Coinbase's Legal Arguments Are Comically Bad
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- Опубликовано: 1 июн 2024
- A judge recently ruled in favor of the SEC, dismissing Coinbase's motion to dismiss charges against itself. The legal battle between the crypto exchange and federal regulators is now set to be decided at a high-stakes trial.
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0:00 - 1:19 Intro
1:20 - 5:15 Establishing the facts
5:16 - 9:39 Technical arguments
9:40 - 16:30 Substantive debate
16:31 Takeaways for crypto investors 
Кино
I kid you not, the RUclips algorithm thought that a Coinbase ad was appropriate for this video.
I thought only I got that ad
@@-BRICKZ Your from the American continent ? I did not. Think, it's regional.
You guys get ads? 😛
Keyword search
Coinbase targets finance videos. 🙏
Security or not, invoking the beanie baby defense is not a good look.
True
As a millennial, I found it extremely persuasive 🤷🏽
selling beany babies is free trade
I've heard worse. Iirc Celsius claimed that their depositers were donatorsv and weren't expecting their money to come back. That was during that bankruptcy while all of the depositors were demanding their money back.
Basically their currency is [chatgpt prompt: a phrase that would put us in the best light whatever the consequences]
Crooks often have to admit to one crime to defend against a worse allegation. The prosecutor will use the fact they admitted they're a casino later.
Crazy they offer 250 coins. Back in the day they didn't even have lightcoin it was just bitcoin. Then suddenly someone flipped a switch and every shitcoin was listed LOL
Money. These ponzi coin issuers straight up paid them to list the coins
So the arguments for not being securities :
- we're not contractually forced to pass any profit to our users
- our values is not based on efforts of others, just pure speculation
Ah yeah, really selling yourselves here...
Going forward we will have to ask if the labor of AI is a labor of "others" is AI a person? Is it labor to be paid for?
@@katp3583If you consider "AI" to be a tool, than things produced with the "AI" are a product of the labor of the operator of the tool.
Don't worry, this won't affect cryptobros. Because they'll just say rhat coinbase made those arguments in court and didn't mean it.
I personally want them to be around. They are the best off ramp around. They have to defend themselves. You know you would do the same in their shoes
@@katp3583Works generated by ML networks are not considered works of art protected by copyright and are in the public domain.
The prompts, if sufficiently detailed, are. (Since Tweets have been ruled as sufficient)
The thing with an asset (beanie baby) compared to one of these coins is... if the company that made the asset went bust chances are the value of that asset would go up as its scarcity will start increasing... where, as with these coins, if they went bust what happens to the coin, oh it becomes worthless.
good stuff. But, one correction you need to make. SEC enforcement actions are civil, not criminal. So there is no jury trial, it is a bench trial.
Civil trials can certainly also be trials by jury.
@@vincenz5I don’t think this case is going to small claims court
Untrue. The 7th Amendment guarantees the right to a jury in civil trials within federal courts, which this is.
This case will get a jury trial unless that right is waived by all relevant parties.
Bro's got me waking up before noon now to watch his videos.
Noon? Are you a firefighter who works nights or something? If not, oh no.
It’s 5 o’clock somewhere
@@Nohandleenteredstudent lifestyle
Sounds like you need to start making your own videos (for us and WSM).
@@NohandleenteredDawgs like "erm... Noon?" Absolute dork.
If you don’t understand the yield of your investment. The yield is you.
Even when you do understand, you're still a mark.
They can pay their fines in Bitcoins.
That would be an admission that Bitcoin is a legitimate property that even government agencies would accept
@@interactiveledger8990 somebody forgot to tell you SEC approved BTC ETFs which are marketable security wrappers of the underlining commodity which means they have legal rights to issue an asset that has property rights under law. and why would any public traded companies use assets on their balance sheet to pay for legal fees?
Never sell your bitcoin
@@Johnnodonoughue😂 then they have 0 value as a currency!
lol
Greater fool theory has replaced fundamentals, like what is crypto's purpose/utility. Greed is a hell of a drug.
