According to The Hash on Coindesk, the next generation of crypto users want wallets that are easier-to-use & safer. Of course, this is impossible.
The risks of self-custody crypto wallets are user-error & hacks. The risk of crypto storage on a centralized exchange is FTX, etc. Do you feel lucky with Binance? The Hash recommends multi-signature cold wallets as best practice for crypto storage. To get into crypto, you need to be tech-savvy and know exactly what you are doing in every area, otherwise you’re a pigeon.
The SEC just announced their long-awaited lawsuit against Binance for (among other things) selling unregistered securities. Is crypto a security, as the SEC alleges? First, a few definitions. Commodities are basic goods produced by human labor which can be bought, traded or exchanged– such as grain, cotton, oil or gold. Securities are corporate wagers on yields & returns, such as stocks, bonds, derivatives, etc.
Crypto is a security with no legitimate use value, as it is a money laundering tool. Intelligence agencies & dictators around the world use crypto to fund their illicit activities, which gives bitcoin its hidden (but powerful) political support.
Warren Buffett represents a faction of US capitalism that sees the danger in crypto, defining it as, “rat poison squared.” Crypto is the most unstable ‘asset class’ because it really isn’t an asset. Venture capitalists poured into this Ponzi scheme for years, and then lost a bundle when FTX/Alameda collapsed last November. The entire crypto industry has essentially been on a knife’s edge since the Terra/Luna collapse of May 2022.
US banks have shut their doors to crypto since Silvergate, Signature & Silicon Valley Bank went under earlier this year, in the wake of the FTX bankruptcy. It is now widely recognized that the entire crypto market, from bitcoin to stable coins, is a fraud. That’s what the world learned in 2022, and it has created a permanent state-of-crisis for the entire crypto industry and the greater financial system.
There are ‘responsible’ old-guard capitalists such as Warren Buffett who advocate banning crypto entirely, and then there is Elon Musk who represents the new-age era of crypto billionaires. How everything works out politically (under capitalism) is that they both remain influential billionaires, while the rest of the world works harder to maintain this fiction.
That is the deeper meaning of all the anti-crypto rhetoric coming from Washington & the SEC these days, and then the hysterical responses from crypto fanatics. If your cyber-widget is listed on exchanges and its price goes up & down (causing people to make & lose money), while providing no use value to the greater population, then it’s a security.
There is no way the US government will protect people from crypto fraud, since its corporate-police-military-intelligence apparatus is so intimately tied into it. It is the working people of the world who must put an end to this crypto fraud. Crypto offers false hope, and is simply another capitalist gambling addiction. It’s message is: “Fuck the world & everything in it. Get as much for yourself by any means.” Does that sound like a future people want? These crypto libertarians just don’t care.
Bitcoin remains at ~$27K, despite the ‘crypto winter’. Crypto winter means it’s now very difficult to find new investors (suckers) of any wallet size. Bitcoin is being propped-up with hidden finance capital, because it is the most recognized crypto brand, with etherium & tether (top ‘stablecoin’) next on that list. These are the ‘assets’ which provides the CIA the means to funnel funds to fascists in Kiev, Al Qaeda in Syria, etc.
The recent US ‘debt ceiling’ debate was a politically stage-managed affair to force the working population to pay for all this militarization & fictionalization of the US economy. Permanent wars of aggression globally are the order of the day, with crypto/big bank bailouts as needed, and US workers & taxpayers are to foot the bill. The question becomes: At what point will the workers & youth revolt and what form will that take politically?