4 ms·

It likely wouldn't exist without the scam component. The original developer never intended to follow through with his vision, but it was a good enough vision t

It likely wouldn't exist without the scam component. The original developer never intended to follow through with his vision, but it was a good enough vision that many people decided it was worth investing in and working towards. My point was that there are regularization factors in the market that exist without a centralized organization rubber stamping actions. Of course, that doesn't fit the narrative that people, especially the poor and intelligent, must be protected from themselves.

s73ver_ 9y ago
I honestly do not believe that. If it was a good idea, it would be possible to create it in a non-scammy way. My point is that there is no reason to not have the disclosure and reporting regulations in place. You really have not countered that. And claiming that there is a narrative about protecting people from themselves really doesn't work when we're talking about regulations designed to disclose the information that would allow them to make those decisions.
- hyprCoin 9y ago
  Regulations provide an avenue for rejecting actions. This avenue can be subsequently abused by bad actors - for example, accredited investment is abused by the wealthy to extend their opportunities at the expense of the middle class and poor. Feel free to buy lottery tickets or gamble, just don't let us catch you investing in a startup seed round.
  - s73ver_ 9y ago
    "Feel free to buy lottery tickets or gamble, just don't let us catch you investing in a startup seed round." People keep spouting that argument, and I'm utterly unconvinced of its relevance. Namely because you're arguing against the very things that would compel disclosure of the information required to make an informed decision. The other two things you mentioned have that information provided.
    - hyprCoin 9y ago
      Yes if you read the fine print you can tell what your chances of social mobility are from a lottery ticket. It's fine if the wealthy elite take the 1000x returns from successful startups. We wouldn't want the poor hurting themselves. Coins represent a better approach, one not walled off to the general public. Coins can represent concepts or goals that live beyond a centralized organization providing documentation. Of course there is vested interest in regulation. Accredited investors love the walled gardens.

s73ver_ 9y ago

I honestly do not believe that. If it was a good idea, it would be possible to create it in a non-scammy way. My point is that there is no reason to not have the disclosure and reporting regulations in place. You really have not countered that. And claiming that there is a narrative about protecting people from themselves really doesn't work when we're talking about regulations designed to disclose the information that would allow them to make those decisions.

hyprCoin 9y ago
Regulations provide an avenue for rejecting actions. This avenue can be subsequently abused by bad actors - for example, accredited investment is abused by the wealthy to extend their opportunities at the expense of the middle class and poor. Feel free to buy lottery tickets or gamble, just don't let us catch you investing in a startup seed round.
- s73ver_ 9y ago
  "Feel free to buy lottery tickets or gamble, just don't let us catch you investing in a startup seed round." People keep spouting that argument, and I'm utterly unconvinced of its relevance. Namely because you're arguing against the very things that would compel disclosure of the information required to make an informed decision. The other two things you mentioned have that information provided.
  - hyprCoin 9y ago
    Yes if you read the fine print you can tell what your chances of social mobility are from a lottery ticket. It's fine if the wealthy elite take the 1000x returns from successful startups. We wouldn't want the poor hurting themselves. Coins represent a better approach, one not walled off to the general public. Coins can represent concepts or goals that live beyond a centralized organization providing documentation. Of course there is vested interest in regulation. Accredited investors love the walled gardens.