Crypto wins. Fatality.
I don't like Rippletards or XRP one bit, but I took a small position in celebration of this news. The quote comes from minutes of the Ripple v. SEC court case, wherein lawyers for the SEC were forced to clarify their argument about XRP being a security and who they deem can sell it legally. With this comment, they limited their scope to the company Ripple and its employees and disincluded all exchanges that listed XRP. Any exchange, based in the US or abroad, can legally sell XRP with no issues from the US government.
Oh wow; thank you, benevolent overlord masters. (Can you sense the dripping sarcasm? Feel the boiling disdain?)
The SEC basically recognizes its inferior position and lack of leverage in controlling crypto on record in court, and most of you morons are still going to overpay your taxes in the US. Oh well. The government runs off idiocy these days. Have fun staying poor.
This coincides with news from the Indian and Nigerian governments backpedaling in the same way. Both countries were caught with their pants down trying to include exchanges in their crypto bans. Both countries had to turn tail and pretend as though they were talking about their banks, not exchanges.
Why are they doing this, seemingly unprovoked?
Simple. These governments realize they can't stop their citizens from using crypto. They can't stop offshore exchanges, especially decentralized exchanges and P2P ramps, from getting crypto to their citizens. They can't devalue crypto to make people's holdings worthless. So any country that tries to stop its citizens or any exchange from doing crypto business in its borders is only hurting itself. The citizens can still get it, and the exchange can still do business. Unless you're a dumbass like Brad Garlinghouse who wants to completely centralize operations, there's no one to go jail or kill. Also, the question of jurisdiction comes into play when you're dealing with cyberspace. Can you say an exchange is really within you purview just because one of your citizens accessed it? If so, do you want to spend the money chasing down some executive who may or may not be anonymous, drag him/her into court to prove your case, and then try to control that entity to punish it? It costs too much, and all the while, your global competition is doing business at lightspeed, leaving your country in the dust.
I get this great news, and I still have to look at a bunch of whipped sissies sweating bullets come April about crypto taxes. You're gonna have complete idiots sell out of their positions to turn their money back into fiat just to pay the government 40% of an asset they can't touch unless you tell them about it. What foolishness — giving these institutions power because you're afraid of the audit boogeyman.
Less than 1% of returns are audited, and if you're making anything less than $500,000, your broke ass isn't worth an audit. And unless you were an idiot and bought everything from faggit ass exchanges like Coinbase, nobody knows what you have unless you tell them. Chainanalysis works on probabilities — their tech isn't good enough to pinpoint a pseudonymous identity. And even if it was, crypto is sovereign. But it won't be if the majority of you morons think that it's not.
Bottom line is the SEC can't even pin down a shit company doing a P&D scam like Ripple. But you stupid fucks want to give your power away. There's an opportunity for freedom and self-actualization here, not just a few extra dollars. Use the opportunity before they find a way to snatch it back from you.
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