We’re going to do something different in the mailbag today…
You see, your chance to save $300 on this year’s Legacy Investment Summit expires at midnight. And I could spend the rest of this issue telling you all the reasons you should grab a ticket before the price goes up.
I’m not going to do that, though.
Instead, I’ll let some of the folks who joined us last year tell you what they liked – and didn’t like – about our inaugural Summit in Bermuda last year.
But first, we need to address a new development that’s got many crypto investors worried…
Prior to last week, I’d never heard of the Financial Action Task Force (FATF). And I’d bet dollars to donuts that most of your fellow readers hadn’t either.
But when the FATF recommended that cryptocurrencies be subject to a “travel rule” (catch up on the full details here), Legacy readers started pinging our inbox with concerns.
Before we get to their questions, we need to dig into exactly what the FATF is…
Based in Paris, the FATF has 38 members (including 35 countries) whose supposed objective is to “combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.”
But the FATF has no regulatory authority. It’s a non-governmental organization (NGO)… and that’s a big red flag.
Since few people are more eloquent than Legacy co-founder Doug Casey, we’ll borrow a quote from him to show you why…
You might analogize the structure of the Deep State with a huge pack of dogs.
But there are hundreds of thousands more who aren’t at the nexus, but who directly depend on them, have considerable clout, and support the Deep State because it supports them.
This includes many of the wealthy, especially those who got that way thanks to their State connections… the 1.5 million people who have top secret clearances (that’s a shocking, but accurate, number)… plus top players in organized crime, especially the illegal drug business, little of which would exist without the State.
Plus mid-level types in the police and military, corporations, and non-governmental organizations.
These are what you might call the running dogs.
Now that we’ve given you the background, let’s get to your questions. And Jeff Brown (Exponential Tech Investor, The Near Future Report, and The Bleeding Edge) and Teeka Tiwari (Palm Beach Letter, Palm Beach Confidential, Alpha Edge, and Crypto Income Quarterly) have the answers…
Reader question: Greetings from Beirut. Regarding the new FATF rule for cryptocurrencies, they have always wanted a big piece of this cake, and the problem is that it runs the current financial world.
We were counting on big money trading exchanges to open crypto trading platforms and expecting their greed to push bitcoin and altcoins prices higher.
Should we be worried now with FATF and keep our hopes lower for some good return on our crypto investments?
– Maram Z. (Legacy Research member)
Reader question: Could you give more insight into how the FATF, regarding bitcoin, could affect me as a personal investor?
– Matthew F. (Legacy Research member)
Jeff’s answer: If the “travel rule” is successfully implemented by FATF member countries, the largest burden will be on individual investors. Large institutions are already built to support those requirements and can manage associated costs of implementation across their businesses.
It will not, however, have a negative impact on the trading of digital assets on digital exchanges. Trading will continue no matter what happens with FATF.
The industry needs to have institutional money in the cryptocurrency space. The big money provides necessary liquidity for the market.
And for the institutional money to flow into digital assets, the world needs regulatory clarity, strong custodial services, and financial instruments (derivatives) that can be used to hedge positions in cryptocurrencies.
These are the things that the industry is building out right now – this is the key focus for 2019. And hopefully progress will be made on the regulatory front as well.
Teeka’s answer: What I think we’ll see happen is that FATF will have a very difficult time enacting this rule.
Now, you’re going to see some people start panicking. They’re going to be saying, “Oh, the sky’s falling on us… The FATF is going to put pressure on regulatory agencies and shut down crypto.” But as you know, it won’t.
You see, the FATF did something similar to this back in 1995 – but it took until 2004 before it actually went into practice. That’s a good nine years. So just because the FATF has rolled out this rule, doesn’t mean that it’ll immediately be put in place.
And even if it does try to put it in place, just the very nature of the way that cryptos are designed will make it very difficult to enforce this type of messaging on every single transaction. You’d have to get every single wallet maker and exchange in the world on the same page.
If you look at the biggest crypto exchanges in the world – like Binance – they’re completely unregulated. And then, wallet providers – such as Bitcoin.com, MyEtherWallet, Ledger, or Trezor – aren’t financial firms. So, these financial regulatory bodies just don’t have the regulatory authority to compel these private businesses to change.
I think it’ll be a long time before we really have to worry about that. But people might use it as a scare tactic to freak out the market, so I want you to keep that in perspective.
