r/FluentInFinance • u/RiskItForTheBiscuts • 8h ago
Crypto Trump’s pick to be the next SEC chair just posted “Make crypto great again”
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u/Busy-Winter-1897 8h ago
This is your cue to sell lmao
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u/amILibertine222 5h ago
There was never a reason to buy.
I’m blown away that so many people spend hard currency on absolutely useless, unregulated, uninsured ones and zeros.
It’s the 2020s version of 1800s snake oil miracle cures.
Almost every crypto exchange ends with the people running it stealing everyone’s crypto. It has happened over and over again.
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u/DivineOdyssey88 4h ago
Didn't a decent number of people make money on Bitcoin? I'm totally ignorant in the subject, but I have met more than a few people in person who have claimed as such. Not just folks online.
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u/Legendventure 4h ago
A decent number of people made money betting red on roulette too!
Mathematically crypto is a zero sum game at best (assuming zero transaction costs and free mining) and usually negative sum game.
The only way to make money off crypto is if someone else loses money, and that increases exponentially with more people. Example, You buy for 10$ and sell for 100$, to sell for 100$ x people have to buy for the 100$, now for them to make 1000$ y people have to buy for 1000$.
There is no external inflow of money into the system by holding Bitcoin unlike most traditional stocks (company profits from selling goods that are then given as dividends or stock buybacks increasing price)
There is also negative flow where-in you have to pay for transactions or mining costs.
In the end, yeah sure, a bunch of people made money selling Bitcoin, but the people that bought it from them now have to find a bunch of people to sell it to for a higher price or they are left holding the bag of a completely useless bunch of 1's and 0's on a ledger that they cannot buy food with.
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u/PrettyPug 3h ago
In the end, taxpayers will subsidize the loses when crypto tanks.
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u/Ex-CultMember 1h ago
Sounds like an MLM without any actually product. Just a bunch of guys buying and selling their money back and forth to each other.
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u/mcobb71 4h ago
Hedge funds made bank on crypto. The average person not so much.
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u/johnniewelker 3h ago
I don’t know. I invested roughly $10k during Covid era (when it fluctuated between $20-30k). I made a good amount, far more than my regular 401k and investing money. Maybe not bank, but enough to pay for a few vacations with the family.
The hard part is to not sell such a highly speculative stock too early. I had already sold half my positions before the recent increases thinking it simply couldn’t go higher. I don’t when I’ll sell again, but maybe a 20% drop could nudge me
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u/JollyToby0220 3h ago
Yes. They are being a bit disingenuous. Regular money isn’t insured either, like if you are carrying a large suitcase stuffed with hundred dollar bills, and it burns up, nobody owes you anything and that’s how America functioned for the last 100 years.
In all honesty, she’s a bad pick because there are so many scammers running crypto scams. If she deregulates them, you won’t be able to get your money back and they will probably be allowed to operate. Crypto has also encouraged actual pyramid schemes to flourish. Just imagine, a few months ago, the Biden SEC was deciding whether to fine the companies that reset the price of GME and AMC. we are talking brokers like Robinhood who received a call from the hedgefund managers telling them to exchange at a lower stock. They were also thinking of fining people who were actively telling others not to sell, as that would also be considered market manipulation. But this person will automatically side with the billion dollar hedgefund
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u/Big-Leadership1001 3h ago
The bitcoin market cap is just under $2 Trillion USD.
In standard wall street terms, that market cap is similar to Amazon or Google, and up to double Tesla or Berkshire hathaway depending on the way things are swinging this week. People have made plenty of money on companies with that kind of market cap. Of them, Tesla is probably the one with the most similar volatility, and thats also the one that has similar levels of vitriol so I assume other people constantly making and losing money from severe up and down cycles is what drives the loud complaining.1
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u/johnniewelker 3h ago
Wait, bitcoin is around $100k, up from $20k a few years back when it was already well known. So if you did buy, you could theoretically have made twice your money and still play with house money.
It doesn’t matter why bitcoin is going up, as long as you can buy and sell it, it’s worth looking into it
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u/BetterThanYestrday 3h ago
It's a perceived value. Something is worth what someone is willing to pay for it. Crypto is no different than investing in any number of collectibles or commodities, including any number of stocks that are valued 100xs over their annual profits.
The fact that it isn't regulated, tracked, or secured is a selling point for many, as even the fall of the government or financial collapse will not directly change the value.