Lol someone missed 15k thinking it would drop lower
@@icedcoffee8561Lol someone can't explain the utility of crypto.
It doesn’t look good for Coinbase, but you really only need to convince one person in a jury trial…if they find one crypto person to sit on the jury then they have a chance
They only need one crypto bro
Just need to convince the jury that crypto is a commodity and not a security.
Don’t they need a simple majority in a civil trial? AFAIK 51% wins (preponderance of the evidence)
No juror is going to prejure themselves just to save their shitcoins
@@samsonsoturian6013 the first thing they'll do is sell their stake. Of course, if that becomes public knowledge there'll be a market collapse!
Of course they're laughably bad. Gangsters trying to justify their crimes within the law/ethics always boils down to "I'm not a crook, you're the crook." Like how my sister keeps blasting cops for being stupid when the only reason she's a registered sex offender is because she bragged about her "wonderful relationship" with a teenaged girl... At church.
Absent any alternative uses for these “coins” what other purpose can they have except for the one they are actually used for - financial speculation??
Like the existing derivatives markets?
@@ianhebert91 derivatives have a purpose, for example can be used to hedge against certain risks
How about you do some actual research and find out yourself
Gambling and crimes, duh
Money laundering. Vast amounts of money laundering.
Ironic. The position they take in defence is that the coins are like beanie babies, utterly useless and only fools purchase them. Letting their market know
How much research have you done? Have you looked into any protocols or networks?
The irony is really that it doesnt change the minds of their users. People know coins are essentially gambling but they think they can make out before others do
@@icedcoffee8561 what does that have to do with the argument they attempted?
@@Wayfarer17683 as the saying goes, a fool and his money are quickly parted
@legacyofthedarkside2973 it's not the best argument, could mislead the already addled public...
" Beanie Babies, more akin to collectibles than stakes in a company" that's a good way to describe it to a child, sometimes you have to dum things down.
But this is not their main argument against being a security
Crypto is decentralized, there is no expectation of value from a central entity. There is literally no CEO to be held accountable, so therefore not a security. If you know anything about securities laws.
My biggest issue is most of this market has been driven by the fact we can no longer self custody stocks and bonds while degenerate financial institutions use them as collateral for risky and speculative products. When they go under the claim of ownership we have is very weak, since you do not posses the digital certificate.
Maybe we should go after why this market exists in the first place rather than the merits of the market.
The market exists because gamblers could possibly sell their coins for more money in the future.
I've waited 14 years for Bitcoin to change the world, and I'm still waiting.
Of course Bitcoin has changed the world, it has made it more crazy
Great video. Just fyi - this is a civil case, so coinbase wouldn’t be found “guilty,” it would be found liable. Don’t want them to get mad at you ;-)
I think it's pretty telling that CoinBase's argument isn't based off of an understanding of how it's not trading securities, or how crypto tokens don't qualify as securities. Speaks volumes about the strength of their case.
Most crypto doesn't qualify as a security, because it isn't controlled by a single entity, but instead decentralized....
Now what was the point of your original comment?
this aged like milk
6:38 When the Securities and Exchange Act was written, there might not have been cryptocurrency, but there was private currency, which crypto professes itself to be.
It's funny how the one thing that even the most dedicated cryptocurrency believers understand will never happen is anyone registering their products to make the whole unregistered securities argument moot. Because that would involve things like releasing audited reports on how the money is being spent, making announcements prior to insiders selling(rugpulling), and giving the government identities that could be arrested if they did illegal stuff.
There are something like ten thousand public companies in the US, along with tens of thousands more bond offerings, mutual funds, etc. that are regulated as securities. Somehow all of those manage to survive having the government force them to reveal the audited details of their finances to the public that is buying the securities, but not one cryptocurrency can handle that sort of scrutiny. It's almost like everything cryptocurrency related is all scams and various other criminal acts from top to bottom.
How would you audit Bitcoin? The ledger is public, and you can't produce an illegal record of account state without launching a 51% attack on the network.
