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Funny how that's what they're worrying about rather than the rampant penny-coins and essentially unregulated securities. Even if you don't invest in an ICO dire

Funny how that's what they're worrying about rather than the rampant penny-coins and essentially unregulated securities. Even if you don't invest in an ICO directly, investing in Eth or Bitcoin is essentially funding those ICOs and allowing otherwise unqualified investors to speculate on the ecosystem.

adamnemecek 9y ago
So what? Why can the govt profit from gambling but not me? Why can casinos? So what it’s unregulated, dont play if you don’t want to lose.
- joeblow9999 9y ago
  Most people believe you shouldn't have the right to take a risk they wouldn't take themselves. This is pretty much basis of the majority of laws on the books to be honest.
  - the_gastropod 9y ago
    Something something privatize the earnings socialize the losses. A good part of government's job is to limit risk so that those most at risk don't suffer. Speed limits exist to limit risk. Drug laws exist to limit risk. Bank regulations exist to limit risk. SEC laws exist to limit risk. In a system with safety nets (unemployment laws, bankruptcy laws, welfare, food stamps, subsidized housing programs, etc), there must be some limits to prevent abuse of these programs from undue risk.
    - joeblow9999 9y ago
      Thank you for agreeing with me and providing supporting examples.
wlesieutre 9y ago
The government can worry about two things at once
- tvanantwerp 9y ago
  As someone working in policy in DC, this often doesn't seem to be the case.
  - wlesieutre 9y ago
    It's not like the SEC has been silent on cryptocurrency ponzi schemes though.
wlesieutre 9y ago
https://www.cnbc.com/2018/01/30/sec-halts-one-of-the-largest-icos-ever.html https://www.cnbc.com/2018/01/30/sec-halts-one-of-the-largest... >The complaint was filed in Dallas, Texas, on Thursday and unsealed late Monday. The SEC said Dallas-based AriseBank "used social media, a celebrity endorsement, and other wide dissemination tactics to raise what it claims to be $600 million of its $1 billion goal in just two months." >The court approved an emergency asset freeze over AriseBank and its two co-founders. The SEC said that for the first time in connection to an ICO fraud, it has appointed a third-party custodian, or receiver, to secure the firm's cryptocurrency holdings. Those assets include bitcoin, litecoin, bitshares, dogecoin and bitUSD. >"The ICO is an illegal offering of securities because there is no registration filed or in effect with the SEC, nor is there an applicable exemption from registration," the complaint said.

adamnemecek 9y ago

So what? Why can the govt profit from gambling but not me? Why can casinos? So what it’s unregulated, dont play if you don’t want to lose.

joeblow9999 9y ago
Most people believe you shouldn't have the right to take a risk they wouldn't take themselves. This is pretty much basis of the majority of laws on the books to be honest.
- the_gastropod 9y ago
  Something something privatize the earnings socialize the losses. A good part of government's job is to limit risk so that those most at risk don't suffer. Speed limits exist to limit risk. Drug laws exist to limit risk. Bank regulations exist to limit risk. SEC laws exist to limit risk. In a system with safety nets (unemployment laws, bankruptcy laws, welfare, food stamps, subsidized housing programs, etc), there must be some limits to prevent abuse of these programs from undue risk.
  - joeblow9999 9y ago
    Thank you for agreeing with me and providing supporting examples.

wlesieutre 9y ago

The government can worry about two things at once

tvanantwerp 9y ago
As someone working in policy in DC, this often doesn't seem to be the case.
- wlesieutre 9y ago
  It's not like the SEC has been silent on cryptocurrency ponzi schemes though.

wlesieutre 9y ago

https://www.cnbc.com/2018/01/30/sec-halts-one-of-the-largest-icos-ever.html https://www.cnbc.com/2018/01/30/sec-halts-one-of-the-largest... >The complaint was filed in Dallas, Texas, on Thursday and unsealed late Monday. The SEC said Dallas-based AriseBank "used social media, a celebrity endorsement, and other wide dissemination tactics to raise what it claims to be $600 million of its $1 billion goal in just two months." >The court approved an emergency asset freeze over AriseBank and its two co-founders. The SEC said that for the first time in connection to an ICO fraud, it has appointed a third-party custodian, or receiver, to secure the firm's cryptocurrency holdings. Those assets include bitcoin, litecoin, bitshares, dogecoin and bitUSD. >"The ICO is an illegal offering of securities because there is no registration filed or in effect with the SEC, nor is there an applicable exemption from registration," the complaint said.