Still Choppy Waters In Crypto

2022 was a rough year of crypto and we felt some rather large and drastic fall outs from the over hyped, scams and down right just bad business planning that some of these companies did. I still find it hard to believe that the SEC yet again overlooked one of the biggest issues ever in terms of FTX.

However after watching the Bernie Madoff series on Netflix I'm no longer surprised and see now why so many large companies and people down right hate the SEC and see it more of an oppressive arm over legitimate business then blocking bad business. They have a very long tract record of at least 50 years of letter massive amounts of fraud take place right on their own doorstep and in some cases being buddy buddy with them.

Does the SEC have an effect on bad actors? Sure to some extent but that extent seems to be only geared towards smaller bad actor operations while it fuels mega corp illegal operations until it blows up into a massive mess. So while you don't have a bunch of small scams going on instead you get one or two large scale scams that just demolish the worlds economies for years. What ones better?

Hedge Funds Subpoenaed by U.S

Recent news tells us that the U.S in particular the SEC which just recently hired on massive amounts of staff are on an aggressive rampage going after everyone they can. In most cases the ones you don't hear about it's a lot of smaller operations that just have to suck up and pay the fine because they can't afford a lawyer to combat the massive amount of lawyers the SEC has from your tax dollars.

The next big large scale after FTX seems to be Binance which as come under fire in which they are under investigation. In fact there's been a on going probe since 2018 but that is mainly geared towards getting Binance in compliance with anti money laundering laws. These subpoenas while they might sound bad are nothing more then a legal request for Bianance to hand over information which they should already have on record. Perhaps just a test to make sure they are within compliance.

FTX

TO be clear this is the dumbest case I've seen yet in terms of gross neglect to understanding what was going on and still going on. It's been two months now since the FTX crash and filing for Bankruptcy. It's going to take time to get it all figured out. The issue with that is you're looking at years of digging up files, paper trails, money that was just straight up blown etc. What you'll come out with is the SEC making off with lots of money to pay their lawyer army, investors that made profits to be hunted down for every profit penny to be returned and at the end of it not enough money to make investors whole and the people really at fault including yet again JP Morgan bank will pay a fine and be on their way. It's the same repeated thing that happens over and over again however in this case at least "for now" tax payers wont be bailing out the banks for their bad actions and paying the price like what happened in 2008.

The Growth

Right now many platforms are under pressure which reminds me of the early 2018 crash of which was rather quickly corrected and rallied again in 2020. That rally I feel has found it's bottom at 16k which bitcoin continues to touch but always has rebounded up despite the constant negative news coming out.

That bottom from what I can tell didn't start until July of 2022 which means we are most likely in for a long bear till at least July of 2023 (this summer which was my first speculation of a possible rally bull market to hit) with high inflation and many other negative factors in the world overall however that could be pushed into 2024 but I wouldn't put it all too much further than that before the SEC backs off, business starts to boom and new cases of crypto blow up to record highs which should bring in an era of DeFi banking where people start taking back control of their finances and social media hitting record highs including gaming with well structured systems that run like a business but consider their token holders as almost like stock holders. It's the very early days still of a possible web 3 explosion if it takes foot but development is critical right now and doing it in a way that is not illegal.

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