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This is a strawman. It also paints “crypto fans”, as some monolithic group that all think the same way. I am a crypto fan and do not “want deregulated finance”

This is a strawman. It also paints “crypto fans”, as some monolithic group that all think the same way. I am a crypto fan and do not “want deregulated finance”. It is not “exactly what crypto is all about”. I think most in the space would actually like to see more sensible regulation.

izzydata 4y ago
I think "crypto people" are tired of things being a constant state of flux and just want governing bodies to make some kind of decisions. People really want to know what the rules are so they can make more informed decisions.
- nybble41 4y ago
  This is quite true. Many of the calls for regulation by "crypto people" which I've seen are really just a reaction against an uncertain regulatory environment. In short, they just want the regulators to make up their minds already. The biggest wildcard and source of volatility in the crypto space, IMHO, lies in the inconsistent and unpredictable responses we've seen from politicians and bureaucrats, not the tech, the state of the market, or the possibility of falling for some kind of scam. However, one should keep in mind that certainty is not necessarily better—it depends on what the rules are. Operating in a grey area is better than being banned outright, and overly strict regulation can nullify all the advantages of a new system by forcing it into the mold of the old system it's meant to replace. The ideal outcome is that they explicitly adopt a hands-off approach so that the threat of adverse regulation is removed without being replaced by known adverse regulation in the present.
esperent 4y ago
> It also paints “crypto fans”, as some monolithic group that all think the same way. This is unfortunate. However, in my experience of crypto fans it seems like a large - probably very large - majority of them are fans of deregulation and consider this one of the main positive points of crypto. Would you say that's incorrect?
- vmception 4y ago
  I would say what you think that means is incorrect. Even Cobie's tweet is absent any specific stance, and features a funny gif of Nancy Pelosi who is also a beneficiary of some really awesome trades. Many people are fine just watching addresses and filings and copying their trades. Now we know one address that loads up before Coinbase announces.
bdcravens 4y ago
Very true. The assignment of values to the "group" has been a problem since the beginning (for instance, anonymity wasn't even in the white-paper, but is a common perceived value of crypto)
FabHK 4y ago
I don't understand. If you have regulation, you need people that interpret and enforce that regulation. In other words, you need trust. If your system is predicated on trust, you can dispense with the blockchain that does a lot of unnecessary busy work, and replace it by a few guys with an Excel spreadsheet or two, and regulate them. The environment will thank you.
- berberous 4y ago
  This is such a nonsensical argument. Crypto is a huge space with myriad benefits, which are not negated by having some elements regulated. For example, perhaps you are in favor of crypto because it is (i) harder for a state to seize or (ii) impossible for a single state to inflate. Those are in part possible because of the distributed decentralized nature of cryptocurrency. Being in favor of those two things does not mean you cannot also be in favor of regulating people that manipulate crypto market by wash trading, in favor of arresting thieves and hackers, in favor of banning insider trading, etc. You can have a system with trustless elements and that still relies on the laws and regulations to enforce certain aspects.
  - FabHK 4y ago
    So, you're saying, the government can arrest thieves and hackers, ban wash trading, ban insider trading (and, presumably, enforce that), but cannot ban or seize crypto itself?
    - phatfish 4y ago
      I think this is the "have cake and eat it" scenario. Crypto fans want a fresh supply of dumb money into the system to keep their line going up. But also want the more complex scams that might catch them out regulated away.

izzydata 4y ago

I think "crypto people" are tired of things being a constant state of flux and just want governing bodies to make some kind of decisions. People really want to know what the rules are so they can make more informed decisions.

nybble41 4y ago
This is quite true. Many of the calls for regulation by "crypto people" which I've seen are really just a reaction against an uncertain regulatory environment. In short, they just want the regulators to make up their minds already. The biggest wildcard and source of volatility in the crypto space, IMHO, lies in the inconsistent and unpredictable responses we've seen from politicians and bureaucrats, not the tech, the state of the market, or the possibility of falling for some kind of scam. However, one should keep in mind that certainty is not necessarily better—it depends on what the rules are. Operating in a grey area is better than being banned outright, and overly strict regulation can nullify all the advantages of a new system by forcing it into the mold of the old system it's meant to replace. The ideal outcome is that they explicitly adopt a hands-off approach so that the threat of adverse regulation is removed without being replaced by known adverse regulation in the present.

esperent 4y ago

> It also paints “crypto fans”, as some monolithic group that all think the same way. This is unfortunate. However, in my experience of crypto fans it seems like a large - probably very large - majority of them are fans of deregulation and consider this one of the main positive points of crypto. Would you say that's incorrect?

vmception 4y ago
I would say what you think that means is incorrect. Even Cobie's tweet is absent any specific stance, and features a funny gif of Nancy Pelosi who is also a beneficiary of some really awesome trades. Many people are fine just watching addresses and filings and copying their trades. Now we know one address that loads up before Coinbase announces.

bdcravens 4y ago

Very true. The assignment of values to the "group" has been a problem since the beginning (for instance, anonymity wasn't even in the white-paper, but is a common perceived value of crypto)

FabHK 4y ago

I don't understand. If you have regulation, you need people that interpret and enforce that regulation. In other words, you need trust. If your system is predicated on trust, you can dispense with the blockchain that does a lot of unnecessary busy work, and replace it by a few guys with an Excel spreadsheet or two, and regulate them. The environment will thank you.

berberous 4y ago
This is such a nonsensical argument. Crypto is a huge space with myriad benefits, which are not negated by having some elements regulated. For example, perhaps you are in favor of crypto because it is (i) harder for a state to seize or (ii) impossible for a single state to inflate. Those are in part possible because of the distributed decentralized nature of cryptocurrency. Being in favor of those two things does not mean you cannot also be in favor of regulating people that manipulate crypto market by wash trading, in favor of arresting thieves and hackers, in favor of banning insider trading, etc. You can have a system with trustless elements and that still relies on the laws and regulations to enforce certain aspects.
- FabHK 4y ago
  So, you're saying, the government can arrest thieves and hackers, ban wash trading, ban insider trading (and, presumably, enforce that), but cannot ban or seize crypto itself?
  - phatfish 4y ago
    I think this is the "have cake and eat it" scenario. Crypto fans want a fresh supply of dumb money into the system to keep their line going up. But also want the more complex scams that might catch them out regulated away.