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Unregulated financial exchanges are fine, don't worry, be happy. Remember that corruption is defined as government interference in the free market in the form

Unregulated financial exchanges are fine, don't worry, be happy. Remember that corruption is defined as government interference in the free market in the form of regulation. The billionaire financiers are not to blame, nor are their bought-and-paid for politicians, nor their pet media talking heads - buy the dip!

factsarelolz 4y ago
This is a great place for retailer traders to get in on the action, don’t worry you won’t be a bag holder after the billionaires made their money. Be happy!
- conorcleary 4y ago
  Well, that is true for some things, if you're paying attention.
coffeeblack 4y ago
So your take is that every government is always right, did I understand you correctly?
TacticalCoder 4y ago
> Remember that corruption is defined as government interference in the free market in the form of regulation. You mean as in passing regulation drafted by SBF, the dude running the biggest crypto ponzi exposed so far, which would have allowed him to capture a hefty chunk of crypto exchanges market through regulatory capture? The chief lobbyist of FTX was an ex-CFTC commissioner regularly meeting with the SEC and the CFTC. Here are the very words of US Congressman: https://twitter.com/RepTomEmmer https://twitter.com/RepTomEmmer "Interesting. @GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this." I also read this: "Four U.S. lawmakers have accused the SEC under Chairman Gary Gensler of "regulatory hypocrisy and inconsistency." So it looks like the "billionaire financiers" may not be the only ones to blame. We're not just talking about "regulation interfering with the free market". We're talking about regulatory capture by the biggest fraudster since Madoff.
- snowwrestler 4y ago
  “Reports to my office allege” is completely meaningless. Anyone can contact a Congressional office and allege anything.
- mrguyorama 4y ago
  >"Four U.S. lawmakers have accused the SEC under Chairman Gary Gensler of "regulatory hypocrisy and inconsistency." Every single US politician can be rightly accused of this. It doesn't mean much in a country where you are expected to solicit literal bribes every couple of years and a job at a place you were regulating is an expectation.
idiotsecant 4y ago
I sort of like these kind of markets though, they definitely reward traders who take the time to understand what they're trading. Crypto is a swamp of projects that will take your money and spin you a story about getting rich and inevitably rugpull you. It's full of centralized exchanges that are shady and exploitative in the best case and downright scams in the worst case. It's also full of people who fundamentally believe that permissionless programmable money is something that could fundamentally change the world and passionately chase the goal of making it better every day. Those projects are still risky because technology is never perfect and that's a big deal when it's moving large amounts of value from place to place but if you can tolerate the risk the potential for long-term benefit is there.
- pipodeclown 4y ago
  there is a small subset of people that indeed believe in the programmable money future in that world, the vast majority of people were just sold a get rich quick scheme and are now losing their money.
- stouset 4y ago
  > It's also full of people who fundamentally believe that permissionless programmable money is something that could fundamentally change the world and passionately chase the goal of making it better every day. It's also full of people who have no idea what "permissionless programmable money" is or what the consequences of it are, but line goes up so they convince themselves they understand and "fundamentally believe" in it because they have a direct financial incentive for line to keep going up. I would wager the ratio of these people to those who actually understand the fundamental economics of cryptocurrencies is significantly greater than 1,000:1.
theknocker 4y ago

factsarelolz 4y ago

This is a great place for retailer traders to get in on the action, don’t worry you won’t be a bag holder after the billionaires made their money. Be happy!

conorcleary 4y ago
Well, that is true for some things, if you're paying attention.

coffeeblack 4y ago

So your take is that every government is always right, did I understand you correctly?

TacticalCoder 4y ago

> Remember that corruption is defined as government interference in the free market in the form of regulation. You mean as in passing regulation drafted by SBF, the dude running the biggest crypto ponzi exposed so far, which would have allowed him to capture a hefty chunk of crypto exchanges market through regulatory capture? The chief lobbyist of FTX was an ex-CFTC commissioner regularly meeting with the SEC and the CFTC. Here are the very words of US Congressman: https://twitter.com/RepTomEmmer https://twitter.com/RepTomEmmer "Interesting. @GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this." I also read this: "Four U.S. lawmakers have accused the SEC under Chairman Gary Gensler of "regulatory hypocrisy and inconsistency." So it looks like the "billionaire financiers" may not be the only ones to blame. We're not just talking about "regulation interfering with the free market". We're talking about regulatory capture by the biggest fraudster since Madoff.

snowwrestler 4y ago
“Reports to my office allege” is completely meaningless. Anyone can contact a Congressional office and allege anything.
mrguyorama 4y ago
>"Four U.S. lawmakers have accused the SEC under Chairman Gary Gensler of "regulatory hypocrisy and inconsistency." Every single US politician can be rightly accused of this. It doesn't mean much in a country where you are expected to solicit literal bribes every couple of years and a job at a place you were regulating is an expectation.

idiotsecant 4y ago

I sort of like these kind of markets though, they definitely reward traders who take the time to understand what they're trading. Crypto is a swamp of projects that will take your money and spin you a story about getting rich and inevitably rugpull you. It's full of centralized exchanges that are shady and exploitative in the best case and downright scams in the worst case. It's also full of people who fundamentally believe that permissionless programmable money is something that could fundamentally change the world and passionately chase the goal of making it better every day. Those projects are still risky because technology is never perfect and that's a big deal when it's moving large amounts of value from place to place but if you can tolerate the risk the potential for long-term benefit is there.

pipodeclown 4y ago
there is a small subset of people that indeed believe in the programmable money future in that world, the vast majority of people were just sold a get rich quick scheme and are now losing their money.
stouset 4y ago
> It's also full of people who fundamentally believe that permissionless programmable money is something that could fundamentally change the world and passionately chase the goal of making it better every day. It's also full of people who have no idea what "permissionless programmable money" is or what the consequences of it are, but line goes up so they convince themselves they understand and "fundamentally believe" in it because they have a direct financial incentive for line to keep going up. I would wager the ratio of these people to those who actually understand the fundamental economics of cryptocurrencies is significantly greater than 1,000:1.

theknocker 4y ago