3 ms·

> One reason I am so intrigued by crypto is that for the first time engineers can hack on finance without any permission, licenses, approvals, regulations, bord

by Nursie 4y ago

> One reason I am so intrigued by crypto is that for the first time engineers can hack on finance without any permission, licenses, approvals, regulations, borders, etc. This may turn out to be a bad thing. But I believe technology is neutral and overall I want to see how this experiment turns out. A bigger overnight loss for ordinary investors than Madoff's entire scam, and you still want to wait and see how it turns out? Yes, people should be able to play with this stuff, no it's clearly not in a state where anyone should be able to advertise any of these services to the general public. Sure, let the space develop, but take action to prevent people being scammed, and certainly take action to prevent, for instance, investment into crypto tokens by the regulated finance industry. Keep pension funds away by force of law.

seibelj 4y ago
I think we should ban 18 year olds from going $200k in debt for English degrees from our most illustrious universities. An albatross around the neck of incompetent rubes yet this is not outlawed. I can play this game all day. Why do we let the poor go to casinos? NYC is about to open a massive casino in Manhattan, guaranteed to ruin lives and families. You may know what’s best for you, but not what’s best for me.
- Nursie 4y ago
  > You may know what’s best for you, but not what’s best for me Cool, lets remove all laws and regulations around everything then, after all, government is just other people saying they know what's best for you. Job done. Your argument is also fallacious in its assumptions that I don't think those other things are bad or require action.
- cuteboy19 4y ago
  > Why do we let the poor go to casinos? NYC is about to open a massive casino in Manhattan, guaranteed to ruin lives and families We shouldn't. Many other countries don't allow that. Putting profits above human wellbeing is how the US got to this place. The US even allowed open MLMs like Amway. The people shilling these scams have immense amount of lobbying against any kind of financial regulations, which is exactly what crypto is doing
tornato7 4y ago
IMO the bigger scam here was not Anchor but Stablegains. They gave magnitudes more everyday people access to the Anchor scam who had no idea what they were getting in to. For the people who actually went through the process of opening a Coinbase account, depositing USD, buying UST, transferring to an Ethereum wallet, bridging to a Terra wallet via shuttle bridge, and depositing in Anchor protocol… they knew full well the risks involved. If you read any crypto forum, the people there know very well that their investment could go to zero. The SEC’s “accredited investor” laws are often criticized as discriminatory, since they legally restrict some of the best investment opportunities to only the 1%. In the same vein, while the crypto space needs more regulation, I think it would be a mistake to ban all retail investors from buying crypto.
- robocat 4y ago
  > The SEC’s “accredited investor” laws are often criticized as discriminatory, since they legally restrict some of the best investment opportunities to only the 1%. Note: the “accredited investor” restrictions are for US persons. I think foreigners don’t have the same restrictions (although the max 500 investors rule is likely to kick in instead if too many small foreign investors). For example[1] “The Investor is: (i) an ‘accredited Investor’ as such term is defined in Rule 501(a) of Regulation D under the Securities Act; or (ii) not a U.S. person within the meaning of Rule 902 of Regulation S under the Securities Act.” [1] https://www.sec.gov/Archives/edgar/data/1693656/000110465919039476/a18-15736_1ex1a3hldrsrtsd1.htm https://www.sec.gov/Archives/edgar/data/1693656/000110465919...
  - Nursie 4y ago
    Correct, different countries have different laws in this area, but many/most have some sort of provision about what can and can't be marketed to the public as an investment, and how that marketing looks.

by Nursie 4y ago

seibelj 4y ago

I think we should ban 18 year olds from going $200k in debt for English degrees from our most illustrious universities. An albatross around the neck of incompetent rubes yet this is not outlawed. I can play this game all day. Why do we let the poor go to casinos? NYC is about to open a massive casino in Manhattan, guaranteed to ruin lives and families. You may know what’s best for you, but not what’s best for me.

Nursie 4y ago
> You may know what’s best for you, but not what’s best for me Cool, lets remove all laws and regulations around everything then, after all, government is just other people saying they know what's best for you. Job done. Your argument is also fallacious in its assumptions that I don't think those other things are bad or require action.
cuteboy19 4y ago
> Why do we let the poor go to casinos? NYC is about to open a massive casino in Manhattan, guaranteed to ruin lives and families We shouldn't. Many other countries don't allow that. Putting profits above human wellbeing is how the US got to this place. The US even allowed open MLMs like Amway. The people shilling these scams have immense amount of lobbying against any kind of financial regulations, which is exactly what crypto is doing

tornato7 4y ago

IMO the bigger scam here was not Anchor but Stablegains. They gave magnitudes more everyday people access to the Anchor scam who had no idea what they were getting in to. For the people who actually went through the process of opening a Coinbase account, depositing USD, buying UST, transferring to an Ethereum wallet, bridging to a Terra wallet via shuttle bridge, and depositing in Anchor protocol… they knew full well the risks involved. If you read any crypto forum, the people there know very well that their investment could go to zero. The SEC’s “accredited investor” laws are often criticized as discriminatory, since they legally restrict some of the best investment opportunities to only the 1%. In the same vein, while the crypto space needs more regulation, I think it would be a mistake to ban all retail investors from buying crypto.

robocat 4y ago
> The SEC’s “accredited investor” laws are often criticized as discriminatory, since they legally restrict some of the best investment opportunities to only the 1%. Note: the “accredited investor” restrictions are for US persons. I think foreigners don’t have the same restrictions (although the max 500 investors rule is likely to kick in instead if too many small foreign investors). For example[1] “The Investor is: (i) an ‘accredited Investor’ as such term is defined in Rule 501(a) of Regulation D under the Securities Act; or (ii) not a U.S. person within the meaning of Rule 902 of Regulation S under the Securities Act.” [1] https://www.sec.gov/Archives/edgar/data/1693656/000110465919039476/a18-15736_1ex1a3hldrsrtsd1.htm https://www.sec.gov/Archives/edgar/data/1693656/000110465919...
- Nursie 4y ago
  Correct, different countries have different laws in this area, but many/most have some sort of provision about what can and can't be marketed to the public as an investment, and how that marketing looks.