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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] c

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 6y 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 6y 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 6y 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 6y 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 6y 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 6y 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 6y ago
  > and is named after a jungle. I thought it was named after a river?
  - ineedasername 6y 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 6y 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 6y ago
It was a repurposed trading platform originally for MTG
- jonathankoren 6y ago
  It was, and at best it had all the security of a comic book shop. At worst it was an inside job.
  - sennight 6y 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.

rawtxapp 6y 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 6y 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 6y 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 6y 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 6y 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 6y 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 6y ago
> and is named after a jungle. I thought it was named after a river?
- ineedasername 6y 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 6y 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 6y ago

It was a repurposed trading platform originally for MTG

jonathankoren 6y ago
It was, and at best it had all the security of a comic book shop. At worst it was an inside job.
- sennight 6y 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.