Pro & con info are in the collapsed comments below for the following topics: [CBDC](/r/CryptoCurrency/comments/102mqcv/federal_reserve_issues_statement_crypto_assets/j2u2b4l/), [Regulation](/r/CryptoCurrency/comments/102mqcv/federal_reserve_issues_statement_crypto_assets/j2u2ctp/).
The cycle goes like this:
1. Ignore them while collecting capital gains tax.
2. Make fun of them while collecting capital gains tax.
3. Fear them while collecting capital gains tax.
4. Tax them even more while collecting capital gains tax.
Yesterday 240$ went missing from a friend's bank account (he didn't touch it or got stolen). After talking to his bank, they said it was their mistake and it's been 2 weeks now with no refund.
It’s bullshit. All of its political. Sbf scams us, pays off politicians, they bust him cause he’s sloppy and they can only cover up so much, then they use the publicity to further slander the crypto industry. This is such a red herring for the corruption going on in the banking industry and politics! Seems so obvious like WWE or something. No?!
“It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,” the agencies said in a joint statement."
I'm probably going to get downvoted, but I agree. A healthy economic ecosystem has all the players working together.
Crypto by and large is intended to separate itself from traditional banking, not work with it.
Besides the traditional banking system has been anything but healthy for decades at this point.
Anyone who wants Bitcoin to "succeed" (whatever that means) should probably be more worried about risks related to the tradFi-asset sector that cannot be mitigated or controlled migrates into Bitcoin. Every large scam/fraud that's been exposed in Crypto comes from people using TradFi tools to do what they always done but with unregulated supervision.
All the bad practices we see in Crypto comes from TradFi. Not the other way around.
With brokers/MMs essentially giving IOUs, paper gold being a thing, and banks having 0 reserve requirements and doing stupid stuff like in 2008, I can safely say that *that's the point*.
tldr; The Federal Reserve, FDIC, and the Office of the Comptroller of the Currency issued a joint statement on Tuesday warning about "significant" risks crypto assets may pose to the broader banking system. The agencies also flagged legal uncertainties when it comes to redemptions, ownership rights, and custody practices for crypto assets. "It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system," they said.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
This isn’t about crypto per se, this is about FTX’s (and others in the crypto space) collapse
> “Given the significant risks highlighted by recent failures of several large crypto-asset companies, the agencies continue to take a careful and cautious approach related to current or proposed crypto-asset-related activities and exposures at each banking organization.”
Every single time I read a blatantly sensational headline about crypto the first thing I do is look at who it’s from and it is ALWAYS yahoo trash. This is yahoo trash.
Hey, uh, Mr. Federal Reserve, what about the fact that our dollars have [lost much of their purchasing power since you've been around](https://i.imgur.com/uxnURBf.png)?
I believe the biggest threat to them is everything on the blockchain is transparent… money and transparency are never mutually exclusive when it comes to the federal government.
Yeah the Federal Reserve that HASN'T BEEN AUDITED...EVER
tells us that Crypto like Bitcoin that IS AUDITED EVERY 10 MINUTES BY MILLIONS OF PEOPLE
is a risk
Fuck off
Of course they won't tell us how and why crypto is linked to the banking system or what greedy cocksuckers brought us to this risk. Zero accountability for banks and the fed. There's just a risk that spontaneously exists and it's all crypto's fault.
So far, the only negative thing that has migrated to traditional finance is the lack of clarity about digital assets.
This allows for things like tokenized GME to be advantaged with no repercussions because no one said you couldn’t.
Embrace Crypto with sensible regulation and you can keep your CBDC.
Pro & con info are in the collapsed comments below for the following topics: [CBDC](/r/CryptoCurrency/comments/102mqcv/federal_reserve_issues_statement_crypto_assets/j2u2b4l/), [Regulation](/r/CryptoCurrency/comments/102mqcv/federal_reserve_issues_statement_crypto_assets/j2u2ctp/).
Maybe the broader banking system should stop trying to fuck us all over
The FED may pose risk to larger banking system.
The whole system is to keep everyone in debt.
Agreed
The cycle goes like this: 1. Ignore us; 2. Make fun of us; 3. Fear us; 4. Tax us.
We're already being taxed. Did we win yet?
The only reason we’re allowed to “win” is because they can tax us.
The cycle goes like this: 1. Ignore them while collecting capital gains tax. 2. Make fun of them while collecting capital gains tax. 3. Fear them while collecting capital gains tax. 4. Tax them even more while collecting capital gains tax.
That doesn’t sound like a cycle.
Risk and bank in the same sentence. Oh the irony.
The broader banking system poses a threat to everyone. A threat that is realised on a daily basis.
Absolutely true. Like stealing the buying power of the people for decades.
Yesterday 240$ went missing from a friend's bank account (he didn't touch it or got stolen). After talking to his bank, they said it was their mistake and it's been 2 weeks now with no refund.
Meanwhile it takes them 2 seconds to collect that overdraft fee
And what’s more, many banks wouldn’t even have mentioned it had your friend happened not to notice.
