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Again, US SEC Cautions On Investing In Crypto by Nigerialabalaba: 1:41pm On May 17, 2022
Again, US SEC cautions on investing in crypto

Investors should not believe they own their crypto tokens, according to Gensler, because using a digital wallet on a platform constitutes a transfer of ownership to the platform.

“If the platform goes down, guess what? You just have a counter-party relationship with the platform,” Gensler said. “Get in line at bankruptcy court.”


According to the SEC chair, the digital asset class is not sufficiently decentralized, citing a small handful of important trading and lending venues that manage the majority of crypto-asset traffic.

Gensler argued for fundamental investor safeguards like market integrity, a ban on front-running customers, and anti-manipulation and fraud.

He also stated that crypto platforms frequently trade and make markets against investors.

He said, “When [the platforms] take your custody when they take those tokens, they can use them, they can trade them. It’s not like when you trade in the equity markets,” Gensler said. “They’re making markets against you.”
https://nairametrics.com/2022/05/17/us-sec-cautions-on-investing-in-crypto-days-after-nigerias-regulation-of-digital-assets/

14 Likes 2 Shares

Re: Again, US SEC Cautions On Investing In Crypto by bizbrainko: 1:46pm On May 17, 2022
So what options did he propose? We all should use our money to eat akara

80 Likes 8 Shares

Re: Again, US SEC Cautions On Investing In Crypto by sotall(m): 2:19pm On May 17, 2022
undecided

Pot calling kettle black.

Is Fiat money being regulated by the government not also fraud?

All the government does is print the money and use it anyhow it wants while the citizens work their asses off.
An example is the Nigerian naira that is as useless as used tissue paper somersaulting and tumbling down severally since 2015 from around 200 per dollar to over 600 to a dollar now.
What does the Nigerian government do? They keep printing money and sharing amongst themselves as alleged recently by governor Obaseki.


If any Nigerian had bought bitcoin in 2015, no matter how volatile it has been, the person will still be in profit by now.

What about those that saved in naira? The money has lost value severally.

107 Likes 12 Shares

Re: Again, US SEC Cautions On Investing In Crypto by MangekyoAlt: 2:19pm On May 17, 2022
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Re: Again, US SEC Cautions On Investing In Crypto by FalseProphet1(m): 2:19pm On May 17, 2022
Crypto currency the scam many jobless Nigerian youth have used to gain access into the pants of lots and lots of hungry girls.

I see Nigerians ignoring this advice, I see them walking up and down deceiving more girls that they're into crypto, I see some of them contacting HIV and other STDs, I see them going to the mountain to pray, I see kidnappers kidnapping them before they reach the mountain.

This I have seen.

70 Likes 5 Shares

Re: Again, US SEC Cautions On Investing In Crypto by Seyiemath(m): 2:19pm On May 17, 2022
Re: Again, US SEC Cautions On Investing In Crypto by DoctorDree(m): 2:19pm On May 17, 2022
Everything na risk abeg
Even saving money for bank na risk
If them close down you hardly get your money too!!!

7 Likes 3 Shares

Re: Again, US SEC Cautions On Investing In Crypto by datopaper(m): 2:20pm On May 17, 2022
Don't argue with dreamer. If it works for you, it might not work ...
Re: Again, US SEC Cautions On Investing In Crypto by ImoleNaija: 2:20pm On May 17, 2022
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Re: Again, US SEC Cautions On Investing In Crypto by Carcholce: 2:20pm On May 17, 2022
bizbrainko:
So what options did he propose? We all should use our money to eat akara

Yes, and carry olosho

9 Likes 1 Share

Re: Again, US SEC Cautions On Investing In Crypto by Fireboy02: 2:20pm On May 17, 2022
bizbrainko:
So what options did he propose? We all should use our money to eat akara
change biz

1 Like

Re: Again, US SEC Cautions On Investing In Crypto by slimthugchimee2(m): 2:20pm On May 17, 2022
bizbrainko:
So what options did he propose? We all should use our money to eat akara

Buy land

6 Likes 1 Share

Re: Again, US SEC Cautions On Investing In Crypto by gambia(m): 2:20pm On May 17, 2022
I don't trust my cash with those platforms.

