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This is appropriate. You don't need cryptocurrency to engage in a ponzi scheme - they've been going on since time immemorial. I'm a pretty hard-headed realist,

by cal5k 9y ago

This is appropriate. You don't need cryptocurrency to engage in a ponzi scheme - they've been going on since time immemorial. I'm a pretty hard-headed realist, but I find it irritating that every price movement, every regulatory action, every rumour of new legislation is parroted about as proof of the broader illegitimacy of cryptocurrency as a medium of exchange. Maybe the corollary to the rule of bubbles is - if everybody and their dog agrees that something is a bubble, but the price doesn't correct itself, maybe there are other factors at play beyond the simplistic media narrative?

dmix 9y ago
Indeed, additionally it's a myth that libertarians and advocates of decentralized markets in general are against all government or law enforcement intervention as well. Enforcement of fraud and theft are exactly the type of stuff they view as a critical and necessary role of a centralized government. The Bitcoin community should openly support this type of stuff which would help legitimize their industry, assuming the charges are credible I haven't yet checked. Only the tiny group of the most extreme (crypto) anarchists believe in some sort of total private/self-regulation in some idealized future. I've never been convinced that Bitcoin will allow thieves and pedophiles and all the worst things the media talk about being able to operate without fear. It's extremely difficult to be a criminal in 2018 even with a decentralized pseudonymous currency, even assuming the police follow constitutional, targeted, and warrant-based approach to law enforcement (which would obviously should be the implied limits of community support for law enforcement action).
- cal5k 9y ago
  Ironically the best way to be a successful criminal in 2018 is probably to be as low-tech as possible. Bitcoin transactions are trivially easy to track, and the exchanges are an obvious place to apply regulatory pressure.

by cal5k 9y ago

dmix 9y ago

Indeed, additionally it's a myth that libertarians and advocates of decentralized markets in general are against all government or law enforcement intervention as well. Enforcement of fraud and theft are exactly the type of stuff they view as a critical and necessary role of a centralized government. The Bitcoin community should openly support this type of stuff which would help legitimize their industry, assuming the charges are credible I haven't yet checked. Only the tiny group of the most extreme (crypto) anarchists believe in some sort of total private/self-regulation in some idealized future. I've never been convinced that Bitcoin will allow thieves and pedophiles and all the worst things the media talk about being able to operate without fear. It's extremely difficult to be a criminal in 2018 even with a decentralized pseudonymous currency, even assuming the police follow constitutional, targeted, and warrant-based approach to law enforcement (which would obviously should be the implied limits of community support for law enforcement action).

cal5k 9y ago
Ironically the best way to be a successful criminal in 2018 is probably to be as low-tech as possible. Bitcoin transactions are trivially easy to track, and the exchanges are an obvious place to apply regulatory pressure.