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I can, if said laws cannot be enforced. Thaf’s the whole premise of cryptocurrencies. Not that they don’t need to be regulated, but that they cannot be regulate

I can, if said laws cannot be enforced. Thaf’s the whole premise of cryptocurrencies. Not that they don’t need to be regulated, but that they cannot be regulated.

JumpCrisscross 9y ago
> they cannot be regulated People say this as if laws and rules didn’t work in the days of cash transactions.
- tormeh 9y ago
  Well, it doesn't work for cash transactions, so there's that. To clarify, with cash it's an honor system dependent on social norms. In most countries in the world it's failing badly, hence the term "black economy".
xiphias 9y ago
This is true for real decentralized currencies, but ICO scams are far from that. They need heavy marketing from real people, couldn't be done by an anonymous person.
deleted 9y ago
[deleted]
jgh 9y ago
What? The entire ledger is publicly visible. If the government can figure out your public key they can see every transaction you've ever made.
- wickawic 9y ago
  And "figure out" includes "imprison until you tell us" unfortunately.
  - jgh 9y ago
    Sure that's an option, but they could also do it the old fashioned way and have you buy something off them ;) At least if you get caught up buying something you shouldn't with cash they don't also get your transaction history.
vec 9y ago
https://xkcd.com/538/ https://xkcd.com/538/ I don't know why I have to keep explaining this, but cryptocurrencies can and will be regulated using exactly the same mechanism that basically everything else is. The government makes some rules, asks you politely but firmly to follow them, observes carefully to see if and when you break them, and then beats you with a (usually, but not always, metaphorical) rubber hose until you choose to comply. Nothing about crypto interferes with this process, even theoretically.
- perl4ever 9y ago
  In my opinion that cartoon is possibly unrealistic. I think many people might fail to recall a password correctly while drugged and being hit with a wrench. I suspect I would.
bastawhiz 9y ago
> if said laws cannot be enforced Sorry, what? ICOs and other scammy behaviors _are entirely public_. A company visible to the public comes along and starts selling "coins"/"securities". How exactly is it that this can't be regulated? Just because it's crypto doesn't make it unregulatable, these are people in the real world doing bad things--not some opaque UUID in a digital ledger somewhere. And let's suppose someone came up with a way of selling these coins anonymously online in a secure way. Guess what! Nobody would buy them, because why would you buy securities from an anonymous online source that could just as easily be a 13 year old writing the modern remake of the 1994 hit film _Blank Check_? That's inherently the issue here. It's not a matter of sending money/value/currency/whatever anonymously. These are companies that are coming out in front of the public in the real world, talking a big crypto game, then disappearing into the void with millions of real dollars. Or perhaps not disappearing, and providing no value to the people that bought into the scheme (contrary to the advertising they used). Or any number of other things that the SEC would have something to say about. Just because it's "crypto" doesn't mean that its intersection with the real world is free from scrutiny and the rules of the governments of our real world.

I can, if said laws cannot be enforced. Thaf’s the whole premise of cryptocurrencies. Not that they don’t need to be regulated, but that they cannot be regulated.

JumpCrisscross 9y ago

> they cannot be regulated People say this as if laws and rules didn’t work in the days of cash transactions.

tormeh 9y ago
Well, it doesn't work for cash transactions, so there's that. To clarify, with cash it's an honor system dependent on social norms. In most countries in the world it's failing badly, hence the term "black economy".

xiphias 9y ago

This is true for real decentralized currencies, but ICO scams are far from that. They need heavy marketing from real people, couldn't be done by an anonymous person.

deleted 9y ago

[deleted]

jgh 9y ago

What? The entire ledger is publicly visible. If the government can figure out your public key they can see every transaction you've ever made.

wickawic 9y ago
And "figure out" includes "imprison until you tell us" unfortunately.
- jgh 9y ago
  Sure that's an option, but they could also do it the old fashioned way and have you buy something off them ;) At least if you get caught up buying something you shouldn't with cash they don't also get your transaction history.

vec 9y ago

https://xkcd.com/538/ https://xkcd.com/538/ I don't know why I have to keep explaining this, but cryptocurrencies can and will be regulated using exactly the same mechanism that basically everything else is. The government makes some rules, asks you politely but firmly to follow them, observes carefully to see if and when you break them, and then beats you with a (usually, but not always, metaphorical) rubber hose until you choose to comply. Nothing about crypto interferes with this process, even theoretically.

perl4ever 9y ago
In my opinion that cartoon is possibly unrealistic. I think many people might fail to recall a password correctly while drugged and being hit with a wrench. I suspect I would.

bastawhiz 9y ago

> if said laws cannot be enforced Sorry, what? ICOs and other scammy behaviors _are entirely public_. A company visible to the public comes along and starts selling "coins"/"securities". How exactly is it that this can't be regulated? Just because it's crypto doesn't make it unregulatable, these are people in the real world doing bad things--not some opaque UUID in a digital ledger somewhere. And let's suppose someone came up with a way of selling these coins anonymously online in a secure way. Guess what! Nobody would buy them, because why would you buy securities from an anonymous online source that could just as easily be a 13 year old writing the modern remake of the 1994 hit film _Blank Check_? That's inherently the issue here. It's not a matter of sending money/value/currency/whatever anonymously. These are companies that are coming out in front of the public in the real world, talking a big crypto game, then disappearing into the void with millions of real dollars. Or perhaps not disappearing, and providing no value to the people that bought into the scheme (contrary to the advertising they used). Or any number of other things that the SEC would have something to say about. Just because it's "crypto" doesn't mean that its intersection with the real world is free from scrutiny and the rules of the governments of our real world.