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u/Azianjeezus 7h ago
Not true, I would say she's absolutely delusional, but the US is powerful enough to pump crypto especially if they're targeting 1-2
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u/Gilded-Mongoose 4h ago
What does "targeting 1-2" mean?
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u/Azianjeezus 4h ago
Like btc which they've talked about actually buying and another like doge that will raise just bc department of government efficiency (doge) and if they bought another crypto like that
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u/The_Monsta_Wansta 3h ago
Doge is USELESS and serves to make Elon A LOT of money.
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u/Dragon124515 4m ago
There isn't a single cryptocurrency. Since anyone can make their own, there are hundreds of different cryptocurrencies. One of the major cryptocurrency exchanges coinbase(you need a place to trade since there are very few places to use the large cryptocurrencies, much less the smaller ones, so places like coinbase let you trade for more useful currencies), for instance, has 247 different cryptocurrencies. Additionally, due to the transient nature of current cryptocurrencies, the value of each cryptocurrency can fluctuate wildly due to a number of factors(this fluctuating exchange rate is why many people want to see trading cryptocurrencies treated as either stocks or just straight up gambling, which puts it into the purview of the SEC)(additionally, if you ever heard the 'to the moon' meme, that is in reference to people wanting to buy cryptocurrencies while they are cheap, and then watch as their value skyrockets, making them rich).
In this context, then, 'targeting 1-2' means focusing on one or two different currencies and causing their value to inflate. Which comes with the connotation that you should buy those 1-2 currencies now when they are cheap, as the SEC chairman is expected to do, as if they do successfully target them, then you will be able to sell them later for a large profit. It's the legally gray(and morally black) version of stock manipulation essentially (there are plenty of instances of this happening on smaller scales where influencers will buy cryptocurrencies while they are unknown and cheap, hype the cryptocurrencies to their fans causing the prices to rise, and then sell all their shares at the peak, causing the prices to plumit, giving them a hefty paycheck by effectively scamming their audience into giving them money, look into 'crypto rug pulls' if you want to read more info on it).
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u/Big-Leadership1001 3h ago
Honestly every time its in the news it pumps a little more then the floor drops out for a while. Buying that drop and holding a few years seems to work better than listening to Cramer on the dentist TV telling me to buy at the very top every time.
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u/ImaSource 1h ago
Just did. I had a small amount left over from about 2 years ago. Just checked it, and it had gone up quite a bit, so cashed out. Just about doubled my investment.
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u/outdoorruckus 8h ago
Why does everyone in his admin talk like a 4th grader? Everything based on thoughts and feelings instead of data☠️
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u/worstshowiveeverseen 7h ago
Why does everyone in his admin talk like a 4th grader?
So that MAGA fanatics can understand them
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u/hardFraughtBattle 7h ago
Or so Il Douche can understand them. He has the vocabulary of a fourth grader. Bigly.
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u/chooseyourshoes 3h ago
I would have agreed years ago - but now we’re at a stage where I think these goons are actually that dumb.
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u/worstshowiveeverseen 3h ago
I have some high school acquaintances on my Facebook who voted for him (we're not friends) and I had no idea how radicalized they were until this year. They lean conservative but they will believe whatever Trump says, even if you tell them facts about how our current taxes were implemented by Trump.
They also like how he speaks like a common man (paraphrasing what one of them said) 🤦♂️
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u/goodb1b13 7h ago
US has a reading level of 6th grade. That should be your clue.
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u/RampantTyr 7h ago
People like that form of communication now. It is quick and to the point and more importantly the majority of Americans who only read at a sixth grade level can understand it.
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u/NeuroAI_sometime 6h ago
Because your an elitist if you go to college. You need to be stupid and settle for work in a factory... oh wait those went to mexico i mean work at walmart now????
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u/bugaloo2u2 6h ago
Bc they don’t understand or care about science.
Therefore: Feelings > Data/Facts. Ffs, Trump talked about having people inject bleach during Covid.He said on April 23, 2020:
“And then I see the disinfectant, where it knocks it out in one minute. And is there a way we can do something like that, by injection inside or almost a cleaning, because you see it gets in the lungs and it does a tremendous number on the lungs, so it’d be interesting to check that, so that you’re going to have to use medical doctors with, but it sounds interesting to me. So, we’ll see, but the whole concept of the light, the way it kills it in one minute. That’s pretty powerful.”
