4 ms·

they havent done their job at all. from tesla to spacs to crypto to GME.

by ffggvv 5y ago

sokoloff 5y ago
What does/should the SEC have to do with crypto (in general; they obviously have some oversight for COIN)?
- jonathankoren 5y ago
  Crypto is a security. I’m under the impression that crypto is just a massive fraud, market manipulation, including insider trading. The whole MtGox debacle[0] cemented then idea in my mind that crypto is shady AF. [0] Lest we forget, the original largest crypto exchange was named “Magic: The Gathering Online eXchange”.
  - rawtxapp 5y ago
    SEC themselves ruled they don't consider BTC and ETH a security and they are currently going after XRP because they consider that to be a security. MtGox has been dead in over 7 years, I'm not sure how that's relevant today when we have well regulated exchanges.
    - cowpig 5y ago
      > we have well regulated exchanges Are you referring to crypto exchanges as "well regulated"? If so, can you give an example of one that fulfills that description?
      - rawtxapp 5y ago
        Coinbase [1], Gemini [2], Kraken [3]. The ones that don't abide by the rules get shut down very quickly [4][5]. 1: https://www.coinbase.com/legal/faq https://www.coinbase.com/legal/faq 2: https://support.gemini.com/hc/en-us/articles/204734485-Is-Gemini-licensed-and-or-regulated- https://support.gemini.com/hc/en-us/articles/204734485-Is-Ge... 3: https://support.kraken.com/hc/en-us/articles/360031282351-Is-Kraken-licensed-or-regulated- https://support.kraken.com/hc/en-us/articles/360031282351-Is... 4: https://www.bloomberg.com/news/articles/2021-03-12/crypto-exchange-binance-investigated-by-u-s-over-who-s-trading https://www.bloomberg.com/news/articles/2021-03-12/crypto-ex... 5: https://www.theblockcrypto.com/post/84020/binance-blocking-us-users-exchange-email-2 https://www.theblockcrypto.com/post/84020/binance-blocking-u...
      - dudus 5y ago
        I'm guessing Coinbase, Kraken and "Binance US" which is totally not the same company as Binance because that one was banned by the NYAG, it just happens to have the same name and owners but it's totally not the same company. Very well regulated.
  - xtracto 5y ago
    Going back a bit further, lest we forget the huge amount of Viagra and Penis enlargement scams that was in this Internet thing during the 90s! I'm under the impression that this internet thing is just a massive fraud and scam .
  - ineedasername 5y ago
    Lest we forget, the original largest crypto exchange was named “Magic: The Gathering Online eXchange” One of the largest tech companies in the world is named after a fruit. Another is named after a very large number A third started by selling books, is now the largest cloud infrastructure company in the world, and is named after a jungle. Whether or not BTC or MtGox or both are/were scams, names tend to be pretty irrelevant these days.
    - toast0 5y ago
      > and is named after a jungle. I thought it was named after a river?
      - ineedasername 5y ago
        The Amazon river runs through the Amazon... I'm not sure if the land area got the name from the river or the other way around. I see some mention of the company name referring to the river, but I wasn't sure if that was apocryphal, and I always associated the river and land together as part of the same thing. I could be wrong, in which case the company is named after a river, and shares the name with a jungle.
        jonathankoren 5y ago
        Bezos would have us believe that the region is named after the company https://www.theguardian.com/environment/2013/apr/25/amazon-domain-name-battle-brazil https://www.theguardian.com/environment/2013/apr/25/amazon-d...
  - vnchr 5y ago
    It was a repurposed trading platform originally for MTG
    - jonathankoren 5y ago
      It was, and at best it had all the security of a comic book shop. At worst it was an inside job.
      - sennight 5y ago
        The idea that it was "an inside job" is laughable. Mark Karpeles was a doofus who got in over his head, churning out php scripts, while bounding up and down on his exercise ball chair. I remember that Roger Ver hostage video like it happened yesterday. For it to be "an inside job", they'd have to effectively be secret geniuses operating on time scales that have never been seen in events of this nature.
- eloff 5y ago
  Crypto ICOs have been deemed to be a security offering, and are being regulated as such by the SEC.
bpodgursky 5y ago
Are you just listing things you don't like? The government's job isn't to ban a list of things that other people get excited about, but which frustrate you.