Crypto doesn't need audits, it's a PUBLIC LEDGER
Please do not talk about things like you have any understanding of them when you obviously know NOTHING on this subject.
@@icedcoffee8561The only thing that is public is a log of transactions. The purpose, source and destination are all open to fraud.
Maybe expand your own horizons beyond your bedroom. It would afford you a wealth of real-world experience that you seem to lack.
So what are the odds that my money on Coinbase is going to disappear?
Very likely
As much as Voyager and Celsius making their customers whole again, plus interest.
Unlikely. The us government has stepped in. Funds are safu.
Not your keys, not your cheese.
It's going to disappear, hopefully you didn't bet the farm on it because you'll be working at Wendy's for a while
Crypto is just scammers scamming scammers.
Yep they all deserve each other.
Funny I got a coinbase ad for this video
Not to mention how shitty their customer service and app are. When i send the email or sms to reset my password it does nothing. They said the system isnt registering my attempts. As soon as i get in im selling whatever i have and im done with coinbase forever.
The whitepaper constitutes a de facto contract - ARE YOU FOR REAL? Have you ever read any whitepapers?
You haven't
I'm betting they will equate a coin burn to quantitative tightening rather than a stock buy back.
Technically, coin burning is quite different from stock buybacks, becasue you could re-issue the stock, or give it to management, but a properly burned coin is gone for good.
It doesn't matter if there is a coin burn to increase the value, that doesn't make it a security.
Most projects aren't controlled by a single entity, control is decentralized, so you can't call a fully decentralized crypto a security.
I don't understand any of this crypto stuff, I think Beanie Babies might be a safer option for me.
yeah... have fun with that.
Read the Bitcoin whitepaper.
It’s because you’re an NPC
At least Beanie Babies are tangible and you can sell them at a flea market or garage sale if things don't work out.
@@cgasucks boomer moment, you will always be poor
The only Major Question, is how this scam has persisted so long. Who did they pay off ?
XRP sales on secondary markets was already ruled not to be securities.
Should have discussed the market’s current outlook on this case. Stock has soared.
Before the video started, a Coinbase ad came on 😂
Do we really think coin base would pull a FTX?
If you would've told me all those crypto exchanges were giant frauds 5 years ago I would've absolutely believed you
They're handling custody for 9 of the 14 crypto ETFs, including greyscale and blackrock.... if they're comfortable holding billions of $, I think we're good.
@@icedcoffee8561How many billions did FTX manage? 😂
anyone know when the trial is?
Federal trials take forever. Corporate trials take forever. This is going to take forever.
All crypto is a Ponzi scam or just a rip off.
Beanie Babies are still out there for sale in retail markets. In fact, I saw one of a famous cartoon mouse (presumedly the IP is licensed from Disney). It’s the scarcity hype that has moved on. So it seems has gone the hype for Cabbage Patchers only to be replaced by “coin du jour” and NFTs. At least one can hold a beanie or doll in one’s hand and not have to worry about in person robbers not cyber crime.
The more I learn about crypto the more I hate it.
you are just a boomer likely, you dont understand it. back to CNN and Fox grandpa.
I don't know when it'll end, or how it'll end, but it'll end badly - Warren Buffet, talking unregulated digital currencies
The more I learn about legal claim to stocks and bonds the more I hate them. I'd rather have 1 BTC in a self custody wallet than 70k in shares of any company same as I'd rather have 35 Gold American Eagles.
You're fooling yourself if you think the Ponzi scheme of stocks and bonds is more reliable than the Ponzi scheme that is BTC or crypto if you rather. Some tokens are absolute bs they aren't all equal.
Crypto helps few tech billionaires control money supply and bypass all regulatory bodies and politicians elected by citizens..
Lmao you all sound like broke boomers
Wallet news big, great case law 🧠
Bro I had BTC and ETH transferred from my Celsius wallet to my Coinbase exchange and ever since then i haven't been able to login into my Coinbase account it's been 2weeks though????😢😢
Pls what could be the challenge???😢😢
Are you sure you transferred it to the real Coinbase and didn't get scammed?
