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Then the issue isn't with crypto itself, but with the regulation of crypto.

phone8675309 3y ago
Which is a philosophical issue with crypto - the first cryptocurrencies were designed specifically to avoid government regulation.
- dlubarov 3y ago
  But here we're talking about exchanges. Resistance to government censorship/control only applies to on-chain activity, not centralized custodians.
  - lazide 3y ago
    Most of the custodians work very hard to side step regulation and enable scams, albeit not necessarily openly on the second part, and are enabled by the on-chain primitives. Pretty hard to avoid gov’t oversight/regulation when a USD Wire and ACH goes through the fed, for instance. Easier when it goes through a blockchain which they can’t control. Which is why a lot of exchanges (and all the sketchy ones) use things like Tether and stablecoins, and avoid US banks.
__loam 3y ago
It's wild to me that crypto bros will screech about decentralization and how the government shouldn't be able to tell you what to do with your money, then turn around and screech for goverment oversight and regulation. Absolutely nonsensical group of people.
- tombert 3y ago
  It does kind of feel like cryptocurrency is sort of a collective Dunning-Kruger syndrome of programmers and finance. Programmers see all this bureaucratic regulatory red tape and decide to try and make something more efficient by removing it and claim that they've saved finance by reinventing it. Then one by one, they start seeing why each of these regulations exist; the regulations didn't exist to keep the little person down, it was to protect against scams. And then they suddenly want regulation on their funny money, at which point cryptocurrency just kind of becomes a worse version of real currency.
  - lazide 3y ago
    Let’s, uh, not bring up the same thing about social media heh.
- everfree 3y ago
  It's almost as if "crypto bros" are not a hive mind, but are ordinary people who hold unique and conflicting sets of beliefs.
  - lazide 3y ago
    Forums make it worse, IMO. Frankly, it’s nearly impossible on many to even keep track of who is being responded to half the time, let alone personalize them. It’s like taking to some floating Janus head sometimes. In person interaction doesn’t work that way.
- dlubarov 3y ago
  I wasn't expressing any opinion on how crypto should or shouldn't be regulated. I was only pointing out that if someone is concerned that banking regulations don't apply to crypto exchanges, then their concern is about regulations, not about crypto itself.
  - lazide 3y ago
    If the largest value prop of the industry (and historically crypto primitives) is that it is un-regulatable (and unregulated/get rich quick) the industry doesn’t get a free pass.

Which is a philosophical issue with crypto - the first cryptocurrencies were designed specifically to avoid government regulation.

dlubarov 3y ago
But here we're talking about exchanges. Resistance to government censorship/control only applies to on-chain activity, not centralized custodians.
- lazide 3y ago
  Most of the custodians work very hard to side step regulation and enable scams, albeit not necessarily openly on the second part, and are enabled by the on-chain primitives. Pretty hard to avoid gov’t oversight/regulation when a USD Wire and ACH goes through the fed, for instance. Easier when it goes through a blockchain which they can’t control. Which is why a lot of exchanges (and all the sketchy ones) use things like Tether and stablecoins, and avoid US banks.

__loam 3y ago

It's wild to me that crypto bros will screech about decentralization and how the government shouldn't be able to tell you what to do with your money, then turn around and screech for goverment oversight and regulation. Absolutely nonsensical group of people.

tombert 3y ago
It does kind of feel like cryptocurrency is sort of a collective Dunning-Kruger syndrome of programmers and finance. Programmers see all this bureaucratic regulatory red tape and decide to try and make something more efficient by removing it and claim that they've saved finance by reinventing it. Then one by one, they start seeing why each of these regulations exist; the regulations didn't exist to keep the little person down, it was to protect against scams. And then they suddenly want regulation on their funny money, at which point cryptocurrency just kind of becomes a worse version of real currency.
- lazide 3y ago
  Let’s, uh, not bring up the same thing about social media heh.
everfree 3y ago
It's almost as if "crypto bros" are not a hive mind, but are ordinary people who hold unique and conflicting sets of beliefs.
- lazide 3y ago
  Forums make it worse, IMO. Frankly, it’s nearly impossible on many to even keep track of who is being responded to half the time, let alone personalize them. It’s like taking to some floating Janus head sometimes. In person interaction doesn’t work that way.
dlubarov 3y ago
I wasn't expressing any opinion on how crypto should or shouldn't be regulated. I was only pointing out that if someone is concerned that banking regulations don't apply to crypto exchanges, then their concern is about regulations, not about crypto itself.
- lazide 3y ago
  If the largest value prop of the industry (and historically crypto primitives) is that it is un-regulatable (and unregulated/get rich quick) the industry doesn’t get a free pass.