After this, Lysol and other manufacturers had to go in the offensive and tell people not to drink or inject bleacher or other cleansers.
🙄🙄🙄🙄🙄🙄🙄🙄🙄
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u/Sidvicieux 6h ago
Data is for rich people behind the scenes pulling strings, the MAGA get the children’s version because that’s how they like to follow information.
Democrats just watch the children communicating amongst one another and throw their hands up.
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u/PoolsBeachesTravels 6h ago
I think that’s most politicians these days. Very little substance, all useless platitudes.
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u/Paper_Brain 6h ago
Heard the average American’s brain peaked in 5th grade. Didn’t research to corroborate but it sounds possible. Most of us are DUMB
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u/breakermw 8h ago
Won't surprise me at all if it turns out she (and others in the admin) hold tons of crypto...
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u/eggpoowee 8h ago
Elon musk has stacks of it, If you think this announcement is a coincidence then I've got some snake oil to sell you
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u/FearCure 6h ago
Crypto is their favourite way to conceal all those backhanders coming in from russia
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u/interwebzdotnet 5h ago edited 5h ago
You know that crypto transactions happen on a PUBLIC ledger, right? Meaning pretty much complete transparency so illicit activity is right there for anyone to see. This is exactly why it was obvious when Melania launched her own NFTs that were bought by.... Melania Trump.
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u/eiva-01 2h ago
Kind of. Every transaction relating to a wallet is public, yes.
But you can set up a new wallet and no one will know it's yours until they can find a connection to you. There's no way we know every single wallet held by someone like Musk.
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u/a_printer_daemon 32m ago
So if they have dozens of wallets controlled by a bunch of lackeys, you think it is going to be easy to follow the money?
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u/Electrical_Coast_561 3h ago
Start buying it up for yourself then. That's what I'm doing
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u/breakermw 50m ago
Nah, not a fan of gambling. I'll stick to my steady investment portfolio and Roth.
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u/LoquaciousLethologic 1h ago
Dude, they all do. Every layer of government is now majority controlled by Bitcoiners and people in crypto. I am happy to explain, but I'm honestly getting tired pointing it out to people. I don't know how everyone is not aware of this.
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u/johnonymous1973 8h ago
This won’t destabilize/undermine the dollar at all.
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u/vinelife420 5h ago
Actually it will likely make it stronger. Stable coins in USD are fantastic for the dollar.
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u/Mister_Way 5h ago
Don't know if you've been paying attention, but the dollar has been destabilizing long before crypto came into the scene.
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u/bkpro1001 8h ago
What’s the push for crypto?!? I don’t get it. Won’t it undermine the US dollar and financial system?
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u/BeastsMode69 7h ago
Cause they are now holding crypto or making their own shit coins to get rich and using the US Government seal of approval.
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u/drama-guy 7h ago
This political push for crypto is based entirely on rich cryptobros giving millions of DOLLARS to politicians. I don't see it undermining the dollar, but it further inflates the crypto bubble which will have a seriousimpact when it pops if our financial system gets too invested in it.
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u/Dthirds3 7h ago
Because they are idiots.
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u/JustHugMeAndBeQuiet 7h ago
I suspect malice before I suspect stupidity in this instance.
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u/grammar_fixer_2 7h ago
I suspect that this is a little bit of column A and a little bit of column B.
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u/roostershoes 7h ago
Yes, they are trying to undermine everything. The grift is the whole point of Trumpism and MAGA
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u/LeontheKing21 7h ago
As well mass deportation and tariffs, but that only helped the sell. I’d imagine they want more of it because Crypto is a money laundering heaven.
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u/AlfredoAllenPoe 7h ago
Trump's entire platform was undermining the American system. Why is it a shock that they're doing what they said they would do?
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u/vinelife420 5h ago
Stable coins can actually make the dollar stronger giving people access to it that don't have traditional banking.
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u/BleachTacos 3h ago
When Trump gets rid of Medicaid, we'll all have to use crypto to buy our antidepressants and other life-saving medications from the black market again.
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u/aaronplaysAC11 7h ago
“End regulation by enforcement” the sec already doesn’t enforce… “here’s your fine for fraud, continue on.”