They’re making me confirm my identity to access my funds, got approved twice, just for it to not work again, will try again here for a third time using an older address, I’ve heard that can cause problems
Coinbase has locked thousands out of their accounts on basis ID update required- smells VERRRRY FISHY
It’s definitely not security. It’s a scam
So I have my flare airdrop in coinbase.
It ain’t nothing more than prob 40 of them, which means I only got less than half of what I shoulda.
Should I transfer them out before they are scooped up by the SEC?
Also, SOL is a scam. Been from the start and will do it again.
Lets all be honest the "major questions doctrine" was a reasonable legal argument because the EPA should have won the case if the standard was remotely the same as Coinbase. The key difference is that the Energy sector is way more entrenched and has deeper relationships with the Federalist Society and basically owns tons of judges worldwide.
Sure, if you break it down to "government agency regulating a novel concept without congressional approval first"
However, they both have inherently different paths in their given policy thresholds. They are not operating in the same space, dawg, it's like saying a mechanic shouldn't be allowed to work on a new brand of car because a doctor wasn't allowed to investigate a new disease.
Your ""key difference"" was just classic cynical skepticism of society instead of a rational investigation of the issue, many such cases of boneheads jumping the gun. Politicians suck, but society would have crumbled eons ago if they didn't do the bare minimum.
@@blackwatchpilot5329 Google "exxons-unethical-supreme-court-play" and come back
I enjoy your channel
if you wait for court cases to finish to decide to invest you will never make anything. by then your way too late. all of the profit comes from the speculatory risk
Isn't it more like foreign currency exchange than securities?
*"Thus, **_while NOT an enforceable contract,_** the crypto 'White Papers' act as a **_de facto_** contract?!" Great vid overall, however.*
If you're up on Crypto, I would plan an exit strategy
I dumped almost all my meme coins except for BTC
There is Bitcoin and there is Crypto, since I've made the difference between the 2, it positively affected my whole life in every aspects.
The Sec has become a clown Show. In the beginning Gary Gensler admitted Ethereum is not a Security. Months later, he changes his mind that Eth is a security. They give the Impression that they have no clue what they are doing.
gary hinman also said it wasn't a security years ago. Regardless of what Coinbase does or does not do, the SEC has been laughable in court and that's why they got their ass handed to them by XRP lol
🍎🍊 But I appreciate your video summary!
I think cryptos are like beanie babies that are on fire and made of shit, except less useful.
Excellent legal analysis here
Is Coinbase's strategy now is to delay trail as long as possible so that it becomes politically unsustainable to find against them? Would the SEC's solution in this case be to fine Coinbase a large sum but allow the practice to continue?
corporate trials can last years, yeah. The Sacklers are still fighting the courts despite a whole Netflix series on their crimes being already out
What do you mean? You mean they're holding out for crypto to be integral to society? Yeah they've been blowing that trumpet for a while with zero progress.
They may have been better off not fighting it so hard. For example, maybe halting trading of the coin in question and taking part in an effort to better define everything. Since they are being hit with a type of technicality of just having to prove one coin is a security, it shows it is not an easy thing to define. Which means they should have plausable deniability of it's stats as technically being a security, meaning, no crime, but then help have the conversation needed to define them instead. That's going to be the result of the prosecution either way, so why does it have to be hostile? Eh...idk, trading that stuff is just like beani babies and prob hurts more than it helps anyone. The base tech is cool but there is no need for the coins. Might as well do what yiu were talking about early on and just bet on stuff. That's all it would be. It's just an elaborate "coin flip" people bet on. Why bother to hide it or try to make it seem sophisticated anymore? That will at least help identify it and keep people from losing their retirement etc as often.
If the cryptocurrencies were not sold on these exchanges and traded for fiat, would they still be considered securities? What if obtained them trhough mining or accepted as payment for my business?
What about all the registered securities that turned out to be scams anyway?
