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The definition of what "finance" is seems somewhat arbitrary doesn't it? Person A: spends $1k per year on lottery tickets and doesn't win anything. Person B:

The definition of what "finance" is seems somewhat arbitrary doesn't it? Person A: spends $1k per year on lottery tickets and doesn't win anything. Person B: puts $1k into BTC at the years high and sells at the bottom getting back $200. Both people had the goal of making a double percentage return. One had an arguably significantly higher chance of doing that. One person was able to buy their lottery tickets at the corner store in cash, no questions asked. The other had to file a ream of identity documents, sign an investment statement and keep constant watch on "regulations", tax obligations and even in some cases the base legality. And then Person C comes along, and over the course of the same year sinks $1k into a bunch of clothes they never wear and eventually throws away and nobody bats an eye. When it comes to "finance", whose money is it, really?

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skywhopper 4y ago
You’re just making things up now. Person B doesn’t have to “file a ream of identify documents” or keep watch on regulations to put $1k into Bitcoin. As for taxes, you owe them on lottery winnings as well. And for any non trivial amount, you will pay them.
- detrites 4y ago
  Which of the worlds various hundreds of disparate tax obligation and financial regulation jurisdictions are you referring to? Or have you "made up" there's just one and its yours?
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SilverBirch 4y ago
If you're going to attack the regulations, at least address what the regulations are there for. The regulations are very very simple, it provides a baseline to ensure that people understand what they're investing in. That's it! That's what the regulation is there for. When someone buys clothes or a lottery ticket they know exactly what they're getting - and lotteries are regulated to ensure they operate the way people expect them to, there's laws surrounding selling counterfeit clothes. That's all this is. Ensuring people know what they're buying. And it's for good reason, generally it's difficult to even get experts in crypto to agree on the properties of a particular product, so misunderstanding what crypto does it a very valid concern.
- detrites 4y ago
  That's so inaccurate. What part of the SEC siphoning millions of dollars of customer-created profits out of crypto companies, and then letting them continue on doing business almost exactly the same as before has anything to do with educating people about anything? What has NY's extensive restrictions on crypto business versus other states have to do with educating people about what crypto is? And when someone buys a lottery ticket, or gambles at a casino, I can guarantee you they almost certainly have zero idea what they're buying - or they would't buy it. How's this "education" working out there? There may well be laws around counterfeit clothes, but are there laws around selling two identical sweaters, possibly even made in the same factory in China, but one costs 100x the other one because one was "designed" by a particular brand? Where's education and regulation on that one? People are being duped in their millions into paying hand over fist for disgustingly overpriced clothes and I don't see anyone "protecting" them.

deleted 4y ago

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skywhopper 4y ago

You’re just making things up now. Person B doesn’t have to “file a ream of identify documents” or keep watch on regulations to put $1k into Bitcoin. As for taxes, you owe them on lottery winnings as well. And for any non trivial amount, you will pay them.

detrites 4y ago
Which of the worlds various hundreds of disparate tax obligation and financial regulation jurisdictions are you referring to? Or have you "made up" there's just one and its yours?
- deleted 4y ago
  [deleted]

SilverBirch 4y ago

If you're going to attack the regulations, at least address what the regulations are there for. The regulations are very very simple, it provides a baseline to ensure that people understand what they're investing in. That's it! That's what the regulation is there for. When someone buys clothes or a lottery ticket they know exactly what they're getting - and lotteries are regulated to ensure they operate the way people expect them to, there's laws surrounding selling counterfeit clothes. That's all this is. Ensuring people know what they're buying. And it's for good reason, generally it's difficult to even get experts in crypto to agree on the properties of a particular product, so misunderstanding what crypto does it a very valid concern.

detrites 4y ago
That's so inaccurate. What part of the SEC siphoning millions of dollars of customer-created profits out of crypto companies, and then letting them continue on doing business almost exactly the same as before has anything to do with educating people about anything? What has NY's extensive restrictions on crypto business versus other states have to do with educating people about what crypto is? And when someone buys a lottery ticket, or gambles at a casino, I can guarantee you they almost certainly have zero idea what they're buying - or they would't buy it. How's this "education" working out there? There may well be laws around counterfeit clothes, but are there laws around selling two identical sweaters, possibly even made in the same factory in China, but one costs 100x the other one because one was "designed" by a particular brand? Where's education and regulation on that one? People are being duped in their millions into paying hand over fist for disgustingly overpriced clothes and I don't see anyone "protecting" them.