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It Was All A Big Lie

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This is The Block. We were all had. Fake news. FUD. Price manipulation. Well well well.
 

The Block

May 8 · Issue #40 · View online
Weekly curated #cryptocurrency news and commentary.

This is The Block.
We were all had.
Fake news.
FUD.
Price manipulation.
Well well well.

It Was All A Big Lie
The Ethereum SEC+CFTC Meeting Was a Hoax
The headline says it all. A Wall Street Journal article made out like this hearing was regarding Ethereum and its status as a security. Crypto news sources picked up the story and re-published with no research.
A reader told me they thought this was a black eye for crypto, making us all out to be a bunch of amateurs running around with our hair on fire.
I disagreed, though I understand the sentiment.
If anything, this is a black eye for crypto journalism. The story should have been checked, vetted, verified. It wasn’t. And we were all made to look like fools for a few days while we wondered just what the SEC would decide.
But this illustrates the crypto community’s thirst for clarity from the government on just how crypto will be treated in the wider world. We’ve lived in regulatory uncertainty for a long while now, and because most of us aren’t the crypto-libertarian-anarchist criminals we’re made out to be, we actually crave transparency and clarification on how and why crypto is classified a given way. We want to know how best to operate, and we can’t do so with a sword of Damocles hanging over the whole operation. The power is not in the cutting, it’s in the hanging, but where the line between law-breaking and law-abiding is thin, it’s not fair or right to leave users in the lurch.
Which is why this hoax stings. We actually really wanted to know answers. And now it looks like we’ll have to wait a while longer.
I don’t expect the crypto community to be taken unawares like that again, but in case this tactic is tried again, here’s a calendar of the SEC’s upcoming schedule.
The Warren Buffett Show
Warren Buffett continues to provoke with his comments on cryptocurrency, but it’s been fun to read reactions by smart people. Here are a few of my favorites.
Neeraj K. Agrawal
if you own a huge stake in coca-cola you probably shouldn’t call anything rat poison
𝙉𝙤𝙩𝙤𝙧𝙞𝙤𝙪𝙨 𝘽𝙏𝘾
Warren Buffett announces he bought 75 million shares of Apple - Apple stock price goes to all-time high as investors chase his play

Warren Buffett calls cryptocurrency a scam - the entire community calls him old and out of touch

What a time to be alive
Bitcoin Wyvern🐉
.@jimmybuffett could easily become remembered as the more financially savvy Buffett simply by accepting #cryptocurrency at all of his @Margaritaville resorts.

Warren and the rest of the old guard of money are fading away in the face of a new era.
CRYPTO CO฿AIN
Warren Buffett is right.

Bitcoin is rat poison.

And the banks are the rats.
Larry Sukernik
Literally the only takeaways I had from Buffett’s bitcoin comments are (i) you can’t be well-versed in every topic but you can still do very well, and (ii) someone’s disbelief is your opportunity.
ShadeCloud
@R0bster1 @tylerwinklevoss @BillGates @CBOE @CNBC @WarrenBuffett December 1980, Apple launched it's IPO. Buffett first purchased Apple shares May 2016. Possible he's missing the impact of #Bitcoin
And now for a different Buffett, but no less true of the crypto community:
BuffettSongLines
"We're crazy, we're different, we're just really being free..."
Links of Note
Charlie Munger Says Bitcoin is "a Scum-Ball Activity," Childish Insults
Turds, Baby Brains, And Rat Poison: The Rich Aren't Loving On Bitcoin
Fed Report: Bitcoin Futures Creation and Fall of Cryptocurrency Was No Coincidence
Bill Gates says he would short bitcoin if there was an easy way to do it
Turns out, there is:
Tyler Winklevoss
Dear @BillGates there is an easy way to short bitcoin. You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ
Two major Israeli banks tried to block cryptocurrency transactions, courts order them to accept
And finally, another old guard weighs in on cross-border currency payments, and surprise surprise, says crypto won’t solve problems.
SWIFT
#Cryptocurrencies will not solve delays in international #payments, but increased transparency through #SWIFTgpi can make payments faster and cheaper, according to Martin Walker, Center for Evidence-Based Management https://t.co/v7tAxnB1MR via @HouseofCommons #TreasuryCommittee https://t.co/QIXtbZPip2
Battle lines, y'all. 
And that’s it for this week, thanks so much for reading!
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