I still dont see why anyone would think the Government should be involved beyond the normal fraud or theft laws, crypto is a highly risky market it seems mostly populated by shysty conmen, if you put your money in it expect to get burnt, that's all anyone needs to know
Financial exchanges require more than simply a set of laws to punish the criminals. They require stability and transparency, in order for participants to interact with confidence, and that only comes from regulation. All exchanges and financial systems require, and and backboned by, regulation.
I don't know if Dubai is the country I'd go to, knowing I may have also ripped off local residents. I can't imagine their legal system will be as kind as Club Fed.
Financial exchanges require more than simply a set of laws to punish the criminals. They require stability and transparency, in order for participants to interact with confidence, and that only comes from regulation. All exchanges and financial systems require, and and backboned by, regulation.
Yes, the ones a country needs to function, no one needs crypto so who gives a hoot if it is a steaming cesspool of theft?? buyer beware, it doesnt matter if crypto is useless, it doesnt affect the economy at all, we all know time share condos are a rip off as are payday loans so what? it costs money, vast sums of money to regulate (which really means insure) banks, no way do I want my taxes wasted on insuring crypto
I still dont see why anyone would think the Government should be involved beyond the normal fraud or theft laws, crypto is a highly risky market it seems mostly populated by shysty conmen, if you put your money in it expect to get burnt, that's all anyone needs to know
Government regulations are involved in all kinds of industries. Why would this be an industry exempt from government regulation?
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"If stupidity got us into this mess, then why can't it get us out?"
The same is true of regular finance, and every other industry. It doesn't require regulating the whole world, but you can be pretty sure that whichever country has well-regulated exchanges and stable coins in future is going to attract a lot of capital.
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Government regulations are involved in all kinds of industries. Why would this be an industry exempt from government regulation?
because it doesnt matter, we regulate food because we'd all die of salmonella if we didn't, we regulate banks because the economy relies on the public being able to trust the banks and so keeps the economy moving, we dont regulate goldfish sales because goldfish dont matter, if crypto disappeared tomorrow it wouldnt matter to the economy and public anymore than if the baseball card industry ceased to function, in fact I think the Government should do the opposite, declare crypto utterly non regulated, just be honest and tell people their money isnt protected, that was the whole point of crypto in the first place I thought
Last edited by afc wimbledon; 11-13-2022 at 08:28 PM.
because it doesnt matter, we regulate food because we'd all die of salmonella if we didn't, we regulate banks because the economy relies on the public being able to trust the banks and so keeps the economy moving, we dont regulate goldfish sales because goldfish dont matter, if crypto disappeared tomorrow it wouldnt matter to the economy and public anymore than if the baseball card industry ceased to function, in fact I think the Government should do the opposite, declare crypto utterly non regulated, just be honest and tell people their money isnt protected, that was the whole point of crypto in the first place I thought
Tell me you have an axe to grind without telling me you have an axe to grind lol. You can't actually believe that the government only regulates life threatening industries can you?
Your extreme hate towards all crypto is puzzling. You could say all the same things about the internet, cable companies, pipelines, fertilizer production, firearms or pretty much anything you use or do on any given day.
If you hate all of it so much why keep coming into this thread? Just to tell everyone to get off your damn lawn, that everyone should keep using cheques, and start investing in solid companies like Lehman Brothers.
I’m not a huge crypto fan, I like the idea but practically I don’t know if it will ever achieve what seemed like it’s limitless potential. It’s like the Eric Lindros of investments. Glimpses of absolute brilliance and dominance but then Scott Stevens skated by.
On another note I do find it frustrating in general whenever something happens we already have laws for there is a cry for more regulation. Fraud is illegal, Stealing is illegal, I am sure SBF broke a minimum of 10 laws. Let’s enforce those.
Tell me you have an axe to grind without telling me you have an axe to grind lol. You can't actually believe that the government only regulates life threatening industries can you?
Your extreme hate towards all crypto is puzzling. You could say all the same things about the internet, cable companies, pipelines, fertilizer production, firearms or pretty much anything you use or do on any given day.
If you hate all of it so much why keep coming into this thread? Just to tell everyone to get off your damn lawn, that everyone should keep using cheques, and start investing in solid companies like Lehman Brothers.
No the government regulates industries that affect us, either health and safety or economic, but crypto doesn't, you want to invest in it you take your chances, Government regulation really means Governemnt insurance, that's how the Government regulates banks or real estate, and that costs money, I dont want tp pay for crypto, tell you what how about Crypto pays for itself, 10% off the top of all and every token, every transaction?
Tell me you have an axe to grind without telling me you have an axe to grind lol. You can't actually believe that the government only regulates life threatening industries can you?
Your extreme hate towards all crypto is puzzling. You could say all the same things about the internet, cable companies, pipelines, fertilizer production, firearms or pretty much anything you use or do on any given day.
If you hate all of it so much why keep coming into this thread? Just to tell everyone to get off your damn lawn, that everyone should keep using cheques, and start investing in solid companies like Lehman Brothers.
as to why I come to the thread I learn things here, I may disagree with Johnny's view of Crypto but I find him especially and other posters great teachers, I dont think crypto will ever amount to anything but a footnote in the revised edition of the madness of crowds but I think the technology behind it will clearly continue in many forms that will effect my life, of course the only way to find this out is to ask questions and that is by definition a bit adversarial, personally I have nothing against Crypto as long as I'm not footing the bill
I dont think crypto will ever amount to anything but a footnote in the revised edition of the madness of crowds but I think the technology behind it will clearly continue in many forms that will effect my life
I have to agree with this to a degree. The "Currency" part of Cryptocurrency is an unmitigated ####show.
Blockchain technologies however are where the work is occurring and as I've stated multiple times in the past in this thread, where we will see "quiet" adoption as time goes on. ZK Proofs are 100% one of the most important technologies that is just getting started and will be a huge boon to personal identity proofing while maintaining anonymity in the future.
Wouldn't it be better for Crypto.com to show those holdings in reserve as a ratio relative to liabilities? Unless I am missing something. That just shows they have 3 billion in reserves....seeing as FTX overnight owed 8 billion it wouldn't take long for a similar run on Crypto.com.
Yes, if they showed their liabilities it would clear up almost all concerns.
We are now through the weekend after a hard FUD against them. Nobody has reported any issues with withdrawals so far. The rest of the week will be interesting as I'm sure more exchanges will fall.
Crypto.com Halts Solana USDC and USDT Deposits, Withdrawals
Citing “recent industry events” in an email to users Wednesday, Crypto.com said “effective immediately” the platform would be “suspending deposits and withdrawals of USDC and USDT on the Solana Blockchain in the Crypto.com App and Exchange.”
Is this even true? Pretty sure people were saying online yesterday (nov 13), that they had no issue buying and selling both USDC and USDT.
Just observing what people are saying, the amount of misinformation being passed around is bonkers.
I don't WANT these exchanges to fail if they are operating the right way, but what do people think would happen if everyone went to their bank and wanted to withdraw everything in 1 day? People, including some in this thread are making zero attempt to understand what is happening, but it doesn't stop them from tweeting out 'get your funds off of Crypto.com nNWOOW!!ZZZ.'
