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The big risk to governments isn't a generic cryptocurrency token. The big risk is a platform used by a huge base of people PUSHING them to be used in the real

The big risk to governments isn't a generic cryptocurrency token. The big risk is a platform used by a huge base of people PUSHING them to be used in the real world. This is the trigger to cause mass adoption. That is the real risk. That is why stopping them is an emergency action.

kevingadd 7y ago
Yeah, that absolutely poses a threat to government-controlled fiat currency - but it poses another separate threat that shouldn't be understated: If a company like FB or Telegram becomes in control of a pseudo-currency, now individuals' right to use their currency are under the control of a for-profit corporation. We've seen recently just how bad that can get for people's rights - perhaps even worse than what governments already do. When the US government steals your shit you can at least sue them because there are laws on the books prohibiting it, but is the law going to protect you when Telegram invalidates your tokens? Maybe?
Obi_Juan_Kenobi 7y ago
If your 'decentralized' cryptographic currency can be brought down so easily, it deserves to fail. Pre-mines like this are entirely orthogonal to Bitcoin and other legitimately decentralized networks; it's pointless to discuss them as though they were anything alike. Crypto will fail or succeed based entirely upon how useful people find it. That's how it always has been, and always will be.
H8crilA 7y ago
This is a security (according to the SEC) that went unregistered. Why can't they just register? With such a huge offering it's not so rich to just pay someone for filling the Form S-1/F-1. It's not like the SEC hates Bitcoin/crypto on principle. Or Elon Musk (I'm referring to the 420 tweet). It just follows the securities law, a law that was established after the 1920s stock market crash and the Great Depression that ensued afterwards. Again, it's not hard to follow the law. Fill the form, call it a day. Or don't fill the form and make sure you're only selling to accredited investors. Also, filling form S-1 will help you getting professional investors on board. A whole lot of them trust the SEC data in Edgar.
hinkley 7y ago
This is a big risk to the US government as well and it's really alarming to me how many american blockchain enthusiasts don't get that if they really did get their way, the dollar would tank and take every community with it. Part of the strength of the dollar is the volume of trade that is done in it, including much of the world's energy. All that money moving around increases demand. I've heard it said that in most revolutions, the middle class enlist the lower class to defeat the upper class for them, and then they insert themselves as the new upper class. This 'revolution' seems no different. A bunch of upwardly mobile people fantasizing about becoming feudal lords after they disrupt the entire system. Things are not going so badly that chaos would be better. I gotta say, technologists as a whole are reasonably nice people, but one of the reasons I have hobbies is that there are nicer people out there than us, and lots of them. We should not be in charge of the world. This is an area where we are wrong and I hope for everyone's sake that we fail.
api 7y ago
Company scrip (Libra, this) could well be quite a bit worse than anything about fiat currency. The new boss is often worse than the old boss.

kevingadd 7y ago

Yeah, that absolutely poses a threat to government-controlled fiat currency - but it poses another separate threat that shouldn't be understated: If a company like FB or Telegram becomes in control of a pseudo-currency, now individuals' right to use their currency are under the control of a for-profit corporation. We've seen recently just how bad that can get for people's rights - perhaps even worse than what governments already do. When the US government steals your shit you can at least sue them because there are laws on the books prohibiting it, but is the law going to protect you when Telegram invalidates your tokens? Maybe?

Obi_Juan_Kenobi 7y ago

If your 'decentralized' cryptographic currency can be brought down so easily, it deserves to fail. Pre-mines like this are entirely orthogonal to Bitcoin and other legitimately decentralized networks; it's pointless to discuss them as though they were anything alike. Crypto will fail or succeed based entirely upon how useful people find it. That's how it always has been, and always will be.

H8crilA 7y ago

This is a security (according to the SEC) that went unregistered. Why can't they just register? With such a huge offering it's not so rich to just pay someone for filling the Form S-1/F-1. It's not like the SEC hates Bitcoin/crypto on principle. Or Elon Musk (I'm referring to the 420 tweet). It just follows the securities law, a law that was established after the 1920s stock market crash and the Great Depression that ensued afterwards. Again, it's not hard to follow the law. Fill the form, call it a day. Or don't fill the form and make sure you're only selling to accredited investors. Also, filling form S-1 will help you getting professional investors on board. A whole lot of them trust the SEC data in Edgar.

hinkley 7y ago

This is a big risk to the US government as well and it's really alarming to me how many american blockchain enthusiasts don't get that if they really did get their way, the dollar would tank and take every community with it. Part of the strength of the dollar is the volume of trade that is done in it, including much of the world's energy. All that money moving around increases demand. I've heard it said that in most revolutions, the middle class enlist the lower class to defeat the upper class for them, and then they insert themselves as the new upper class. This 'revolution' seems no different. A bunch of upwardly mobile people fantasizing about becoming feudal lords after they disrupt the entire system. Things are not going so badly that chaos would be better. I gotta say, technologists as a whole are reasonably nice people, but one of the reasons I have hobbies is that there are nicer people out there than us, and lots of them. We should not be in charge of the world. This is an area where we are wrong and I hope for everyone's sake that we fail.

api 7y ago

Company scrip (Libra, this) could well be quite a bit worse than anything about fiat currency. The new boss is often worse than the old boss.