Big daddy government kicked in the door and started talkin that shit to COINBASE last week. Told them to get down or lay down. Coinbase lay the fuck down. Not only that, but they licked the government's shoes while they were down there.
For absolutely no reason, Coinbase said they would stop margin trading on their platform. They put out a statement saying that they agreed with the government on sensible regulation on margin trading. In what world does "sensible regulation" coincide with "shutting down my entire operation"?
Naw, bitch, you just peed your pants and bent over.
What the hell are you businesses here for? You have to know when you start something in this space that it could come with a tap on the shoulder. You'd figure that smart people would prepare for that eventuality so that they didn't have to shut down their entire shit. Maybe Coinbase should have hired some lobbyists with all of that margin money from under-the-table counterparty trading. Wyoming legislators are partial to bitcoin. You could have worked with that state to give yourself protection from the feds.
The message is more for us, the traders on these exchanges. You can't trust bitches like Coinbase who just bend over. They don't care about the community, and they will give up any information you give to them.
I'm much more happy about the way that BINANCE handled their government call. They told US persons to get their money off of Binance US, implying that they could come back later on an VPN on Binance.com. (They didn't actually say this, but you should know that.)
But going back to those cowards at Coinbase. How can you set up a business that big in crypto without having any sort of philosophy of how to handle draconian government regulators? You know that bitcoin is a threat to USD primacy and your exchange is a threat to tradfi ETFs. You KNOW that the generation of exchanges before you have faced down unfair regulation.
All this while the faggy ass government doesn't even know what it wants with crypto. It tries to crack down on exchanges within its purview and simultaneously sends national security warnings out about China's bitcoin confiscation. It makes less than no sense to stifle innovation in your own house if you're so worried about getting dominated by your neighbor's same innovation. Maybe those idiots at the SEC should heed the warning of the Director of National Intelligence that the US will fall even further behind China if the US doesn't open up its regulatory framework to encourage bitcoin innovation and investment.
But these are not geniuses we are dealing with. After all, they work for government. These aren't people who know how to stand on their own or challenge themselves to be truly valuable in the world. They're selfish. They seek out the nearest institution to leech off so they can be personally secure. This is the personality type we deal with. Give that type of omega (fe)male authority and you get this really pathetic mix of cowardly aggression. Smegle from Lord of the Rings.
But there are the same types of cowards in the innovation space as well. When they meet, their interaction is actually quite amicable. I'd be surprised if the suckers at Coinbase are even mad about what is happening. They have probably convinced themselves that their counterparts in government have a legitimate point.
The losers in that situation will be you. Because Coinbase will do anything to comply with government, including giving up your personal information. Enjoy the confiscation of your funds and/or tracking of your transactions.
Seek out and support platforms that fight for what crypto really stands for. They may be less convenient, but your sick gains eventually absorb all fees and make them look small. Anyone who's been through a bull market knows that! The market will support you if you support it.
Also. Take the time to expand yourself politically beyond the borders of the US. Second passports, overseas bank accounts and second shore real estate aren't just tools for the rich. Bitcoin makes them even more affordable. Crypto innovators don't let US regulators stop them from building. They just go to another country.
The future is bright for those who don't let themselves be controlled by any government, especially an antiquated one that prioritizes control over innovation. Don't miss out.