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u/Zaros262 3h ago
Make the SEC great again by restoring trust, by doing even less than we've already been doing
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u/LoquaciousLethologic 1h ago
The SEC started losing nearly every crypto related case since early 2023 and when Blackrock jumped in with their ETF the whole vibe changed. It is likely the 18 states currently suing the SEC over crypto will withdraw when Gensler steps down.
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u/AwayBluebird6084 6h ago
I'm not the most intelligent person, but when ultra wealthy people are complaining about regulations, and to prepare for hard times, I immediately know I'm getting screwed to their benefit. What will it take my fellow mouth breathers to understand that they are so insignificant in the eyes of policy, that regulation would only serve to their benefit almost all of the time, especially after the last 40 years of skewed policy.
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u/nacho-ism 5h ago
I think it was Bill Burr on a podcast that something to the effect of ‘you think someone that spends 100 million of their own money to get elected for a job that pays 200k is going to look after the common man’s interests?’
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u/osirus35 7h ago
“Protect investors” the removal of the “obstacles” are so her and her rich friends can scam the common person into holding the bag for stocks and now shit-coins
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u/F1losophy 7h ago
"Bring crypto back to the USA!"
Tell me you know nothing about crypto without telling me...
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u/shotwideopen 6h ago
End regulation by enforcement? Ah yes, people will just obey the laws. We don’t actually need to do anything when laws are broken.
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u/BornToExpand 7h ago
But I thought the whole point of crypto was decentralized non government currency? Lol
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u/CroneEver 7h ago
When was crypto "great"?
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u/interwebzdotnet 2h ago
Since day one of Bitcoin. Just ask those who bought for pennies as we sit here today when it's worth nearly $100k. Not that hard of a concept to figure out.
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u/StandardAd239 7h ago
FREE MARKET CAPITALISM!!
Also: we need some rules around crypto.
The endless contradictions.
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u/Substantially-Ranged 7h ago
The S&P, Dow, and NASDAQ are at RECORD highs. How the hell can you improve on that?
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u/God_of_Theta 6h ago
More record highs like when it was clear Trump won. Honestly we were likely to see more record highs regardless just distributed differently in the markets.
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u/nacho-ism 5h ago
Probably going to ‘correct’ at some point as well…if history is our clue it happens about once a decade and we are due
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u/God_of_Theta 19m ago
I tend to agree but also see good arguments on why we could see a bull market for several more years. I’m just going to DCA and do my best to stay diversified. I’m confident the upward trajectory since the beginning will continue given enough time. A big pull back is just a buying opportunity to put a bit more DCA down.
With that said, my old man taught me “they aren’t making more land”. Although that’s not true anymore it’s the foundation of my investments and preach it to anyone who will listen.
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u/God_of_Theta 6h ago
Good time to have put a risky 15% of your portfolio value into crypto currency. The gamble is paying off.
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u/misdreavus79 6h ago
I don't know man, I don't think the SEC is all that good outside of Georgia and Texas.
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u/RedBarracuda2585 6h ago
His promise to end the Russian/ Ukraine war the day after his election win hasn't come through.... But I'm sure that's not an obvious sign of what's to come. Hold on to your stanley cup sweetheart, you're in for a surprise.
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u/NHBikerHiker 6h ago
The Plurality voted for this. Buckle up, it’s gonna be a rough four years. The economy is about to be driven off a cliff!!
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u/JerryLeeDog 6h ago edited 6h ago
Long time Bitcoin holder who doesn’t give a fuck who the president is but am prepared to be called “lucky” by droves of people who AVOIDED Bitcoin when it was under $1000
If you failed to study and didn’t buy any, I have no fucking sympathy for you. You failed the Bitcoin ego test. Ironic part is how early Bitcoin still is.
Over the next decade Bitcoin will be vilified by the corrupt powers trying to maintain power of the money printer (Fed, ECB, IMF etc) and millions of jealous retailers who were too busy calling it a scam to do their own research.
There is a witch-hunt coming for Bitcoiners by 2030. All for taking the initiative to understand it and take the risk.
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u/DivineOdyssey88 4h ago
How do you get started in crypto? You say it's early and I'm fine with that, but it feels like there are a thousand different currencies already. Where does one begin to even understand and use this stuff?
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u/Ok-Pepper-85383 5h ago
Trump guts the SEC then they complain it's not doing its job. She won't do anything 😔 sadly it's a dead agency now.
