Cryptocurrency on Trial

[FrgMstr]

While My Big Coin is probably not on anyone's radar when it comes to cryptocurrency, it could very well be at the middle of setting a huge precedent in the crypto world. Depending on how this case goes, it could very well give the U.S. Commodity Futures Trading Commission oversight when it comes to crypto. The prevalent fraud rate of crypto ICOs is certainly not going to help shore up My Big Coin's arguments in court. There is also another case ongoing in Brooklyn that is looking at whether cryptocurrencies can be considered securities. My Big Coin is charged with defrauding investors of $6M.


BOSTON (Reuters) - An obscure virtual currency called My Big Coin is now at the center of a closely watched case that could determine whether the U.S. Commodity Futures Trading Commission has the authority to combat fraud associated with cryptocurrencies.

 

[travisty]

Anything to kill this stupid pipe dream of "crypto-currencies is the future of currency" is a good thing

 

[Master_shake_]

I don't want them to be able to stop ico's from being a fraud though.

I like it when people throw money out the window.

Its fun to read the stories because you can see the bullshit a mile away

 

[BSmith]

Hehe,....good.

 

[noko]

Link just took me to Reuters "Democrats fight for their future in tough statehouse races" gave up looking for stated article. Now of course they are not securities - they are currency

 

[mesyn191]

I don't want them to be able to stop ico's from being a fraud though.

I like it when people throw money out the window.

What if its Grandma/Pa's retirement money getting thrown out of the window though by some fool or corrupt investing agent who decides to play fast and loose with other's money?

 

[Red Falcon]

What if its Grandma/Pa's retirement money getting thrown out of the window though by some fool or corrupt investing agent who decides to play fast and loose with other's money?

Everyone who worked at Enron can understand this statement. :/

 

[_l_]

have you paid YOUR crypto profits taxes? Inquiring Government minds want to know (Aircraft Carriers are expensive to build)

 

[[Spectre]]

have you paid YOUR crypto profits taxes? Inquiring Government minds want to know (Aircraft Carriers are expensive to build)

But, they are badass......

 

[noko]

have you paid YOUR crypto profits taxes? Inquiring Government minds want to know (Aircraft Carriers are expensive to build)

Yes and now I get to claim my Crypto losses for a bigger tax return.

 

[mesyn191]

have you paid YOUR crypto profits taxes? Inquiring Government minds want to know (Aircraft Carriers are expensive to build)

Aircraft carriers are also at least ostensibly useful in a practical real world way outside of armchair crypoeconomist crafted paper scenarios.