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Janet Yellen Will Consider Limiting the Use of Cryptocurrency
- drannex 6y agoThey should, the markets are using this as speculative trading and preys on those that don't understand the viability of the projects and rely on ignorance to drive prices up. Not only this, but the financial safe guards of scams and transactions are moot in all major crypto-currencies. I believe that cryptocurrency is great, and a testament of modern engineering, but the entire financial system isn't built just for speculative trading, but to provide safety and resilience in the face of bad-faith actors or general mistakes.
- remarkEon 6y agoI’m sorry, but how is trading crypto any different, at all, from trading on the stock market today? Just that you need a “digital” wallet? How much of what’s traded on the stock market is really wrapped up in complex instruments that no one but an institutional investor with significant experience can understand?
- throwaway69123 6y agoJust regulate “stable” coins would be a good start.
- remarkEon 6y agoYellen’s comments really don’t justify the headline. Said differently, the headline should be something like “Janet Yellen Will Consider Ways to Limit the Use of Cryptocurrency for Illegal Transactions”. I.e. stuff for which it’s already illegal to transact in dollars. At this point, she’s not coming for your Bitcoins, though unfortunately I think framing crypto as directly adjacent (or an enabling mechanism) to illicit activity is a step in that direction. But honestly this has been a criticism leveled at Bitcoin for years and nothing has changed.
- Proven 6y agoApart from illegal transactions there's no other significant use case. Anything that isn't illegal can be done better with fiat, or just as well with shitcoins (because their transaction fees and confirmation times are lower).