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We have all the regulation that we need - it's already illegal to commit fraud and enforcement of that law is sufficiently addressed. Anything else is simply m

by thrill 9y ago

We have all the regulation that we need - it's already illegal to commit fraud and enforcement of that law is sufficiently addressed. Anything else is simply making it more difficult for valid efforts to be successful.

exogeny 9y ago
That's only true under the supposition that the authorities are of a sufficient expertise to be able to demonstrably prove that fraud. Surely you'd agree that ICOs are a somewhat new thing, yes? And surely you'd also agree that - having been through this once before in the mid 1990s - that new market technologies have a disproportionate amount of fraud in their early stages, which generates an attendant disproportionate amount of destabilization against the progress of that technology growing mainstream acceptance. I'm not sure if ultimately this is a politics thing or what; if people are getting scammed, it needs to be addressed. Full stop. I don't buy into the whole libertarian fantasy (ie: if they were scammed, it's their fault; no oversight!) because that puts a tremendous amount of power into the hands of the least scrupulous people. I don't really understand why people who believe in blockchain the most aren't screaming until their heads explode about regulation, honestly. How do you think it looks when people like Mayweather and Paris Hilton and friggin' Gurbaksh Chahal get involved? How does that advance the technology? How does that prove the value of the concept? If you actually believe in it, you should be for regulating bad actors out of it.
bhouston 9y ago
ICOs should be regulated like stocks because that is what they are. ICOs are the wild west of OTC stocks without any pretense of regulation. It is just scams everywhere.
JumpCrisscross 9y ago
The SEC has a limited budget. It is probably most frauds will require defrauded investors to fund their own investigations.

by thrill 9y ago

exogeny 9y ago

That's only true under the supposition that the authorities are of a sufficient expertise to be able to demonstrably prove that fraud. Surely you'd agree that ICOs are a somewhat new thing, yes? And surely you'd also agree that - having been through this once before in the mid 1990s - that new market technologies have a disproportionate amount of fraud in their early stages, which generates an attendant disproportionate amount of destabilization against the progress of that technology growing mainstream acceptance. I'm not sure if ultimately this is a politics thing or what; if people are getting scammed, it needs to be addressed. Full stop. I don't buy into the whole libertarian fantasy (ie: if they were scammed, it's their fault; no oversight!) because that puts a tremendous amount of power into the hands of the least scrupulous people. I don't really understand why people who believe in blockchain the most aren't screaming until their heads explode about regulation, honestly. How do you think it looks when people like Mayweather and Paris Hilton and friggin' Gurbaksh Chahal get involved? How does that advance the technology? How does that prove the value of the concept? If you actually believe in it, you should be for regulating bad actors out of it.

bhouston 9y ago

ICOs should be regulated like stocks because that is what they are. ICOs are the wild west of OTC stocks without any pretense of regulation. It is just scams everywhere.

JumpCrisscross 9y ago

The SEC has a limited budget. It is probably most frauds will require defrauded investors to fund their own investigations.