Well well, a government rent-seeker, whose sole job is to destroy your freedom and the economy under the tired guise of “protecting the public” doesn’t like crypto, and has put forth eight, count ‘em, eight gems of wisdom.
Heres what Commonwealth Secretary William F. Galvin, Massachusetts' top securities regulator has given us…and my snarky responses.
“1. Bitcoin and other virtual currencies are not regular money and are not backed by the United States or any other government or central bank.”
—Thank God
—Government backing means that no matter how worthless their money is, you have to use it. No matter how much they debase it. Federal Reserve, anyone?
“2. Carefully investigate the seller before making a purchase of Bitcoin to know what recourse you would have if something went wrong.”
—Like anyone with a body temp above freezing who buys a donut. An adult transaction, a purchase, is something humans have been doing for say, 10,000 years pretty well without your help.
“3. Compare the fees and costs associated with Bitcoin purchases and get details on the terms for redeeming Bitcoin into regular money.”
—Newsflash, your “regular money” is approaching worthless garbage. Now even good as toilet tissue. Smart money is HODL. We invest in the future.
“4. Virtual wallets that store Bitcoin do not provide the same safeguards as deposits made at traditional banks; thus, unrecoverable losses may occur if Bitcoin is stolen from these virtual wallets.”
—Except with the Dodd-Frank legislation is used to bail out the banks, next time, by taking your deposits and giving you worthless stock.
—Hey, the FDIC only can cover about 1% of bank deposits, and they ran out of money the last time there was a little problem. How do you like them apples?
This is way too easy.
“5. Bitcoin values fluctuate enormously and may do so in short periods of time; investors should prepare for radical value changes in Bitcoin investments, including single-day drops or increases in the thousands of dollars.”
—Anyone who has been in crypto more than a week has experienced 10% plus swings. We are inventing a new money, and you are not invited. We are adults, contrary to your opinion.
—Let’s compare to the unbroken losses incurred in the value of the dollar since goofs like you took over money.
“6. Bitcoin investing is considered to be highly speculative, since the value is not related to any economic or financial parameters; it is advisable not to speculate with money that investors cannot afford to lose.”
—Guess he’s got me there. Kind of like the derivatives, credit default swaps and junk bonds he’s so in love with, but those are sold by guys in BWMs who make campaign contributions, so we trust them.
—Yeah, don’t bet your entire future on anything outside of your control.
“7. Bitcoin and other virtual currencies are based on public ledgers called blockchains, which are still experimental and subject to changes, errors and/or criminal activity that may adversely affect virtual wallets or erase Bitcoin value.”
—Sorry bub, blockchains haven’t failed. Wallets have failed. Exchanges have been hacked. Like people drop their wallets in the ocean and banks get robbed. It happens.
—The math behind blockchain encryption is about as non-experimental as solar astronomy.
—Oooh! Criminal activity. Needs some time to rise to the level of government thievery, but give free people a chance to catch up to the masters.
“8. The unregulated and ambiguous nature of Bitcoin is fertile ground for investment scams and other financial fraud, which may cause investors to lose money.”
—Just like your Fed-backed stock market and banks in 2008. Except crypto is policed by us, not by corrupt, paid-off, bankster revolving-door bureauocrats. Like you.
The good news is the more they shoot as us, no matter how lamely, we know we are over the target.
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