4 ms·

Is your argument that someone else is pulling off bigger frauds so this fraud should be overlooked?

• yucky 4y ago
  No, my argument is that the ability to commit fraud with crypto is not in any way a legit criticism against it. There are actual criticism, fraud isn't one of them.
  • agentultra 4y ago
    In the context of the question, “why should we regulate this,” it’s a legitimate reason. Banking is regulated to prevent these sorts of things. Crypto is designed to enable them. They need to be regulated.
    • yucky 4y ago
      Bitcoin is far easier to monitor than cash, so that doesn't hold water. And Monero may be great for avoiding oversight, but it's barely used by anybody. I think as usual government just wants another thing to tax and control.
      • agentultra 4y ago
        Is it? Is that way there are money-laundering-as-a-service systems out there? Can I do the same thing with cash? What Lagarde is saying is that this stuff needs to be regulated before too many people lose their shirts. So far these "crypto assets" have demonstrated no value. Many folks are dumping their life savings into these schemes and losing everything. If enough people lose everything houses foreclose, debts go unpaid, inflation goes up. The same thing was done every time the grifters tried it in traditional currencies. Too many people lost their shirts, government stepped in, we changed the rules and added regulation, and people get better protection. The crypto space is speed-running through all of these scams. What they're doing isn't new, it's all been done before.