3 ms·
The problem is the amount of crime one could do with a fake stablecoin. Maybe you re right and the central bank of Japan (that has nothing to do with the bankin
by xwolfi 5y ago
The problem is the amount of crime one could do with a fake stablecoin. Maybe you re right and the central bank of Japan (that has nothing to do with the banking industry) is criminal. But it doesn't change that stablecoins must be audited.
What if Tether was relying on a Bahamas bank created by the writer of inspector gadget ? That d be quite worrying to let them continue saying it's all safe and real, no?
- numair 5y agoWhen you’re a regulator, it’s often useful to allow things to grow into giant systemic failure so you have greater latitude to “fix things” when the time is right. As Sarbanes-Oxley demonstrated, the fix is often worse than the problem, and can hold economies back by decades (and if you study the history of some of the greatest fallen economies, such as in Old China, you will see that it can trigger permanent decline). The anti-crypto people on here are as annoying as the “social networking websites are not worth hundreds of millions of dollars” were in the early 2000s.
- xwolfi 5y agoThis is a false comparison: everything new has opponents (everything has opponents, even loving a girl, laughing at jokes or shaking your hair in some places), so yes ofc there are people who said social networks wouldnt find a business model without being predatory as there are people now saying crypto cant serve a purpose without lying. That doesn't remove from you the duty to explain why we should allow giant cons for the sake of trying someth. It's not like stocks of public companies, which were half scams half building railways. I d argue here crypto is not helping build railways :( Oh and it's harder to lose all your saving on a speculative frenzy with social medias, so I d say we need to be more cautious this time.