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Crypto is as much a part of the "real world" as anything else. Like everything else in the real world, we need to decide at a societal level how we want to use
by shuntress 4y ago
Crypto is as much a part of the "real world" as anything else. Like everything else in the real world, we need to decide at a societal level how we want to use it then regulate that use with "regulatory control".
- r00fus 4y ago> Crypto is as much a part of the "real world" as anything else. I disagree. It's tulip mania all over again and serves only to facilitate corruption and fraud. Name any single legit use cases that are more than 20% of transactions.
- JacobThreeThree 4y agoPurchasing crypto as an investment asset is the primary use case. Just because this asset was part of a speculative bubble, doesn't mean it's a fraudulent or corrupt asset.
- amanaplanacanal 4y agoInvestment implies some sort of earnings. Otherwise it’s just speculation on prices rising. People invest in businesses, and speculate on commodities.
- JacobThreeThree 4y agoYou can invest in any asset for speculative reasons, not just commodities.
- shuntress 4y agoWhat I meant by that is that laws and regulations still apply. Crypto exchanges are not exempt from society just because they are online. And it's not only corruption and fraud. That implies some level of intent. I'm sure more than 20% of transactions are honest day traders just trying to make a quick buck before the speculation collapses.
- Swenrekcah 4y agoIt’s all corruption and fraud. Speculative trading on known garbage is certainly some kind of moral corruption and ethical fraud, although not illegal. I say this having made a little under $1000 doing so occasionally for the past 2 years.
- yieldcrv 4y agoTulip mania lasted for 3 months and has been said about crypto for 12 years consecutively even as hyperbole it relies on a misunderstanding of tulip mania, eventually getting a list of a bunch of separate use cases and some poor soul actually getting roped into watching you play devil's advocate on each use case about how its not a "legit" one
- coffeebeqn 4y agoIt lasted from 1633-1637. The bulb market was already getting going in 1610.
- yieldcrv 4y agoI'm thinking about the crash in 1636-1637 then. the price index shows a big rally in prices from November to February bubonic plague deaths of the speculators seems to have caused the crash more than anything else, because price discovery just stops until May, where it has re-ranged
- coffeebeqn 4y agoNot too different from the dot com. The craziest valuations didn’t last for that long but the bubble built up over a longer time