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Crypto as in crypto-currencies is simply two (or multiple) peers exchanging information between them. They do not need a law to permit that, a case for the "goo
by csomar 4y ago
Crypto as in crypto-currencies is simply two (or multiple) peers exchanging information between them. They do not need a law to permit that, a case for the "good for the public", or anyone authorization for that matter.
- ufo 4y agoBy that logic, most financial crimes are just people signing and exchanging pieces of paper.
- iudqnolq 4y agoThe way the law works is often by banning based on intent and meaning and content. Exchanging information is too general: the law looks at what information, by whom, for what purpose. Nearly every white collar crime fundamentally involves some sort of unauthorized communication. (Insider trading, for example, involves receiving information by virtue of a trusted position and then communication information to a broker which causes them to execute trades on your behalf). We can even get beyond white collar: hiring a hitman is obviously illegal even if it involves. communication. I'm not saying (in this comment) crypto is necessarily bad. I am saying you need to defend it on the merits; it's just info so it's ok isn't how anything in society works.
- jrm4 4y agoBut no; we're a default "freedom" kind of place. You don't get to summarily declare crypto verboten and make crypto prove it's okay -- the burden is on crypto's detractors to show specifically why it's bad.
- polygamous_bat 4y agoOne word: FTX.
- jrm4 4y agoNo, like a lawyer or policy maker would.
- yellowapple 4y agoOne word: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... (You can pick which word)
- polygamous_bat 4y agoLooks like a lot more than a word to me. Also, do you respond to car crashes by saying we should get rid of speed limits and drunk driving laws?
- yellowapple 4y agoI respond to car crashes by saying that regulating cars out of existence in response is overkill.
- polygamous_bat 4y agoThe difference between regulating cars and regulating crack cocaine is that cars have actual, provable use cases. Even fentanyl has legitimate, real world use cases in anesthesia. And no, money laundering isn't a valid use case.
- flangola7 4y agoThey're not just exchanging information they're exchanging something that, by their very own account, has financial value. We as society figured out long ago through hard real life lessons that there must be sophisticated rules and regulations around financial transactions or else enormous negative consequences and human suffering follow.
- jrm4 4y ago100% agree. And the "sophisticated" part is important. This is where Gensler failed hard. You have to make the case.
- bluecalm 4y agoCrypto is the same as introducing your own currency and printing your own notes. "But it's on the computer" doesn't change the nature of it.
- ChainOfFools 4y agoexcept with cryptocurrency the added exploitation of a broader social custom (privacy) shrouds "you" in a thin veil of decentralized deniability, removing all sense of accountability.
- DennisP 4y agoIntroducing your own currency and printing your own notes is legal and has a long history in the US and elsewhere. One famous example is the Ithica Hours. https://cs.stanford.edu/people/eroberts/cs181/projects/2010-11/Bitcoins/ithaca-hour.html https://cs.stanford.edu/people/eroberts/cs181/projects/2010-...
- jrm4 4y agoNot necessarily; a reasonable argument is "it's just another commodity that can change in value." Someone can introduce Pokemon cards and they can change value just fine.