California AG Issues Warning-Ladened Guidance For Public Interested In Buying Crypto (cointelegraph.com) 15
With the cryptocurrency market becoming ever more complex and intimidating, California Attorney General Rob Bonta had decided to issue guidance for novice crypto buyers. CoinTelegraph reports: The California Office of the Attorney General's website now features a page that will help those new to crypto "avoid the hype, [and] get the facts." "Don't fall for a fantasy -- Cryptocurrency, like all investments, carries significant risks, and there's no guarantee that you'll see large -- or any -- returns," Bonta said in a statement. "Our new webpage is meant to be a resource for Californians curious about this new and volatile market."
The new page emphasizes customer safety. It provides a two-sentence explanation of what "crypto assets" are, plus a vocabulary list, and warns that: "Even when there are no scams involved, crypto assets can be risky, especially if you don't have enough information to make sound judgments about how you're spending your money."
Aside from that, the page concentrated on scams, red flags and how to "stay safe." That information is concise but complete. It reminded the reader of the limit legal recourse available if problems arise with a cryptocurrency purchase, but gave detailed instructions on how and where to file a complaint. Besides explaining what a rug pull and pig butchering are, the guide reminded readers that celebrities are paid for what they say about crypto and that the wise buyer does not fall for Fear of Missing Out.
The new page emphasizes customer safety. It provides a two-sentence explanation of what "crypto assets" are, plus a vocabulary list, and warns that: "Even when there are no scams involved, crypto assets can be risky, especially if you don't have enough information to make sound judgments about how you're spending your money."
Aside from that, the page concentrated on scams, red flags and how to "stay safe." That information is concise but complete. It reminded the reader of the limit legal recourse available if problems arise with a cryptocurrency purchase, but gave detailed instructions on how and where to file a complaint. Besides explaining what a rug pull and pig butchering are, the guide reminded readers that celebrities are paid for what they say about crypto and that the wise buyer does not fall for Fear of Missing Out.
Golden rule:don't leave your crypto on an exchange (Score:2, Insightful)
Re: Golden rule:don't leave your crypto on an exch (Score:2)
Can I use my bitcoins to buy food at the stop n shop?
Fill up my gas tank?
Pay my electric bill?
I'd have better luck using Chinese RMB or South African Rand in going about my day to day activities than I would with bitcoins.
I might even do better with a jar of pennies.
At least the pennies in my bank account are legally, enforceably mine.
Re: (Score:1)
"At least the pennies in my bank account are legally, enforceably mine."
Not if you haven't paid skin to some insurance company, then they can take some of those pennies and call it a 'tax' because you didn't cooperate in the government's forced participation scheme.
Re: (Score:2)
Furthermore, most banks require you to agree to their "right of offset," i.e., that they can take money from your account for anything else they deem you owe them money for. Good luck suing them.
Government telling the truth (Score:2)
Who would have thought?
A bit late as usual (Score:1)
Shiny digital rocks (Score:3, Insightful)
An "investment" is a stake in something that generates wealth. Directly, like owning part of a farm, or mine, or factory, or a software shop. Or indirectly, like collecting interest fron deposits loaned out to something that generates wealth more directly.
Gold is not an investment, it is a store of value. Foreign currencies are not an investment, they are a store of value. Having dollar bills stashed under your matress is notionally no better and no worse than having euros or yen or shiny rocks stashed under your matress. Ditto for bitcoins or dogecoins or RightwingNutjobCoins.
In theory, bitcoins deposited with a bank-like organization that loans them out and collects interest could be an investment...until you realize that it's the equivalent of conducting your transactions in itchy and scratchy dollars as opposed to real dollars. And then there's a bank run. And then the robots revolt.
Ladened? (Score:3)
Laden is ALREADY in the proper tense.
Re: (Score:2)
Cancer warning (Score:2)
It's surprising Cali didn't put a "this has been found by the State of California to cause cancer" sticker on it and call it a day.
Ladened? (Score:2)
There are competent people who can't get a job, and then there's the dumbfucks who play "Editor" here.
It's laden, or if you want to be creative, laded.
Are the editors of this site russian trolls or something? They certainly don't speak English.
people wanted unregulated financial instruments... (Score:2)