7 Likes 1 Share

Re: Again, US SEC Cautions On Investing In Crypto by Mophor: 2:20pm On May 17, 2022
Issokay!!!
Re: Again, US SEC Cautions On Investing In Crypto by Nobody: 2:20pm On May 17, 2022
More than 70% of people investing in crypto don’t have the right knowledge/education to be doing so.. And are very likely to lose money.

The real gainers are owners of Trading apps/exchanges, scammers and a few pro/experienced traders/investors.

32 Likes 2 Shares

Re: Again, US SEC Cautions On Investing In Crypto by Moneyboyz: 2:20pm On May 17, 2022
They are actually right, crypto was once a lucrative investment, now it's scam, big exchanges like binance and co are behind the pump and dump schemes, they pump a coin 10 percent and dump it 25 percent, they also have all the tools to see the figures of funds being bought and sold. They pump a coin to a level and wait for people to invest. Immediately the reaches their selloff percentage they sell scrapping all your money along with it.

Now the 50 USD you saved with these exchanges becomes 25usd. They know you will panic sell, once you sell, they have made 25usd off you just like that.
Once a certain percentage of you all have sold, making the coin dip further, they buy it cheap again to pump the coin.

The cycle continues, this is how binance and co makes money, go to their platform, they are always giving out money/incentives if you trade so so amount bla bla bla and launching scam coins you won't make any money from.

86 Likes 11 Shares

Re: Again, US SEC Cautions On Investing In Crypto by Nobody: 2:21pm On May 17, 2022
The heading is misleading, where exactly is the Caution here. Nairaland eh… am loosing interest visiting this site day by day.

7 Likes 1 Share

Re: Again, US SEC Cautions On Investing In Crypto by bestman09(m): 2:21pm On May 17, 2022
shocked
Re: Again, US SEC Cautions On Investing In Crypto by Dididrumz(m): 2:21pm On May 17, 2022
We've heard.
Re: Again, US SEC Cautions On Investing In Crypto by AllKnowing: 2:21pm On May 17, 2022
Crypto talk makes me sleepy. Everytime!

6 Likes 1 Share

Re: Again, US SEC Cautions On Investing In Crypto by Bigfish121(m): 2:22pm On May 17, 2022
This Garry gensler Sabi talk anyhow nor b today.
Re: Again, US SEC Cautions On Investing In Crypto by Tim931: 2:22pm On May 17, 2022
Abeg make una rest
Re: Again, US SEC Cautions On Investing In Crypto by Nobody: 2:22pm On May 17, 2022
bizbrainko:
So what options did he propose? We all should use our money to eat akara

You can invest your money where you want. Just know that crypto too has its issues, and is very risky.

6 Likes 3 Shares

Re: Again, US SEC Cautions On Investing In Crypto by Houseofglam7(f): 2:22pm On May 17, 2022
undecided
Re: Again, US SEC Cautions On Investing In Crypto by Guyman02: 2:22pm On May 17, 2022
He is saying this because many countries are using Crypto to circumvent western sanctions against Russia since they invaded Ukraine.

A lot of people can conveniently trade without the Petrodollar by using Crypto which is affecting the economy of America and the West.
The value of Crypto will soon go up, this is the right time to take a chance

18 Likes

Re: Again, US SEC Cautions On Investing In Crypto by brainpulse: 2:22pm On May 17, 2022
This is just the fact. This is a high opened risk that has not backup or insurance

1 Like 2 Shares

Re: Again, US SEC Cautions On Investing In Crypto by Dollywood(m): 2:22pm On May 17, 2022
bizbrainko:
So what options did he propose? We all should use our money to eat akara

Yes. That's a safer option instead of losing everything and sliding into clinical depression.

4 Likes 3 Shares

Re: Again, US SEC Cautions On Investing In Crypto by morikee: 2:23pm On May 17, 2022
Lol there is alternative which is non Custodial wallet
and Trading on Dex

2 Likes

Re: Again, US SEC Cautions On Investing In Crypto by DantataIsMyGuy: 2:23pm On May 17, 2022
They're trying so hard, it's now so stale.

4 Likes

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