NY Attorney General Going After Kucoin.

It just never stops with these people. I really need to vent. NY is going after Kucoin and is calling Ethereum a security.

"Attorney General James once again urges New Yorkers who have been affected by deceptive conduct in the virtual assets market to report these issues to OAG. "

I'm going to start off with, what the fuck! These people in the AG office have cost me more in losses and gains than any shitcoin ever could! This is 2019 all over again with losing access to Binance.

For those that don't know, I sold many positions at a loss in 2019 as Binance kicked out US customers. AFTER BUYING THEM AT ALL TIME LOWS. I'm not going to disclose how much this cost me, but had I held these positions I'd probably be writing this post from a tropical paradise and not from my tiny NY apartment. I don't have bad luck, I have a bad government.

As many of you know, I'm a huge believer in freedom and at one time really believed in the good ol' USA. Those days have been over for a very long time! This is an absolute outrage! This is not what freedom looks like and I've had enough! FREE PEOPLE AREN'T TOLD HOW OR WHERE TO INVEST THEIR MONIES.

I suppose the good news is, many of my coins can now be traded on DEX. Between SOL, BNB, and ETH. Although I'll probably sell the ETH token positions because I refuse to pay the ETH tx fees.

On top of this, the AG office is calling ETH a security. I'm guessing this means the end of trading ETH on US exchanges. I could be wrong about that though, depending on how the US exchange filed with the SEC... I haven't heard any comments from Gemini or Coinbase yet on this development.

This brings me to my final beef. I'm now relegated to 2 exchanges and frankly, I think both of them suck compared to Kucoin. Coinbase has to be one of the worst user interfaces I've ever experienced on an exchange. Gemini is OK, it works, but it's no Kucoin. I feel cheated, and I'm being forced to trade on inferior exchanges. Not to mention, BOTH exchanges tend to crash during heavy market conditions.

There was a time when the US innovated and created things. We built great products. Our government stayed out of the way, and people were able to prosper and grow. Now the biggest hurdle the people face to success is their very own government. It's almost impossible to start a business without going through a ton of bureaucracy and red tape. It's not supposed to be this way.

I get the government hates crypto products. I get that they're trying to protect the dollar and an outdated banking system. I get the game is rigged in their favor! Regardless, the future of finance is here. I missed the dotcom craze in the 90s and always saw this as a ground-floor opportunity. I never thought my biggest obstacle to success would be my own government.

On a final note, I don't understand how the US has this much influence on foreign companies. I can't help but think about Kim Dotcom's famous tweet.

"I never lived there I never traveled there I had no company there

But all I worked for now belongs to the U.S."

https://twitter.com/KimDotcom/status/582068295366410240?cxt=HHwWgICoxfuB9pMQAAAA

No government should have that much global control. I can't help but think that the balance of power is shifting, and many of the global events taking place are a result of the rest of the world getting tired of the bully in the schoolyard, and that's pretty much what we've become.

I think the really interesting part here is how this affects #ethereum. I also think that they're pushing honest people off legitimate exchanges, and practically forcing them to use DEX's and move underground. I'm curious to see how many of those people are going to be willing to pay taxes to a government that has done nothing but cause problems and force them to trade "underground". I've always paid my fair share of taxes, but I have to admit, this tax season is going to be a bitter pill to swallow!

IDK, I really just needed to vent. Here's the link to the AG office's complaint if you'd like to read it for yourself.

https://ag.ny.gov/press-release/2023/attorney-general-james-continues-crackdown-unregistered-cryptocurrency-platforms

The whole thing is shameful and frankly, UN-AMERICAN!

Current mood:

Gif images courtesy of tenor.com

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