And now, as promised, let’s turn things over to your fellow subscribers. Here’s what they had to say – the good and the bad – about last year’s Legacy Investment Summit…
The event was awesome. Totally great! It was my first, so I have little on the basis of comparison.
Here’s what went right, in my opinion: Content was A-rated and thought-provoking… Vibe was fantastic… The food and accommodations were lovely… Lunch with Bill Bonner was awesome! Sign me up for that again!
– Jason
I enjoyed the summit very much. I had to leave on Friday at 2 p.m.
I am so proud to be the first sign-up for Legacy Lifetime membership. Thanks for all you do for me.
– Charlie
Wonderful conference!
– Anonymous
I was surprised, and I must say pleasantly, that much of the conference was more concerned with freedoms and the philosophy of investing than “Grab yer phone and BUY MXYZPTLK NOW.”
Sure, good stuff from Jeff Brown and Mr. Bodner – but most of the import was mind-set and understanding trends.
All in all, a good job. I look forward to next year. In summary, I liked the conference. I liked the tenor. I liked the conflict.
– Anonymous
One thing I really thought worked well was having a wide cross-section of ideas at the show. I was wondering how that would hang together, but it turned out to be a great mix of thought-provoking insights.
When Bill B. commented on one of the panels that we are one of the few groups exploring the outer realms of new ideas to find the next big thing, it rang very true.
– Dave
You guys put on an awesome conference. I have never been treated so well. Thank you.
– Anonymous
A great summit. Worth every penny. I think Bermuda was an excellent choice and host. Would like to see it in Bermuda again – definitely!
– Anonymous
What a wonderful idea to present food morning, noon, and evening.
The convenience was timely, as it allowed me to stay with our group on these breaks to further my discussion with attendees. I learned a lot from my discussions. In addition, the meetings following the food presentations started on time and were attended by all.
I have signed up for the Legacy Investment Summit next year. See you there.
– Bill
It was one of the best conferences that I have attended. It was well organised, the food was great, and most of all, the caliber of the speakers.
– Anonymous
A bit of a different take on investments. I enjoyed it.
– Anonymous
As someone who has attended and spoken at dozens of conferences, I thought this one was absolutely one of the best. I think everyone did a fantastic job! At least everyone (attendees and speakers alike) I spoke to shared that sentiment.
As for the rest of the parts of the conference (logistics, etc.), it was all world-class, and I honestly don’t think it could have been done better. The only thing I would say in this regard is I hope the quality of everything doesn’t degrade or is better over time!
– Nick
Doug Casey was a bit depressing.
– Anonymous
Overall, a very good event. Keep it going!
– Anonymous
I would suggest the next conference not be at a resort but at a more business-focused location, conference center. It would be helpful to have speakers on TV screens while the speaker is presenting. I found it difficult to understand some speakers and that might help.
– Marion
I most enjoyed the presentations on actual investment approaches. Not so much the political, however, I do understand that politics affects investments. Thank you for a great summit.
– Anonymous
This was the best conference I’ve attended. Everyone involved did an incredible job. I’m looking forward to the next one!
– Anonymous
Overall, very well done. At times, some speakers were off their subject matter.
The hosting and social activities were nice, and it was a good venue for meeting and visiting with other attendees. I would like to see more of those times and, perhaps, a day longer?
– Anonymous
It was an awesome event.
I’m not sure how you can improve it. All the speakers had something interesting to say. And I think just about all the speakers spent lots of time mingling with the attendees.
The food was great. The accommodations were excellent.
So, like I said, hard to improve.
– Jeff
I hope that helps give you a good sense of what it was like in Bermuda. But if you want more, we’ve unlocked a few of the presentations from last year. Check them out below…
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The Technology of Tyranny – Jeff Brown, Doug Casey, Jeff Clark, Teeka Tiwari, Dan Denning
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How to Survive the Assault on Ideas – John Stossel, Bill Bonner, Glenn Beck, Doug Casey
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The 5 Outlier Stocks to Own Today – Jason Bodner
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Why You Need to Buy Cryptos Before the End of the Year – Teeka Tiwari
And for more details about what we have to offer at this year’s event, check out the Legacy Investment Summit website.
Have a nice weekend.
Regards,
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James Wells
Director
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