they havent done their job at all. from tesla to spacs to crypto to GME.

by ffggvv 5y ago

they havent done their job at all. from tesla to spacs to crypto to GME.

sokoloff 5y ago

What does/should the SEC have to do with crypto (in general; they obviously have some oversight for COIN)?

jonathankoren 5y ago
Crypto is a security. I’m under the impression that crypto is just a massive fraud, market manipulation, including insider trading. The whole MtGox debacle[0] cemented then idea in my mind that crypto is shady AF. [0] Lest we forget, the original largest crypto exchange was named “Magic: The Gathering Online eXchange”.
- rawtxapp 5y ago
  SEC themselves ruled they don't consider BTC and ETH a security and they are currently going after XRP because they consider that to be a security. MtGox has been dead in over 7 years, I'm not sure how that's relevant today when we have well regulated exchanges.
  - cowpig 5y ago
    > we have well regulated exchanges Are you referring to crypto exchanges as "well regulated"? If so, can you give an example of one that fulfills that description?
    - rawtxapp 5y ago
      Coinbase [1], Gemini [2], Kraken [3]. The ones that don't abide by the rules get shut down very quickly [4][5]. 1: https://www.coinbase.com/legal/faq https://www.coinbase.com/legal/faq 2: https://support.gemini.com/hc/en-us/articles/204734485-Is-Gemini-licensed-and-or-regulated- https://support.gemini.com/hc/en-us/articles/204734485-Is-Ge... 3: https://support.kraken.com/hc/en-us/articles/360031282351-Is-Kraken-licensed-or-regulated- https://support.kraken.com/hc/en-us/articles/360031282351-Is... 4: https://www.bloomberg.com/news/articles/2021-03-12/crypto-exchange-binance-investigated-by-u-s-over-who-s-trading https://www.bloomberg.com/news/articles/2021-03-12/crypto-ex... 5: https://www.theblockcrypto.com/post/84020/binance-blocking-us-users-exchange-email-2 https://www.theblockcrypto.com/post/84020/binance-blocking-u...
    - dudus 5y ago
      I'm guessing Coinbase, Kraken and "Binance US" which is totally not the same company as Binance because that one was banned by the NYAG, it just happens to have the same name and owners but it's totally not the same company. Very well regulated.
- xtracto 5y ago
  Going back a bit further, lest we forget the huge amount of Viagra and Penis enlargement scams that was in this Internet thing during the 90s! I'm under the impression that this internet thing is just a massive fraud and scam .
- ineedasername 5y ago
  Lest we forget, the original largest crypto exchange was named “Magic: The Gathering Online eXchange” One of the largest tech companies in the world is named after a fruit. Another is named after a very large number A third started by selling books, is now the largest cloud infrastructure company in the world, and is named after a jungle. Whether or not BTC or MtGox or both are/were scams, names tend to be pretty irrelevant these days.
  - toast0 5y ago
    > and is named after a jungle. I thought it was named after a river?
    - ineedasername 5y ago
      The Amazon river runs through the Amazon... I'm not sure if the land area got the name from the river or the other way around. I see some mention of the company name referring to the river, but I wasn't sure if that was apocryphal, and I always associated the river and land together as part of the same thing. I could be wrong, in which case the company is named after a river, and shares the name with a jungle.
      - jonathankoren 5y ago
        Bezos would have us believe that the region is named after the company https://www.theguardian.com/environment/2013/apr/25/amazon-domain-name-battle-brazil https://www.theguardian.com/environment/2013/apr/25/amazon-d...
- vnchr 5y ago
  It was a repurposed trading platform originally for MTG
  - jonathankoren 5y ago
    It was, and at best it had all the security of a comic book shop. At worst it was an inside job.
    - sennight 5y ago
      The idea that it was "an inside job" is laughable. Mark Karpeles was a doofus who got in over his head, churning out php scripts, while bounding up and down on his exercise ball chair. I remember that Roger Ver hostage video like it happened yesterday. For it to be "an inside job", they'd have to effectively be secret geniuses operating on time scales that have never been seen in events of this nature.
eloff 5y ago
Crypto ICOs have been deemed to be a security offering, and are being regulated as such by the SEC.

bpodgursky 5y ago

Are you just listing things you don't like? The government's job isn't to ban a list of things that other people get excited about, but which frustrate you.