BITCOIN

Malthusian

Type_45 said:

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

To limit the amount of risk ordinary retail investors are exposed to - if they go via exchanges regulated in that province. See also the FCA's "restricted investor" rules over here on investing in P2P or other unregulated/pseudo-regulated investments. Or the rules restricting how CFDs are sold to retail investors.
Want local regulator's kitemark, play by local regulator's rules. 

Type_45

Malthusian said:

Type_45 said:

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

To limit the amount of risk ordinary retail investors are exposed to - if they go via exchanges regulated in that province. See also the FCA's "restricted investor" rules over here on investing in P2P or other unregulated/pseudo-regulated investments. Or the rules restricting how CFDs are sold to retail investors.
Want local regulator's kitemark, play by local regulator's rules. 

If that were true then why are they only regulating certain coins?

In the regulating provinces people can still buy as much Bitcoin, Bitcoin Cash, Ethereum and Litecoin as they like. Unlimited. But other coins have annual caps on the amount citizens can purchase.

How do you explain that? 

bugbyte_2

DannyCarey said:

https://twitter.com/DWhitmanBTC/status/1564574587697995776/photo/1

Interesting that those guys knew this was coming in 1997. So accurate too..

Sorry to pop bubbles but 25 years after this was written people buy stuff on the internet with a debit card. That's the reality. Crypto used widely as money never happened. 

DannyCarey

Sorry to pop bubbles, but it looks like you didn't read it properly. It is not talking about simply paying with a debit card here...

bugbyte_2

OK.

Has the Odds been reset? (what does this even mean?) Have Nation States had their capacity to determine who becomes a sovereign citizen reduced? Has Crypto liberated us from inflation? Do we all use Cyber cash?  



err no. 

Type_45

DannyCarey said:

https://twitter.com/DWhitmanBTC/status/1564574587697995776/photo/1

Interesting that those guys knew this was coming in 1997. So accurate too..

If you have crypto shades on then yes, they're talking about crypto.

But if you don't have crypto shades on then the piece could be talking about simply spending money online (as we all do every week).  The one difference is where it talks about breaking money down as is the case with SATS.  But that still isn't necessarily a reference to crypto.

Malthusian

Type_45 said:

If that were true then why are they only regulating certain coins? 

The exempted coins are considered to have "critical mass" and be unlikely to go pop entirely and generate 100% losses. (Though they could generate any other % of losses.) Digital gold / silver / platinum, essentially.
All the rest are being treated as scatcoins, i.e. digital penny shares.
It's a blunt instrument but that's how financial regulators work. It is the job of regulators to protect ordinary retail investors from taking risks they aren't prepared for, not to argue the toss with crypto bros as to whether Dogecoin should be on the list.

Type_45

Malthusian said:

Type_45 said:

If that were true then why are they only regulating certain coins? 

The exempted coins are considered to have "critical mass" and be unlikely to go pop entirely and generate 100% losses. (Though they could generate any other % of losses.) Digital gold / silver / platinum, essentially.
All the rest are being treated as scatcoins, i.e. digital penny shares.
It's a blunt instrument but that's how financial regulators work. It is the job of regulators to protect ordinary retail investors from taking risks they aren't prepared for, not to argue the toss with crypto bros as to whether Dogecoin should be on the list.

So to protect "ordinary retail investors" they've set a limit as to how many alt coins they can buy at $30,000 per year?  Because otherwise "ordinary retail investors" might well be spending $100,000 a year on XRP (for example)?

Malthusian

Something must be done. This was something. So they did that.

mooneysaver

Hi fellow blockheads, are you guys putting a bigger stake in LUNA or LUNC. Currently I'm DCAing 50:50 on a weekly basis, but windering if its better to weight more to LUNC given the current trajectory.