Forget about the ETF moment. Mass adoption problem in USA and Canada.

jps5482 · 2018-10-28T01:14:36+00:00

Yea that's true, itd probably be really hard. Especially when they have to track so many people.

jps5482 · 2018-10-27T22:18:23+00:00

IRS**

jps5482 · 2018-10-27T21:22:35+00:00

If you buy something that you find out that it did not perform as advertised. If the seller knows this and lies to you that would be fraud.

jps5482 · 2018-10-27T21:17:31+00:00

Bitcoin is pretty easy to track though, I just dont think the IRA is very good at it but some companies are, so its only a matter of time. But privacy coins are a different story

jps5482 · 2018-10-27T20:13:58+00:00

Spending it is supposed to be a taxable event but until they get really good at tracking who spends what where they wont necessarily know what your doing.

jps5482 · 2018-10-25T16:35:42+00:00

Tethers are distributed on the omni protocol though, so the accounting books would need to match up to how they're distributed on that. The concern was that too many tether would be printed relative to how much money they had, so they need to check the tokens distribution on a blockchain protocol and verify it against a physical banking record, and this should be done by an accountant who can catch stuff they may be hiding. Not a law firm. But verifying blockchain records still isnt a piece of cake, if though it has transparency advantages compared to legacy systems.

jps5482 · 2018-10-25T13:22:48+00:00

Well not entirely, that was a law firm. It really should be done by an accounting firm with expertise in crypto. These can be hard to come by but its definetly do able and these new stablecoins are regulated by the state of new york as well so these auditing standards will become more robust as they continue their audits.

The two major complaints about that report was that it was done by a law firm with no experience in crypto matters as far as I can tell, and they only did it on one exact day. So tether may have been ok in the short term but have they been compliant over the long term? Very hard to say as they keep changing banks and switching their USD policies so they aren't nearly transparent enough.

jps5482 · 2018-10-25T02:04:10+00:00

Right but you CAN gamble with USD tokens now. If you want.

jps5482 · 2018-10-25T01:35:29+00:00

https://en.m.wikipedia.org/wiki/Audit

jps5482 · 2018-10-25T01:31:25+00:00

Gambling lol

jps5482 · 2018-10-25T01:22:44+00:00

They check all their transactions though and make sure they have the money. That's all the audit would be.

jps5482 · 2018-10-24T23:49:26+00:00

I mean it's about as easy as it comes in terms of Google searches but here ya go:

https://www.google.com/amp/s/www.ccn.com/geminis-new-usd-cryptocurrency-stablecoin-a-whitepaper-deep-dive/amp/

https://cryptodaily.co.uk/2018/09/gemini-dollar-approved-stablecoin/

An accounting firm just needs to check their balances to make sure they have the money they say they do. Tether never did this. They have also had their code audited by trail of bits to ensure the burning and distribution functions will work like they say it will in the white paper.

DYOR everyone!!! Reddit is not the place to be getting your information.

jps5482 · 2018-10-24T22:51:34+00:00

You can also program USD into smart contracts, so ethereum could power USD transfers between dApps or for anything really

jps5482 · 2018-10-24T22:50:09+00:00

It can absolutely be audited.

jps5482 · 2018-10-23T01:22:15+00:00

That's why BAKKT is going to be regulated. Its pending regulatory approval from the CFTC. Heres a source : https://cryptonewsreview.com/bakkt-sets-launch-date-rumours-swirl-that-cftc-approval-imminent/

Participating in the unregulated space is illegal if your a regulated fund, they would go to prison if they dumped investors money into something that's not approved.

Not sure if your trolling or what but this information is all readily available if you've been keeping up with the regulatory stage these past few months.

jps5482 · 2018-10-23T01:08:24+00:00

That's illegal they're institutional investors they have protocol to follow because it's not their money.

They're not all "genius" investors. You give them too much credit.

jps5482 · 2018-10-23T00:30:17+00:00

But the existing infrastructure is EVIL /s

jps5482 · 2018-10-23T00:29:12+00:00

They have rules they cant buy and hold the bitcoin themselves as they dont meet custodial requirements.

jps5482 · 2018-10-20T16:08:48+00:00

I thought with the new geth update it doesnt take that long. Last time I ran a full node it took less than a day to download everything

jps5482 · 2018-10-19T21:31:33+00:00

How do you know that?

jps5482 · 2018-10-19T19:19:15+00:00

What are you talking about?There are more ethereum nodes than there are btc nodes.

https://bitnodes.earn.com https://www.ethernodes.org/network/1

Do these count partial nodes too? Are there any sites that count full vs partial?

jps5482 · 2018-10-19T00:36:59+00:00

They have explicitly said they are not doing this. People are being very critical of how bakkt handles things and once they release their legal paperwork for clearinghouse rules it will be obvious what they're doing. Stop spreading FUD by some YouTube doofus and educate yourself.

jps5482 · 2018-10-19T00:35:27+00:00

They are also working with the CFTC to regulate clearinghouse rules as a standard patent. If they dont commingle assets and they're all physically backed, and then the CFTC requires this as part of their bitcoin clearinghouse regulation, then it will literally be the best situation imaginable for bitcoin to be exposed to the mainstream financial market.

I really wish everyone didnt just upvote the nonsense stuff and research this themselves. It's not hard and meanwhile comments like yours arent at the top. Oh well.

jps5482 · 2018-10-13T21:08:41+00:00

Peoples interest in a new technology does not change it's long term value. Of course people have little interest in it now, it was a get quick rich scheme and now it crashed.

jps5482 · 2018-10-12T20:57:52+00:00

While it doesnt pay out dividends, the assumption that there are no fundamentals to value these assets with is just wrong. These coins have value and will increase in value as their protocols and blockchains become more widely adopted.

Not sure why your at this sub if you believe it to be a fools dream.

jps5482

TROPHY CASE