earlier. Crashed again in 58, 62, 64, 72, 74, 75, 77, 78, 79, 81, 82, 84, 86, 88, 89, 90, 02, 03, 13, 15, 18, 19, 20, 22, 23
My previous 10 times comment was taking consecutive years as a single crash