The SEC Is Systematically Eliminating Altcoins
block #772736
synopsis
The bitcoin price pumped 25% in a week and neither of them really cares — but for different reasons. They unpack the SEC charging Gemini and Genesis for unregistered securities, the impending Genesis bankruptcy, GBTC's 600K bitcoin in paper form, the distinction between bitcoin (commodity) and everything else (unregistered securities), and Mandana's evolving emotional relationship with price. A key episode for understanding how the SEC's actions could systematically eliminate altcoins.
quotes
Ian: "Bitcoin is a commodity... you get bitcoin at the price you deserve."
Ian: "The regulation will be BS. It'll come, it'll definitely come, but it'll be BS. And the reason why it'll be BS is because you don't need regulation — just hold your own bitcoin."
Mandana: "I always think like, when bitcoin is up, I'm sure everyone's thinking 'oh Mandana's probably so happy right now' and I'm like... we'll see."
Ian: "The only way they can go up is people are still buying it. That's why I think it going up is so important — because it can't go down forever if there's always one person willing to buy it."
topics
Bitcoin price pump: 25% in a week, driven by debt ceiling crisis and January tax dynamicsSEC charges Gemini and Genesis for unregistered securitiesGenesis bankruptcy imminent — $3B total owed, $900M to Gemini usersGBTC trust: 600K bitcoin, someone will buy it in bankruptcyBitcoin is a commodity, everything else is an unregistered securityThe SEC's path to eliminating altcoins one by oneMandana's emotional reaction to the price going up (or lack thereof)The "class of 2022" — people who got in during the crash yearNostra updates: both now on the platform, Mandana as "OG Nostra"Merchandise shop tease: "Fuck flowers, buy me bitcoin" and "I don't want your nudes, send me bitcoin"Late night TV hosts as unreliable information sources