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It’s Time for Regulators to Put Crypto Down

12 points by davidgerard 4y ago

jqpabc123 4y ago
Why? So anti-establishment types can blame government for it's collapse? Just let it linger and die a slow agonizing death unaided by the oppressive arm of big government. I'm sure there is still some anti-government money out there still waiting to be swindled. Stopping the steal now could lessen the value of this teaching moment.
randomhodler84 4y ago
Really they probably should have put the whole economy down when it all collapsed in 2008 and 2020. All we have now is people prodding and poking a box hoping for a particular desired outcome. The zombie corpse of inflation rips the wealth from the bones.
aatharuv 4y ago
The original link, https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-luna-celsius-collapse/ard.co.uk/blockchain/2022/06/21/foreign-policy-its-time-for-regulators-to-put-crypto-down/ https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-l... doesn't work. This link does https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-luna-celsius-collapse/ https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-l...
WheelsAtLarge 4y ago
Banning crypto is only a stop gap. Eventually it will appear somewhere. The stock market and such used to be a sea of fraud. It wasn't until the SEC was created that it got a bit better. But even now, the market is an easy place to lose all your money. Regulations aren't the savior everyone wants them to be either but it helps. What will work best is some regulation but best of all, education of the individual investor. Make sure people know what they are getting into. Have them understand that fast money comes at high risk. As far as regulation, the best that can be done is self regulation. Crypto is worldwide. It's not possible to mandate rules since there is no way to enforce them for all. China has banned any type of crypto activity yet there are still mining farms there. If China's authoritarian government can not do it then it's unlikely to be done anywhere else. If the Crypto industry wants people to respect them then they will have to go toward making sure that everyone respects a set of rules and ban everyone that can't abide by them thru the establishment of a self governing body.
- jfengel 4y ago
  It's certainly possible to lose all of your money in the stock market, but I wouldn't say it's easy. If you stick to buying stocks, it's unlikely that you'll lose everything. You'd have to get exceptionally unlucky. If you start messing around with margins, options, futures, shorts... yeah, you can definitely screw yourself, because you're risking more money than you have. But with stock purchases, the most you can lose is what you spend, and even then only if everything you pick is a complete failure. Which is unlikely, because publicly listed companies have at least a modicum of ability to produce something. (At least, they used to be. Now we've got SPACs to avoid all that tedium.)
- randomhodler84 4y ago
  Everyone follows the same rules, it’s called an emergent consensus from free and open source peer to peer software. Miners in China shows you that ultimately the only way to stop it would be technologically enforced bans on arbitrary computation or disconnect the internet. Both of those ways will fail too, as general purpose computers exist and one can find a signal…
  - tornato7 4y ago
    BlockStream satellite, beam your Bitcoin transactions from space with a $50 receiver
doopy1 4y ago
"page not found" - probably because the content was as hyperbolic as the title.

12 points by davidgerard 4y ago

Why? So anti-establishment types can blame government for it's collapse? Just let it linger and die a slow agonizing death unaided by the oppressive arm of big government. I'm sure there is still some anti-government money out there still waiting to be swindled. Stopping the steal now could lessen the value of this teaching moment.

randomhodler84 4y ago

Really they probably should have put the whole economy down when it all collapsed in 2008 and 2020. All we have now is people prodding and poking a box hoping for a particular desired outcome. The zombie corpse of inflation rips the wealth from the bones.

aatharuv 4y ago

The original link, https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-luna-celsius-collapse/ard.co.uk/blockchain/2022/06/21/foreign-policy-its-time-for-regulators-to-put-crypto-down/ https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-l... doesn't work. This link does https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-luna-celsius-collapse/ https://foreignpolicy.com/2022/06/21/crypto-regulation-ust-l...

WheelsAtLarge 4y ago

Banning crypto is only a stop gap. Eventually it will appear somewhere. The stock market and such used to be a sea of fraud. It wasn't until the SEC was created that it got a bit better. But even now, the market is an easy place to lose all your money. Regulations aren't the savior everyone wants them to be either but it helps. What will work best is some regulation but best of all, education of the individual investor. Make sure people know what they are getting into. Have them understand that fast money comes at high risk. As far as regulation, the best that can be done is self regulation. Crypto is worldwide. It's not possible to mandate rules since there is no way to enforce them for all. China has banned any type of crypto activity yet there are still mining farms there. If China's authoritarian government can not do it then it's unlikely to be done anywhere else. If the Crypto industry wants people to respect them then they will have to go toward making sure that everyone respects a set of rules and ban everyone that can't abide by them thru the establishment of a self governing body.

jfengel 4y ago
It's certainly possible to lose all of your money in the stock market, but I wouldn't say it's easy. If you stick to buying stocks, it's unlikely that you'll lose everything. You'd have to get exceptionally unlucky. If you start messing around with margins, options, futures, shorts... yeah, you can definitely screw yourself, because you're risking more money than you have. But with stock purchases, the most you can lose is what you spend, and even then only if everything you pick is a complete failure. Which is unlikely, because publicly listed companies have at least a modicum of ability to produce something. (At least, they used to be. Now we've got SPACs to avoid all that tedium.)
randomhodler84 4y ago
Everyone follows the same rules, it’s called an emergent consensus from free and open source peer to peer software. Miners in China shows you that ultimately the only way to stop it would be technologically enforced bans on arbitrary computation or disconnect the internet. Both of those ways will fail too, as general purpose computers exist and one can find a signal…
- tornato7 4y ago
  BlockStream satellite, beam your Bitcoin transactions from space with a $50 receiver

doopy1 4y ago

"page not found" - probably because the content was as hyperbolic as the title.