They would still be securities. It's just that Coinbase wouldn't be the broker. The case is against Coinbase acting as an unregulated broker.
Registered securities that turned out to be scams are unfortunate but have nothing to do with this case. Being regulated is only meant to reduce scams and not be a guarantee against them.
"Investment contract" is very up in the air here. The white paper is a contract? But not an enforceable contract? You can't have it both ways. If it's not legally binding, it's not a contract. Cite any precedent that says otherwise. You could make the case that the voting rights provided by proof-of-stake makes it a contract, since they can not be revoked. But if the org can overrule the vote if they so chose to, then it's not a contract. It's just advertising. The question we're addressing is what makes a security (stocks, ie) different from a commodity (gold, ie). Gold could go to zero too. Oil has even gone negative. That part is completely irrelevant.
If the sec's arguements and complaints werent dumber, this mess wouldnt happen
This will probably be decided on summary judgment as it is fundamentally a question of legal interpretation.
Organized and lucid presentation, but the Coinbase arguments are not risibly bad. Expensive and capable lawyers are playing the cards they were dealt. It's going up on appeal no matter what. I think the SEC is the favourite but I wouldn't bet my beanie babies against Coinbase.
Can you change your background music for once ?
Coinbase is goated stop
Ppl against crypto are just ok with the government getting rich off of their efforts lol we as ppl are their securities
Crypto the criminals preferred currency😂
Enabling ongoing criminal activity surely should be outlawed.
Criminals actually prefer fiat for committing crimes. Unlike crypto, it’s totally anonymous.
@@NachosElectric Tell that to the Aussie who was scammed out of Aus$800,000 and it all ended up in crypto and couldn’t be recovered.
Also ask all the Canadians who sent Crypto to the Indian scammers in the IRS scam!
Lol do you realize the amount of fraud committed with fiat. Fiat is way more untraceable. And the biggest fraud in the world happen with fiat
enron transacted in us dollars
Your “beanie baby” argument for every crypto currency is pretty weak. I’ll stick with my 350% increase with Bitcoin from March of last year. Have fun with the 2% return from your mutual funds!
Have fun when the price inevitably crashes bud
Youll stick with something that tripled your investment knowing its volatile and can just as well blow up and even cashing out will be tedious? Ok, feel free to poke me in this comment when you archieved payout and review how it went 😂
@@winterz32 crashes to what…
@@TheGahta ummm cashing out takes a total of like 5 seconds?
@@JaBarge303 depends on the amount and provider, bitvif you can get tens of thousands exchanged at short notice thats great, just usually what people complain about when exiting crypto 🤷
I'm listening to you explain why coinbases arguments are wrong and just finding myself agreeing with coinbase
You actually understand this?
Bro you smart 🤓
Dork
Being based outside the US might be a better idea
Then get arrested for more crimes for doing business in the US
🔥💯🎯
Bro why u hate crypto so much. Their arguments are not bad, its a trillion dollar market, like it or not.
Boomers hating things they don’t understand.
It's not unless you're financially illiterate. Market cap doesn't apply with crypto. Liquidity does and that is a fraction of the ''trillion dollars''. It's make-believe.
@@NachosElectric If Timmy and Tommy each put $1 in the piggy bank, then along comes Jimmy and puts $2 in it, and Timmy and Tommy each take $2 out of the piggy bank, how much is left for Jimmy?
Shouldn’t the SEC come after the individual coins instead of Coinbase? Delisting them from Coinbase wouldn’t prevent ppl from investing in them. I like the ability for less opulent investors to be able to invest in start ups like this. But I understand the concern. This’ll just provide the fed with a payout
Brian Armstrong looks so awkward in a suit.
did WSM ever advertise for coinbase?... i know WSM pushed masterworks... soooo did it?
Probably but his opinions change
Nah. He hates crypto and thinks it's a scam but somehow doesn't think Masterworks is 😂
@@venom_lowriderit isnt, its rather easy to discern the difference
Only btc & XRP have legal clarity.
Staking is a contract, thereby a security.. guilty.
