Privacy Blog

"Friends don’t let friends get spied on.' – Richard Stallman, President of the Free Software Foundation and longtime advocate of privacy in technology.

The UK’s Financial Conduct Authority says You are Too DUMB to Understand Cryptocurrencies and Shouldn’t be Allowed to Purchase Them

It’s always nice to see our governments looking out for the best interests of their citizens but sometimes the result is smothering those citizens and removing all opportunities from them for advancing their own interests and improving their own finances and lifestyles.

An article by Scott Cook in the CryptoNewsZ web site states:

“Financial Conduct Authority, the financial markets regulators of the United Kingdom, has suggested a ban on crypto assets, as they pose a big risk for small retail customers who fail to understand them. The suggestion comes days after Facebook unveiled a stablecoin to be launched in early 2020. The unveiling of Libra triggered a renewed scrutiny of crypto assets globally, and regulators from around the world opposed it.

“The FCA stated that crypto assets are too risky for small investors, due to their extreme volatility, and difficult to be evaluated by a common investor. The regulator states that investors may suffer sudden losses, as was seen during the bears of 2018. It believes that banning cryptocurrencies would save investor money amounting to £75 to £234 million per year.”

To be sure, cryptocurrencies are a complex subject and nobody should ever invest in anything they do not understand. This is true for cryptocurrencies, stocks, bonds, mutual funds, ETFs, real estate, commodities, stamps, baseball cards, gold bullion, and most everything else available to investors.

However, cryptocurrencies probably have converted more private citizens into multi-millionaires than any other investment in the past decade. Does your government want to block you from becoming a multi-millionaire?

You can read Scott Cook’s article at: http://bit.ly/2JpLeiI.

My advice: If you have an interest in cryptocurrencies, start reading NOW everything you can about them. Then, if cryptocurrencies still interest you, invest (cautiously) as soon as possible before Big Brother takes away your ability to do so. However, if you are still nervous about investing in cryptocurrencies, I suggest you turn around and run away. Do so while it is still your choice to make!

In fact, I would offer the same advice for any investment opportunities: cryptocurrencies, stocks, bonds, mutual funds, ETFs, real estate, commodities, stamps, baseball cards, gold bullion, and most everything else available to investors. Either understand the investment(s) you are considering or else your take your investment funds someplace else.

Your government bureaucrats at work…

Also, someone should inform the Financial Conduct Authority that Facebook’s proposed Libra isn’t a true cryptocurrency. It has numerous similarities to cryptocurrencies but the basic method in which Libra works is almost the exact opposite of a true cryptocurrency. See my earlier article at https://privacyblog.com/2019/06/23/libra-cryptocurrency-wont-set-us-free-it-will-further-enslave-us-to-facebook/ for an explanation.

Categories: Crypto Currencies

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