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Apparently you can only create a product to do this in the US with the blessing of the CFTC. In foreign countries, you do not need their arbitrary blessing. Tha

Apparently you can only create a product to do this in the US with the blessing of the CFTC. In foreign countries, you do not need their arbitrary blessing. That is my criticism.

arcticbull 6y ago
Yep regulation is a wonderful thing. It ensures toxic garbage doesn't gain widespread acceptance. Tries to, anyways. That's why we have these agencies - remember the Great Depression? They didn't call it the because it just a pretty good depression.
- seibelj 6y ago
  I don’t want rules from the 1930s regulating crypto. Luckily foreign countries exist that don’t have to abide by the US laws and regulators. It would be a very sad world if everyone was controlled by a single regulator in the US. There would be no innovation.
  - arcticbull 6y ago
    The year in which the regulation was brought in is totally irrelevant, the only thing that matters is whether the regulation is useful and meaningful. I guarantee you if Tether had to abide by the Securities Act it would not exist. I for one am thrilled to have the SEC looking out for us, keeping the scammers and frauds at bay - or at least trying. Good policy is good policy no matter what year we came up with it.
  - deleted 6y ago
    [deleted]
  - IfOnlyYouKnew 6y ago
    History repeating/rhyming as farce/tragedy etc. etc.
- SamReidHughes 6y ago
  That wasn't caused by trading or its regulation, it was caused by macroeconomic policy.
  - arcticbull 6y ago
    It's fair to say there were a lot of causes of the Great Depression, to be sure. However. Much of the "Roaring 20s" that preceded the giant market crash happened because of zero oversight or regulation and saw tons of fraud, and, yep, tons of reckless margin trading. This created huge systemic risk that all came to bear on Black Tuesday, which led to unemployment, homelessness and bankruptcies. This led to the Securities Act of 1933 and 1934. Further, the Glass-Steagall act, also of 1933 separated investment banks and depository institutions. I'll let you take one guess why this was necessary. I'll also let you take one guess what happened after it was repealed (in 1999). Also kicked off in 1933 was the FDIC. All three of these are incredibly relevant to crypto and to this specific conversation. [1] https://www.history.com/topics/us-government/securities-and-exchange-commission https://www.history.com/topics/us-government/securities-and-...
    - SamReidHughes 6y ago
      In the teens, there was World War I and a pandemic. There is no reason why people should be out of work in 1933, because of a stock market crash that happened 4 years prior. Once the crash happens, you can pick yourself up and get back to work. The slow recovery in 1929-1940 was because of the Hoover and Roosevelt administrations (and Congress).
      - arcticbull 6y ago
        The link I provided does disagree so I'd love to read any supporting evidence you have!
        SamReidHughes 6y ago
        You can just google it yourself, I'm not interested in listing evidence, because the proper way of looking at questions like this requires operating with a model of reality, not just listing a bunch of facts.
- hungryforcodes 6y ago
  Or maybe the CFTC doesn’t like competition, and is abusing its power in order to maintain a monopoly in leveraged and derivative product innovation (or lack there of honestly).

Apparently you can only create a product to do this in the US with the blessing of the CFTC. In foreign countries, you do not need their arbitrary blessing. That is my criticism.

arcticbull 6y ago

Yep regulation is a wonderful thing. It ensures toxic garbage doesn't gain widespread acceptance. Tries to, anyways. That's why we have these agencies - remember the Great Depression? They didn't call it the because it just a pretty good depression.

seibelj 6y ago
I don’t want rules from the 1930s regulating crypto. Luckily foreign countries exist that don’t have to abide by the US laws and regulators. It would be a very sad world if everyone was controlled by a single regulator in the US. There would be no innovation.
- arcticbull 6y ago
  The year in which the regulation was brought in is totally irrelevant, the only thing that matters is whether the regulation is useful and meaningful. I guarantee you if Tether had to abide by the Securities Act it would not exist. I for one am thrilled to have the SEC looking out for us, keeping the scammers and frauds at bay - or at least trying. Good policy is good policy no matter what year we came up with it.
- deleted 6y ago
  [deleted]
- IfOnlyYouKnew 6y ago
  History repeating/rhyming as farce/tragedy etc. etc.
SamReidHughes 6y ago
That wasn't caused by trading or its regulation, it was caused by macroeconomic policy.
- arcticbull 6y ago
  It's fair to say there were a lot of causes of the Great Depression, to be sure. However. Much of the "Roaring 20s" that preceded the giant market crash happened because of zero oversight or regulation and saw tons of fraud, and, yep, tons of reckless margin trading. This created huge systemic risk that all came to bear on Black Tuesday, which led to unemployment, homelessness and bankruptcies. This led to the Securities Act of 1933 and 1934. Further, the Glass-Steagall act, also of 1933 separated investment banks and depository institutions. I'll let you take one guess why this was necessary. I'll also let you take one guess what happened after it was repealed (in 1999). Also kicked off in 1933 was the FDIC. All three of these are incredibly relevant to crypto and to this specific conversation. [1] https://www.history.com/topics/us-government/securities-and-exchange-commission https://www.history.com/topics/us-government/securities-and-...
  - SamReidHughes 6y ago
    In the teens, there was World War I and a pandemic. There is no reason why people should be out of work in 1933, because of a stock market crash that happened 4 years prior. Once the crash happens, you can pick yourself up and get back to work. The slow recovery in 1929-1940 was because of the Hoover and Roosevelt administrations (and Congress).
    - arcticbull 6y ago
      The link I provided does disagree so I'd love to read any supporting evidence you have!
      - SamReidHughes 6y ago
        You can just google it yourself, I'm not interested in listing evidence, because the proper way of looking at questions like this requires operating with a model of reality, not just listing a bunch of facts.
hungryforcodes 6y ago
Or maybe the CFTC doesn’t like competition, and is abusing its power in order to maintain a monopoly in leveraged and derivative product innovation (or lack there of honestly).