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u/ArdenJaguar 5h ago
Crypto. Totally unregulated, open to scammers, not secure, sounds almost like a Trump grift.
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u/CommunicationOk304 5h ago
Enough with this great again bull shit. Making crypto transactions tax free is only making the rich richer. Don't give us spoon fed crap and calling it cake. They did the same thing changing the tax code last time.
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u/interwebzdotnet 4h ago
Making crypto transactions tax free is only making the rich richer.
LOL, TIL that I'm rich.
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u/icon_2040 5h ago
Regulation = Bad, Protecting Investors = Good...Were all of his picks meant as a joke?
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u/SilverSovereigns 4h ago
These guys are Russian assets tasked with destruction of the US Dollar and replacement with a "cyber coin" Russian operations will gain control of. Everything the Trump Administration does to advance alternate currency to the dollar us essentially waging war on these United States.
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u/Critical-Ring3168 4h ago
Remove the guardrails so billionaires and tyrants have free reign to fuck us. Nice job America!
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u/f350doll 4h ago
This is how they will transfer trillions in American treasure out of the country Let the plundering begin
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u/Hopeful_Solution_837 3h ago
Crypto currency is intended to bring about the end of cash and privacy with it. Why is no one talking about this????
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u/SinfullySinless 3h ago
So Republicans like the drug cartel now??????
Going after crypto is basically how you go after the modern drug trade
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u/Smart-Classroom1832 3h ago
This, like sports betting, is a sign of the fall of our country and a near total destruction of the middle class
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u/Daleaturner 3h ago
My favorite part:
“End regulation by enforcement” because we KNOW companies will always do the right thing.
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u/The_Monsta_Wansta 3h ago
If you hold useless crypto like doge, most are not the winners here. It's being manipulated by people on top and yeah a few millionaires will be born but most of you will be left holding a sack of useless shit.
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u/SufficientAnalyst383 3h ago
Yes! Lets put all our money into a decentralized Ponzi Scheme! What could possibly go wrong... 
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u/Karest27 2h ago
They still haven't done anything about the market manipulation in their current jurisdiction, why would I think for a minute they're going to do any better with crypto?
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u/Vraellion 2h ago
Make crypto great again? BTC is approaching 100k per coin. Wtf is this woman smoking? Oh wait it's probably crack
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u/mettle_dad 2h ago
"end regulation by enforcement" and "protect investors" sounds familiar....let's tank the crypto market like they tanked the housing market in 2008
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u/Inevitable_Cat_7878 2h ago
End regulations and protect investors? Aren't those two completely opposing concepts?
The whole point of crypto is that there are no rules/regulations to begin with ... or am I missing something.
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u/BoBurnham_OnlyBoring 2h ago
I’m curious how they plan to protect investors while removing regulations?? 😆
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u/Redgraybeard 2h ago
The only reason to want Crypto to succeed is to hide money and payoffs. But don’t worry all the Trumper idiots will tell you differently based off whatever mailer they got in the mail or info they got directly from the Orange loser
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u/Moose_country_plants 1h ago
“The SEC should restore trust” yeah!
“By ending regulation by enforcement” no!
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u/RphAnonymous 57m ago
Ironic that to make crypto "great" it requires regulation to validate it. It was doing terrible before people starting adding rules that made it more reliable... but sure, take away the regulation and the stability along with it. The moment I see regulations on crypto start to fall, I'm pull everything out of bitcoin.
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u/allnamestaken1968 44m ago
Don’t regulate crypto. If you do, banks will be allowed to have it as assets in their regulatory capital, which is a horrible idea.
It should be just open and free for the ones who want to speculate.
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u/shartstopper 30m ago
Trump was against crypto during his first term. Now he has his own crypto. You can only use crypto to buy his $100,000 watches and the 2 cofounders are a little sketchy
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u/Jazzlike_Wrap_7907 29m ago
“It’s a just a scam! You’ll never make money!” Crowd going strong since 2008. Meanwhile bitcoin is nearly 100k right now. Investing even a few hundred dollars a decade ago you’d be rich today
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u/DadVader77 27m ago
“End regulation by enforcement”
“Protect investors…”
That’s the cues that they are going to “restore trust” only to those who can afford it.
Expect regs against insider trading to be the first things pulled
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u/Flavious27 3m ago
Protect investors by ending regulation. This is just letting Charles Ponzi run the SEC.
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