SEC (Security Exchange Commission) Chairman Jay Clayton warns about Bicoin and cryptos in general. "Social networks and global financial markets are hot on crypto-currencies and ICOs. "
As a reminder, the ICOs are the initial offers of coins. These come out of the ambient air or the resolution of a series of equations by computers.
"I hear stories of fortunes made or others being made. And we hear the same familiar refrain: 'this time it's different' ".
The boss of the SEC invites to ask questions about Bitcoin
First: Is the product legal?
Second: Is it subject to regulation?
Third: Are there rules to protect investors?
Fourth: Does the product sold to the uninitiated comply with these rules?
Fifth: Do those who create currencies have a license to do so?
Sixth: Are the markets fair for all stakeholders?
Seventh: Can prices on these markets be manipulated? [Answer: There are "whales" - big holders who can individually or collectively influence the courts at will, for no other reason than their "goodwill")?
Eighth: Can we sell when we want? [The answer is no, and for many reasons. These include bottlenecks in the platform, network disruption, the temporary absence of counterparts, and so on.
Ninth: Are there significant risks of theft, loss or piracy? [Answer: the examples are numerous and some even very recent. If you answer "no" to only 2 or 3 of these questions, you should not trust or attempt to speculate on cryptos.
So further question: why were the CBOE and the CME allowed to create derivatives on cyber-wind?
