Why do these young Turkish women dare to talk about such complex issues as cryptocurrency without any research? In the video below, Anna Casparian and Francesca Fiorentini both read an article in the New York Times explaining it as real, while making the most unrealistic remarks you can imagine. To make matters worse, they try to be sarcastic and ridiculous and fail miserably.
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Their main thesis is that crypto lobbyists are influencing bills and laws as well as trying to keep the industry out of control. What's going on? Doesn't that thesis itself contradict? Let's go through the points of young Turkish women one by one to see if we can understand them better. But first, the video:
What do young Turks think they are saying?
It is difficult to express coherent ideas when recording live. So, to relax some of the young Turkish women, let's start with the text. The YouTube info box starts as follows:
“Crypto lobbies and lobbyists are fighting for profits from bills drafted by state legislators to keep the cryptocurrency market out of control, increasing the profits of crypto executives and lobbyists.”
If a bill is passed, it is regulation. Isn't that what the lobbyists are pushing? Regulation? Also, doesn't everyone in the United States want to make a profit? It looks like the young Turks protesting against the lobbyists indicate what the rule looks like, but that framing will not drive the clicks of anger.
Later, the info box says:
“Florida is the latest state to adopt crypto-friendly legislation because the state recently signed a law that will make it easier for states to trade and hold cryptocurrencies in an effort to attract investment to the Florida industry.”
What's the matter here, right? Regions around the world are playing this geo-arbitration game. Is it illegal? No.
The info box closes with:
“Across the country, crypto executives and lobbyists are helping to draft bills to benefit the fast-growing industry, then pushing lawmakers to adopt these ready-to-order laws, before rushing to reap the benefits of legal victory.” “
Yes, lobbyists do that. Every industry under the sun is trying to influence regulation in its favor. Is that right Maybe not, but it's as simple as bread. Crypto people did not create lobbying.
What do Anna and Francesca think they are saying?
The young Turkish rulers have made these women dirty by putting them in this position. Looks like they ordered a hit piece about one of the most complex things around without any training. Do young Turkish bosses have their own training? Because they seem to be as confused as women.
The video begins with a confusing thesis, with crypto lobbyists drafting legislation to keep the industry out of control. If they draft laws, they're looking for regulations, but that's fine. Afterwards, he criticized Joe Biden's now-famous executive order, saying it was merely a commission of study. Well, this is a complex subject, and young Turks can benefit by starting to study on their own.
Then, Anna says the laws are being left to each state. Isn't the United States a constitutional federal republic? Federal means states are sovereign. This is followed by the terrifying “Tales from the Crypto-O” card, where they use a tweet from an NFT owner that the crypto space has been hacked as evidence of horror and treachery.
Then, the New York Times published what the young Turks could not. Accordingly, a law introduced in Florida removes “threats from a law intended to prevent money laundering.” So, what are they actually doing against the fact that the crypto industry is getting rid of AML laws? They are not very successful because, as far as we can tell, every exchange in the United States has AML system in place.
ETH price chart on FTX | Source: ETH/USD on TradingView.com
Young Turks think that cryptocurrency is good for criminals
Now it's Francescar's turn, and, with the first podcast orator, he says that cryptocurrencies are “corrupt”, “steal money that is not yours” and “a new way to pay 17-year-olds” for sex. The Turks were told that the blockchain was an irreversible laser, and that there was no worse way to finance the crime that Francesca described.
Then, Anna insisted that financial institutions need to be regulated. That's exactly what lobbyists are trying to accomplish, but okay. Then, he says, “you should seek protection. You want to make sure that cryptocurrencies are not used for money laundering.” Perfect, but people should also not use banks for money laundering and they are not getting it. The only way to stop money laundering is for the financial authorities to do their job and stop it. Ordinary citizens will not have to suffer.
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Towards the end, Francesca qualifies the whole industry as a slow con or scandal. As a contradictory view, we can qualify the industry as the most exciting development of financing in decades. And as a job-producing gambler that is saving lives worldwide. Then, Francesca predicts that, in a few years, we will be immersed in documentaries about various cases where people have lost their savings and what not. He could be right about that. There is a lot of money involved here and the average citizen is as ignorant as the young Turks.
Do your own research and conduct your own research so you don’t fall prey. Like traditional financial markets, the law will not protect you from scams. Information and due diligence.
Featured Image: Ana and Francesca, screenshot from the video | Charts by TradingView