The Disturbing Truth About Bitcoin & Crypto Today | SEC Sues Do Kwon, Paul Pierce FAIL, & MORE!

95 were gonna die yeah 95 are going to Die yeah there's also entertainment in Washington companies that do breaking News if you hold crypto the SEC has Officially sued terraform labs and CEO Dokwon for misleading investors on the Terra Luna stable coin and it was the Collapse of Terra Luna last year the Deep pegging that started this cascading Effect of crypto companies Terra Luna Led to 3ac led to Celsius la de Voyager Ledftx and now the SEC has officially Filed charges against the company in Dokwon who you may remember the failure Of UST is equivalent to the failure of Crypto itself so today what is the SEC Charging against dokwon the SEC alleged That terraform and Quan misled investors On a number of issues including who is Using Terra USD for payments and called Both the yield bearing anchor protocol And the Luna token crypto assets Securities the SEC is charging them with Fraud selling unregistered Securities Selling unregistered security-based Swaps and other related claims in a Direct quote from the SEC they say Terraform and Quan also misled investors About one of the most important aspects Of terraform's offering the stability of UST the algorithmic stablecoin Purportedly pegged to the US dollar and This next allegation in the lawsuit to Me was really disturbing this is the

Setup then I'll get to the direct quote The complaint alleged that Quan and Terraform worked with a U.S trading firm Which was not named to restore ust's Peg After it fell nearly 10 cents in May 2021 after the trading firm bought Amounts of USD token it received Luna Tokens from terraform so essentially What the SEC is saying is to initially Restore the peg of UST this unnamed U.S Trading firm received Luna tokens to be Able to buy that Peg back up and it was Artificially propped up not by the Algorithm but by the centralized company In a direct quote Almost immediately upon ust's recovery In May 2021 both terraform and Quan Began to make materially misleading Statements about how ust's pegged to the Dollar was restored specifically Terraform and Quan emphasized the Purported effectiveness of the algorithm Underlying USD in maintaining ust's Peg To the dollar misleadingly omitting the True cause of ust's repeg the deliberate Intervention by the U.S trading firm to Restore the peg so do Quan was lying to The public almost immediately is the Allegation and in a press release from SEC director of enforcement he says the Project was neither decentralized nor Financed it was simply a fraud propped Up by a so-called algorithmic stablecoin The price of which was controlled by the

Defendants not any code now NBA legend Paul Pierce has also been charged by the SEC as well as Charlie Munger issuing a Brand new statement on bitcoin I think The people oppose my position are idiots And But to finish up another disturbing Reality that came out of this SEC Lawsuit The SEC complaint against terraform labs In dokwon alleges that both Luna and UST Are securities in a novel Theory the SEC Not only characterized UST as an Investment contract but as a security Because it could be exchanged for a Security Luna under this Theory nearly Anything can be a security so because You could exchange UST the quote unquote stablecoin for a Security of Luna both are a security and The sec's allegations I guess if the Only tool you have is a hammer you tend To see every problem as a nail but the SEC did not stop there the SEC charges NBA legend Paul Pierce for touting Ethereum Max cryptocurrency and for Context Heroes one of his promotional Tweets he still has it up ESPN I don't Need you I got ethereum Max I made more Money with this crypto in the past month Than I did with you all in a year truth Shall set you free My Own Boss check it out for yourself Of course no disclosures of payment and

The SEC took note the SEC charges allege Pierce didn't disclose a payment of more Than 244 thousand dollars of emacs and In a direct quote from SEC chair Gary Gensler This case is yet another reminder to Celebrities the law requires you to Disclose to the public from whom and how Much you're getting paid to promote Investments and securities and you can't Lie to investors when you tout a Security and I agree with Gary these are The basic minimums that Paul Pierce Didn't do the order also alleges Pierce Tweeted misleading statements related to Emacs including tweeting a screenshot of An account showing large Holdings and Profits without disclosing that his own Personal Holdings were much lower so Showing the public that he made a lot of Money when in reality those are just Fake screenshots and after all this the Case has been settled without admitting Or denying the sec's findings Pierce has Agreed to pay a 1.1 million dollar Penalty and approximately two hundred And forty thousand dollars in Disgorgement and pre-judgment interest Pierce also agreed not to promote any Crypto asset Securities for three years And in comparison Kim Kardashian got These same charges against her promotion Of ethereumax back in October and she Agreed to pay 1.2 million to settle

Charges with the SEC I loved this I Absolutely found this hilarious Charlie Munger's inability to steal man the case For Bitcoin undermines his credibility So this is a new clip as you know Warren Buffett Charlie Munger they hate Bitcoin He's Charlie monger's 99 years old he's Not the biggest Tech Guy in general and Even Warren Buffett admitted years ago He was a late to the party on Apple on Facebook on Tech in general and that's Not that's just not his core competency Well years later he did invest in Apple And actually a few days ago Warren Buffett's Berkshire Hathaway just Received a dividend check for over 200 Million dollars from Tim Cook from his Investment in Apple stock from 1976 to 2016 Berkshire owns zero Apple stock now Apple is 40 of Berkshire Hathaway's Holdings its largest it's never too late To invest in a great company that leads Me to this question about crypto that uh Benjamin writes in he says in 2007 at The USC Law School Charlie said I'm not Entitled to have an opinion on this Subject unless I can State the arguments Against my position better than the People who are supporting it the Question is does this also apply to your Wall Street Journal article on Banning Cryptocurrencies and if yes would you Care to share the arguments against your Position

Well I I Don't think there are good arguments Against my position I think the people Oppose my position are idiots And And so I don't think there is a rational Argument against my possession This is an incredible thing naturally People like to run gambling conceals Where other people lose And the people who invented this Cryptocrapo Which is my name for it And Sometimes I call it cryptocrabble and Sometimes I call it Well crypto And it's just a ridiculous that anybody Would buy this stuff Yeah it doesn't You can think of hardly nothing on Earth That has done more good to the human Race Than currency National currencies They were absolutely required to turn Man from a damn successful ape and they Had about model modern successful humans In human civilization So that enabled all these convenient Exchanges so if somebody says I'm going To create something that sort of Replaces the national currency It's like saying I'm going to replace The National Air you know it's it's

Asinine It is it seems slightly stupid it's Massively stupid And and of course it's very dangerous And of course the governments were Totally wrong to permit it and of course I'm not proud of my country for relying This crap What I call the crypto sheet to it's Worthless it's no good it's crazy it'll Do nothing but harm it's anti-social to Allow it And the guy who made the correct Decision on this is the Chinese leader The Chinese leader took one look at Crypto and he says not in my China And boom Oh well There isn't any crypto in China He's right and we're wrong And there is no good argument on the Other side I can't support it so the United States should be a lot more like Communist China Charlie munger's words And again Charlie Munger and Warren Buffett said very similar statements About the internet Revolution 20 years Ago and now apple is 40 of Berkshire Hathaway's Holdings its largest this is An ongoing story make sure you click Subscribe you do not want to miss a Daily video and by the way for those of You in the Los Angeles area my brother And I are speakers at outer agile Awesome conference William Shatner will

Be there my brother and I will be Moderating a panel use code altcoin Daily VIP for 10 off your ticket linked Down below


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