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I have to admit it's amusing seeing cryptocurrency true believers slowly start to realize why banks, regulation and the SEC are critical to a functioning system

I have to admit it's amusing seeing cryptocurrency true believers slowly start to realize why banks, regulation and the SEC are critical to a functioning system. "There oughta be a law!"

colechristensen 9y ago
A distributed decentralized ledger is a neat and useful thing, but it should be as exciting as a new database–not the social revolution the excitable advocates think it is. When you hear people talking about cryptos what you hear them say is exciting things about libertarian currency and being free of control. What they're actually excited about is money laundering and tax avoidance–foolishly at that. Avoiding government control by using a currency where everyone can easily get the entire transaction log for every exchange is just ridiculous. With really great ops-sec you can _maybe_ achieve it, but it's really easy to slip up and get caught.
JumpCrisscross 9y ago
ICO buyers are the new anti-vaxxers. Securities laws protected them so well for so long, they forgot about the virulence with which scams ravaged pre-SEC America.
- Xeoncross 9y ago
  Since you took a jab, I'll reply. I'm anti-some-vaccines, as they are all different and contain different chemicals or strains. It's like saying someone is "anti-drug", _which one_? Vaccines are “unavoidably unsafe”, according to our government. That is, we know vaccines have serious/deadly side effects, but the ends should justify the means. It's interesting that parents are held responsible if their child is harmed, no one else. That is why vaccines are required to be "properly prepared and marketed, and proper warning is given". https://www.law.cornell.edu/supct/html/09-152.ZD.html https://www.law.cornell.edu/supct/html/09-152.ZD.html
psyc 9y ago
I think there needs to be a place for extra-legal speech, free association, and economic activity. I think crypto is a useful tech to that end. I don’t think it being big and mainstream is sustainable at all, and it’s going to be snuffed out soon enough.

I have to admit it's amusing seeing cryptocurrency true believers slowly start to realize why banks, regulation and the SEC are critical to a functioning system. "There oughta be a law!"

colechristensen 9y ago

A distributed decentralized ledger is a neat and useful thing, but it should be as exciting as a new database–not the social revolution the excitable advocates think it is. When you hear people talking about cryptos what you hear them say is exciting things about libertarian currency and being free of control. What they're actually excited about is money laundering and tax avoidance–foolishly at that. Avoiding government control by using a currency where everyone can easily get the entire transaction log for every exchange is just ridiculous. With really great ops-sec you can _maybe_ achieve it, but it's really easy to slip up and get caught.

JumpCrisscross 9y ago

ICO buyers are the new anti-vaxxers. Securities laws protected them so well for so long, they forgot about the virulence with which scams ravaged pre-SEC America.

Xeoncross 9y ago
Since you took a jab, I'll reply. I'm anti-some-vaccines, as they are all different and contain different chemicals or strains. It's like saying someone is "anti-drug", _which one_? Vaccines are “unavoidably unsafe”, according to our government. That is, we know vaccines have serious/deadly side effects, but the ends should justify the means. It's interesting that parents are held responsible if their child is harmed, no one else. That is why vaccines are required to be "properly prepared and marketed, and proper warning is given". https://www.law.cornell.edu/supct/html/09-152.ZD.html https://www.law.cornell.edu/supct/html/09-152.ZD.html

psyc 9y ago

I think there needs to be a place for extra-legal speech, free association, and economic activity. I think crypto is a useful tech to that end. I don’t think it being big and mainstream is sustainable at all, and it’s going to be snuffed out soon enough.