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And yet, politicians and the SEC, central banks, or even G7, keep talking almost every week about how it needs to be regulated… Isn’t it weird that there’s so

by nnx 3y ago

And yet, politicians and the SEC, central banks, or even G7, keep talking almost every week about how it needs to be regulated… Isn’t it weird that there’s so much noise around an industry with so few real users then?

spaceman_2020 3y ago
Maybe they want to regulate it because its biggest posterboy (SBF) ran the biggest ponzi since Madoff... Or maybe because its second biggest posterboy (Do Kwon) ran the second biggest ponzi since Madoff... Crypto fanboys will defend this trash so much that they've already forgiven and forgotten SBF and Do Kwon. If this industry wasn't filled with scams siphoning off literally tens of billions in real cash, maybe the SEC wouldn't want to regulate it so strongly.
- 0xParlay 3y ago
  But aren't there people out there who actually want the SEC's protection? Offering protection to people who don't want it is a creative use of language. IMO the discourse around crypto is typically poor because it's a shallow proxy to politics/philosophy/economics. But instead of having a meaningful discussion about any one of those topics we get this. Let's agree crypto is an unregulated digital casino. Why do people care so passionately about code enforcement when it comes to securities? I could possibly see the moral hazard of gambling addiction but given the state of gambling commercials that ship has sailed. It goes along the same vein as the SEC protecting non-accredited investors from fraud and risk. I appreciate what the SEC does but there's no way to opt-out of being protected? There's no waiver that can be signed to say "I'm totally going to lose my money and that's okay"? Losing money gambling on sports is good. Losing money gambling on private equity will not be tolerated in a civilized society. Maybe two people can look at the same fence and feel opposite about it. What makes me feel caged could make someone else feel safe
deleted 3y ago
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polygamous_bat 3y ago
Think of it this way, a system that is 0.01% of the actually useful financial system can still cause 90% of our scams/pollutions/grifts, mostly because of regulatory arbitrage. Doesn't seem that surprising to me. It's like saying "the police spends most of their time on criminals even though they are a really small percentage of the population." Yes? That's how laws work.

by nnx 3y ago

spaceman_2020 3y ago

Maybe they want to regulate it because its biggest posterboy (SBF) ran the biggest ponzi since Madoff... Or maybe because its second biggest posterboy (Do Kwon) ran the second biggest ponzi since Madoff... Crypto fanboys will defend this trash so much that they've already forgiven and forgotten SBF and Do Kwon. If this industry wasn't filled with scams siphoning off literally tens of billions in real cash, maybe the SEC wouldn't want to regulate it so strongly.

0xParlay 3y ago
But aren't there people out there who actually want the SEC's protection? Offering protection to people who don't want it is a creative use of language. IMO the discourse around crypto is typically poor because it's a shallow proxy to politics/philosophy/economics. But instead of having a meaningful discussion about any one of those topics we get this. Let's agree crypto is an unregulated digital casino. Why do people care so passionately about code enforcement when it comes to securities? I could possibly see the moral hazard of gambling addiction but given the state of gambling commercials that ship has sailed. It goes along the same vein as the SEC protecting non-accredited investors from fraud and risk. I appreciate what the SEC does but there's no way to opt-out of being protected? There's no waiver that can be signed to say "I'm totally going to lose my money and that's okay"? Losing money gambling on sports is good. Losing money gambling on private equity will not be tolerated in a civilized society. Maybe two people can look at the same fence and feel opposite about it. What makes me feel caged could make someone else feel safe

deleted 3y ago

[deleted]

polygamous_bat 3y ago

Think of it this way, a system that is 0.01% of the actually useful financial system can still cause 90% of our scams/pollutions/grifts, mostly because of regulatory arbitrage. Doesn't seem that surprising to me. It's like saying "the police spends most of their time on criminals even though they are a really small percentage of the population." Yes? That's how laws work.