There is no reason why coins arent simply currency. It's just that no-one offers services to be paid with this currency. I'd like it to be so, yet it's not. You could technically buy stuff with stocks and other assets, after all, it's just old fashioned trade. What's a currency, what's a token and what's a security? And are the differences so large anyway?
Yes, and absolutely none of this is new. Why are securities treated differently than currency? Because if I offer you currency for something, as long as the currency is real there is 0 chance that the offer of currency itself is fraudulent. If a company issues real stock but lies about the performance of the company, it has defrauded you when you bought it with currency. Tokens have existed in the past in various forms, but the most glaring examples which is why the regulation was created is when companies in industries that are isolated from the rest of humanity, like lumber mills or mining, were able to effectively trap workers by paying them in tokens that could only be used in company owned stores which because they had no competition charged exorbitant prices.
I can think of a few huge reasons.
1. The biggest one is stability. The us dollar is designed to slowly devalue overtime. But it still derives worth because it is backed by the us government. There is not a single cryptocurrency with anywhere near as much stability. An unstable currency is unsafe and incredibly dangerous for people buying it. Most of the larger coins are highly speculative and are at a point to where they would not be good enough for a stable market
2. Control. It is very easy to corrupt cryptocurrency and manipulate it in multiple ways. The biggest one is by being a whale. We have seen time and time again what happens when a whale makes a decision in crypto. Crypto is not "decentralized" because it can be easily controlled by the person or group of people with the most cryptocurrency.
3. Corruption. Save the kids token is a great example of this. White papers can be changed and people can lose money fairly quickly with no real control. There is very little stopping secondary actors from changing the value of the coin.
4. There are better alternatives. Zell and MasterCard are faster. The fed is safer. The dozens if different currencies give you options that can fit specific needs. The dollar is the most commonly used currency and is widely excepted so its easy to use and you don't need multiple different currencys for your business
A highly speculative, easy to manipulative coin that does not have fair or stable control or trust is not a good way to store or transfer value.
The volatility that makes it so attractive to gamblers, I mean speculators, is what makes it so useless as a currency
@@hiimjustin8826 True. I strongly believe that the volatility will die down so that it stables out to a certain healthy base level. Maybe in the next 5 - 20 years. If it doesn't, I don't see a future in crypto.
Why are you always so anti crypto?
How much did you lose?
Coinbase is corrupt. Close them down.
How is this crypto garbage still allowed.
My best guess? Idiots will always exist, and therefore grifters will always exist. Whether it's "Dr." Harold's miracle cure, essential oils, crypto...this just seems like a dark side of being human.
"how is free trade allowed" cope
@@tjrune3432 you see, the thing is here you are the idiot in this scenario. If you dont see the value that just means you havent actually done any research or you are sub 90 iq
at 2:59 you mention solana uses part of the transaction fees to buy back tokens on the open market and destroy them.. in fact its 50% of the transaction fees thar are burnt - these are denominated in solana tokens so no need to buy anything back. This burn mechanism is baked into the code. Surprised to see an error like this - this is misinformation.
the exact mechanism is immaterial, the economic reality is similar to a stock buyback. The transaction fees cause a decrease in supply of the coin which is designed to increase the coin's trading price
@@wallstreetmillennial The impact on outstanding supply of shares/tokens may be similar, but the impact on price in my view is not. Buying back takes current supply out of the market, taking out willing sellers even in times of limited demand - enhancing liquidity and supporting price in a way that burning fees does not. That's why I pointed out the lack of open market transactions in my earlier comment.
heh, its fun to say...beenybaby
Imma side with coinbase on this one. They can tell them it's security and give them time to adapt but they just want to mooch few billions.
Yeah, its like with Restaurants and clealiness. They can tell them how mold looks and give them time to adapt but those inspectors just want to mooch off fines
@@TheGahta Your analogy is nonsense, but health inspectors are assholes. Just ask Bob Belcher.
I'm fine with more barriers for entry for coins. So many of them are absolute trash minted using cookie cutter formulas in minutes. That being said, crypto has so much potential.
