Amid crypto turmoil, U.S. senators propose sweeping oversight


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One can well imagine how many "early adopters" got into crypto currencies precisely because they were not a national currency, were unregulated and seemingly outside the purview of any government, possibly to facilitate the secret purchase of illegal goods and, ahem, "services". Then when they start to lose their butts as crypto values tanked they ran whining to the very government they sought to avoid begging them to regulate crypto currencies so they won't lose more.

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Pyramid Scheme

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This will kill off crypto

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@Desert Tortoise One can imagine anything they wish. Coming up with an example is harder. Can you point to even one person who has held those contradictory views?

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Silly headline. "Crypto turmoil"?? Just because some went bust and many are dropping in value? They have always been massively overvalued or many of them scams. Regulators to the rescue way too late, like always. And, yes, will likely take out many of the fringe cryptos.

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They have always been massively overvalued or many of them scams. 

The crypto markets has become flooded with hundreds of useless cryptos and blockchain projects. Those “joke” coins attracted huge investments.

The crypto market now is comparable to the dot-com purge of 2000-2001. During that time, the internet market was flooded with useless companies with inadequate stocks. They soared to enormous valuations. Then, they got crushed.

Just as the worthless dot-com companies disappeared, up to 90% of the cryptocurrencies will also be culled.

The strong ones will not only survive, but their prices will soar, just as Amazon, Google & apple have.

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This will kill off crypto

But it will be great for bitcoin.

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Any money printed by the Federal Reserve is valid,no matter how old it is,had an old twenty,the clerk look at ,call her supervisor,the twenty was valid,it was printed decade ago

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Any money printed by the Federal Reserve

The Federal Reserve doesn't print the US currency. The Treasury Department does. The Fed is not part of the Treasury Dept. It is independent of any other Federal agency of department.

The reality is that commercial banks "print" money every time they issue a loan. They only have to have 4% of the loan on deposit in their regional Federal Reserve Bank. The rest of the loan is money out of thin air. No bills are minted for this loan. Entries are made in a data base and that instantly becomes spendable money. The great bulk of new money is generated this way.

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Governments exploiting market movements to 'take back control' in the Chinese manner. They'll be 'regulating' children's pocket money next.

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DT,do have some American dollars,it said Federal Reserve Note

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Bitcoin really benefits North Korea. I guess you can look at it that way if you really want to look at the benefits of "crypto". Too bad I can't travel back to 2010 and create my own coin then sell it to a sucker (and pay the legal taxes) then retire a billionaire with real government backed and regulated currency and say so long suckers!!!

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One of the strongest selling point of crypto was lack of oversight and centralization, with everybody saying this was good and desirable. Now with all the foreseeable problems this could cause people seem not to be so strongly convinced of this.

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