crypto community

A community member compared crypto to a turkey that takes time to cook and expressed gratitude for the opportunity to invest in its technology.

As crypto community members celebrated Thanksgiving, many expressed gratitude for the progress of the digital asset space over the years. 

From comparing price points for Bitcoin (BTC) and Ether (ETH) last year to sharing their Thanksgiving conversations about BTC, crypto users exchanged their musings on X (formerly Twitter) for the holiday.

Animoca Brands Chairman Yat Siu reminded his followers that there is “much to be grateful for.” Siu posted ETH and BTC prices a year ago and compared them with current market prices. The executive also mentioned Web3’s total market capitalization, which has grown to $1.4 trillion.

1 year ago #ETH was 1,135 and #Bitcoin was 16,171 and today eth is 2,065 and BTC is 37,323 & the web3 token market cap has grown to 1.4 trillion. The Open Metaverse has proven to be remarkably resilient.

Happy Thanksgiving fam & frens, there is much to be grateful for.

— Yat Siu (@ysiu) November 23, 2023

Meanwhile, Bitcoin firm River shared a list of BTC prices on Thanksgiving for each year since 2018. The company also urged its X followers to be patient with their loved ones. River highlighted that the price might change, but the conversations about BTC may be the same. 

Thanksgiving dinner conversation.

“This crypto thing turned out to be a boom and a bust”

Me: Bitcoin is up 125% this year and it’s back to $37k

“ITS WHAT? WHEN DID THIS HAPPEN”

— FarmerJoe (@FarmerJoe0x) November 24, 2023

Another community member shared their dinner conversation about crypto, where somebody called crypto a “boom and a bust.” The trader said they responded by saying BTC is up 125%, and the price is hovering around $37,000. 

Related: How to talk to family members about crypto this Thanksgiving season

Other community members also shared their answers to the question “How’s crypto doing?” for Thanksgiving. A crypto investor compared the space to a “turkey” and said it requires the correct amount of cooking time. The community member expressed thanks for the opportunity to invest in the technology.

Crypto is doing well, I try to ignore FUD and it’s growing steadily and surely, like a turkey that needs time to cook properly. I’m thankful for the opportunity to invest in this innovative and exciting technology, but I also know that it’s not a get-rich-quick scheme. It’s a…

— Ian Jeffreys (@IanJeffreys1) November 23, 2023

While some had exciting conversations, others said nobody mentioned crypto at their Thanksgiving dinners. A community member shared that while they are neither bullish nor bearish on the space, they are “content.” 

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Members of the community were confused and argued that people buying the stablecoin are not expecting it to go up in value.

Paxos and Binance USD (BUSD) being in the sights of United States regulators sparked various reactions from the crypto community. 

On Feb. 13, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that BUSD is unregistered security. On the same day, the New York Department of Financial Services (NYDFS) also ordered Paxos to halt the issuance of BUSD.

As Paxos faces regulatory scrutiny on several fronts, various members of the crypto community went to Twitter to give their takes on the situation. From disregarding the issue as “FUD” to calling it an attack against the Binance exchange, crypto community members laid down various theories on the allegations that BUSD is an unregistered security.

Crypto analyst Miles Deutscher expressed his thoughts in a tweet, arguing that nobody expects profit when purchasing a stablecoin. He tweeted:

The SEC has labelled BUSD as an “unregistered security”, and is suing its issuer, Paxos.

But how on earth is a STABLECOIN considered a security, when it clearly doesn’t meet the Howey Test criteria.

No one has ever had “the expectation of profit” when buying $BUSD. pic.twitter.com/QXOlDUyvc3

— Miles Deutscher (@milesdeutscher) February 13, 2023

Similarly, the pseudonymous trader Tree of Alpha was also baffled by the new development. The community member questioned how it was considered a security and asked their followers if they were buying BUSD with the expectation that it will go to $2. In addition, the trader also called out the SEC chairperson Gary Gensler and said that the government official is on an “unhinged, unchecked crusade against crypto.” 

Meanwhile, iTrader AshWSB also commented on the matter and dismissed the issue as “FUD.” The trader argued that BUSD is backed, and Paxos not issuing any more tokens will not affect the existing tokens. "It's good to stay informed but don't make emotional moves," they warned.

Don’t worry about the BUSD Fud

BUSD not a scam token,
it’s backed by USD 1:1

Paxos not issuing any more BUSD
will not effect the existing BUSD

It’s good to stay informed but don’t
make emotional moves.

— Ash WSB (@Ashcryptoreal) February 13, 2023

Apart from the three, Bitcoin (BTC) analyst Tedtalksmacro also echoed the sentiments that BUSD might not be meeting the criteria for a security. The analyst also suggested that the event may simply be “a shot at Binance.”

Related: Kraken reaches $30M settlement with SEC over staking as IRS seeks user information

In the midst of the news, Cointelegraph spoke with several blockchain lawyers to find out if stablecoins can be securities. One lawyer pointed out that while stablecoins are created to have a fixed value, holders can profit through various means like arbitrage, hedging and staking.