What if the value of the coins is not money but the value of the number of the smart contract that coin was brought into existence with? The log of the digital property and it's future trackability and link ability
What if bicycles become space vehicles because they work in low gravity?
That's just numbers, it's worthless. I have data for you, will you send me some money for it?
Your lack of understanding of blockchain technology is clearly showing here.
Layer-1 coins like SOL are primarily used to pay for network transaction/storage fees and as a consensus mechanism.
To completely ignore that point is ridiculous.
It would be like saying AWS credits are securities.
Hopefully uninformed people like you won’t be on the jury.
Wish i threw 50 bucks into crypto. Id sue for so much
WSM just can't let Crypto go because he's gutted he didn't buy 😂🤡
Emojis is all your side has 😂 🤡
After watching one of your videos a few weeks ago I reduced my position in BTC. That has so far proven to be a bad move. Thanks bud
He doesn't like crypto a lot
Luulz, the thing is he will be right, tomorrow, a year from now, who knows.
So what?
A scam is a scam, even if it takes a while to figure out.
If you change your investment positions based on a single video, then you should stick to Index Funds and stay away from anything that requires research.
@@jeffw8218 are you actually calling Bitcoin a scam?
ultimately, crypto is worthless. It has value as long as people choose to believe it has value. It's no different than NFTs of a monkey. The main uses of Crypto are speculating and criminal activity. As the government cracks down on the latter, crypto will likely die out.
SEC gonna lose this case just like they lost with XRP 🤣
BTW how's that "bitcoin etf was a failure" video doing? 😆
Btc is still down from ATH lmao
Huh. ATH was 68K in 2022. It broke that at 73K and is now hovering around 69K.
Why are you celebrating the centralization of Bitcoin through ETFs? I thought Bitcoin was supposed to be separate from wall street, that's what you guys always said
@@squorshyou know these guys don’t care about an actual use case for crypto lol they just wanna make money like every other crypto bro
@@yearsoftearsmmm yeah and no I honestly do wanna see governments fall. Inflation is crazy and we’re the ones who have to deal with it.
If you were unfamiliar with this case you would believe everything he is saying. The SEC has been losing in court for the last 4 years, and they will undoubtedly lose this case as well. This guy opinion on cryptocurrency in general is baised for some strange reason.
They got multiple recent wins against CB you absolute baffoon
@darthrex6267 "sec has been losing in court for the last 4 years," and they haven't won anything in the coinbase case. A juror will decide.
He is biased against crypto yes we all know that😊
Look at the morons in the comments lol just pandering to his audience
@darthrex6267 hey Buddy, did you see the coinbase news? 😂😂😂
Yea we get it u don’t like crypto , I’m sure glad I understand it more than what you do though. It’s funny that you will have major companies using blockchain for all sorts of things in 20 years who do you think will create the tech it’s the crypto bros. Anti crypto nah sayers need to come to facts we aren’t going anywhere lol. Keep printing fiat I’m sure Bitcoin won’t go to a million some day 😂
Let's look at the present day facts
The person talking is in no way(for some reason) Interested in the future of crypto
Now: Crypto doesn't seem all that stable
Later:(Big maybe) Crypto will thrive and make you and I rich
''More than what''....''nah sayers''
You're not just financially illiterate.
it's gonna be hilarious coming back to this video when the sec loses the case lol
Coping?
@@lukealadeen7836nah they doing fine bro the sec got punished recently for lying to the government
@@lukealadeen7836 are you? you should take that up with someone else, i dont care honestly
You're a Very confident person! Good Luck for you! ☺️
@@noanswer531 you're triggered, snowflake
Just centralized finance trying to centralize the decentralized finance…
Or it's just a bunch of scammers you dork
1st in 😂
BRILLIANT
Anyone who has researched crypto knows it is an inevitable part of the future economy. Remember it took 50 years from principles to application for AI models to work. Crypto is still young and figuring things out, but the tech is pivotal in machine interactions that track any form of value.
