2 ms·

Crypto Is Crashing. Where Were the Regulators?

5 points by mitchbob 4y ago

mitchbob 4y ago
Archived: https://archive.ph/r0bB7 https://archive.ph/r0bB7
atlasunshrugged 4y ago
Still trying to figure out the regulatory package and how to deal with it. Just a few weeks ago Lummis released her major bill for oversight that she'd been working on for some months (maybe even a year or more). It's a fine line; no one wants regulators to move too fast and kill an industry (okay, maybe with crypto some people would argue it never should exist as it adds no value and is just a big scam but I mean in general when considering new regulations), but too slow and things have gotten out of hand and consumers can be hurt. I also think that regulators just didn't take crypto all that seriously for a long while and it just wasn't on people's radar and/or a big enough issue to be dealt with compared to all the other regulatory issues that crop up.
daviddever23box 4y ago
Wasn't the whole point NOT to be regulated?
- jqpabc123 4y ago
  That was just marketing hype for the anarchist types. Just like "blockchain" was marketing hype for techno dweebs --- as if an inefficient accounting system makes for a competent currency. Crypto is a broad spectrum con game with a little something to sucker just about everyone.
Finnucane 4y ago
The problem for financial regulators is that they'd have to assume that it's a serious financial product, and not just a grift. These products fall more in the jurisdiction of the DoJ than the Fed.
h2odragon 4y ago
We've had Ponzi scams before. They were illegal when running and the perpetrators punished (apparently) to the full extent of the law. The same laws still applied through the run ups of the current crop of Ponzi schemes and their collapse will surely be investigated and prosecuted (and victims compensated!) with the unflagging integrity and firm justice as the previous examples. Where were the regulators? Where they always have been, avoiding action as assiduously as any burrocrat. They're already polishing their seats in anticipation of the Next Big Thing.
jqpabc123 4y ago
Regulating crypto would only make the problem worse by adding legitimacy and stability where very little currently exists. I have said all along that the easiest way to kill crypto is simply to do nothing. Just watch it collapse under the weight of it's own corruption, inefficiency and incompetence.

5 points by mitchbob 4y ago

Archived: https://archive.ph/r0bB7 https://archive.ph/r0bB7

Still trying to figure out the regulatory package and how to deal with it. Just a few weeks ago Lummis released her major bill for oversight that she'd been working on for some months (maybe even a year or more). It's a fine line; no one wants regulators to move too fast and kill an industry (okay, maybe with crypto some people would argue it never should exist as it adds no value and is just a big scam but I mean in general when considering new regulations), but too slow and things have gotten out of hand and consumers can be hurt. I also think that regulators just didn't take crypto all that seriously for a long while and it just wasn't on people's radar and/or a big enough issue to be dealt with compared to all the other regulatory issues that crop up.

daviddever23box 4y ago

Wasn't the whole point NOT to be regulated?

jqpabc123 4y ago
That was just marketing hype for the anarchist types. Just like "blockchain" was marketing hype for techno dweebs --- as if an inefficient accounting system makes for a competent currency. Crypto is a broad spectrum con game with a little something to sucker just about everyone.

Finnucane 4y ago

The problem for financial regulators is that they'd have to assume that it's a serious financial product, and not just a grift. These products fall more in the jurisdiction of the DoJ than the Fed.

h2odragon 4y ago

We've had Ponzi scams before. They were illegal when running and the perpetrators punished (apparently) to the full extent of the law. The same laws still applied through the run ups of the current crop of Ponzi schemes and their collapse will surely be investigated and prosecuted (and victims compensated!) with the unflagging integrity and firm justice as the previous examples. Where were the regulators? Where they always have been, avoiding action as assiduously as any burrocrat. They're already polishing their seats in anticipation of the Next Big Thing.

jqpabc123 4y ago

Regulating crypto would only make the problem worse by adding legitimacy and stability where very little currently exists. I have said all along that the easiest way to kill crypto is simply to do nothing. Just watch it collapse under the weight of it's own corruption, inefficiency and incompetence.