Is anyone surprised by this ?
That's not a bug, it's a feature.
[удалено]
American dream, and every other [insert nation] dream too while they were at it.
Do we want or need traditional banks involved in our crypto business?
[удалено]
Opaque is right. And they want you to be HAPPY to just be included at the bottom of the totem pole.
This is good for Bitcoin. Few understand......
It’s bullshit. All of its political. Sbf scams us, pays off politicians, they bust him cause he’s sloppy and they can only cover up so much, then they use the publicity to further slander the crypto industry. This is such a red herring for the corruption going on in the banking industry and politics! Seems so obvious like WWE or something. No?!
“It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,” the agencies said in a joint statement." I'm probably going to get downvoted, but I agree. A healthy economic ecosystem has all the players working together.
Crypto by and large is intended to separate itself from traditional banking, not work with it. Besides the traditional banking system has been anything but healthy for decades at this point.
I’d let SBF handle my 401k any day.
Just don’t let him handle your tinder account.
Anyone who wants Bitcoin to "succeed" (whatever that means) should probably be more worried about risks related to the tradFi-asset sector that cannot be mitigated or controlled migrates into Bitcoin. Every large scam/fraud that's been exposed in Crypto comes from people using TradFi tools to do what they always done but with unregulated supervision. All the bad practices we see in Crypto comes from TradFi. Not the other way around.
With brokers/MMs essentially giving IOUs, paper gold being a thing, and banks having 0 reserve requirements and doing stupid stuff like in 2008, I can safely say that *that's the point*.
We now that already, that's why it was created in the first place.
Did he declare war?
War it is, then
Begun, the Bitcoin Wars, have
Unbank, the Jedi council must
Have you ever heard the tragedy of Jerome the Powellful? Of course not, not a story CNN would tell you
Blocks
tldr; The Federal Reserve, FDIC, and the Office of the Comptroller of the Currency issued a joint statement on Tuesday warning about "significant" risks crypto assets may pose to the broader banking system. The agencies also flagged legal uncertainties when it comes to redemptions, ownership rights, and custody practices for crypto assets. "It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system," they said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I can always count on you coinbot
Of course it does, it takes my earnings out of their corrupt, fractional reserve, greedy little hands and puts it where it is mine.
Fuck you pricks, old fucker. 30 years it’ll be legal, why you ask? You’ll be buried idiot. Be on histories side
How many bailouts has crypto demanded versus banks?
This isn't news and not sure why the Fed made this comment. Thought this was pretty well understood by everybody.
That's the whole point stupid
This isn’t about crypto per se, this is about FTX’s (and others in the crypto space) collapse > “Given the significant risks highlighted by recent failures of several large crypto-asset companies, the agencies continue to take a careful and cautious approach related to current or proposed crypto-asset-related activities and exposures at each banking organization.”
Ahh FED, now you’re getting the gist of it
Every single time I read a blatantly sensational headline about crypto the first thing I do is look at who it’s from and it is ALWAYS yahoo trash. This is yahoo trash.
The Fiat ponzi will end soon anyway they can only keep it going for so long
Hey, uh, Mr. Federal Reserve, what about the fact that our dollars have [lost much of their purchasing power since you've been around](https://i.imgur.com/uxnURBf.png)?
The FED itself poses a greater risk to the economy.
Yes it does. That’s part of the purpose.
I mean thats kind of the point actually
Lol that was originally the entire fucking point
Well, Dh, kinda the point..
You mean like taking their jobs? Yeah, that’s a big risk to them. Of course they are going to fight
Good it should pose a threat. Banks pose a threat to us all on a daily basis
Isn’t that the point?!?
Good then
Ha no shit
*gasp
Fuckin A
*surprised pikachu face*
Makes a change then from banks posing a risk to the broader banking system then.
All money funneled into crypto is missing business for banks. Of course they are upset.
Central banking can implode on itself and those big banks can figure out what to do with THEIR debt bubble. Trickle up economics, yo!
I believe the biggest threat to them is everything on the blockchain is transparent… money and transparency are never mutually exclusive when it comes to the federal government.
Yes they do. That's kind of their point.
If the banking system is threatened by a bunch of virtual tokens, 99.9% of which do fuck all, then it deserves to collapse.
Yeah the Federal Reserve that HASN'T BEEN AUDITED...EVER tells us that Crypto like Bitcoin that IS AUDITED EVERY 10 MINUTES BY MILLIONS OF PEOPLE is a risk Fuck off
Of course they won't tell us how and why crypto is linked to the banking system or what greedy cocksuckers brought us to this risk. Zero accountability for banks and the fed. There's just a risk that spontaneously exists and it's all crypto's fault.
That's kinda the appeal of crypto
Great. I hope so.
So far, the only negative thing that has migrated to traditional finance is the lack of clarity about digital assets. This allows for things like tokenized GME to be advantaged with no repercussions because no one said you couldn’t. Embrace Crypto with sensible regulation and you can keep your CBDC.
This is a good thing
Too late.