Ai models add value, crypto cant do nothing except be a less regulated cesspool of scams 😂
Like I said. Anyone who researched.
Help us understand- what are the best economic use cases?
What is it actually useful for other than speculation?
@@Intrepidinnovation you know how to recognize knowledge? It can be verified, spouting stuff like you is what empty shirts do thinking they fool someone into thinking you actually know stuff, but it doesnt work
So rise to the call since youve been challenged to it or dont bother putting up this farce
In this video: WSM asserts that the standard legal practice of asking for an immediate dismissal (in order to avoid a lawsuit and the associated expenses for their clients) somehow represents a bad legal argument or a Coinbase L.
he didn't say that asking for dismissal was a bad argument. He said that when asking for a dismissal they made bad arguments to try to justify it. And since the judge didn't dismiss it, that is an L. Obviously nowhere near as big as an L as when they lose the case, but still an L.
@@ThatGuy-bz2in that is an extremely normal practice lol. It’s always worth asking for a dismissal, even if there’s no basis for it. It’s an action with no downside. If your Hail Mary somehow works, the firm and client are in amazing shape- they’ve dodged a bullet by attacking a procedural mistake or citing an obscure regulation (assuming there’s no basis for the request, which is almost always the case). The worst the court can do is say no. In that case the defendant is not in any worse shape for the upcoming case.
Nothing in this video represents a Coinbase setback or an example of a bad legal strategy. The dismissal request is also not an insight into the defense’s plans in any way.
@@compromisedsshImagine believing attempt to get the case dropped and failing is normal 😂😂😂😂 Being Sued is just normal for any business!!!
@@darthrex6267 it’s absolutely normal. It’s so routine that no one ever thinks to report on it, frankly. Imagine watching a video about a pedestrian, run of the mill procedural regularity and thinking it’s significant in any way.
@@compromisedssh he never said it wasn't normal. He didn't say it was a bad legal strategy. He said the arguments the made were bad. And they were, which is why the motion was denied.
And losing the motion is a loss. Obviously losing the case will be the much bigger loss, but it's still a loss.
And yes, the motion absolutely gives you an insight into their strategy. Why would you think it doesn't? Their whole argument in this case is "these aren't securities". And in this motion they tried to argue the case was meritless because these weren't securities. And the judge ruled against them.
Slam dunk !!!
tell me you dont own any btc without telling me you dont own any.....
Lol shut up Bitcoin daddy 🤣 sorry you wasted all your money but people with any semblance of common sense wouldn't waste their money on obvious ass scams.
Well yeah it's a worthless commodity propped up only by the greater fool theory, like he said in the video. Of course he wouldn't
@@squorsh if he says jump, you jump? yet there billions that bid up from Institutionals and soverign govts? ive transfered millions across the world without permission.
equities, real estate, UST debt are all assets that require NEW liquidity and NEW buyers to keep the bid ...greater fool theory.
@@squorsh social security, Medicare, Medicaid all require new members or the system defaults. greater fool theory
@@squorsh tell me youre american without telling me youre american
Coinbase and SEC are girls fighting on a beach, and Bitcoin is the guy dabbing in the background.
I concur with part of the argument coin base made. All currency is a risk hence the foreign exchange market.
LMAO at (16:49). Clearly WSM has it in for Coinbase and cryptocurrencies. I have lost some respect for Wall Street Millenial after they promoted the obvious scam Masterworks. They have a real hardon for sophisticated blockchain technology but then turn a blind eye to that Masterworks money. It’s hard to take WSM seriously.
I love watching this channel but everything about crypto he just talks too much shit (especially BTC) haha
Maybe your bias is being exposed
Fools and their money :)
I can't believe the restaurant with the baby back ribs commercials sells NFTs now
un-subbed from this nonsense
Just remember to sell in time and not be a bag holder
Don't say that you weren't warned
all these idiots said it was over 3 years ago too and didnt buy the bottom. No-coiners will always be salty they missed easy money
snowflake