Bitcoin Crosses $25,000 – Trustnodes

Turns up Mozart

Bitcoin has surprised everybody by suddenly jumping to just slightly above $25,000 with it currently trading just under the resistance line.

That’s while stocks are red a bit, down about 0.4%, with Wall Street most likely turning its head to see just what this corn is doing.

That’s because while bitcoin has been somewhat following stocks for some time, it often leads when there’s a changing trend.

And we’re clearly changing the trend here. Bitcoin is not far off from doubling from the bottom. It may  have a lot more to go.

Traders have pointed $25,000 as the resistance for some time, but we sort of disagree because the sideline at $23,000 seemed to have that intensity.

At $23,000 emotionally you could see bitcoin dip to lower levels as the sideway could have gone either way, but after this jump it may be more that we might not quite see some levels maybe ever again.

The long version of why this is rising in our view has a list of factors that in addition may include people leaving the discontinued bUSD for crypto.

When Tether lost its peg for example some time ago, bitcoin rose because people were obviously going to crypto.

Some dapps now like Aave are removing bUSD, so people have to decide whether to send their funds to other stables or to actual crypto and clearly some are choosing the latter.

That’s however probably not the whole story of why this is rising. The main reason being that it fell too much, but also macro has now largely cleared with no one really caring anymore what Fed does because at 5% interest rates, what can Fed really do except tinker.

The short term main reason however may well be because the market is realizing there’s a different sort of revolution going on in crypto beyond tech, a capital formation revolution.

Until now the public has not had the ability to challenge the discriminatory Securities Act 1933 which implements in open daylight one rule for the rich and another for the rest.

The previous generation tried in the naughties and ’10s through crowdfunding, but they were on centralized website platforms, so they could easily be shut down, as they were under Obama.

Prior to that it would have to be some broker and obviously they can be closed, so only now has the public been able to have a say on this century old Terribles Act.

Because our platforms are decentralized, the blockchain is decentralized, and our devs can also be anon.

So we’re overturning the Securities Act, and nobody can do anything about it. Not Gensler, no one.

This is civil law, so not only we can play but considering what is at stake – effectively the liberation of the public which has been chained by this act – we think it is a duty to ‘play.’

Now SEC obviously can take some action against some entities as it has done, but in any revolution some will fall, and ‘falling’ here is a slap on the wrist.

No prison, mere civil disobedience. Even your credit rating won’t be affected. So we’re the rebels again. A pen rebellion and pen in this case includes code, and we have to rebel because we think one and maybe a primary reason why the French rose in the Yellow Vests is because we realized there’s this one law for the rich.

It wasn’t just in France either. It was spreading globally, but they don’t have to be on the street anymore, the pen can deal with this as we saw during the defi wave, at least where it concerns the investment prohibitions.

In fact the main reason why it ended up being called defi in the end, there were numerous suggestions including open finance, is because it also stands for defi-ance.

Now some will kneel (Kraken, Paxos), some won’t (Ripple and others that continue to fight in court), but where the crypto industry as a whole is concerned and globally, the Securities Act 1933 basically does not exist.

We reject it, and it’s as simple as that. We reject that act and all acts like it, but we would be fine with a British or French style compromise where you have to publish a prospectus that is vetted by exchanges when they list the asset.

That leave decentralized exchanges, but if someone is sophisticated enough to go to a dex on a crypto blockchain, then obviously they know what they’re doing so why should there be any requirement, especially considering there is no fiduciary custody of assets.

Not least because, though SEC clearly has forgotten, the investment prohibitions on private company investments is meant to be limited to only unsophisticated investors, like your mum or maybe the history teacher who doesn’t care to learn about investments, but still wants capital growth so just hands it over to some index.

An investor however, sophisticated or not, does want disclosure so the British government is striking the right balance.

US has to follow, or we just ignore their discriminatory law and ignoring it is easy because it only means that at worst coders in US have to start of as sort of anon to begin with, though known to people around if they want to, until they’re big enough and they can afford the slap on the wrist, or fine/settlement as SEC calls it.

Because we have a say too and an unjust law is not law. It does not protect the public, it chains it in its current form because it basically straight out prohibits anyone with an income of less than $200,000 – some 95% of the public – from participating in any way in any sort of capital formation, like investing in startups.

This law moreover was passed during the communist wave in the 30s with the then Roosevelt administration giving the New Deal as an answer to the then rising popularity of communism.

And SEC is pretty communist in its form as it has a say over the entire economy in regards to who can fund what startup or entrepreneur.

That’s not something we can accept in the digital age. There’s an industrial revolution going on. Twenty years of research and development seemingly without any results, is now providing results.

Some of these new technologies are transformational and they have the capability to significantly change the power balance both between countries and within countries.

It sounds self evident to say the public not only should, but needs to have some ownership of some of these technologies through new innovative entities or startups.

Why should we let SEC just say no, especially considering there’s a huge conflict of interest as the SEC chair Gary Gensler is a multi-millionaire, so obviously he wants to limit opportunities only to himself and his class, as well as banks which are conveniently excluded from the prohibition.

The VCs afterall are the ones that got SEC involved, so this is obviously nothing to do with protecting investors but protecting the rich.

The crypto industry has not yet branched out to other industries, except maybe art through NFTs, in regards to capital formation.

It may do so in the years to come, and that will give crypto as a whole a very unique value proposition that its detractors may call regulatory arbitrage, but we call it freedom and capitalism.

It’s time to bring that capitalism to the public, although we sort of have already in our own cryptos with nobody able to do anything about it. Except the boys but they happen to like us and this is civil law so it has nothing to do with them.

That means the party may be on. We’ve turned up a bit the volume on Mozart playing in the background.

Yes, it’s still morning and the bull is still very very sober. There’s a long long way to go until he is completely drunk at 5AM in the morning.

But maybe for a taste of the hopefully coming party, you can also listen to We Doin This!