4 ms·

not really. In cryptospace governments want to ban things. Measures need.to be taken as this is just a centralized tool for the decentralised economy

hluska 9y ago
I'm sorry, but I don't think I understand your point. If this was the type of audit that publicly traded corporations need to go through, I'd agree. But in this case, Tether advertised that its claims would be verified by an audit.
JumpCrisscross 9y ago
> In cryptospace governments want to ban things American regulators default to permissiveness, particularly in the face of new financial technologies. Their laissez faire comment-and-wait approach to Bitcoin, ICOs and related events is not particularly jarring. But India's regulators are of the shoot-first-ask-questions-later variety [1]. Cryptocurrencies are a unique global phenomenon of immense regulatory restraint, not zeal. (This is probably explained by cryptocurrency's technical complexity, growth and metastasisation as well as some regulators having been won over by the pitch.) [1] https://en.wikipedia.org/wiki/Licence_Raj https://en.wikipedia.org/wiki/Licence_Raj
- tCfD 9y ago
  The stewards of Bitcoin and cryptocurrency messaging have done a fantastic job persuading the popular finance and technology influence classes that cryptocurrency is nothing less than a new internet- scale revolution. The corollary implication being of course that obstructing it would be tantamount to banning the internet in the early 90s, with correspondingly dire consequences for a country's or company's growth prospects. The hitherto extremely light touch of most regulatory bodies (bordering on enthusiastic support in many cases) reflects the general sentiment that nobody wants to be remembered the myopic Luddite Who Banned Bitcoin. This effect is amplified by the penetration of its more mundane corruptive potential, as a number of journalists and politicians themselves are materially interested in promoting state-level cryptocurrency adoption. The highly close-held supply of all cryptocurrencies has helped perpetuate the narrative of cryptocurrency's inevitable triumph through extraordinarily centralized domination of liquidity and thus price and market cap signalling. But eventually even diehard HODLbugs have to cash in...

hluska 9y ago

I'm sorry, but I don't think I understand your point. If this was the type of audit that publicly traded corporations need to go through, I'd agree. But in this case, Tether advertised that its claims would be verified by an audit.

JumpCrisscross 9y ago

> In cryptospace governments want to ban things American regulators default to permissiveness, particularly in the face of new financial technologies. Their laissez faire comment-and-wait approach to Bitcoin, ICOs and related events is not particularly jarring. But India's regulators are of the shoot-first-ask-questions-later variety [1]. Cryptocurrencies are a unique global phenomenon of immense regulatory restraint, not zeal. (This is probably explained by cryptocurrency's technical complexity, growth and metastasisation as well as some regulators having been won over by the pitch.) [1] https://en.wikipedia.org/wiki/Licence_Raj https://en.wikipedia.org/wiki/Licence_Raj

tCfD 9y ago
The stewards of Bitcoin and cryptocurrency messaging have done a fantastic job persuading the popular finance and technology influence classes that cryptocurrency is nothing less than a new internet- scale revolution. The corollary implication being of course that obstructing it would be tantamount to banning the internet in the early 90s, with correspondingly dire consequences for a country's or company's growth prospects. The hitherto extremely light touch of most regulatory bodies (bordering on enthusiastic support in many cases) reflects the general sentiment that nobody wants to be remembered the myopic Luddite Who Banned Bitcoin. This effect is amplified by the penetration of its more mundane corruptive potential, as a number of journalists and politicians themselves are materially interested in promoting state-level cryptocurrency adoption. The highly close-held supply of all cryptocurrencies has helped perpetuate the narrative of cryptocurrency's inevitable triumph through extraordinarily centralized domination of liquidity and thus price and market cap signalling. But eventually even diehard HODLbugs have to cash in...